[Form 4] Collegium Pharmaceutical, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Scott Dreyer, EVP & Chief Commercial Officer of Collegium Pharmaceutical, Inc. (COLL), reported contemporaneous option exercise and market sale executed under a Rule 10b5-1 trading plan. On 08/18/2025 he exercised a stock option to acquire 16,389 shares at an exercise price of $21.34 per share, and the same day sold 16,389 shares in multiple transactions at a weighted average price of $38.2068, reducing his reported beneficial ownership to 103,613 shares. The option exercised is fully vested and exercisable and expires on 02/05/2030. The Form 4 notes the transactions were effected pursuant to a 10b5-1 plan adopted August 28, 2024, and a power of attorney was used to file the report.

Positive

• Transactions executed under a Rule 10b5-1 plan, indicating pre-established trading instructions and reduced concern about opportunistic timing.

Negative

• Reported sale of 16,389 shares reduced beneficial ownership to 103,613 shares, representing an outright decrease in insider-held shares.

Insights

Financial Analyst

TL;DR: Insider exercised vested options and sold the equivalent shares under a 10b5-1 plan, realizing a material per-share spread.

The reporting shows a simultaneous exercise of 16,389 option shares at $21.34 and sales of 16,389 shares at a weighted average of $38.2068 on 08/18/2025, implying the officer captured a per-share difference of about $16.87 before taxes and fees. Transactions were executed under a pre-established Rule 10b5-1 plan, which reduces concerns about selective timing. The post-transaction beneficial ownership is 103,613 shares, and the exercised option was fully vested with expiration 02/05/2030. For investors, this is a routine monetization by an executive rather than new compensation or a change in ownership control.

Corporate Governance Expert

TL;DR: Governance controls appear followed: use of 10b5-1 plan and a filed Form 4 with attorney-in-fact signature.

The disclosure indicates the reporting person relied on a Rule 10b5-1 trading plan adopted 08/28/2024 and the Form 4 was signed by an attorney-in-fact, demonstrating compliance with insider trading procedures and filing obligations. The simultaneous exercise and sale are documented with transaction codes and footnotes detailing price ranges and vesting status. No departures, additional grants, or undisclosed related-party arrangements are reported in this filing. Impact on governance is neutral given adherence to procedural safeguards.

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).

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)
08/18/2025

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	08/18/2025		M(1)		16,389	A	$21.34	120,002	D
Common Stock	08/18/2025		S(1)		16,389	D	$38.2068(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	08/18/2025		M(1)			16,389	(3)	02/05/2030	Common Stock	16,389	$0	0	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 $38.465, 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.

Remarks:

Exhibit 24.1 - Power of Attorney

	/s/ Colleen Tupper as Attorney-In-Fact For Scott Dreyer	08/20/2025
	** 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 report on Form 4 for COLL?

The Form 4 reports that Scott Dreyer exercised 16,389 option shares at $21.34 and sold 16,389 shares at a weighted average price of $38.2068 on 08/18/2025.

Were the transactions executed under a trading plan?

Yes. The Form 4 states the transactions were effected pursuant to a Rule 10b5-1 trading plan adopted on August 28, 2024.

How many COLL shares does Dreyer beneficially own after the transactions?

After the reported transactions Dreyer beneficially owned 103,613 shares of Collegium Pharmaceutical common stock.

What are the key terms of the exercised option?

The option had an exercise price of $21.34, was exercised on 08/18/2025, is fully vested and exercisable, and expires on 02/05/2030.

What price range were the sold shares executed at?

The Form 4 footnote discloses the shares were sold in multiple transactions at prices ranging from $38.00 to $38.465, with a weighted average of $38.2068.