HERON THERAPEUTICS INC

Ticker: HRTX CUSIP: 427746102 Class: COM

SPHERA FUNDS MANAGEMENT LTD.'s Holding History (CIK: 0001496201)

Note: Option positions (PUT/CALL) are excluded.

Q1 2017

Shares 250,000 Value ($000) $3,750 Avg Close $13.84 Range $12.21 - $15.60

Q1 2016

Shares 100,000 Value ($000) $1,899 Avg Close $19.73 Range $15.22 - $28.10

Q4 2015

Shares 135,000 Value ($000) $3,605 Avg Close $26.74 Range $20.84 - $31.32

Q3 2015

Shares 50,000 Value ($000) $1,220 Avg Close $33.33 Range $20.82 - $42.25

Q1 2015

Shares 79,900 Value ($000) $1,163 Avg Close $11.27 Range $7.09 - $16.49

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2017	250,000	$3,750	$13.84	$12.21 - $15.60
Q1 2016	100,000	$1,899	$19.73	$15.22 - $28.10
Q4 2015	135,000	$3,605	$26.74	$20.84 - $31.32
Q3 2015	50,000	$1,220	$33.33	$20.82 - $42.25
Q1 2015	79,900	$1,163	$11.27	$7.09 - $16.49