Collard Craig A 4

What Happened

• Craig A. Collard, Chief Executive Officer of Heron Therapeutics (HRTX), had 34,789 restricted stock units convert into 34,789 shares on January 31, 2026 (reported on a Form 4 filed Feb 3, 2026). The transaction is reported as an exercise/conversion of a derivative (transaction code M). Immediately following conversion, 34,789 shares were surrendered/withheld at $0.00 to satisfy withholding obligations — there were no cash proceeds from the disposition.

Key Details

• Transaction date: 2026-01-31; Form 4 filed: 2026-02-03 (appears timely).
• Conversion (acquisition) reported for 34,789 shares (price: N/A); disposition (withholding) of 34,789 shares at $0.00 (no cash received).
• Shares owned after the reported transaction are not provided in the excerpt of the filing.
• Footnotes: F1 — each restricted stock unit (RSU) represents a contingent right to one share; F2 — the RSUs vest in 16 equal installments beginning one quarter after the grant date (Jan 31, 2025).
• Transaction code M indicates exercise or conversion of a derivative security; the $0.00 disposition is consistent with shares being withheld for tax/withholding, not an open-market sale.

Context

• This was a routine RSU vesting/conversion with shares withheld to cover taxes, not a cash sale or purchase — such withholding is common and does not necessarily signal the insider's view of the stock.
• For retail investors, purchases are generally more informative than routine vesting/withholding events; this filing documents a compensation settlement rather than active trading for cash.