Collard Craig A 4

What Happened

• Craig A. Collard, CEO of Heron Therapeutics (HRTX), reported the conversion/exercise of a derivative into 62,500 shares on 2026-04-03 (transaction code M). The filing also reports a simultaneous disposition of 62,500 shares at $0.00 (derivative), with no cash proceeds reported.
• This appears to be a conversion/vesting event (not an open-market purchase or sale). There were no sale proceeds shown; the $0 disposition is commonly consistent with shares being surrendered to satisfy tax withholding or similar obligations rather than a market sale.

Key Details

• Transaction date: 2026-04-03; Form 4 filed: 2026-04-06 (filing appears late relative to typical 2-business-day deadline).
• Acquired: 62,500 shares via exercise/conversion (code M); Disposed: 62,500 shares at $0.00 (derivative).
• No cash proceeds reported for the disposition.
• Footnotes of note:
  • F1: Each restricted stock unit (RSU) equals a contingent right to one share.
  • F3: RSUs vest in four equal annual installments beginning one year after grant, subject to continued service.
  • F2 notes prior ESPP purchases (14,045 shares acquired 4/30/2025) included in overall holdings.
• Shares owned after the transaction: not specified in the Form 4 (filing does not list total beneficial ownership).

Context

• Transaction code M indicates an exercise or conversion of a derivative (here, RSUs converting to common stock). The simultaneous $0.00 disposition of the same number of shares is commonly used to satisfy tax withholding or other non-cash settlement obligations and does not indicate an open-market sale. The Form 4 was filed on 2026-04-06 for a 2026-04-03 transaction, which the filing characterizes as late — delayed reporting can affect the timeliness of public disclosure.