Insider sale: John G. Freund discloses Collegium stock disposals on Form 4

Rhea-AI Filing Summary

John G. Freund, a director of Collegium Pharmaceutical, reported sales of common stock with an execution date of 08/08/2025. The filing records a direct sale of 11,659 shares at a weighted-average price of $34.3632, with individual sale prices ranging from $34.27 to $34.535. The Form 4 also includes items showing 70,658 shares marked as disposed and an indirect position of 8,625 shares held through Skyline Venture Management V, LLC. Following the reported transactions the filing identifies 23,129 shares held indirectly by the John Freund Family Partnership IV, L.P. The reporting person disclaims beneficial ownership of shares held by those entities except to the extent of his proportionate pecuniary interest.

Insights

Securities Analyst

TL;DR: Director executed multiple sales on 08/08/2025 totaling a direct sale of 11,659 shares at a weighted average of $34.36.

The Form 4 documents a straightforward insider sale activity by John G. Freund, showing a direct disposal of 11,659 shares executed at a weighted-average price of $34.3632 and individual trade prices between $34.27 and $34.535. The filing also lists additional disposed shares and indirect holdings through two entities, with 23,129 shares held by the John Freund Family Partnership IV, L.P. and 8,625 shares via Skyline Venture Management V, LLC. The disclosure includes standard disclaimers of beneficial ownership and an undertaking to provide a price breakdown on request. On balance this is a routine disclosure of insider selling with no additional financial data in the filing to assess material impact on the company.

Corporate Governance Expert

TL;DR: Filing shows compliant insider reporting and ownership held indirectly via family and management entities.

The submission appears procedurally complete: it identifies the reporting person as a director, discloses direct sales, notes indirect holdings, and provides footnotes explaining entity relationships and ownership disclaimers. The footnotes clarify that the John Freund Family Partnership IV, L.P. and Skyline Venture Management V, LLC hold portions of the reported shares and that the reporter disclaims beneficial ownership except for pecuniary interest. The filing includes an attorney-in-fact signature and a referenced Power of Attorney exhibit. There is no governance item in the filing that, by itself, indicates a material change to board composition or control.

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

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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).

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^*

Freund John Gordon

(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)

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

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

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	08/08/2025		S		11,659	D	$34.3632(1)	23,129	I	By: John Freund Family Partnership IV, L.P.(2)
Common Stock								70,658	D
Common Stock								8,625	I	By: Skyline Venture Management V, LLC(3)

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

Explanation of Responses:

1. The price reported in column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $34.27 to $34.535, 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.

2. The shares are held by the John Freund Family Partnership IV, L.P. ("Freund LP"). The Reporting Person is the trustee and beneficiary of the The John G. Freund Revocable Trust u/a/d 6/26/01 which serves as the general partner of Freund LP. The Reporting Person disclaims beneficial ownership of the shares held by Freund LP except to the extent of his proportionate pecuniary interest therein.

3. The shares are held by Skyline Venture Management V, LLC. John G. Freund and Yasunori Kaneko are managers of Skyline Venture Management V, LLC. These individuals share voting and investment power over the shares held by Skyline Venture Management V, LLC. The Reporting Person disclaims beneficial ownership of all the shares held by Skyline Venture Management V, LLC except to the extent of his proportionate pecuniary interest therein.

Remarks:

Exhibit 24.1 - Power of Attorney

	/s/ Colleen Tupper as Attorney-in-Fact for John G. Freund, MD	08/12/2025
	** 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.
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FAQ

What did John G. Freund (COLL) report on Form 4?

The filing reports insider sale activity by John G. Freund, including a direct sale of 11,659 shares executed on 08/08/2025 at a weighted-average price of $34.3632.

What price range and weighted average price were reported for the share sales?

The shares were sold at prices ranging from $34.27 to $34.535, with a reported weighted-average price of $34.3632.

How many shares are held indirectly and through which entities?

The filing identifies 23,129 shares held indirectly by the John Freund Family Partnership IV, L.P. and 8,625 shares held indirectly by Skyline Venture Management V, LLC.

Did the filing explain the relationship between the reporting person and the entities holding shares?

Yes. Footnotes state that the reporter is trustee/beneficiary of a trust serving as general partner of Freund LP and that John G. Freund and Yasunori Kaneko are managers of Skyline Venture Management V, LLC; the reporter disclaims beneficial ownership except for pecuniary interest.

Is there additional documentation or exhibits referenced in the Form 4?

The filing references Exhibit 24.1 — a Power of Attorney — and includes a signature by an attorney-in-fact on behalf of John G. Freund.