Company: HRTX
Filing Date: 2025-08-12
Form Type: 8-K
Source: 0000950170-25-107416
Chunk: 4

Company: HERON THERAPEUTICS, INC. /DE/
Filing Date: 2025-08-12
Form: 8-K
Item: Item 8.01
Chunk 4
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Item 8.01 Other Events.

Refinancing Transactions

As previously disclosed, on August 8, 2025, the Company entered into (i) an amendment (the “ Second Amendment”) to that certain Working Capital Facility Agreement, dated August 9, 2023, with Hercules Capital, Inc., as administrative agent and collateral agent, and the several banks and other financial institutions or entities from time to time parties thereto, to increase the aggregate principal amount of terms loans of up to $150.0 million plus accrued and unpaid paid-in-kind interest on the existing debt, with $110.0 million plus accrued and unpaid paid-in-kind interest on the existing debt funded on the Closing Date (the “ Secured Debt Transaction”); (ii) an exchange agreement (the “ Exchange Agreement”) with the investors party thereto (collectively, the “ Holders”), pursuant to which the Company and the Holders have exchanged the Company’s $150.0 million aggregate principal amount of senior unsecured convertible promissory notes due 2026 (the “ Existing Notes”), of which (A) an aggregate principal amount of $25.0 million of the Existing Notes were exchanged for 16,666,666 shares of the Common Stock and (B) the remaining aggregate principal amount of $125.0 million of the Existing Notes, together with all accrued and unpaid interest thereon, were repaid in cash by the Company to the Holders (the “ Convertible Note Exchange”); (iii) a note purchase agreement (the “ Note Purchase Agreement”) with the purchasers from time to time party thereto (collectively, the “ Purchasers”) and Rubric, as agent for the Purchasers, pursuant to which the Company has issued and sold to the Purchasers $35.0 million aggregate principal amount of convertible senior unsecured promissory notes due 2031 for an aggregate purchase price of $33.25 million pursuant to exemptions from registration under Section 4(a)(2) under the Securities Act of 1933 (the “ Securities Act”), as amended (the “ Convertible Note Issuance”); and (iv) a securities purchase agreement (the “ Purchase Agreement”) with the purchasers identified on the signature pages thereto, in connection with a private placement of (A) 13,225,227 unregistered shares of Common Stock at a purchase price of

$1.50 per share and (B) 524,141 unregistered shares of Series A Convertible Preferred Stock which shall automatically