---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-107416"
form_type: "8-K"
ticker: "HRTX"
cik: "0000818033"
company_name: "HERON THERAPEUTICS, INC. /DE/"
filed_at: "2025-08-12T23:59:59+00:00"
generated_at: "2026-05-17T15:00:41.695107+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Heron Therapeutics completes comprehensive refinancing, board expansion, and preferred stock issuance

## Summary
- Refinancing closed Aug 12: repurchased $125M of 2026 notes for cash, exchanged $25M for 16.67M shares; issued $35M notes due 2031 at $33.25M.
- Private placement raised ~$27.7M: 13.23M common shares at $1.50 and 524,141 Series A convertible preferred (convertible into 5.24M common at $1.50, subject to stockholder approval).
- Cooperation Agreement with Rubric Capital expands board to 7 directors, appoints Rubric nominee, includes standstill until Feb 2026 or 30 days before 2026 annual meeting nomination deadline.
- New Series A Convertible Preferred: $15 stated value, conversion price $1.50, senior to common on liquidation/dividends, no voting rights except on adverse charter changes.
- Hercules term loan facility amended: up to $150M available with $110M funded on closing, includes PIK interest.

## SEC filing metadata
- accession: 0000950170-25-107416
- form_type: 8-K
- ticker: HRTX
- cik: 0000818033
- company_name: HERON THERAPEUTICS, INC. /DE/
- filed_at: 2025-08-12T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 5.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/818033/000095017025107416/0000950170-25-107416-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/818033/000095017025107416/hrtx-20250808.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-107416
- JSON: https://secwatch.observer/filing/0000950170-25-107416.json
- Plain text: https://secwatch.observer/filing/0000950170-25-107416.txt

## Key facts
- Governance Changes
  HERON THERAPEUTICS, INC. /DE/: Filing of Certificate of Designation of Series A Convertible Preferred Stock (effective 2025-08-11).
  - Change: charter amendment
  - Effective: 2025-08-11
  source text: the Board authorized and the Company filed, on August 11, 2025, the Certificate of Designation of Rights, Preferences and Privileges (the “Certificate of Designation’) of Series A Convertible Preferred Stock, par value $0.01 per share (the “Series A Convertible Preferred Stock”), with the Secretary of State of the State of Delaware.
  evidence_url: https://www.sec.gov/Archives/edgar/data/818033/000095017025107416/0000950170-25-107416-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.