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

Filing Impact
(High)
Filing Sentiment
(Positive)
Form Type
4
Rhea-AI Filing Summary

Heron Therapeutics reported a private placement under a Securities Purchase Agreement through which Velan Capital Master Fund LP purchased both Common Stock and Series A Convertible Preferred Stock. Velan Master bought 70,012 shares of Series A Preferred (convertible at $1.50 per share, equal to 700,120 underlying common shares) and participated in a common stock purchase at $1.50 per share. The transaction closed pursuant to the SPA and the reporting shows Velan Master鈥檚 indirect beneficial ownership as 8,753,290 shares following the transactions, while the reporting person recorded a disposition of 69,777 shares. The Series A Preferred will automatically convert into Common Stock upon the specified stockholder approval, subject to an ownership cap that prevents Velan Master from owning more than 4.99% of outstanding common stock unless increased with notice.

Heron Therapeutics ha comunicato un collocamento privato ai sensi di un Securities Purchase Agreement, attraverso il quale Velan Capital Master Fund LP ha acquistato sia azioni ordinarie che azioni privilegiate convertibili di Serie A. Velan Master ha comprato 70.012 azioni di Series A Preferred (convertibili a $1,50 per azione, pari a 700.120 azioni ordinarie sottostanti) e ha partecipato a un acquisto di azioni ordinarie a $1,50 per azione. La transazione si 猫 chiusa ai sensi dello SPA e la segnalazione indica la titolarit脿 beneficiaria indiretta di Velan Master come 8.753.290 azioni dopo le operazioni, mentre la persona segnalante ha registrato una cessione di 69.777 azioni. Le azioni di Serie A Preferred si convertiranno automaticamente in azioni ordinarie al verificarsi dell'approvazione degli azionisti prevista, soggette a un limite di partecipazione che impedisce a Velan Master di possedere pi霉 del 4,99% del capitale ordinario in circolazione, salvo aumento previo avviso.

Heron Therapeutics inform贸 una colocaci贸n privada bajo un Securities Purchase Agreement mediante la cual Velan Capital Master Fund LP adquiri贸 tanto acciones ordinarias como acciones preferentes convertibles Serie A. Velan Master compr贸 70.012 acciones de Serie A Preferred (convertibles a $1,50 por acci贸n, equivalentes a 700.120 acciones ordinarias subyacentes) y particip贸 en una compra de acciones ordinarias a $1,50 por acci贸n. La transacci贸n se cerr贸 conforme al SPA y el informe muestra la propiedad beneficiaria indirecta de Velan Master en 8.753.290 acciones tras las operaciones, mientras que la persona que reporta registr贸 una disposici贸n de 69.777 acciones. Las Series A Preferred se convertir谩n autom谩ticamente en acciones ordinarias al obtenerse la aprobaci贸n de los accionistas indicada, sujeto a un l铆mite de propiedad que impide a Velan Master poseer m谩s del 4,99% del capital ordinario en circulaci贸n salvo que se aumente con previo aviso.

Heron Therapeutics電� Velan Capital Master Fund LP臧� 氤错喌欤检檧 鞁滊Μ歃� A 鞝勴櫂鞖办劆欤茧ゼ 氇憪 毵れ瀰頃橂姅 臁瓣贝鞚� Securities Purchase Agreement(歃濌秾 毵れ垬瓿勳暯)鞐� 霐半ジ 靷 氚滍枆鞚� 氤搓碃頄堨姷雼堧嫟. Velan Master電� 鞁滊Μ歃� A 鞖办劆欤� 70,012欤�(欤茧嫻 $1.50搿� 鞝勴櫂, 鞚措姅 700,120 旮办磮 氤错喌欤�鞐� 頃措嫻)毳� 毵れ垬頄堦碃, 氤错喌欤茧弰 欤茧嫻 $1.50鞐� 毵れ瀰鞐� 彀胳棳頄堨姷雼堧嫟. 瓯半灅電� SPA鞐� 霐半澕 鞕勲霅橃棃鞙茧┌ 鞁犼碃靹滌棎電� 瓯半灅 頉� Velan Master鞚� 臧勳爲鞝� 鞙犾澋靻岇湢甓岇澊 8,753,290欤�搿� 響滌嫓霅� 氚橂┐, 鞁犼碃鞚胳潃 69,777欤�毳� 觳橂秳頃� 瓴冹溂搿� 旮半霅橃柎 鞛堨姷雼堧嫟. 鞁滊Μ歃� A 鞖办劆欤茧姅 韸轨爼 欤检＜ 鞀轨澑 鞁� 鞛愲彊鞙茧 氤错喌欤茧 鞝勴櫂霅橂┌, Velan Master臧� 鞙犿喌 氤错喌欤检潣 4.99%毳� 齑堦臣 氤挫湢頃橃 氇豁晿霃勲 頃橂姅 靻岇湢 頃滊弰臧� 鞝侅毄霅橂┌ 靷爠 韱惦炒搿� 靸來枼霅� 靾� 鞛堨姷雼堧嫟.

Heron Therapeutics a annonc茅 un placement priv茅 en vertu d'un Securities Purchase Agreement, par lequel Velan Capital Master Fund LP a acquis 脿 la fois des actions ordinaires et des actions privil茅gi茅es convertibles de s茅rie A. Velan Master a achet茅 70 012 actions de Series A Preferred (convertibles 脿 1,50 $ par action, soit 700 120 actions ordinaires sous-jacentes) et a particip茅 脿 un achat d'actions ordinaires 脿 1,50 $ par action. La transaction s'est conclue conform茅ment au SPA et la d茅claration fait appara卯tre la d茅tention b茅n茅ficiaire indirecte de Velan Master 脿 8 753 290 actions apr猫s les op茅rations, tandis que la personne d茅clarante a enregistr茅 une cession de 69 777 actions. Les Series A Preferred se convertiront automatiquement en actions ordinaires d猫s l'approbation des actionnaires pr茅vue, sous r茅serve d'un plafond de d茅tention emp锚chant Velan Master de d茅tenir plus de 4,99 % du capital ordinaire en circulation, sauf augmentation apr猫s notification.

Heron Therapeutics meldete eine Privatplatzierung im Rahmen eines Securities Purchase Agreement, durch die Velan Capital Master Fund LP sowohl Stammaktien als auch wandelbare Series-A-Vorz眉ge erwarb. Velan Master kaufte 70.012 Aktien der Series A Preferred (wandelbar zu $1,50 je Aktie, entsprechend 700.120 zugrunde liegenden Stammaktien) und beteiligte sich zudem an einem Stammaktienkauf zu $1,50 je Aktie. Die Transaktion wurde gem盲脽 dem SPA abgeschlossen und die Meldung weist Velan Masters indirekten wirtschaftlichen Besitz nach den Transaktionen mit 8.753.290 Aktien aus, w盲hrend die meldende Person eine Ver盲u脽erung von 69.777 Aktien verzeichnete. Die Series-A-Vorzugsaktien werden bei der vorgesehenen Zustimmung der Aktion盲re automatisch in Stammaktien umgewandelt, wobei eine Besitzobergrenze gilt, die Velan Master daran hindert, mehr als 4,99% der ausstehenden Stammaktien zu halten, sofern diese nicht mit Vorank眉ndigung erh枚ht wird.

Positive
  • Private placement provided new capital with common stock at $1.50 and Series A Preferred at $15, supporting the issuer鈥檚 financing needs
  • Velan Master purchased 70,012 Series A Preferred, which converts into 700,120 common shares, indicating investor commitment
  • Ownership cap of 4.99% limits concentration risk from a single purchaser following conversion
Negative
  • Automatic conversion of Series A Preferred will increase outstanding common shares, creating potential dilution for existing shareholders
  • Reporting person recorded a disposition of 69,777 common shares, representing an insider sale disclosed on the Form 4
  • Beneficial ownership is indirect (held by Velan Master) and the reporting person disclaims direct beneficial ownership, which may limit clarity on insider alignment

Insights

TL;DR: A private placement provided new capital and a sizeable strategic stake by Velan Master, with conversion features and ownership limits that matter to shareholders.

The SPA represents a direct capital infusion into the company with common stock sold at $1.50 and Series A Preferred sold at $15 per share. Velan Master鈥檚 purchase of 70,012 Series A Preferred (convertible into 700,120 common shares) increases potential common share count upon conversion, which will occur automatically upon approval but is explicitly capped to prevent Velan Master exceeding 4.99% ownership. The report also discloses a sale of 69,777 common shares by the reporting person and notes that the securities are held indirectly by Velan Master. For investors, the material points are the fresh capital, the conversion mechanics that expand outstanding common shares, and the ownership-limit safeguard which constrains a single investor鈥檚 stake.

TL;DR: Transaction uses convertible preferred with automatic conversion and an expressed ownership cap, raising governance and control considerations.

The structure鈥攊ssuance of Series A Convertible Preferred that converts automatically upon stockholder approval鈥攃reates a contingent increase in common shares and could alter voting dynamics if conversion occurs. The explicit 4.99% beneficial ownership limit for Velan Master is a contractual check on concentration, and the report discloses that the reported director may be deemed to beneficially own the securities indirectly through Velan Master but disclaims direct beneficial ownership except for pecuniary interest. These elements are important for assessing potential changes in shareholder composition and any related control considerations.

Heron Therapeutics ha comunicato un collocamento privato ai sensi di un Securities Purchase Agreement, attraverso il quale Velan Capital Master Fund LP ha acquistato sia azioni ordinarie che azioni privilegiate convertibili di Serie A. Velan Master ha comprato 70.012 azioni di Series A Preferred (convertibili a $1,50 per azione, pari a 700.120 azioni ordinarie sottostanti) e ha partecipato a un acquisto di azioni ordinarie a $1,50 per azione. La transazione si 猫 chiusa ai sensi dello SPA e la segnalazione indica la titolarit脿 beneficiaria indiretta di Velan Master come 8.753.290 azioni dopo le operazioni, mentre la persona segnalante ha registrato una cessione di 69.777 azioni. Le azioni di Serie A Preferred si convertiranno automaticamente in azioni ordinarie al verificarsi dell'approvazione degli azionisti prevista, soggette a un limite di partecipazione che impedisce a Velan Master di possedere pi霉 del 4,99% del capitale ordinario in circolazione, salvo aumento previo avviso.

Heron Therapeutics inform贸 una colocaci贸n privada bajo un Securities Purchase Agreement mediante la cual Velan Capital Master Fund LP adquiri贸 tanto acciones ordinarias como acciones preferentes convertibles Serie A. Velan Master compr贸 70.012 acciones de Serie A Preferred (convertibles a $1,50 por acci贸n, equivalentes a 700.120 acciones ordinarias subyacentes) y particip贸 en una compra de acciones ordinarias a $1,50 por acci贸n. La transacci贸n se cerr贸 conforme al SPA y el informe muestra la propiedad beneficiaria indirecta de Velan Master en 8.753.290 acciones tras las operaciones, mientras que la persona que reporta registr贸 una disposici贸n de 69.777 acciones. Las Series A Preferred se convertir谩n autom谩ticamente en acciones ordinarias al obtenerse la aprobaci贸n de los accionistas indicada, sujeto a un l铆mite de propiedad que impide a Velan Master poseer m谩s del 4,99% del capital ordinario en circulaci贸n salvo que se aumente con previo aviso.

Heron Therapeutics電� Velan Capital Master Fund LP臧� 氤错喌欤检檧 鞁滊Μ歃� A 鞝勴櫂鞖办劆欤茧ゼ 氇憪 毵れ瀰頃橂姅 臁瓣贝鞚� Securities Purchase Agreement(歃濌秾 毵れ垬瓿勳暯)鞐� 霐半ジ 靷 氚滍枆鞚� 氤搓碃頄堨姷雼堧嫟. Velan Master電� 鞁滊Μ歃� A 鞖办劆欤� 70,012欤�(欤茧嫻 $1.50搿� 鞝勴櫂, 鞚措姅 700,120 旮办磮 氤错喌欤�鞐� 頃措嫻)毳� 毵れ垬頄堦碃, 氤错喌欤茧弰 欤茧嫻 $1.50鞐� 毵れ瀰鞐� 彀胳棳頄堨姷雼堧嫟. 瓯半灅電� SPA鞐� 霐半澕 鞕勲霅橃棃鞙茧┌ 鞁犼碃靹滌棎電� 瓯半灅 頉� Velan Master鞚� 臧勳爲鞝� 鞙犾澋靻岇湢甓岇澊 8,753,290欤�搿� 響滌嫓霅� 氚橂┐, 鞁犼碃鞚胳潃 69,777欤�毳� 觳橂秳頃� 瓴冹溂搿� 旮半霅橃柎 鞛堨姷雼堧嫟. 鞁滊Μ歃� A 鞖办劆欤茧姅 韸轨爼 欤检＜ 鞀轨澑 鞁� 鞛愲彊鞙茧 氤错喌欤茧 鞝勴櫂霅橂┌, Velan Master臧� 鞙犿喌 氤错喌欤检潣 4.99%毳� 齑堦臣 氤挫湢頃橃 氇豁晿霃勲 頃橂姅 靻岇湢 頃滊弰臧� 鞝侅毄霅橂┌ 靷爠 韱惦炒搿� 靸來枼霅� 靾� 鞛堨姷雼堧嫟.

Heron Therapeutics a annonc茅 un placement priv茅 en vertu d'un Securities Purchase Agreement, par lequel Velan Capital Master Fund LP a acquis 脿 la fois des actions ordinaires et des actions privil茅gi茅es convertibles de s茅rie A. Velan Master a achet茅 70 012 actions de Series A Preferred (convertibles 脿 1,50 $ par action, soit 700 120 actions ordinaires sous-jacentes) et a particip茅 脿 un achat d'actions ordinaires 脿 1,50 $ par action. La transaction s'est conclue conform茅ment au SPA et la d茅claration fait appara卯tre la d茅tention b茅n茅ficiaire indirecte de Velan Master 脿 8 753 290 actions apr猫s les op茅rations, tandis que la personne d茅clarante a enregistr茅 une cession de 69 777 actions. Les Series A Preferred se convertiront automatiquement en actions ordinaires d猫s l'approbation des actionnaires pr茅vue, sous r茅serve d'un plafond de d茅tention emp锚chant Velan Master de d茅tenir plus de 4,99 % du capital ordinaire en circulation, sauf augmentation apr猫s notification.

Heron Therapeutics meldete eine Privatplatzierung im Rahmen eines Securities Purchase Agreement, durch die Velan Capital Master Fund LP sowohl Stammaktien als auch wandelbare Series-A-Vorz眉ge erwarb. Velan Master kaufte 70.012 Aktien der Series A Preferred (wandelbar zu $1,50 je Aktie, entsprechend 700.120 zugrunde liegenden Stammaktien) und beteiligte sich zudem an einem Stammaktienkauf zu $1,50 je Aktie. Die Transaktion wurde gem盲脽 dem SPA abgeschlossen und die Meldung weist Velan Masters indirekten wirtschaftlichen Besitz nach den Transaktionen mit 8.753.290 Aktien aus, w盲hrend die meldende Person eine Ver盲u脽erung von 69.777 Aktien verzeichnete. Die Series-A-Vorzugsaktien werden bei der vorgesehenen Zustimmung der Aktion盲re automatisch in Stammaktien umgewandelt, wobei eine Besitzobergrenze gilt, die Velan Master daran hindert, mehr als 4,99% der ausstehenden Stammaktien zu halten, sofern diese nicht mit Vorank眉ndigung erh枚ht wird.

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
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Morgan Adam
(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
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
08/08/2025
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 08/08/2025 P 1,766,546(1) A $1.5(1) 8,753,290 I By Velan Capital Master Fund LP(2)
Common Stock 69,777 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
Series A Convertible Preferred Stock(3) $1.5(3) 08/08/2025 P 70,012(3) (4) (4) Common Stock 700,120(4) $15(1) 70,012 I By Velan Capital Master Fund LP(2)
Explanation of Responses:
1. The Issuer entered into a Securities Purchase Agreement (the "SPA") with certain investors (collectively, the "Purchasers"), including Velan Capital Master Fund LP ("Velan Master"), pursuant to which the Issuer agreed to issue and sell to the Purchasers in a private placement shares of the Issuer's Common Stock, par value $0.01 per share (the "Common Stock"), and shares of the Issuer's Series A Convertible Preferred Stock, par value $0.01 per share (the "Series A Preferred Stock"), at a purchase price of $1.50 per share of Common Stock and $15 per share of Series A Preferred Stock. The transaction closed on August 12, 2025.
2. Securities owned directly by Velan Master. Mr. Morgan, as a managing member of each of Velan Capital Holdings LLC, the general partner of Velan Master, and Velan Capital Management LLC, the general partner of the investment manager of Velan Master, may be deemed to beneficially own the securities owned directly by Velan Master. Mr. Morgan disclaims beneficial ownership of the securities reported herein except to the extent of his pecuniary interest therein, and this report shall not be deemed to be an admission that Mr. Morgan is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.
3. Velan Master purchased 70,012 shares of Series A Preferred Stock pursuant to the terms of the SPA and the Certificate of Designation of Rights, Preferences and Privileges of Series A Convertible Preferred Stock of Heron Therapeutics, Inc., dated August 8, 2025 (the "Certificate of Designation"). The conversion price of the Series A Preferred Stock is $1.50 per share.
4. Pursuant to the terms of the SPA, upon approval of the Stockholder Approval Proposal (as defined in the SPA), all of the outstanding shares of Series A Preferred Stock will automatically convert into shares of Common Stock at the applicable conversion price, plus accrued and unpaid dividends, subject to the terms and conditions set forth in the Certificate of Designation. However, the Series A Preferred Stock shall not be converted if, after giving effect thereto, Velan Master (together with its affiliates) would beneficially own, as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, more than 4.99% of the outstanding shares of Common Stock. Such ownership limitation may be increased upon 61 days' notice to the Issuer.
/s/ Adam Morgan 08/12/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source:

FAQ

What did HRTX disclose in this Form 4 filing?

The Form 4 reports that Velan Capital Master Fund LP purchased common stock at $1.50 and 70,012 shares of Series A Convertible Preferred (convertible at $1.50 per share), and that the reporting person sold 69,777 common shares.

How many Series A Preferred shares did Velan Master acquire in the HRTX transaction?

Velan Master purchased 70,012 shares of Series A Convertible Preferred pursuant to the Securities Purchase Agreement.

What is the conversion effect of the Series A Preferred for HRTX?

Each Series A Preferred converts at a conversion price of $1.50, so the 70,012 preferred translate into 700,120 underlying common shares upon automatic conversion conditions described in the filing.

Does the Form 4 indicate any ownership limits for Velan Master after conversion?

Yes. The Series A Preferred will not convert if, after conversion, Velan Master (and its affiliates) would beneficially own more than 4.99% of outstanding common stock, unless that limit is increased after notice.

What beneficial ownership is reported following the HRTX transactions?

The filing reports Velan Master鈥檚 indirect beneficial ownership as 8,753,290 shares following the reported transactions.
Stock HRTX logo
Heron Therapeutics Inc

NASDAQ:HRTX

HRTX Rankings

#4133 Ranked by Market Cap
N/A Ranked by Dividends

HRTX Latest News

Aug 8, 2025
Heron Therapeutics Announces Q2 2025 Financial Results and Highlights Commercial Progress
Aug 8, 2025
Heron Therapeutics Announces Comprehensive Capital Restructuring to Support Growth and Extend Maturity Profile
Aug 8, 2025
Heron Therapeutics Reschedules Second Quarter 2025 Earnings Release and Conference Call to Friday, August 8, 2025
Jul 28, 2025
Heron Therapeutics to Report Second Quarter 2025 Financial Results on Monday, August 11, 2025
May 6, 2025
Heron Therapeutics Announces First Quarter 2025 Financial Results and Highlights Recent Corporate Updates

HRTX Latest SEC Filings

Aug 12, 2025
[SCHEDULE 13D/A] Heron Therapeutics, Inc. SEC Filing
Aug 12, 2025
[Form 4] Heron Therapeutics, Inc. Insider Trading Activity
Aug 12, 2025
[8-K] Heron Therapeutics, Inc. Reports Material Event
Aug 12, 2025
[8-K] Heron Therapeutics, Inc. Reports Material Event
Aug 8, 2025
[10-Q] Heron Therapeutics, Inc. Quarterly Earnings Report

HRTX Stock Data

200.81M
149.21M
0.7%
82.77%
23.15%
Biotechnology
Pharmaceutical Preparations
United States
SAN DIEGO