Insider Activity: COLL Director Exercises Options and Sells Shares on 08/15/2025

Rhea-AI Filing Summary

Insider transactions reported for Collegium Pharmaceutical, Inc. (COLL)

Director Gino Santini filed a Form 4 reporting transactions on 08/15/2025. The filing shows acquisition of 15,000 shares of common stock at a price of $13.45 (reported with code M) and a sale of 5,405 shares at a weighted-average price of $37.1912. Following the reported acquisition the filing lists 100,447 shares beneficially owned, and following the sale it lists 95,042 shares beneficially owned. The filing also references a stock option with a $13.45 exercise price related to 15,000 underlying shares and states the option is fully vested and exercisable. The signature on the form is by an attorney-in-fact on 08/19/2025.

Positive

• Exercise of vested options for 15,000 shares at $13.45 demonstrates utilization of granted compensation rather than additional undisclosed grants
• Full disclosure of transaction details including weighted-average sale price and signature by attorney-in-fact

Negative

• Insider sale of 5,405 shares reduces beneficial ownership to 95,042 shares
• Weighted-average sale price disclosure indicates multiple transactions; the exact per-trade breakdown is not provided in the filing footnote

Insights

Securities Analyst

TL;DR: Director exercised vested option for 15,000 shares and sold 5,405 shares the same day, modest net increase in ownership.

The filing documents a routine insider exercise and partial sale. Exercising a $13.45 option to acquire 15,000 shares increases the director's direct holdings before the subsequent sale. The weighted-average sale price of $37.1912 indicates the shares sold were disposed at a material premium to the exercise price, generating gross proceeds for the reporting person. Beneficial ownership is reported as 100,447 shares after the acquisition and 95,042 shares after the sale, reflecting a net change of -5,405 shares from the post-acquisition level. Transactions are typical Section 16 reporting and present no new disclosures beyond quantities and prices stated.

Corporate Governance Expert

TL;DR: Transactions reflect vested option exercise and a contemporaneous sale; disclosure appears complete and signed by attorney-in-fact.

The Form 4 includes required fields: reporting person identity, relationship to issuer as a director, transaction dates, codes, amounts, prices, and post-transaction beneficial ownership. The filing notes the option is fully vested and exercisable and provides a footnote that the sale price is a weighted average across multiple trades. The signature by an attorney-in-fact is provided with date. From a governance and compliance perspective, the report meets standard disclosure elements under Section 16 as presented.

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
Estimated average burden
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^*

SANTINI GINO

(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)
08/15/2025

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	08/15/2025		M		15,000	A	$13.45	100,447	D
Common Stock	08/15/2025		S		5,405	D	$37.1912(1)	95,042	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)	$13.45	08/15/2025		M			15,000	(2)	09/10/2025	Common Stock	15,000	$0	0	D

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 $37.17 to $37.31, 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 option is fully vested and exercisable.

Remarks:

Exhibit 24.1 - Power of Attorney

	/s/ Colleen Tupper as Attorney-in-Fact for Gino Santini	08/19/2025
	** 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 transactions did Gino Santini report on Form 4 for COLL?

The Form 4 reports an acquisition of 15,000 common shares at $13.45 on 08/15/2025 and a sale of 5,405 shares at a weighted-average price of $37.1912 on the same date.

How many COLL shares does the reporting person beneficially own after these transactions?

The filing lists 100,447 shares beneficially owned following the acquisition and 95,042 shares after the reported sale.

Was the stock option fully vested when exercised?

Yes. The filing states the related stock option is fully vested and exercisable.

What does the footnote about the sale price state?

The footnote explains the reported sale price is a weighted average; shares were sold in multiple transactions at prices ranging from $37.17 to $37.31, and the reporting person will provide detailed breakdowns upon request.

Who signed the Form 4?

The Form 4 is signed by Colleen Tupper as Attorney-in-Fact for Gino Santini on 08/19/2025.