Heron Therapeutics (HRTX) restructures and adds liquidity via four coordinated transactions dated 8 Aug 25.
Debt amendment: Working Capital Facility with Hercules rises to $150 m (tranche 1 $110 m closing; tranche 2 $20 m available through 15 Dec 26; tranche 3 $20 m by 30 Sep 27). Maturity shifts to the earlier of 1 Sep 30 or 180 days before any new convert maturity. Interest = Prime (7.5 % floor)+1.95 % cash +1.0 % PIK; 1 % upfront fee and up to 6.25 % end-of-term; no amortization.
Convertible clean-up: $150 m 2021 unsecured converts will be exchanged—$25 m converts to common, $125 m plus accrued interest paid in cash—removing a large overhang.
New convert issue: Company to sell $35 m senior unsecured converts (55-month term, 5 % OID, 5 % coupon; 7 % PIK option year 1) convertible at $1.80, subject to shareholder approval.
Private placement: $27.7 m raised via 13.23 m common shares and 0.524 m Series A preferred (auto-converts to 5.24 m common) at $1.50. Proceeds earmarked for working capital. All deals target 12 Aug 25 closing; company will seek shareholder and resale-registration approvals.
Heron Therapeutics, Inc. (HRTX) – Form 4 insider filing
EVP & Chief Development Officer William P. Forbes reported the vesting and automatic conversion of 3,874 restricted stock units (RSUs) into common shares on 07/19/2025 (transaction code “M”). No shares were sold, and the RSUs carried a $0.00 exercise price. Following the conversion, Forbes’ direct common-stock holdings increased to 138,940 shares. He still holds 38,743 unvested RSUs, which continue to vest quarterly through the original 01/19/2028 schedule. No other equity instruments or derivative transactions were disclosed.
- No cash proceeds were generated; the transaction simply moved shares from the derivative column to direct ownership.
- The filing does not indicate any open-market purchases or dispositions, suggesting the move is part of a pre-set equity-compensation plan.
Form 4 filing for Heron Therapeutics, Inc. (HRTX) discloses that Executive Vice President & Chief Financial Officer Ira Duarte converted 3,874 Restricted Stock Units (RSUs) into an equal number of common shares on 07/19/2025 (transaction code M).
Following the conversion, Duarte directly owns 152,523 HRTX common shares and retains 38,743 unvested RSUs. The RSUs originally granted on 01/19/2024 vest in 16 equal quarterly instalments; the reported tranche represents one of these scheduled releases. No shares were sold and no cash price is indicated (exercise price $0), so total insider ownership increased by the same amount as shares acquired.
No other non-derivative or derivative transactions were reported. This appears to be a routine vesting/settlement event rather than an open-market purchase or disposition.