Form 3: Rubric Capital reports 3.16M indirect shares of COLL

Rhea-AI Filing Summary

Collegium Pharmaceutical, Inc. (COLL) Form 3 disclosure: Rubric Capital Management LP and David E. Rosen filed an initial Section 16 ownership report disclosing indirect beneficial ownership of 3,157,743 shares of Collegium common stock. Rubric Capital is the investment adviser to the funds/accounts holding the shares (the "Rubric Vehicles"). Mr. Rosen is the Managing Member of the general partner of Rubric Capital. The filing includes an express disclaimer that the reporting persons do not admit beneficial ownership except to the extent of any pecuniary interest.

Positive

• Initial disclosure of a sizable indirect stake: Reporting of 3,157,743 shares provides transparency to investors
• Clear identification of relationships: Rubric Capital's adviser role and Mr. Rosen's managing member role are specified
• Filed and signed: Form includes signatures from Rubric Capital's COO and Mr. Rosen, indicating procedural completeness

Negative

• No percentage of outstanding shares disclosed: The filing does not state what portion of total shares outstanding the 3,157,743 represents
• No details on voting power or direct holdings: Ownership is reported as indirect with a disclaimer, so actual control or pecuniary interest is not quantified

Insights

Securities Analyst

TL;DR: Initial Section 16 filing shows a significant indirect stake via advisory vehicles and a director-level relationship, disclosed with a standard disclaimer.

The Form 3 reports that Rubric Capital Management LP, as investment adviser to certain funds/accounts, and David E. Rosen, as managing member of the general partner, indirectly hold 3,157,743 shares of Collegium common stock. The filing is procedural and complies with Section 16 reporting requirements; it does not quantify voting power or percentage ownership of outstanding shares, and includes the customary disclaimer limiting affirmative beneficial ownership claims.

Corporate Governance Expert

TL;DR: The disclosure clarifies relationships among adviser, funds, and individual, aiding transparency around director-affiliated holdings.

The document identifies the reporting parties and their roles: Rubric Capital as adviser to the Rubric Vehicles and Mr. Rosen as managing member of the general partner. The filing is an initial statement under Section 16 and contains signatures by an officer of Rubric Capital and by Mr. Rosen. No amendments, derivative holdings, exercise prices, or further transactional details are provided in this Form 3.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Rubric Capital Management LP

(Last) (First) (Middle)

155 EAST 44TH ST, SUITE 1630

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
08/07/2025

3. Issuer Name and Ticker or Trading Symbol
COLLEGIUM PHARMACEUTICAL, INC [ COLL ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common stock, par value $0.001 per share	3,157,743	I	See footnote(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Rubric Capital Management LP

(Last) (First) (Middle)

155 EAST 44TH ST, SUITE 1630

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Rosen David Efraim

(Last) (First) (Middle)

155 EAST 44TH ST., SUITE 1630

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. This Form 3 is filed by Rubric Capital Management LP ("Rubric Capital") and Mr. David Rosen, with respect to the securities held by certain funds and/or accounts (collectively, the "Rubric Vehicles"). Rubric Capital serves as the investment adviser to the Rubric Vehicles. Mr. David Rosen serves as the Managing Member of Rubric Capital Management GP, LLC, the general partner of Rubric Capital. The filing of this statement shall not be deemed an admission that any Reporting Person is the beneficial owner of the securities reported herein for purposes of Section 16 of the Securities Act of 1934, as amended, or otherwise. Each Reporting Person expressly disclaims beneficial ownership of the securities reported herein except to the extent of its or his pecuniary interest therein, if any.

	Rubric Capital Management LP, By: /s/Michael Nachmani, its Chief Operating Officer	08/15/2025
	/s/ David Rosen	08/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did the Form 3 filed for COLL disclose?

The Form 3 discloses that Rubric Capital Management LP and David E. Rosen indirectly beneficially own 3,157,743 shares of Collegium common stock.

Who are the reporting persons on the COLL Form 3?

The reporting persons are Rubric Capital Management LP (investment adviser to the Rubric Vehicles) and David E. Rosen (Managing Member of the general partner).

Does the Form 3 show direct ownership or control over COLL shares?

No. The shares are reported as indirect (I) and the filing includes a disclaimer that the reporting persons do not admit beneficial ownership except to the extent of any pecuniary interest.

Are any derivative securities or options reported in the COLL Form 3?

No. Table II for derivative securities contains no entries; only non-derivative common stock is reported.

When was the event requiring the COLL Form 3 filed?

The Date of Event Requiring Statement listed on the Form 3 is 08/07/2025.