SCHEDULE: Vanguard Group Discloses 5.35% Stake in Heron Therapeutics

The Vanguard Group reported a 5.35% beneficial ownership stake in Heron Therapeutics Inc. common stock as of December 31, 2025.

Summary

• The Vanguard Group reported beneficial ownership of 9,820,384 shares of Heron Therapeutics Inc. common stock.
• This ownership represents 5.35% of the class of securities.
• The filing date is January 30, 2026, with the event date requiring the filing being December 31, 2025.
• The Vanguard Group holds shared voting power over 1,238,163 shares and shared dispositive power over 9,820,384 shares.
• An internal realignment at The Vanguard Group, Inc. on January 12, 2026, resulted in it no longer performing portfolio management services or administering proxy voting, with subsidiaries expected to report beneficial ownership separately.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive filing, as it confirms a significant passive institutional investment by The Vanguard Group in Heron Therapeutics, which can be interpreted as a vote of confidence.

Positives

• A major institutional investor, The Vanguard Group, maintains a significant 5.35% passive stake in Heron Therapeutics Inc., which can be viewed as a vote of confidence.

Negatives

• NA

Risks

• NA

Future Outlook

The Vanguard Group anticipates that certain subsidiaries or business divisions will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on SEC Release No. 34-39538, following an internal realignment on January 12, 2026.

Management Comments

• "After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct." (Ashley Grim, Head of Global Fund Administration, The Vanguard Group)
• "The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11."

Industry Context

StockSavvy.ai notes that institutional filings like this provide transparency into major ownership stakes, which can influence market perception. Vanguard's continued significant passive stake in Heron Therapeutics, even with internal restructuring, indicates a sustained investment interest from a major fund manager.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders: Provides transparency on a significant institutional holder, potentially influencing investor confidence.
• The Vanguard Group: Internal realignment will lead to disaggregated reporting by subsidiaries in future filings.

Next Steps

• Certain subsidiaries or business divisions of The Vanguard Group, Inc. are anticipated to report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in future filings.

Key Dates

Keywords

Heron Therapeutics Inc., The Vanguard Group, Common Stock, Schedule 13G, Institutional Ownership, Investment Adviser, SEC Filing