HRTX US Equity

HERON THERAPEUTICS, INC. /DE/

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Health Care · Pharmaceutical Preparations · CIK 818033 · FYE 1231

$0.49

+0.01 (+1.56%)

USD · as of 2026-07-29 · marketstack

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Institutional ownership· 13F filers holding HRTX · 2026-Q1 methodology → sources →

167 holders

% of shares outstanding held

82.9%

Shares held (13F)

156,863,065

Reporting holders

167

Top holders

largest 100 of 167 · Δ vs 2025-Q4

#	Holder	Shares	Value	% of shares out	Δ QoQ
1	Rubric Capital Management LP	30,046,82830.0M	$24M	15.87%	—
2	Clearline Capital LP	12,235,23912.2M	$10M	6.46%	—
3	BlackRock, Inc.	10,106,42210.1M	$8M	5.34%	—
4	ORBIMED ADVISORS LLC	9,816,9409.8M	$8M	5.19%	NEW†
5	Velan Capital Investment Management LP	8,753,2908.8M	$7M	4.62%	—
6	VANGUARD CAPITAL MANAGEMENT LLC	7,810,3297.8M	$6M	4.13%	NEW†
7	MILLENNIUM MANAGEMENT LLC	7,630,5277.6M	$6M	4.03%	ADD 6%
8	Tejara Capital Ltd	6,336,7556.3M	$5M	3.35%	ADD 23%
9	TANG CAPITAL MANAGEMENT LLC	6,250,0006.3M	$5M	3.30%	—
10	PALISADE CAPITAL MANAGEMENT, LP	6,140,6396.1M	$5M	3.24%	TRIM -3%
11	Congress Park Capital LLC	4,032,7374.0M	$3M	2.13%	ADD 31%
12	GEODE CAPITAL MANAGEMENT, LLC	4,010,0874.0M	$3M	2.12%	—
13	STATE STREET CORP	3,843,6723.8M	$3M	2.03%	—
14	JW Asset Management, LLC	3,751,0733.8M	$3M	1.98%	ADD 2%
15	Pale Fire Capital SE	2,716,3282.7M	$2M	1.44%	ADD 85%
16	D. E. Shaw & Co., Inc.	2,600,9902.6M	$2M	1.37%	TRIM -13%
17	NEW YORK STATE COMMON RETIREMENT FUND	2,576,7162.6M	$2M	1.36%	—
18	UBS Group AG	2,285,8832.3M	$2M	1.21%	ADD 9%
19	RENAISSANCE TECHNOLOGIES LLC	1,718,3001.7M	$1M	0.91%	TRIM -10%
20	Richmond Brothers, Inc.	1,436,7051.4M	$1M	0.76%	ADD 151%
21	Stonepine Capital Management, LLC	1,402,1911.4M	$1M	0.74%	ADD 13%
22	CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1,376,3671.4M	$1M	0.73%	TRIM -3%
23	VANGUARD PORTFOLIO MANAGEMENT LLC	1,309,3121.3M	$1M	0.69%	NEW
24	NORTHERN TRUST CORP	1,172,5251.2M	$938,137	0.62%	ADD 7%
25	VANGUARD FIDUCIARY TRUST CO	1,152,7141.2M	$922,171	0.61%	NEW
26	GOLDMAN SACHS GROUP INC	1,056,9441.1M	$845,661	0.56%	ADD 7%
27	CM Management, LLC	1,000,0001.0M	$800,100	0.53%	ADD 33%
28	PANAGORA ASSET MANAGEMENT INC	962,505962,505	$770,100	0.51%	ADD 119%
29	Squarepoint Ops LLC	859,958859,958	$688,052	0.45%	ADD 27%
30	Monaco Asset Management SAM	858,122858,122	$686,583	0.45%	TRIM -30%
31	CITADEL ADVISORS LLC	759,269759,269	$607,491	0.40%	TRIM -64%
32	Orchard Capital Management, LLC	680,432680,432	$544,414	0.36%	—
33	AQR CAPITAL MANAGEMENT LLC	641,587641,587	$513,334	0.34%	ADD 70%
34	Nuveen, LLC	526,293526,293	$421,087	0.28%	ADD 52%
35	MORGAN STANLEY	513,413513,413	$410,781	0.27%	TRIM -47%
36	ACADIAN ASSET MANAGEMENT LLC	513,168513,168	$409,000	0.27%	NEW
37	NEXPOINT ASSET MANAGEMENT, L.P.	475,750475,750	$380,647	0.25%	—
38	Universal- Beteiligungs- und Servicegesellschaft mbH	458,766458,766	$367,059	0.24%	NEW
39	Palumbo Wealth Management LLC	412,496412,496	$330,039	0.22%	ADD 59%
40	Bank of New York Mellon Corp	406,806406,806	$325,485	0.21%	TRIM -3%
41	Invesco Ltd.	326,512326,512	$261,243	0.17%	ADD 6%
42	ALLIANCEBERNSTEIN L.P.	198,550198,550	$258,115	0.10%	—
43	TWO SIGMA INVESTMENTS, LP	317,400317,400	$253,952	0.17%	TRIM -68%
44	Caption Management, LLC	313,681313,681	$250,976	0.17%	NEW
45	Apeiron RIA LLC	305,668305,668	$244,565	0.16%	ADD 18%
46	SUSQUEHANNA INTERNATIONAL GROUP, LLP	288,253288,253	$230,631	0.15%	TRIM -15%
47	Excelsior Advisor Network LLC	285,609285,609	$228,516	0.15%	NEW
48	LOS ANGELES CAPITAL MANAGEMENT LLC	243,003243,003	$194,427	0.13%	TRIM -2%
49	XTX Topco Ltd	209,481209,481	$167,606	0.11%	TRIM -13%
50	RHUMBLINE ADVISERS	184,549184,549	$147,631	0.10%	TRIM -9%
51	Quinn Opportunity Partners LLC	175,344175,344	$140,293	0.09%	—
52	BANK OF AMERICA CORP /DE/	160,979160,979	$128,784	0.09%	ADD 20%
53	RAYMOND JAMES FINANCIAL INC	138,203138,203	$110,576	0.07%	ADD 15%
54	PRICE T ROWE ASSOCIATES INC /MD/	111,504111,504	$90,000	0.06%	ADD 45%
55	GSA CAPITAL PARTNERS LLP	105,064105,064	$84,000	0.06%	TRIM -22%
56	Biltmore Family Office, LLC	100,000100,000	$80,010	0.05%	—
57	Integrated Wealth Concepts LLC	95,49895,498	$76,408	0.05%	—
58	DEUTSCHE BANK AG\	93,08193,081	$74,465	0.05%	—
59	BARCLAYS PLC	91,39491,394	$73,124	0.05%	TRIM -70%
60	GROUP ONE TRADING LLC	86,80986,809	$69,456	0.05%	TRIM -40%
61	SEARLE & CO.	86,25086,250	$69,009	0.05%	—
62	Vanguard Global Advisers, LLC	83,75683,756	$67,005	0.04%	NEW
63	GLENMEDE TRUST CO NA	82,05082,050	$65,648	0.04%	—
64	LPL Financial LLC	78,68478,684	$62,955	0.04%	ADD 41%
65	MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	73,12573,125	$58,507	0.04%	ADD 2%
66	HORAN Wealth, LLC	41,59041,590	$54,067	0.02%	NEW
67	IEQ CAPITAL, LLC	66,96666,966	$53,579	0.04%	ADD 294%
68	WELLS FARGO & COMPANY/MN	66,54366,543	$53,241	0.04%	TRIM -63%
69	Redwood Family Wealth LLC	64,50064,500	$51,606	0.03%	—
70	JPMORGAN CHASE & CO	65,10665,106	$48,562	0.03%	ADD 4%
71	COMMONWEALTH EQUITY SERVICES, LLC	59,72659,726	$47,790	0.03%	—
72	Cornerstone Select Advisors, LLC	59,41459,414	$47,537	0.03%	ADD 2%
73	FMR LLC	58,19558,195	$46,562	0.03%	TRIM -31%
74	NINE MASTS CAPITAL Ltd	53,39953,399	$42,725	0.03%	NEW
75	State of Wyoming	50,61850,618	$40,499	0.03%	TRIM -14%
76	CAPTRUST FINANCIAL ADVISORS	47,28147,281	$37,828	0.02%	ADD 14%
77	MANUFACTURERS LIFE INSURANCE COMPANY, THE	45,98845,988	$36,795	0.02%	TRIM -5%
78	INTECH INVESTMENT MANAGEMENT LLC	42,15042,150	$33,724	0.02%	TRIM -29%
79	MERCER GLOBAL ADVISORS INC /ADV	41,03841,038	$32,834	0.02%	ADD 207%
80	Prospera Financial Services Inc	40,56540,565	$32,453	0.02%	—
81	Police & Firemen's Retirement System of New Jersey	38,35238,352	$30,685	0.02%	—
82	TopTier Wealth Management, LLC	37,35037,350	$29,884	0.02%	NEW
83	Mariner, LLC	35,35335,353	$28,275	0.02%	ADD 86%
84	Chicago Partners Investment Group LLC	26,76426,764	$27,299	0.01%	NEW
85	R Squared Ltd	33,61533,615	$26,895	0.02%	NEW
86	HSBC HOLDINGS PLC	33,38133,381	$26,081	0.02%	TRIM -50%
87	King Wealth Management Group	32,79932,799	$26,000	0.02%	ADD 6%
88	BNP PARIBAS FINANCIAL MARKETS	32,45432,454	$25,966	0.02%	—
89	Concurrent Investment Advisors, LLC	31,92331,923	$25,542	0.02%	—
90	Tower Research Capital LLC (TRC)	31,48231,482	$25,189	0.02%	ADD 62%
91	Qube Research & Technologies Ltd	30,35530,355	$24,287	0.02%	NEW
92	Anfield Capital Management, LLC	30,00030,000	$24,003	0.02%	—
93	JONES FINANCIAL COMPANIES LLLP	30,06230,062	$23,539	0.02%	ADD 8%
94	CWM, LLC	28,89028,890	$23,115	0.02%	ADD 172%
95	ACT Advisors, LLC.	28,44328,443	$22,757	0.02%	ADD 10%
96	CoreCap Advisors, LLC	28,40928,409	$22,730	0.02%	—
97	Diversified Trust Co	26,49226,492	$21,196	0.01%	NEW
98	Parkway Wealth Management Group, LLC	25,00025,000	$20,485	0.01%	—
99	VOYA INVESTMENT MANAGEMENT LLC	25,60125,601	$20,483	0.01%	TRIM -7%
100	PRUDENTIAL FINANCIAL INC	23,49523,495	$18,798	0.01%	NEW

† a filer this large appearing as NEW usually reflects a renamed or succeeded filing entity (the old name stops filing the same quarter) — not a brand-new position.

Rows rank by the value each filer reported — 13F filers price their own positions, so a holder with fewer shares can rank just above one with more.

Holder trends· top 15 holders · shares held over 6 quarters

green added · red trimmed

Holder

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

Rubric Capital Management LP

26.7M

29.1M

30.0M

$24M

Clearline Capital LP

1.8M

1.1M

857K

9.7M

12.2M

$10M

BlackRock, Inc.

8.6M

10.1M

10.0M

10.2M

10.1M

$8M

ORBIMED ADVISORS LLC

—

9.8M

$8M

Velan Capital Investment Management LP

7.0M

8.8M

$7M

VANGUARD CAPITAL MANAGEMENT LLC

—

7.8M

$6M

MILLENNIUM MANAGEMENT LLC

216K

1.4M

492K

249K

7.2M

7.6M

$6M

Tejara Capital Ltd

4.7M

4.6M

4.5M

4.6M

5.1M

6.3M

$5M

TANG CAPITAL MANAGEMENT LLC

2.1M

2.2M

2.1M

3.5M

6.3M

$5M

PALISADE CAPITAL MANAGEMENT, LP

3.9M

5.3M

5.1M

7.3M

6.3M

6.1M

$5M

Congress Park Capital LLC

2.5M

2.0M

2.3M

2.9M

3.1M

4.0M

$3M

GEODE CAPITAL MANAGEMENT, LLC

3.0M

3.1M

3.6M

4.1M

4.0M

$3M

STATE STREET CORP

3.1M

3.3M

3.5M

3.7M

3.8M

$3M

JW Asset Management, LLC

2.3M

3.3M

3.7M

3.8M

$3M

Pale Fire Capital SE

—

471K

1.5M

2.7M

$2M

Shares reported each quarter by the largest current holders. Green = added vs the prior filing, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

Institutional footprint by quarter

Line breaks are honest gaps — quarters with no 13F record, or a suppressed % — never interpolated. % of shares outstanding uses today's share count for every quarter (the only count stored).

Quarter	Holders	Shares held	% shares out	Value held
2026-Q1	167	156,863,065	82.9%	$126M
2025-Q4	170	156,510,974	82.7%	$207M
2025-Q3	172

Short interest has its own tab now — open SI →

Source: SEC Form 13F — every institution manager (≥ $100M in 13F securities) reporting a long US-listed position, across ~10,250 filers over 10 years of history. 13F is long-only, US-listed, filed up to 45 days after quarter-end.

Activists & large holders· Schedule 13D/G beneficial owners · HRTX

Activists — 13D, active intent

Rubric Capital Management LP15.9%▼ -1.6ppSCHEDULE 13D/A · Amd 5 · event 2025-10-15SEC →

30,046,828 shares · 2 reporting persons

“On October 15, 2025, the Issuer filed a Current Report on Form 8-K with the SEC disclosing that it obtained Stockholder Approval, as a result of which, the 94,610 shares of Preferred Stock beneficially owned by the Reporting Persons automatically converted, without any action on the part of the holders thereof, into 946,100 Shares. Additionally, as previously disclosed, on August 8, 2025, a certain Rubric Fund entered into the Note Purchase Agreement with the Issuer, pursuant to which the Issuer”

Large holders — 13G, passive (top 3 by % of class)

Holder	% of class	Type	As of
Clearline Capital LP	6.7%	QII	2025-12-31	SEC →
Adage Capital Management, L.P.	0%	QII	2026-03-31	SEC →

Institutional ownership· 13F filers holding HRTX · 2026-Q1 methodology → sources →

167 holders

% of shares outstanding held

82.9%

Shares held (13F)

156,863,065

Reporting holders

167

Top holders

largest 100 of 167 · Δ vs 2025-Q4

#	Holder	Shares	Value	% of shares out	Δ QoQ
1	Rubric Capital Management LP	30,046,82830.0M	$24M	15.87%	—
2	Clearline Capital LP	12,235,23912.2M	$10M	6.46%	—
3	BlackRock, Inc.	10,106,42210.1M	$8M	5.34%	—
4	ORBIMED ADVISORS LLC	9,816,9409.8M	$8M	5.19%	NEW†
5	Velan Capital Investment Management LP	8,753,2908.8M	$7M	4.62%	—
6	VANGUARD CAPITAL MANAGEMENT LLC	7,810,3297.8M	$6M	4.13%	NEW†
7	MILLENNIUM MANAGEMENT LLC	7,630,5277.6M	$6M	4.03%	ADD 6%
8	Tejara Capital Ltd	6,336,7556.3M	$5M	3.35%	ADD 23%
9	TANG CAPITAL MANAGEMENT LLC	6,250,0006.3M	$5M	3.30%	—
10	PALISADE CAPITAL MANAGEMENT, LP	6,140,6396.1M	$5M	3.24%	TRIM -3%
11	Congress Park Capital LLC	4,032,7374.0M	$3M	2.13%	ADD 31%
12	GEODE CAPITAL MANAGEMENT, LLC	4,010,0874.0M	$3M	2.12%	—
13	STATE STREET CORP	3,843,6723.8M	$3M	2.03%	—
14	JW Asset Management, LLC	3,751,0733.8M	$3M	1.98%	ADD 2%
15	Pale Fire Capital SE	2,716,3282.7M	$2M	1.44%	ADD 85%
16	D. E. Shaw & Co., Inc.	2,600,9902.6M	$2M	1.37%	TRIM -13%
17	NEW YORK STATE COMMON RETIREMENT FUND	2,576,7162.6M	$2M	1.36%	—
18	UBS Group AG	2,285,8832.3M	$2M	1.21%	ADD 9%
19	RENAISSANCE TECHNOLOGIES LLC	1,718,3001.7M	$1M	0.91%	TRIM -10%
20	Richmond Brothers, Inc.	1,436,7051.4M	$1M	0.76%	ADD 151%
21	Stonepine Capital Management, LLC	1,402,1911.4M	$1M	0.74%	ADD 13%
22	CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1,376,3671.4M	$1M	0.73%	TRIM -3%
23	VANGUARD PORTFOLIO MANAGEMENT LLC	1,309,3121.3M	$1M	0.69%	NEW
24	NORTHERN TRUST CORP	1,172,5251.2M	$938,137	0.62%	ADD 7%
25	VANGUARD FIDUCIARY TRUST CO	1,152,7141.2M	$922,171	0.61%	NEW
26	GOLDMAN SACHS GROUP INC	1,056,9441.1M	$845,661	0.56%	ADD 7%
27	CM Management, LLC	1,000,0001.0M	$800,100	0.53%	ADD 33%
28	PANAGORA ASSET MANAGEMENT INC	962,505962,505	$770,100	0.51%	ADD 119%
29	Squarepoint Ops LLC	859,958859,958	$688,052	0.45%	ADD 27%
30	Monaco Asset Management SAM	858,122858,122	$686,583	0.45%	TRIM -30%
31	CITADEL ADVISORS LLC	759,269759,269	$607,491	0.40%	TRIM -64%
32	Orchard Capital Management, LLC	680,432680,432	$544,414	0.36%	—
33	AQR CAPITAL MANAGEMENT LLC	641,587641,587	$513,334	0.34%	ADD 70%
34	Nuveen, LLC	526,293526,293	$421,087	0.28%	ADD 52%
35	MORGAN STANLEY	513,413513,413	$410,781	0.27%	TRIM -47%
36	ACADIAN ASSET MANAGEMENT LLC	513,168513,168	$409,000	0.27%	NEW
37	NEXPOINT ASSET MANAGEMENT, L.P.	475,750475,750	$380,647	0.25%	—
38	Universal- Beteiligungs- und Servicegesellschaft mbH	458,766458,766	$367,059	0.24%	NEW
39	Palumbo Wealth Management LLC	412,496412,496	$330,039	0.22%	ADD 59%
40	Bank of New York Mellon Corp	406,806406,806	$325,485	0.21%	TRIM -3%
41	Invesco Ltd.	326,512326,512	$261,243	0.17%	ADD 6%
42	ALLIANCEBERNSTEIN L.P.	198,550198,550	$258,115	0.10%	—
43	TWO SIGMA INVESTMENTS, LP	317,400317,400	$253,952	0.17%	TRIM -68%
44	Caption Management, LLC	313,681313,681	$250,976	0.17%	NEW
45	Apeiron RIA LLC	305,668305,668	$244,565	0.16%	ADD 18%
46	SUSQUEHANNA INTERNATIONAL GROUP, LLP	288,253288,253	$230,631	0.15%	TRIM -15%
47	Excelsior Advisor Network LLC	285,609285,609	$228,516	0.15%	NEW
48	LOS ANGELES CAPITAL MANAGEMENT LLC	243,003243,003	$194,427	0.13%	TRIM -2%
49	XTX Topco Ltd	209,481209,481	$167,606	0.11%	TRIM -13%
50	RHUMBLINE ADVISERS	184,549184,549	$147,631	0.10%	TRIM -9%
51	Quinn Opportunity Partners LLC	175,344175,344	$140,293	0.09%	—
52	BANK OF AMERICA CORP /DE/	160,979160,979	$128,784	0.09%	ADD 20%
53	RAYMOND JAMES FINANCIAL INC	138,203138,203	$110,576	0.07%	ADD 15%
54	PRICE T ROWE ASSOCIATES INC /MD/	111,504111,504	$90,000	0.06%	ADD 45%
55	GSA CAPITAL PARTNERS LLP	105,064105,064	$84,000	0.06%	TRIM -22%
56	Biltmore Family Office, LLC	100,000100,000	$80,010	0.05%	—
57	Integrated Wealth Concepts LLC	95,49895,498	$76,408	0.05%	—
58	DEUTSCHE BANK AG\	93,08193,081	$74,465	0.05%	—
59	BARCLAYS PLC	91,39491,394	$73,124	0.05%	TRIM -70%
60	GROUP ONE TRADING LLC	86,80986,809	$69,456	0.05%	TRIM -40%
61	SEARLE & CO.	86,25086,250	$69,009	0.05%	—
62	Vanguard Global Advisers, LLC	83,75683,756	$67,005	0.04%	NEW
63	GLENMEDE TRUST CO NA	82,05082,050	$65,648	0.04%	—
64	LPL Financial LLC	78,68478,684	$62,955	0.04%	ADD 41%
65	MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	73,12573,125	$58,507	0.04%	ADD 2%
66	HORAN Wealth, LLC	41,59041,590	$54,067	0.02%	NEW
67	IEQ CAPITAL, LLC	66,96666,966	$53,579	0.04%	ADD 294%
68	WELLS FARGO & COMPANY/MN	66,54366,543	$53,241	0.04%	TRIM -63%
69	Redwood Family Wealth LLC	64,50064,500	$51,606	0.03%	—
70	JPMORGAN CHASE & CO	65,10665,106	$48,562	0.03%	ADD 4%
71	COMMONWEALTH EQUITY SERVICES, LLC	59,72659,726	$47,790	0.03%	—
72	Cornerstone Select Advisors, LLC	59,41459,414	$47,537	0.03%	ADD 2%
73	FMR LLC	58,19558,195	$46,562	0.03%	TRIM -31%
74	NINE MASTS CAPITAL Ltd	53,39953,399	$42,725	0.03%	NEW
75	State of Wyoming	50,61850,618	$40,499	0.03%	TRIM -14%
76	CAPTRUST FINANCIAL ADVISORS	47,28147,281	$37,828	0.02%	ADD 14%
77	MANUFACTURERS LIFE INSURANCE COMPANY, THE	45,98845,988	$36,795	0.02%	TRIM -5%
78	INTECH INVESTMENT MANAGEMENT LLC	42,15042,150	$33,724	0.02%	TRIM -29%
79	MERCER GLOBAL ADVISORS INC /ADV	41,03841,038	$32,834	0.02%	ADD 207%
80	Prospera Financial Services Inc	40,56540,565	$32,453	0.02%	—
81	Police & Firemen's Retirement System of New Jersey	38,35238,352	$30,685	0.02%	—
82	TopTier Wealth Management, LLC	37,35037,350	$29,884	0.02%	NEW
83	Mariner, LLC	35,35335,353	$28,275	0.02%	ADD 86%
84	Chicago Partners Investment Group LLC	26,76426,764	$27,299	0.01%	NEW
85	R Squared Ltd	33,61533,615	$26,895	0.02%	NEW
86	HSBC HOLDINGS PLC	33,38133,381	$26,081	0.02%	TRIM -50%
87	King Wealth Management Group	32,79932,799	$26,000	0.02%	ADD 6%
88	BNP PARIBAS FINANCIAL MARKETS	32,45432,454	$25,966	0.02%	—
89	Concurrent Investment Advisors, LLC	31,92331,923	$25,542	0.02%	—
90	Tower Research Capital LLC (TRC)	31,48231,482	$25,189	0.02%	ADD 62%
91	Qube Research & Technologies Ltd	30,35530,355	$24,287	0.02%	NEW
92	Anfield Capital Management, LLC	30,00030,000	$24,003	0.02%	—
93	JONES FINANCIAL COMPANIES LLLP	30,06230,062	$23,539	0.02%	ADD 8%
94	CWM, LLC	28,89028,890	$23,115	0.02%	ADD 172%
95	ACT Advisors, LLC.	28,44328,443	$22,757	0.02%	ADD 10%
96	CoreCap Advisors, LLC	28,40928,409	$22,730	0.02%	—
97	Diversified Trust Co	26,49226,492	$21,196	0.01%	NEW
98	Parkway Wealth Management Group, LLC	25,00025,000	$20,485	0.01%	—
99	VOYA INVESTMENT MANAGEMENT LLC	25,60125,601	$20,483	0.01%	TRIM -7%
100	PRUDENTIAL FINANCIAL INC	23,49523,495	$18,798	0.01%	NEW

† a filer this large appearing as NEW usually reflects a renamed or succeeded filing entity (the old name stops filing the same quarter) — not a brand-new position.

Rows rank by the value each filer reported — 13F filers price their own positions, so a holder with fewer shares can rank just above one with more.

Holder trends· top 15 holders · shares held over 6 quarters

green added · red trimmed

Holder

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

Rubric Capital Management LP

26.7M

29.1M

30.0M

$24M

Clearline Capital LP

1.8M

1.1M

857K

9.7M

12.2M

$10M

BlackRock, Inc.

8.6M

10.1M

10.0M

10.2M

10.1M

$8M

ORBIMED ADVISORS LLC

—

9.8M

$8M

Velan Capital Investment Management LP

7.0M

8.8M

$7M

VANGUARD CAPITAL MANAGEMENT LLC

—

7.8M

$6M

MILLENNIUM MANAGEMENT LLC

216K

1.4M

492K

249K

7.2M

7.6M

$6M

Tejara Capital Ltd

4.7M

4.6M

4.5M

4.6M

5.1M

6.3M

$5M

TANG CAPITAL MANAGEMENT LLC

2.1M

2.2M

2.1M

3.5M

6.3M

$5M

PALISADE CAPITAL MANAGEMENT, LP

3.9M

5.3M

5.1M

7.3M

6.3M

6.1M

$5M

Congress Park Capital LLC

2.5M

2.0M

2.3M

2.9M

3.1M

4.0M

$3M

GEODE CAPITAL MANAGEMENT, LLC

3.0M

3.1M

3.6M

4.1M

4.0M

$3M

STATE STREET CORP

3.1M

3.3M

3.5M

3.7M

3.8M

$3M

JW Asset Management, LLC

2.3M

3.3M

3.7M

3.8M

$3M

Pale Fire Capital SE

—

471K

1.5M

2.7M

$2M

Institutional footprint by quarter

Line breaks are honest gaps — quarters with no 13F record, or a suppressed % — never interpolated. % of shares outstanding uses today's share count for every quarter (the only count stored).

Quarter	Holders	Shares held	% shares out	Value held
2026-Q1	167	156,863,065	82.9%	$126M
2025-Q4	170	156,510,974	82.7%	$207M
2025-Q3	172

Short interest has its own tab now — open SI →

Activists & large holders· Schedule 13D/G beneficial owners · HRTX

Activists — 13D, active intent

Rubric Capital Management LP15.9%▼ -1.6ppSCHEDULE 13D/A · Amd 5 · event 2025-10-15SEC →

30,046,828 shares · 2 reporting persons

Large holders — 13G, passive (top 3 by % of class)

Holder	% of class	Type	As of
Clearline Capital LP	6.7%	QII	2025-12-31	SEC →
Adage Capital Management, L.P.	0%	QII	2026-03-31	SEC →

HRTX US Equity☆

Institutional ownership· 13F filers holding HRTX · 2026-Q1 methodology → sources →

Top holders

Holder trends· top 15 holders · shares held over 6 quarters

Institutional footprint by quarter

Activists & large holders· Schedule 13D/G beneficial owners · HRTX

Institutional ownership· 13F filers holding HRTX · 2026-Q1 methodology → sources →

Top holders

Holder trends· top 15 holders · shares held over 6 quarters

Institutional footprint by quarter

Activists & large holders· Schedule 13D/G beneficial owners · HRTX

HRTX US Equity