Company: HRTX
Filing Date: 2025-09-09
Form Type: S-3
Source: 0000950170-25-113834
Chunk: 20

Company: HERON THERAPEUTICS, INC. /DE/
Filing Date: 2025-09-09
Form: S-3
Chunk 20
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 due 2026 (the “Existing Notes”) that were issued and sold by us to the Holders pursuant to that certain note purchase agreement, dated as of May 24, 2021, of which (i) an aggregate principal amount of $25.0 million of the Existing Notes were exchanged for 16,666,666 shares of Common Stock and (ii) 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 us to the Holders (the “Convertible Note Exchange”). The Exchange Agreement contains customary representations and warranties, agreements and obligations and termination provisions. The Convertible Note Exchange closed on August 12, 2025.

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Convertible Note Issuance

On August 8, 2025, we entered into a note purchase agreement (the “2031 Note Purchase Agreement”) with Rubric Capital Management LP, pursuant to which we issued and sold $35.0 million aggregate principal amount of convertible senior unsecured promissory notes due 2031 (the “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 as defined below. The 2031 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 a securities purchase agreement (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) 524,141 unregistered shares of Series A Convertible Preferred Stock, par value $0.01 per share (the “Series