Duarte Ira 4

What Happened

• Ira Duarte, CFO of Heron Therapeutics (HRTX), reported conversion/exercise of derivatives (code M) on April 30, 2026. The filing shows two conversions: 11,694 shares and 13,535 shares — a total of 25,229 shares acquired by conversion. The same amounts are also reported as disposed at $0 in the filing. No cash proceeds or market-sale prices are shown.
• The filing also notes (footnote) that 11,023 shares were acquired under the company’s Employee Stock Purchase Plan (ESPP) on April 30, 2026.

Key Details

• Transaction date: 2026-04-30; Form 4 filed 2026-05-04 (appears timely under the two-business-day rule).
• Transaction code: M = exercise or conversion of a derivative (here, restricted stock units converting to common shares).
• Shares converted/acquired: 11,694 and 13,535 (total 25,229). Shares disposed: same amounts at $0 (reported as derivative disposals).
• Price/Value: Acquisition lines list price as N/A; disposals reported at $0. The filing does not show cash proceeds or a market sale price for these shares.
• Shares owned after the transactions: not specified in the provided filing excerpts.
• Footnotes of note:
  • F1: Each restricted stock unit (RSU) converts to one share of common stock.
  • F2: Filing includes 11,023 ESPP shares purchased on Apr 30, 2026.
  • F3/F4: RSUs vest in 16 equal quarterly installments; a Jan 30, 2026 grant of 216,562 RSUs vests quarterly (216,562/16 ≈ 13,535 per installment), which explains the 13,535 conversion lot.

Context

• Code M indicates conversion/exercise of a derivative — in this case RSUs converting into company shares. The matching disposals at $0 in the filing commonly reflect shares surrendered or withheld to satisfy tax-withholding or similar obligations rather than an open-market sale for cash.
• These are routine equity vesting/conversion and ESPP purchase transactions by an executive; they are informational rather than a clear buy/sell signal of management sentiment.