---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-191942"
form_type: "8-K"
ticker: "HRTX"
cik: "0000818033"
company_name: "HERON THERAPEUTICS, INC. /DE/"
filed_at: "2023-07-24T23:59:59+00:00"
generated_at: "2026-06-13T04:38:57.299750+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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%.

## SEC filing metadata
- accession: 0001193125-23-191942
- form_type: 8-K
- ticker: HRTX
- cik: 0000818033
- company_name: HERON THERAPEUTICS, INC. /DE/
- filed_at: 2023-07-24T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 3.02, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/818033/000119312523191942/0001193125-23-191942-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/818033/000119312523191942/d527822d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-191942
- JSON: https://secwatch.observer/filing/0001193125-23-191942.json
- Plain text: https://secwatch.observer/filing/0001193125-23-191942.txt

## Key facts
- Executive change
  David Szekeres resigned as Executive Vice President, Chief Operating Officer at HERON THERAPEUTICS, INC. /DE/.
  - Action: resigned
  - Role: Executive Vice President, Chief Operating Officer
  source text: On July 20, 2023, by mutual agreement, David Szekeres resigned as Executive Vice President, Chief Operating Officer of the Company, effective July 20, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/818033/000119312523191942/0001193125-23-191942-index.htm
- Material Agreements
  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
  source text: 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 ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/818033/000119312523191942/0001193125-23-191942-index.htm

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