Company: HRTX
Filing Date: 2025-09-09
Form Type: S-3
Source: 0000950170-25-113830
Chunk: 28

Company: HERON THERAPEUTICS, INC. /DE/
Filing Date: 2025-09-09
Form: S-3
Chunk 28
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, as well as the other information included in and incorporated by reference into this prospectus such as the information contained under the heading“Forward-Looking Statements”before deciding whether to invest in our Common Stock. The occurrence of any of the events or developments described could harm our business, financial condition, results of operations and growth prospects. In such an event, the market price of our Common Stock could decline and you may lose all or part of your investment. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business operations. We may update these risk factors in our periodic and other filings with the SEC.

Risks Related to this Offering by the Selling Stockholders

The shares of Common Stock being offered in this prospectus represent a substantial percentage of the outstanding shares of Common Stock, and the sales of such shares, or the perception that these sales could occur, could cause the market price of the Common Stock to decline significantly.

Under this prospectus, the Selling Stockholders can resell, from time to time, an aggregate of 37,911,081 shares of Common Stock. The shares of Common Stock being offered for resale pursuant to this prospectus by the Selling Stockholders would represent approximately 18.2% of the shares of Common Stock outstanding as of September 3, 2025, after giving effect to 5,241,410 shares of Common Stock issuable upon conversion of all outstanding Series A Convertible Preferred Stock issued pursuant to the Purchase Agreement and 19,444,444 shares of Common Stock issuable upon conversion of all outstanding Notes issued pursuant to the Note Purchase Agreement.

After the registration statement, of which this prospectus forms a part, is effective, and until such time that it is no longer effective, the registration statement will permit the resale of such shares of Common Stock. Given the substantial number of shares of Common Stock being registered pursuant to this prospectus, the Selling Stockholders thereunder will continue to offer the securities covered thereby for a significant period of time, the precise duration of which cannot be predicted.

Further, the sale of a substantial number of shares of our Common Stock, or the perception in the market of the potential for the sale of a large number of shares, in the public market following the effective date of the registration statement of which this prospectus forms a part could increase the volatility of the market price of the Common Stock or result in a significant decline in the public trading price of the Common Stock, which may continue for an extended period of time.