[Form 4] Heron Therapeutics, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Heron Therapeutics (HRTX) – Form 4 filing

On 19 Jul 2025, CEO & Director Craig A. Collard acquired 13,797 common shares through the vesting and settlement of an equal number of restricted stock units (RSUs) granted 19 Jan 2024. The RSUs, which carry a $0 exercise price, vest in 16 equal quarterly tranches; this filing records the fourth installment. Following the transaction Collard’s direct ownership increased to 439,749 common shares, while 137,969 RSUs remain outstanding. No shares were sold or transferred, and no option exercises or cash proceeds were reported.

The transaction is routine insider equity vesting that modestly lifts insider ownership but does not reflect a discretionary open-market purchase or sale. Market impact is expected to be minimal.

Insights

Securities Analyst

TL;DR – Routine RSU vesting; immaterial ownership change.

The CEO’s 13.8k-share acquisition stems from automatic quarterly RSU vesting, not an elective purchase. His stake rises to ~440k shares plus 138k unvested units, adding far less than 1% to the roughly 112 million share base. Because no shares were sold and no cash changed hands, supply-demand dynamics and corporate liquidity remain unaffected. As such, the filing represents standard compensation mechanics with negligible valuation implications for investors.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Collard Craig A

(Last) (First) (Middle)

100 REGENCY FOREST DRIVE

SUITE 300

(Street)

CARY NC 27518

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HERON THERAPEUTICS, INC. /DE/ [ HRTX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/19/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/19/2025		M		13,797	A	(1)	439,749	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	$0	07/19/2025		M			13,797	(2)	(2)	Common Stock	13,797	$0	137,969	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of common stock.

2. The restricted stock units vest in 16 equal quarterly installments beginning one quarter after the date of grant (01/19/2024).

	/s/Kathryn Lester Attorney-in-fact for Craig Collard	07/22/2025
	** Signature of Reporting Person	Date
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