Company: HRTX
Filing Date: 2025-09-09
Form Type: S-3
Source: 0000950170-25-113830
Chunk: 29

Company: HERON THERAPEUTICS, INC. /DE/
Filing Date: 2025-09-09
Form: S-3
Chunk 29
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 Any adverse effect on the market price of our Common Stock may make it more difficult for you to sell your holdings at times and prices that you determine are appropriate. These factors could also make it more difficult for us to raise additional funds through future offerings of shares of our Common Stock or other securities.

Certain existing securityholders purchased our securities at a price below the current trading price of such securities, and may experience a positive rate of return based on the current trading price. Future investors in us may not experience a similar rate of return.

Certain of our securityholders, including the Selling Stockholders, acquired our securities at prices below the current trading prices of our Common Stock and may experience a positive rate of return. While some of the Selling Stockholders may experience a positive rate of return based on the current trading price, public securityholders may not experience a similar rate of return on the securities they purchased due to differences in the purchase prices they paid and the trading price at the time of sale and may instead experience a negative rate of return on their investment. See “Prospectus Summary—Summary of Private Placement and Convertible Note Issuance” for more information.

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USE OF PROCEEDS</div>

We will not receive any of the proceeds from the sale of shares of our Common Stock sold pursuant to this prospectus by the Selling Stockholders. The Selling Stockholders will receive all of the proceeds from sales of our Common Stock sold pursuant to this prospectus.

We have agreed to pay all costs, expenses and fees relating to the registration of the shares of our Common Stock covered by this prospectus. The Selling Stockholders will pay any brokerage commissions and/or similar charges incurred in connection with the sale or other disposition by them of the shares covered hereby.

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SELLING STO CKHOLDERS The shares of Common Stock being offered by the Selling Stockholders are (i) 37,911,081 shares of Common Stock previously issued to the Selling Stockholders pursuant to the Purchase Agreement, (ii) 5,241,410 shares of Common Stock issuable to the Selling Stockholders upon the conversion of the Series A Convertible Preferred Stock issued to the Selling Stockholders pursuant to the Purchase Agreement and (iii) 19,444,444 shares of Common Stock issuable upon the conversion of the Notes issued to a fund affiliated with Rubric pursuant to the Note Purchase Agreement. For additional information regarding the issuances and terms of these securities, see “Prospectus Summary—