Heron Therapeutics raises $30M equity, cuts 25% workforce, targets profitability late 2024

HERON THERAPEUTICS, INC. /DE/

Private placement of 20.7M shares at $1.37 and pre-funded warrants for up to 1.16M shares; gross proceeds ~$30M.
Cost reduction plan: $75M cash savings through 2025 including $45M operational savings; 25% employee reduction; $5.9M charge in 2023.
COO David Szekeres resigned July 20, 2023 by mutual agreement; entitled to severance under amended employment agreement.
Company states financing may be last equity raise before reaching cash flow positivity; aims for profitability late 2024.
Waiver granted to Rubric and Velan under Cooperation Agreement allowing beneficial ownership above 15%.

item 1.01 item 3.02 item 5.02 item 7.01 item 9.01

Executive movements

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Departed

David Szekeres

Executive Vice President, Chief Operating Officer

HRTX · HERON THERAPEUTICS, INC. /DE/

Effective: 2023-07-20
Filed: July 24, 2023, 7:59 PM ET

On July 20, 2023, by mutual agreement, David Szekeres resigned as Executive Vice President, Chief Operating Officer of the Company, effective July 20, 2023.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

David Szekeres resigned as Executive Vice President, Chief Operating Officer at HERON THERAPEUTICS, INC. /DE/.

Action: resigned
Role: Executive Vice President, Chief Operating Officer

Exact text from the filing

On July 20, 2023, by mutual agreement, David Szekeres resigned as Executive Vice President, Chief Operating Officer of the Company, effective July 20, 2023.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

HERON THERAPEUTICS, INC. /DE/ entered into Securities Purchase Agreement with Rubric Capital Management LP, Velan Capital, Clearline Capital and Hercules Capital, Inc. valued at approximately $30.0 million (effective 2023-07-21).

Action: entry
Agreement: equity purchase
Counterparty: Rubric Capital Management LP, Velan Capital, Clearline Capital and Hercules Capital, Inc.
Value: approximately $30.0 million
Effective: 2023-07-21

Exact text from the filing

On July 21, 2023, Heron Therapeutics, Inc. (the “ Company ”) entered into a Securities Purchase Agreement (the “ Securities Purchase Agreement ”) for a private placement (the “ Private Placement ”) with Rubric Capital Management LP (“ Rubric ”), Velan Capital (“ Velan ”), Clearline Capital and Hercules Capital, Inc. (each a “ Purchaser ”, and collectively, the “ Purchasers ”).

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HERON THERAPEUTICS, INC. /DE/ filing history →

Source: SEC EDGAR

accession 0001193125-23-191942

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