COLLEGIUM PHARMACEUTICAL, INC SEC Filings

COLLEGIUM PHARMACEUTICAL, INC executive Scott Dreyer, EVP & Chief Commercial Officer, reported open-market sales of the company’s common stock. On March 3, 2026, he sold 46,417 shares at a weighted average price of $40.3636 per share and 3,559 shares at a weighted average price of $40.9889 per share.

These sales, totaling 49,976 shares, were effected pursuant to a Rule 10b5-1 trading plan adopted by Dreyer on September 3, 2025. After the reported transactions, he held 71,770 shares of common stock directly.

COLL filed a Form 144 reporting a proposed sale of 49,976 common shares tied to restricted stock vesting on 02/10/2026. The filing also records a prior disposition of 17,600 common shares by Scott Dreyer on 12/08/2025 for $847,855.36. The form lists 31,753,211 shares outstanding as of 03/03/2026.

Collegium Pharmaceutical files its annual report describing a diversified pain and ADHD portfolio and a heavily regulated operating environment. The company markets Xtampza ER, Belbuca, Symproic, the Nucynta Products, and ADHD drug Jornay PM in the United States.

The September 2024 acquisition of Ironshore added Jornay PM and expanded Collegium into neuropsychiatry. As of June 30, 2025, non-affiliate common stock held an aggregate market value of about $926.4 million, and as of January 31, 2026 there were 31,753,211 common shares outstanding.

The filing highlights extensive opioid and stimulant regulation, REMS obligations, DEA quota controls, and broad healthcare fraud and abuse laws. It also notes patent and exclusivity timelines, looming generic competition for Nucynta, and growing policy pressure on U.S. drug pricing and reimbursement.

Collegium Pharmaceutical reported strong fourth-quarter and full-year 2025 results, led by its ADHD drug Jornay PM and its pain portfolio. Q4 2025 product revenues, net were $205.4 million, up 13% year-over-year, and adjusted EBITDA reached $127.3 million, up 18%.

For full-year 2025, product revenues, net grew to $780.6 million from $631.4 million, a 24% increase, while adjusted EBITDA rose to $460.5 million, up 15%. Jornay PM net revenue was $148.9 million, up 48%, and the pain portfolio delivered $631.7 million, up 6%.

GAAP net income for 2025 was $62.9 million (diluted EPS $1.73), down from $69.2 million in 2024, while non-GAAP adjusted net income increased to $289.3 million (adjusted EPS $7.42). The company generated $329.3 million in cash from operations and ended 2025 with $386.7 million in cash, cash equivalents and marketable securities. A new $980 million syndicated credit facility refinanced prior debt and is expected to lower interest costs. Collegium reaffirmed its 2026 guidance, including product revenues, net of $805–$825 million and adjusted EBITDA of $455–$475 million.

Rubric Capital Management LP and David Rosen filed an amended Schedule 13G/A reporting beneficial ownership of 1,496,436 shares of Collegium Pharmaceutical common stock. This represents 4.73% of the class, based on 31,610,976 shares outstanding as of October 31, 2025.

The shares are held for investment by funds advised by Rubric Capital, with shared voting and dispositive power and no sole voting or dispositive power. The filers certify the position is held in the ordinary course of business and not for the purpose of changing or influencing control of Collegium.

Collegium Pharmaceuticals, Inc. received an updated ownership report from Eventide Asset Management and related individuals. As of December 31, 2025, Eventide and its affiliates reported beneficial ownership of 1,876,239 shares of Collegium common stock, representing 5.9% of the outstanding shares.

Eventide holds sole voting and dispositive power over these shares, while Finny Kuruvilla and Robin C. John report shared voting and dispositive power over the same 1,876,239 shares. The position is held through registered funds and separately managed accounts, with no single account owning more than 5% of the company’s stock.

The filers state the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Collegium. They also formally disclaim beneficial ownership beyond what is required for reporting under beneficial ownership rules.

Pharmaceutical, Inc. executive vice president and general counsel David Dieter reported several equity compensation transactions. He acquired 22,194 restricted stock units at $0 and 9,005 performance share units after performance goals were confirmed, also at $0. To cover tax withholding on vested performance units, 2,781 shares were disposed of at $46.75. After these transactions, he directly owned 97,271 shares of common stock. The new RSUs vest one-third on February 10, 2027, with the remainder vesting in equal annual installments over the following two years, contingent on his continued service.

Pharmaceutical, Inc.'s President, CEO and director Vikram Karnani reported equity compensation transactions in the company’s common stock. On February 10, 2026, he received a grant of 79,264 restricted stock units, each representing one future share, at a price of $0 per share.

On the same date, 32,531 performance share units from the 2025 fiscal year vested after performance criteria were met, increasing his direct holdings. The company withheld 11,296 shares at $46.75 per share to cover tax obligations tied to the vesting, leaving Karnani with 197,864 shares of common stock owned directly after these transactions.