{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-26-452672","form_type":"8-K","ticker":"HRTX","cik":"0000818033","company_name":"HERON THERAPEUTICS, INC. /DE/","filed_at":"2026-11-09T12:40:15+00:00","discovered_at":"2026-11-09T12:45:00.214120+00:00","generated_at":"2026-11-09T12:45:12.731586+00:00","sec_items":["1.01","3.03","7.01","9.01"],"event_type":"m_and_a","sentiment":"neutral","materiality_score":0.9,"calibrated_materiality_score":0.9,"confidence":"high","headline":"Heron Therapeutics to sell substantially all assets to CorMedix for $145M cash plus 14.58M shares","bullets":["Heron will sell substantially all assets to CorMedix for $145.0M cash plus 14,583,333 CorMedix shares; Heron retains NOLs and certain tax attributes.","Consideration includes 5.0% royalties on annual net sales of CINVANTI, SUSTOL and DL-agreement products above $25.0M in each calendar year 2027, 2028 and 2029.","Earn-outs: $25M if ZYNRELEF 2028 net sales reach $65M; additional $30M at $95M, payable in cash/stock at CorMedix's election subject to 19.9% cap.","Deal needs majority Heron stockholder vote and HSR clearance; Rubric, Velan and Heron directors/officers owning ~22% signed support agreements; $4.0M break fee.","Rubric to exchange $35.0M of 2031 convertible notes into CorMedix shares post-closing; Heron to repay Hercules facility; no liquidation planned."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-452672","json":"https://secwatch.observer/filing/0001193125-26-452672.json","markdown":"https://secwatch.observer/filing/0001193125-26-452672.md","text":"https://secwatch.observer/filing/0001193125-26-452672.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/818033/000119312526452672/0001193125-26-452672-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/818033/000119312526452672/hrtx-20261108.htm"},"model":{"generated_by":"deepseek-v4.1-flash:cloud@v2","generated_at":"2026-11-09T12:45:12.731586+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}