COLLEGIUM director awarded 8,741 RSUs

Paya Carlos V reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Paya Carlos V reported acquisition or exercise transactions in this Form 4 filing.

COLLEGIUM PHARMACEUTICAL, INC director Carlos V. Paya reported a compensation-related equity grant. He received 8,741 restricted stock units (RSUs), each representing one share of common stock, increasing his direct holdings to 28,323 shares after the award.

The RSUs vest on the earlier of May 14, 2027, or the company’s 2027 Annual Meeting of Shareholders, subject to his continued board service. Settlement will be in shares of common stock on the vesting date or, if elected, on the earlier of the end of his board service, death or disability, or a change in control of the company.

Insider Trade Summary

Grant/Award: 8,741 shares

Grant/Award 1 txn

Insider Paya Carlos V

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	8,741	$0.00	$0.00

Holdings After Transaction: Common Stock — 28,323 shares (Direct)

Footnotes (1)

1. F1. Reflects the grant of restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's common stock. The RSUs vest on the earlier of May 14, 2027, or the date of the Issuer's 2027 Annual Meeting of Shareholders, subject to the director's continued service with the Issuer. The RSUs will be settled on such date, or, upon the election of the director, on the earlier of the end of the director's service on the Board of Directors, the director's death or disability, or a change in control of the Issuer, in shares of the Issuer's common stock.

Key Figures

RSUs granted: 8,741 shares Grant price: $0.00 per share Shares after transaction: 28,323 shares +1 more

4 metrics

RSUs granted 8,741 shares Restricted stock units awarded to director on May 14, 2026

Grant price $0.00 per share Compensation-related RSU grant, not open-market purchase

Shares after transaction 28,323 shares Director’s direct common stock holdings following RSU award

RSU vesting date Earlier of May 14, 2027 or 2027 Annual Meeting Vesting contingent on continued board service

Key Terms

restricted stock units, RSUs, change in control, Annual Meeting of Shareholders

4 terms

restricted stock units financial

"Reflects the grant of restricted stock units ("RSUs"). Each RSU represents a contingent right"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

RSUs financial

"Reflects the grant of restricted stock units ("RSUs"). Each RSU represents a contingent right"

RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.

change in control financial

"on the earlier of the end of the director's service on the Board of Directors, the director's death or disability, or a change in control of the Issuer"

A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.

Annual Meeting of Shareholders financial

"The RSUs vest on the earlier of May 14, 2027, or the date of the Issuer's 2027 Annual Meeting of Shareholders"

A yearly gathering where a company’s owners (shareholders) vote on key items like electing the board, approving executive pay, and ratifying auditors, and receive updates on performance and strategy. Think of it as an annual town hall for owners: it matters to investors because outcomes and disclosures can affect leadership, corporate direction, dividend and governance policies, and therefore the company’s risk and potential return.

FAQ

What did COLLEGIUM PHARMACEUTICAL (COLL) director Carlos V. Paya report on this Form 4?

Director Carlos V. Paya reported receiving 8,741 restricted stock units in COLLEGIUM PHARMACEUTICAL. These RSUs are a stock-based compensation award that increases his direct holdings to 28,323 common shares after the transaction.

How many COLLEGIUM PHARMACEUTICAL (COLL) shares did Carlos V. Paya acquire?

Carlos V. Paya acquired 8,741 restricted stock units, each equal to one COLLEGIUM PHARMACEUTICAL common share. The grant was priced at $0.00 per unit as a compensation award, not an open-market purchase.

When do Carlos V. Paya’s COLLEGIUM PHARMACEUTICAL (COLL) RSUs vest?

The RSUs vest on the earlier of May 14, 2027, or COLLEGIUM PHARMACEUTICAL’s 2027 Annual Meeting of Shareholders. Vesting is conditioned on Paya’s continued service as a director through that date.

How will the COLLEGIUM PHARMACEUTICAL (COLL) RSUs granted to Carlos V. Paya be settled?

The RSUs will be settled in shares of COLLEGIUM PHARMACEUTICAL common stock. Settlement occurs on vesting or, if Paya elects, on the earlier of his board service ending, death or disability, or a change in control.

What is Carlos V. Paya’s COLLEGIUM PHARMACEUTICAL (COLL) ownership after this Form 4 grant?

Following the grant, Carlos V. Paya directly holds 28,323 shares of COLLEGIUM PHARMACEUTICAL common stock. This total includes the newly awarded 8,741 restricted stock units reported in the Form 4 filing.

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Accepted by SEC EDGAR 05/18/2026 - 04:15 PM Learn about SEC filing dates

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^*

Paya Carlos V

(Last) (First) (Middle)

C/O COLLEGIUM PHARMACEUTICAL, INC.

100 TECHNOLOGY CENTER DRIVE

(Street)

STOUGHTON MASSACHUSETTS 02072

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/14/2026

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

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

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

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	05/14/2026		A(1)		8,741	A	$0	28,323	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

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. The RSUs vest on the earlier of May 14, 2027, or the date of the Issuer's 2027 Annual Meeting of Shareholders, subject to the director's continued service with the Issuer. The RSUs will be settled on such date, or, upon the election of the director, on the earlier of the end of the director's service on the Board of Directors, the director's death or disability, or a change in control of the Issuer, in shares of the Issuer's common stock.

	/s/ Colleen Tupper as Attorney-In-Fact For Carlos V. Paya, MD	05/18/2026
	** 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.
* Form 4: SEC 1474 (03-26)