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Heron Therapeutics Chief Executive Officer Craig A. Collard exercised 62,500 restricted stock units into 62,500 shares of common stock. The RSUs carried a $0.0000 exercise price and each unit represented a right to receive one share of common stock.
After the transaction, Collard directly owned 648,255 shares of Heron Therapeutics common stock. His holdings include 14,045 shares acquired under the Heron Therapeutics, Inc. 1997 Employee Stock Purchase Plan on April 30, 2025. The restricted stock units vest in four equal annual installments beginning one year after the grant date, contingent on his continued service.
Heron Therapeutics, Inc. updated employment and retention arrangements for its senior leadership team. CEO Craig Collard’s amended agreement increases severance protections and equity vesting if he is terminated without cause or resigns for good reason, including enhanced cash payments, accelerated stock vesting and extended company-paid health coverage, with larger benefits during a change in control window. The company also amended and restated management retention agreements for its CFO, Chief Development Officer and Chief Operating Officer, aligning their severance, change in control equity vesting, and 24‑month non‑competition and non‑solicitation covenants, and updating bonus, arbitration and North Carolina governing law provisions.
The Vanguard Group filed an amendment to its Schedule 13G disclosing it beneficially owns 0 shares of Heron Therapeutics Inc. common stock, representing 0% of the class. The filing notes an internal realignment on January 12, 2026 that caused certain subsidiaries/divisions to report separately in reliance on SEC Release No. 34-39538 (January 12, 1998). The amendment is signed by Ashley Grim as Head of Global Fund Administration on 03/27/2026.
Heron Therapeutics provides a detailed annual overview of its business, products, regulations and risks. The company is a commercial-stage biotech focused on acute care and oncology, selling four FDA‑approved drugs: ZYNRELEF, APONVIE, CINVANTI and SUSTOL, all built on proprietary drug‑delivery science.
The filing highlights heavy competition from generics and branded rivals, dependence on favorable Medicare and private payor reimbursement, and extensive FDA, pricing and anti‑fraud regulation. Heron also outlines its patent estate extending into the 2030s, reliance on third‑party manufacturers and single‑source suppliers, and a 128‑person workforce, most in sales and marketing.
Heron Therapeutics reported full-year 2025 net revenue of $154.9 million, up 7.4% from 2024, driven by rapid growth in its Acute Care franchise. Acute Care revenue rose 65.1% year-over-year to $49.6 million, including strong gains from ZYNRELEF and APONVIE, while Oncology revenue declined 7.8% to $105.3 million.
The company narrowed its loss from operations to $2.5 million in 2025 and improved adjusted EBITDA to $14.7 million from $6.4 million, reflecting better profitability despite a net loss of $20.2 million. Heron ended 2025 with $46.6 million in cash, cash equivalents, and short-term investments and guided 2026 net revenue to $173–$183 million with adjusted EBITDA of $10–$20 million.
Operationally, ZYNRELEF and APONVIE benefited from permanent CMS J-Codes and broader clinical recognition, supporting continued adoption. Management highlighted momentum entering 2026, pointing to expanding demand signals, improved reimbursement clarity, and a stronger commercial engine across Acute Care and Oncology products.
Clearline Capital LP and related filers reported a significant passive stake in Heron Therapeutics, Inc. They disclosed beneficial ownership of 12,235,239 shares of Heron common stock, representing 6.7% of the outstanding shares.
The ownership percentage is based on 183,362,522 shares of common stock reported as issued and outstanding as of October 30, 2025 in Heron’s Form 10-Q. The shares are held with shared voting and dispositive power among Clearline Capital LP, Clearline Capital LLC and Marc Majzner, with no sole voting or dispositive power reported.
The filers certify the position is held in the ordinary course of business and not for the purpose of changing or influencing control of Heron Therapeutics, consistent with a passive Schedule 13G/A filing.
Heron Therapeutics Chief Executive Officer Craig A. Collard reported new equity awards. On January 30, 2026, he received 800,337 restricted stock units (RSUs), which each convert into one share of common stock and vest in 16 equal quarterly installments starting one quarter after the grant date.
He was also granted 800,336 performance stock units (PSUs), each convertible into one share of common stock. These PSUs vest on the same 16-quarter schedule, but only to the extent a milestone is met based on a net product sales revenue target for the fiscal year ending December 31, 2026, as reported in the company’s Form 10-K.
Heron Therapeutics director Christian Waage received a new equity award in the form of restricted stock units. On January 30, 2026, he was granted 53,960 shares of common stock at a price of $0 per share.
The award was structured as restricted stock units that vest in full on January 30, 2027, with each unit representing the right to receive one share of common stock. Following this grant, Waage beneficially owned 53,960 shares directly.
Heron Therapeutics, Inc. director Michael Kaseta reported an equity award. On January 30, 2026, he received 53,960 shares of common stock in the form of restricted stock units at a price of $0 per share. These units vest in full on January 30, 2027, with each unit delivering one share. Following this grant, he beneficially owns 53,960 shares directly.
Heron Therapeutics EVP and CFO Ira Duarte received new equity awards. On January 30, 2026, Duarte was granted 216,562 restricted stock units (RSUs) and 216,561 performance stock units (PSUs), each convertible into common stock on a one-for-one basis.
The RSUs vest in 16 equal quarterly installments starting one quarter after the grant date. The PSUs follow the same quarterly schedule but also depend on achieving a net product sales revenue target for fiscal 2026 as reported in the company’s Form 10-K.