Collegium (COLL) Insider Files: Dreyer Exercises Options and Sells Shares Under 10b5-1

Rhea-AI Filing Summary

Scott Dreyer, EVP & Chief Commercial Officer of Collegium Pharmaceutical (COLL), reported paired option exercise and share sale transactions on 08/13/2025 executed under a Rule 10b5-1 trading plan adopted August 28, 2024. He exercised a fully vested option to purchase 4,861 shares at an exercise price of $21.34 per share and concurrently sold 4,861 shares at a weighted-average price of $38.0335 per share (sales ranged $38.00–$38.10). After these transactions Dreyer beneficially owned 103,613 common shares and held options covering 16,389 shares. The Form 4 was signed by an attorney-in-fact on behalf of Dreyer on 08/15/2025.

Positive

• Transactions executed under a Rule 10b5-1 trading plan, with the adoption date (August 28, 2024) disclosed
• Option exercised was fully vested and exercisable, as explicitly stated in the filing
• Filing discloses post-transaction beneficial ownership for both common stock and derivative holdings

Negative

• Insider sold 4,861 shares on 08/13/2025, reducing immediate common stock holdings from 108,474 to 103,613 as reported

Insights

Securities Analyst

TL;DR: Routine insider option exercise and sell executed under a pre-established 10b5-1 plan; holdings reduced by the shares sold but derivative exposure remains.

The reported transactions are procedural and consistent with a Rule 10b5-1 plan: a fully vested option was exercised at $21.34 and the same number of shares (4,861) were sold at a weighted average of $38.0335. The plan adoption date is disclosed, and the filer’s post-transaction beneficial ownership is stated as 103,613 common shares plus options covering 16,389 shares. For investors, this filing documents share count and option exposure but contains no new operating or financial performance information.

Corporate Governance Expert

TL;DR: Disclosure aligns with Section 16 rules and shows use of a documented 10b5-1 plan; signature by attorney-in-fact properly executed.

The Form 4 discloses that the transactions were effected pursuant to a Rule 10b5-1 trading plan adopted August 28, 2024, meeting conditions for the affirmative defense referenced on the form. The filing notes the option is fully vested and exercisable and includes the reporting person’s title and relationship to the issuer. The form is signed by an attorney-in-fact, satisfying execution requirements. No governance or compliance issues are raised by the filing itself.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Dreyer Scott

(Last) (First) (Middle)

C/O COLLEGIUM PHARMACEUTICAL, INC.

100 TECHNOLOGY CENTER DRIVE

(Street)

STOUGHTON MA 02072

(City) (State) (Zip)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Chief Commercial Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/13/2025

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/13/2025		M(1)		4,861	A	$21.34	108,474	D
Common Stock	08/13/2025		S(1)		4,861	D	$38.0335(2)	103,613	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Purchase)	$21.34	08/13/2025		M(1)			4,861	(3)	02/05/2030	Common Stock	4,861	$0	16,389	D

Explanation of Responses:

1. The transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 28, 2024.

2. The price reported in column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $38.00 to $38.10, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the U.S. Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. The option is fully vested and exercisable.

	/s/ Colleen Tupper as Attorney-In-Fact For Scott Dreyer	08/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Scott Dreyer (COLL) report on Form 4?

The filing reports that Dreyer exercised 4,861 options at $21.34 and sold 4,861 shares the same day at a weighted-average price of $38.0335, under a Rule 10b5-1 plan.

When was the Rule 10b5-1 trading plan adopted for the reported transactions?

The Form 4 states the Rule 10b5-1 plan was adopted on August 28, 2024.

How many shares does Dreyer beneficially own after the transactions?

After the reported transactions Dreyer beneficially owned 103,613 common shares and held options covering 16,389 shares.

What prices were involved in the exercise and sale?

The option exercise price was $21.34 per share; the sale price was a weighted average of $38.0335 per share with reported trade prices ranging from $38.00 to $38.10.

Is the option fully vested and exercisable?

Yes, the filing explicitly states the option is fully vested and exercisable.