Company: HRTX
Filing Date: 2025-08-08
Form Type: 8-K
Source: 0000950170-25-105474
Chunk: 1

Company: HERON THERAPEUTICS, INC. /DE/
Filing Date: 2025-08-08
Form: 8-K
Item: Item 1.01
Chunk 1
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 of $150.0 million (the “ Existing Notes”) that were issued and sold by the Company to the Holders pursuant to that certain note purchase agreement, dated as of May 24, 2021, of which an aggregate principal amount of $25.0 million of the Existing Notes will be exchanged for shares of the Company’s common stock, par value $0.01 per share (the “ 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, will be repaid in cash by the Company to the Holders (the “ Note Exchange”). The Exchange Agreement contains customary representations and warranties, agreements and obligations and termination provisions. The Note Exchange is expected to close on August 12, 2025, subject to other customary closing conditions.

Convertible Note Issuance

On August 8, 2025, the Company, entered into a Note Purchase Agreement (the “2031 Note Purchase Agreement”) with the purchasers from time to time party thereto (collectively, the “ Purchasers”) and Rubric Capital Management LP, a Delaware limited partnership (“ Rubric”), as agent for the Purchasers, pursuant to which the Company will issue and sell to the Purchasers convertible senior unsecured promissory notes for an aggregate purchase price of $35.0 million pursuant to exemptions from registration under Section 4(a)(2) under the Securities Act of 1933, as amended (the “ Convertible Note Issuance”). The Convertible Note Issuance provides for (i) a term of 55 months, (ii) a 5% original issuance discount, (iii) 5% per annum interest, (iv) the Company shall have the right to pay interest in kind for the first twelve months at a 7% rate, and (v) convertible into Common Stock 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 is expected to close on August 12, 2025, subject to other customary closing conditions.

Private Placement

On August 8, 2025, the Company entered into a securities purchase agreement (the “ Purchase Agreement”) with the purchasers identified on the signature pages thereto (collectively, the “ Purchasers”), in connection with the private

sale of (i) 13,225,