Why were 30,702 COLL performance share units recognized for Scott Dreyer?

The Compensation Committee determined that performance-vesting criteria had been met for 30,702 performance share units granted across three prior fiscal years. As a result, these PSUs vested and converted into common shares reflected in Dreyer’s reported equity ownership.

Pharmaceutical, Inc. (COLL) EVP reports stock grants and tax withholding

Filing Impact

(Very High)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Pharmaceutical, Inc.'s EVP & Chief Commercial Officer Scott Dreyer reported equity awards and related tax withholding transactions in common stock on February 10, 2026. He acquired 19,023 restricted stock units and 30,702 performance share units at a stated price of $0 per share.

The performance share units reflect previously granted awards that vested after performance criteria were met. The company withheld 9,977 and 21,615 shares at $46.75 per share to cover tax obligations on these vestings. After these grants and withholdings, Dreyer directly owned 121,746 shares of common stock.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Dreyer Scott

Role EVP & Chief Commercial Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	19,023	$0.00	--
Grant/Award	Common Stock	30,702	$0.00	--
Tax Withholding	Common Stock	9,977	$46.75	$466K
Tax Withholding	Common Stock	21,615	$46.75	$1.01M

Holdings After Transaction: Common Stock — 122,636 shares (Direct)

Footnotes (1)

Reflects the grant of restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's common stock. One-third (33%) of the RSUs shall vest on February 10, 2027, with the balance of the RSUs vesting in equal annual installments over the following two-year period, subject to the Reporting Person's continued service with the Issuer. The RSUs will be settled on each applicable vesting date in shares of the Issuer's common stock. Effective February 10, 2026, the Compensation Committee of the Board of Directors of the Issuer determined that performance-vesting criteria were met with regard to an aggregate of 30,702 performance share units ("PSUs") granted in the Issuer's three prior fiscal years. Shares withheld by the Issuer to satisfy applicable withholding taxes upon the vesting of PSUs. Shares withheld by the Issuer to satisfy applicable withholding taxes upon the vesting of RSUs.

Form 4 Insider Transactions: What Each Field Means →

02/12/2026 - 04:30 PM

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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hours per response:			0.5

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

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

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)
02/10/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	02/10/2026		A		19,023⁽¹⁾	A	$0	122,636	D
Common Stock	02/10/2026		A		30,702⁽²⁾	A	$0	153,338	D
Common Stock	02/10/2026		F		9,977⁽³⁾	D	$46.75	143,361	D
Common Stock	02/10/2026		F		21,615⁽⁴⁾	D	$46.75	121,746	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Reflects the grant of restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's common stock. One-third (33%) of the RSUs shall vest on February 10, 2027, with the balance of the RSUs vesting in equal annual installments over the following two-year period, subject to the Reporting Person's continued service with the Issuer. The RSUs will be settled on each applicable vesting date in shares of the Issuer's common stock.

2. Effective February 10, 2026, the Compensation Committee of the Board of Directors of the Issuer determined that performance-vesting criteria were met with regard to an aggregate of 30,702 performance share units ("PSUs") granted in the Issuer's three prior fiscal years.

3. Shares withheld by the Issuer to satisfy applicable withholding taxes upon the vesting of PSUs.

4. Shares withheld by the Issuer to satisfy applicable withholding taxes upon the vesting of RSUs.

	/s/ Colleen Tupper as Attorney-In-Fact For Scott Dreyer	02/12/2026
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did COLL executive Scott Dreyer report?

Scott Dreyer reported receiving stock-based awards and related tax withholdings. He acquired 19,023 restricted stock units and 30,702 performance share units, while the issuer withheld shares to satisfy tax obligations tied to the vesting of these equity awards.

How many COLL shares does Scott Dreyer own after these transactions?

After the reported transactions, Scott Dreyer directly owns 121,746 shares of Pharmaceutical, Inc. common stock. This figure reflects the impact of both equity grants and shares withheld by the issuer to cover taxes on restricted and performance-based stock vesting.

What do the Form 4 code A and code F mean for COLL?

On this Form 4, code A indicates grant or other acquisition of common stock, reflecting new equity awards to Scott Dreyer. Code F indicates shares withheld by the issuer to pay exercise price or tax liabilities related to the vesting of those stock-based awards.

Did Scott Dreyer sell COLL shares in the open market?

The filing does not show open-market sales. Code F transactions for 9,977 and 21,615 shares represent shares withheld by the issuer at $46.75 per share to satisfy tax obligations upon vesting of performance share units and restricted stock units.

What is the vesting schedule of Scott Dreyer’s COLL RSU grant?

The 19,023 restricted stock units vest over three years. One-third, or 33%, vests on February 10, 2027, with the remaining units vesting in equal annual installments over the following two years, contingent on Dreyer’s continued service with Pharmaceutical, Inc.