---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-109234"
form_type: "8-K"
ticker: "HRTX"
cik: "0000818033"
company_name: "HERON THERAPEUTICS, INC. /DE/"
filed_at: "2025-08-15T23:59:59+00:00"
generated_at: "2026-05-17T12:40:45.855758+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Heron Therapeutics adopts poison pill to protect $1.37B in NOLs from ownership change

## Summary
- Company holds ~$1.37B in U.S. federal NOLs as of Dec 31, 2024; plan aims to preserve tax asset.
- Plan triggers ownership threshold at 4.99%; effective Aug 14, 2025; expires Aug 14, 2026 unless extended.
- Adoption satisfies covenant in Note Purchase Agreement with Rubric Capital Management dated Aug 8, 2025.
- Rights plan deters any single investor or group from crossing 4.99% beneficial ownership without Board approval.
- Board may exempt acquisitions that do not impair NOL availability.

## SEC filing metadata
- accession: 0000950170-25-109234
- form_type: 8-K
- ticker: HRTX
- cik: 0000818033
- company_name: HERON THERAPEUTICS, INC. /DE/
- filed_at: 2025-08-15T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 3.03, 5.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/818033/000095017025109234/0000950170-25-109234-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/818033/000095017025109234/hrtx-20250813.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-109234
- JSON: https://secwatch.observer/filing/0000950170-25-109234.json
- Plain text: https://secwatch.observer/filing/0000950170-25-109234.txt

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