Company: HRTX
Filing Date: 2025-09-09
Form Type: S-3
Source: 0000950170-25-113830
Chunk: 17

Company: HERON THERAPEUTICS, INC. /DE/
Filing Date: 2025-09-09
Form: S-3
Chunk 17
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 own provide a competitive advantage, the patent positions of pharmaceutical and biotechnology companies are highly uncertain and involve complex legal and factual questions. We may not be able to develop patentable products or processes, and may not be able to obtain patents from pending applications. Even if patent claims are allowed, the claims may not issue, or in the event of

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issuance, may not be sufficient to protect the technology owned by or licensed to us. Any patents or patent rights that we obtain may be circumvented, challenged or invalidated by our competitors.

We also rely on trade secrets, proprietary know-how and continuing innovation to develop and maintain our competitive position. We seek protection of these trade secrets, proprietary know-how and any continuing innovation, in part, through confidentiality and proprietary information agreements. However, these agreements may not provide meaningful protection for, or adequate remedies to protect, our technology in the event of unauthorized use or disclosure of information. Furthermore, our trade secrets may otherwise become known to, or be independently developed by, our competitors.

Summary of Private Placement and Convertible Note Issuance

Convertible Note Issuance

On August 8, 2025, we entered into the Note Purchase Agreement with Rubric, pursuant to which we issued and sold $35.0 million aggregate principal amount of Notes to a fund affiliated with Rubric for an aggregate purchase price of $33.25 million pursuant to exemptions from registration under Section 4(a)(2) of the Securities Act (the “Convertible Note Issuance”). The Convertible Note Issuance provides for (i) a maturity date of March 1, 2031, (ii) a 5% original issuance discount, (iii) 5% per annum interest payable in cash, (iv) the right to pay interest in kind for the first twelve months at a 7% rate, and (v) conversion of the Notes into Common Stock at the option of the holder at $1.80 per share, subject to Stockholder Approval. The Note Purchase Agreement contains customary representations and warranties, agreements and obligations and termination provisions. The Convertible Note Issuance closed on August 12, 2025.

Private Placement

On August 8, 2025, we entered into the Purchase Agreement with the purchasers party thereto, in connection with a private placement of (i) 13,225,227 unregistered shares of Common Stock at a purchase price of $1.50 per share and (ii)