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[SCHEDULE 13D/A] Heron Therapeutics, Inc. SEC Filing

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(Low)
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Form Type
SCHEDULE 13D/A
Rhea-AI Filing Summary

Rubric Capital disclosed a 17.5% economic and voting stake in Heron Therapeutics (HRTX), holding 29,100,728 shares out of 166,517,025 outstanding shares. Rubric purchased 2,387,225 common shares at $1.50 per share and holds 94,610 Series A Convertible Preferred Shares that convert into 946,100 common shares at an initial conversion price of $1.50. Rubric Funds also purchased $35,000,000 aggregate principal amount of convertible senior unsecured notes for $33,250,000, with a five-year term, a 5% original-issue discount, and cash interest of 5% per year; the notes carry a conversion right at 555.5556 shares per $1,000 principal.

The conversions of the preferred shares and the notes are subject to stockholder approval and a 19.99% beneficial ownership limitation. Rubric entered a Cooperation Agreement that provides for a board nominee to be appointed and fixes the board size at seven during the cooperation period, alongside customary standstill and voting commitments. The filing discloses aggregate purchase prices and resale registration and proxy-related commitments by the issuer.

Rubric Capital ha comunicato una partecipazione economica e di voto del 17,5% in Heron Therapeutics (HRTX), detenendo 29.100.728 azioni su 166.517.025 azioni in circolazione. Rubric ha acquistato 2.387.225 azioni ordinarie a $1.50 per azione e detiene 94.610 azioni privilegiate convertibili Serie A che si convertono in 946.100 azioni ordinarie a un prezzo di conversione iniziale di $1.50. I Rubric Funds hanno inoltre acquistato obbligazioni senior non garantite convertibili per un ammontare nominale aggregato di $35.000.000 al prezzo di $33.250.000, con scadenza a cinque anni, uno sconto di emissione del 5% e interessi in contanti del 5% annuo; le note prevedono un diritto di conversione pari a 555,5556 azioni per $1.000 di capitale.

Le conversioni delle azioni privilegiate e delle note sono soggette all'approvazione degli azionisti e a una limitazione di proprietà effettiva del 19,99%. Rubric ha stipulato un Accordo di Cooperazione che prevede la nomina di un candidato al consiglio e fissa la composizione del consiglio a sette membri durante il periodo di cooperazione, insieme ai consueti impegni di standstill e di voto. Il deposito documentale rende note le somme complessive pagate e gli impegni dell'emittente relativi alla registrazione per la rivendita e alle deleghe di voto.

Rubric Capital reveló una participación económica y de voto del 17,5% en Heron Therapeutics (HRTX), poseyendo 29.100.728 acciones de un total de 166.517.025 en circulación. Rubric compró 2.387.225 acciones ordinarias a $1.50 por acción y posee 94.610 acciones preferentes convertibles Serie A que se convierten en 946.100 acciones ordinarias a un precio de conversión inicial de $1.50. Los Rubric Funds también adquirieron pagarés senior convertibles no garantizados por un importe nominal agregado de $35.000.000 por $33.250.000, con un plazo de cinco años, un descuento de emisión del 5% y un interés en efectivo del 5% anual; los pagarés otorgan un derecho de conversión de 555,5556 acciones por cada $1.000 de principal.

Las conversiones de las acciones preferentes y de los pagarés están sujetas a la aprobación de los accionistas y a una limitación de propiedad beneficiaria del 19,99%. Rubric firmó un Acuerdo de Cooperación que prevé la designación de un candidato para el consejo y fija el tamaño del consejo en siete miembros durante el periodo de cooperación, junto con los habituales compromisos de standstill y de voto. La presentación revela los precios de compra agregados y los compromisos del emisor relativos al registro para la reventa y a las proxies.

Rubric Capital은 Heron Therapeutics(HRTX)� 경제적·의결권 지� 17.5%� 보유하고 있으�, � 166,517,025� � 29,100,728주를 보유하고 있다� 공시했습니다. Rubric은 보통� 2,387,225주를 주당 $1.50� 매입했으�, 초기 전환가 $1.50 기준으로 보통� 946,100주로 전환되는 Series A 전환우선� 94,610주를 보유하고 있습니다. Rubric Funds� 또한 액면 총액 $35,000,000� 전환� 무담� 시니� 노트� $33,250,000� 매입했는�, 만기� 5�, 발행 � 5%� 할인, 연간 현금 이자 5%이며 해당 노트� $1,000 원금� 555.5556주로 전환� � 있는 권리� 포함합니�.

우선주와 노트� 전환은 주주 승인� 19.99%� 실질 소유 한도 적용� 받습니다. Rubric은 협력 기간 동안 이사� 후보� 지명하� 이사� 규모� 7명으� 고정하는 내용� 포함� 협력 계약(Cooperation Agreement)� 체결했으�, 통상적인 스탠드스�(standstill) � 의결� 약정� 포함되어 있습니다. 제출 서류에는 � 매입 금액� 재매도를 위한 등록 � 위임� 관� 발행� 약정� 공개되어 있습니다.

Rubric Capital a déclaré une participation économique et de vote de 17,5% dans Heron Therapeutics (HRTX), détenant 29 100 728 actions sur 166 517 025 actions en circulation. Rubric a acheté 2 387 225 actions ordinaires à 1,50 $ par action et détient 94 610 actions privilégiées convertibles de série A qui se convertissent en 946 100 actions ordinaires à un prix de conversion initial de 1,50 $. Les Rubric Funds ont également acquis des billets senior convertibles non garantis d'un montant principal total de 35 000 000 $ pour 33 250 000 $, avec une échéance de cinq ans, une décote d'émission de 5% et un taux d'intérêt en numéraire de 5% par an ; ces billets comportent un droit de conversion de 555,5556 actions par tranche de 1 000 $ de principal.

Les conversions des actions privilégiées et des billets sont soumises à l'approbation des actionnaires et à une limite de détention effective de 19,99%. Rubric a conclu un accord de coopération prévoyant la nomination d'un candidat au conseil et fixant la taille du conseil à sept membres pendant la période de coopération, ainsi que des engagements usuels de standstill et de vote. Le dépôt révèle les prix d'achat agrégés ainsi que les engagements de l'émetteur relatifs à l'enregistrement pour la revente et aux procurations.

Rubric Capital gab einen wirtschaftlichen und stimmberechtigten Anteil von 17,5% an Heron Therapeutics (HRTX) bekannt und hält 29.100.728 Aktien von insgesamt 166.517.025 ausstehenden Aktien. Rubric erwarb 2.387.225 Stammaktien zu je $1,50 und hält 94.610 wandelbare Vorzugsaktien der Serie A, die zu einem anfänglichen Umtauschpreis von $1,50 in 946.100 Stammaktien wandelbar sind. Die Rubric Funds kauften außerdem wandelbare, unbesicherte vorrangige Schuldverschreibungen mit einem aggregierten Nennbetrag von $35.000.000 für $33.250.000; Laufzeit fünf Jahre, 5% Disagio und 5% Barauszahlung an Zinsen p.a.; die Schuldverschreibungen enthalten ein Wandlungsrecht von 555,5556 Aktien je $1.000 Nennbetrag.

Die Wandlungen der Vorzugsaktien und der Schuldverschreibungen bedürfen der Zustimmung der Aktionäre und unterliegen einer 19,99%-Grenze für wirtschaftliches Eigentum. Rubric schloss eine Kooperationsvereinbarung, die die Benennung eines Board-Kandidaten vorsieht und die Größe des Vorstands während des Kooperationszeitraums auf sieben Mitglieder festlegt, sowie übliche Standstill- und Stimmrechtsverpflichtungen. Die Einreichung legt die aggregierten Kaufpreise sowie registrierungs- und proxybezogene Verpflichtungen des Emittenten offen.

Positive
  • Substantial capital infusion: Rubric provided financing including $33,250,000 purchase price for convertible notes and paid ~$31,713,490.50 for 29,100,728 shares (including commissions).
  • Structured financing: Notes and preferred shares include conversion mechanisms that can convert obligations into equity, reducing cash repayment pressure on the issuer if conversions occur.
  • Governance cooperation: A Cooperation Agreement provides for a Rubric-nominated director and a fixed board size of seven during the cooperation period, establishing constructive engagement.
  • Resale/registration rights disclosed: Agreements include customary resale registration and proxy-related commitments by the issuer to register or facilitate disposition of issued or issuable shares.
Negative
  • Potential dilution: Convertible notes and Series A convertible preferred shares can convert into common stock (notes at 555.5556 shares per $1,000 principal; preferred convert at initial $1.50), increasing share count if conversions occur subject to stockholder approval.
  • Large concentrated stake: Rubric beneficially owns 29,100,728 shares (17.5%), representing meaningful shared voting power that could materially influence corporate actions.
  • Conversion subject to stockholder approval: The value and impact of the convertible securities depend on stockholder approval; outcome and timing are uncertain.
  • Standstill and voting commitments: Rubric agreed to standstill and specific voting behavior during the cooperation period, which may limit its ability to pursue alternative governance strategies.

Insights

TL;DR: Rubric supplied cash and convertible securities, creating near-term liquidity for Heron while introducing meaningful potential dilution.

Rubric's transactions provide approximately $33.25 million in proceeds via convertible notes plus equity and preferred purchases that together represent a substantive capital infusion relative to Heron's market capitalization implied by 166.5 million shares outstanding. The notes include a 5% original-issue discount and a conversion feature equal to 555.5556 shares per $1,000 principal, creating potential dilution if conversions occur. The preferred stock converts into common at $1.50 per share, and Rubric also bought common stock at $1.50 per share. These financings improve near-term liquidity but introduce convertible instruments and preferred shares that could dilute existing holders if converted and approved by stockholders.

TL;DR: The Cooperation Agreement yields a board seat and voting commitments, signaling collaborative engagement but limiting activist options.

Rubric secured a path to board representation and agreed to standstill and voting commitments during the cooperation period, including voting with the board's slate and restrictions on acquiring over 19.99% beneficial ownership. Those governance arrangements reduce the likelihood of near-term hostile action and create a formal channel for Rubric to influence strategy via a nominated director. For investors, this is material: it changes board composition dynamics and aligns a significant investor with specific governance procedures and voting behavior.

Rubric Capital ha comunicato una partecipazione economica e di voto del 17,5% in Heron Therapeutics (HRTX), detenendo 29.100.728 azioni su 166.517.025 azioni in circolazione. Rubric ha acquistato 2.387.225 azioni ordinarie a $1.50 per azione e detiene 94.610 azioni privilegiate convertibili Serie A che si convertono in 946.100 azioni ordinarie a un prezzo di conversione iniziale di $1.50. I Rubric Funds hanno inoltre acquistato obbligazioni senior non garantite convertibili per un ammontare nominale aggregato di $35.000.000 al prezzo di $33.250.000, con scadenza a cinque anni, uno sconto di emissione del 5% e interessi in contanti del 5% annuo; le note prevedono un diritto di conversione pari a 555,5556 azioni per $1.000 di capitale.

Le conversioni delle azioni privilegiate e delle note sono soggette all'approvazione degli azionisti e a una limitazione di proprietà effettiva del 19,99%. Rubric ha stipulato un Accordo di Cooperazione che prevede la nomina di un candidato al consiglio e fissa la composizione del consiglio a sette membri durante il periodo di cooperazione, insieme ai consueti impegni di standstill e di voto. Il deposito documentale rende note le somme complessive pagate e gli impegni dell'emittente relativi alla registrazione per la rivendita e alle deleghe di voto.

Rubric Capital reveló una participación económica y de voto del 17,5% en Heron Therapeutics (HRTX), poseyendo 29.100.728 acciones de un total de 166.517.025 en circulación. Rubric compró 2.387.225 acciones ordinarias a $1.50 por acción y posee 94.610 acciones preferentes convertibles Serie A que se convierten en 946.100 acciones ordinarias a un precio de conversión inicial de $1.50. Los Rubric Funds también adquirieron pagarés senior convertibles no garantizados por un importe nominal agregado de $35.000.000 por $33.250.000, con un plazo de cinco años, un descuento de emisión del 5% y un interés en efectivo del 5% anual; los pagarés otorgan un derecho de conversión de 555,5556 acciones por cada $1.000 de principal.

Las conversiones de las acciones preferentes y de los pagarés están sujetas a la aprobación de los accionistas y a una limitación de propiedad beneficiaria del 19,99%. Rubric firmó un Acuerdo de Cooperación que prevé la designación de un candidato para el consejo y fija el tamaño del consejo en siete miembros durante el periodo de cooperación, junto con los habituales compromisos de standstill y de voto. La presentación revela los precios de compra agregados y los compromisos del emisor relativos al registro para la reventa y a las proxies.

Rubric Capital은 Heron Therapeutics(HRTX)� 경제적·의결권 지� 17.5%� 보유하고 있으�, � 166,517,025� � 29,100,728주를 보유하고 있다� 공시했습니다. Rubric은 보통� 2,387,225주를 주당 $1.50� 매입했으�, 초기 전환가 $1.50 기준으로 보통� 946,100주로 전환되는 Series A 전환우선� 94,610주를 보유하고 있습니다. Rubric Funds� 또한 액면 총액 $35,000,000� 전환� 무담� 시니� 노트� $33,250,000� 매입했는�, 만기� 5�, 발행 � 5%� 할인, 연간 현금 이자 5%이며 해당 노트� $1,000 원금� 555.5556주로 전환� � 있는 권리� 포함합니�.

우선주와 노트� 전환은 주주 승인� 19.99%� 실질 소유 한도 적용� 받습니다. Rubric은 협력 기간 동안 이사� 후보� 지명하� 이사� 규모� 7명으� 고정하는 내용� 포함� 협력 계약(Cooperation Agreement)� 체결했으�, 통상적인 스탠드스�(standstill) � 의결� 약정� 포함되어 있습니다. 제출 서류에는 � 매입 금액� 재매도를 위한 등록 � 위임� 관� 발행� 약정� 공개되어 있습니다.

Rubric Capital a déclaré une participation économique et de vote de 17,5% dans Heron Therapeutics (HRTX), détenant 29 100 728 actions sur 166 517 025 actions en circulation. Rubric a acheté 2 387 225 actions ordinaires à 1,50 $ par action et détient 94 610 actions privilégiées convertibles de série A qui se convertissent en 946 100 actions ordinaires à un prix de conversion initial de 1,50 $. Les Rubric Funds ont également acquis des billets senior convertibles non garantis d'un montant principal total de 35 000 000 $ pour 33 250 000 $, avec une échéance de cinq ans, une décote d'émission de 5% et un taux d'intérêt en numéraire de 5% par an ; ces billets comportent un droit de conversion de 555,5556 actions par tranche de 1 000 $ de principal.

Les conversions des actions privilégiées et des billets sont soumises à l'approbation des actionnaires et à une limite de détention effective de 19,99%. Rubric a conclu un accord de coopération prévoyant la nomination d'un candidat au conseil et fixant la taille du conseil à sept membres pendant la période de coopération, ainsi que des engagements usuels de standstill et de vote. Le dépôt révèle les prix d'achat agrégés ainsi que les engagements de l'émetteur relatifs à l'enregistrement pour la revente et aux procurations.

Rubric Capital gab einen wirtschaftlichen und stimmberechtigten Anteil von 17,5% an Heron Therapeutics (HRTX) bekannt und hält 29.100.728 Aktien von insgesamt 166.517.025 ausstehenden Aktien. Rubric erwarb 2.387.225 Stammaktien zu je $1,50 und hält 94.610 wandelbare Vorzugsaktien der Serie A, die zu einem anfänglichen Umtauschpreis von $1,50 in 946.100 Stammaktien wandelbar sind. Die Rubric Funds kauften außerdem wandelbare, unbesicherte vorrangige Schuldverschreibungen mit einem aggregierten Nennbetrag von $35.000.000 für $33.250.000; Laufzeit fünf Jahre, 5% Disagio und 5% Barauszahlung an Zinsen p.a.; die Schuldverschreibungen enthalten ein Wandlungsrecht von 555,5556 Aktien je $1.000 Nennbetrag.

Die Wandlungen der Vorzugsaktien und der Schuldverschreibungen bedürfen der Zustimmung der Aktionäre und unterliegen einer 19,99%-Grenze für wirtschaftliches Eigentum. Rubric schloss eine Kooperationsvereinbarung, die die Benennung eines Board-Kandidaten vorsieht und die Größe des Vorstands während des Kooperationszeitraums auf sieben Mitglieder festlegt, sowie übliche Standstill- und Stimmrechtsverpflichtungen. Die Einreichung legt die aggregierten Kaufpreise sowie registrierungs- und proxybezogene Verpflichtungen des Emittenten offen.






If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D


Rubric Capital Management LP
Signature:/s/ David Rosen
Name/Title:By: Rubric Capital Management GP LLC, General Partner, By: David Rosen, Managing Member
Date:08/12/2025
David Rosen
Signature:/s/ David Rosen
Name/Title:David Rosen, Individually
Date:08/12/2025

FAQ

How many Heron Therapeutics (HRTX) shares does Rubric Capital beneficially own?

Rubric beneficially owns 29,100,728 shares, representing 17.5% of the class based on 166,517,025 shares outstanding as stated in the filing.

What financing did Rubric provide to Heron (HRTX)?

Rubric purchased 2,387,225 common shares at $1.50 per share, 94,610 Series A Convertible Preferred Shares (convertible into 946,100 common shares at $1.50), and $35,000,000 principal of convertible notes for $33,250,000.

What are the main terms of the convertible notes purchased by Rubric?

Notes have a five-year term, a 5% original-issue discount, 5% cash interest per annum (issuer may elect 7% PIK for first 12 months), and convert at 555.5556 shares per $1,000 principal; conversions may be settled in cash, shares or both.

Are conversions of the preferred shares and notes automatic?

No. Conversions of the Preferred Shares and the Notes are subject to stockholder approval and are also constrained by a 19.99% beneficial ownership limitation.

Will Rubric have board representation at Heron (HRTX)?

Yes. Under a Cooperation Agreement, the issuer agreed to appoint a Rubric-nominated director to the board and to include that nominee on the issuer's director slate during the cooperation period.

Does Rubric face limits on how much of Heron it can own?

Yes. A Beneficial Ownership Limitation in the agreements prevents any Rubric Fund (with affiliates and group members) from beneficially owning more than 19.99% of outstanding shares.
Heron Therapeutics Inc

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200.81M
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Biotechnology
Pharmaceutical Preparations
United States
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