Morgan Adam 4

What Happened Adam Morgan, a director of Heron Therapeutics (HRTX), received a grant of 53,960 restricted stock units (RSUs) on January 30, 2026. The Form 4 reports the acquisition price as $0 (award/grant). Each RSU represents a contingent right to one share of common stock and the RSUs vest in full on January 30, 2027.

Key Details

• Transaction date: 2026-01-30; Form 4 filed 2026-02-03.
• Transaction type/code: Award/Grant (A) — 53,960 RSUs; acquisition price reported $0.
• Vesting: RSUs vest in full on 2027-01-30; each RSU converts to one share upon vesting (per footnote F1).
• Shares owned after transaction: Not specified for Morgan directly in this filing.
• Ownership note (footnote F2): Some securities are owned directly by Velan Capital Master Fund LP; Morgan, as a managing member of related entities, may be deemed to beneficially own those holdings but disclaims beneficial ownership except to the extent of his pecuniary interest.
• Filing timeliness: Form 4 filed on 2026-02-03 reporting the 2026-01-30 grant; the filing itself does not indicate a late-filing flag.

Context RSU grants are compensation, not open-market purchases or sales — they have no immediate cash cost to the recipient but only convert to actual shares if and when they vest (and may then have tax implications). The filing also highlights institutional ownership structure: Velan Capital Master Fund LP holds securities directly, and Morgan’s connection to that fund is disclosed with a disclaimer of beneficial ownership. For investors, grants are informative about compensation and potential future share issuance but are not a direct bullish/bearish trading signal.