COLL on Nasdaq

COLLEGIUM PHARMACEUTICAL, INC

COLLEGIUM PHARMACEUTICAL, INC is an American pharmaceutical preparations company based in Stoughton.2

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Last updated Oct 21, 2026.

Overview

Compare with Corcept Therapeutics, TELIX PHARMACEUTICALS LIMITED or Emergent BioSolutions, or pick any stock.

  • TickerCOLL on Nasdaq2
  • IndustryPharmaceutical Preparations2
  • HeadquartersStoughton, United States2
  • Incorporated inVA3
  • Business address100 Technology Center Drive, Stoughton, Ma 020723
  • Filer categoryLarge accelerated filer3
  • Legal formStock Corporation2
  • LEI54930049FXZMTLW8D4962
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O Corporation Service Company, 23219 Richmond, United States2
  • Registered withState Corporation Commission, 077979962

Our mission is to build a leading, diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions. We have developed, licensed, and acquired a portfolio of meaningfully differentiated products for use in the treatment of attention deficit hyperactivity disorder (“ADHD”) and moderate to severe pain. We commercialize our products, consisting of Jornay PM, Belbuca, Xtampza ER, Nucynta ER and Nucynta IR (collectively the “Nucynta Products”), and Symproic, in the United States.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

59.3%Gross margin6
23.0%Operating margin6
8.1%Net margin6
23.6%Revenue growth, 20256
20.8%Return on equity6
$327.6MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Belbuca brought in 28% of the revenue COLLEGIUM PHARMACEUTICAL, INC broke down this way in fiscal 2025.

  1. Belbuca$221.7M628%up 5% from 2024
  2. Xtampza ER$199.3M626%up 4% from 2024
  3. Jornay PM$148.9M619%up 300% from 2024
  4. Nucynta IR$115.3M615%up 14% from 2024
  5. Nucynta ER$81.0M610%up 7% from 2024
  6. Symproic and other$14.5M62%down 4% from 2024
Products and services by year
Products and services202320242025
Belbuca$182.1M$211.3M$221.7M
Xtampza ER$177.4M$191.3M$199.3M
Jornay PM$0$37.2M$148.9M
Nucynta IR$108.2M$100.7M$115.3M
Nucynta ER$82.7M$75.8M$81.0M
Symproic and other$16.5M$15.1M$14.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue41¢$317.3M
  • Selling, general and admin36¢$284.8M
  • Other costs11¢$85.8M
  • Income tax4¢$29.7M
  • Profit8¢$62.9M

Out of $780.6M in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Capital spending1¢$1.7M
  • Share buybacks8¢$25.1M
  • Kept or used elsewhere92¢$302.5M

Out of $329.3M of cash from operations.6

Financial statements

Revenue789106$780.6M in 2025+163% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $296.7M$296.7M20192020: $310.0M$310.0M2020+4%2021: $276.9M$276.9M2021−11%2022: $463.9M$463.9M2022+68%2023: $566.8M$566.8M2023+22%2024: $631.4M$631.4M2024+11%2025: $780.6M$780.6M2025+24%
Gross profit789106$463.3M in 2025+350% since 2019
0$200.0M$400.0M$600.0M2019: $103.0M$103.0M20192020: $179.8M$179.8M2020+75%2021: $150.6M$150.6M2021−16%2022: $209.5M$209.5M2022+39%2023: $326.2M$326.2M2023+56%2024: $377.3M$377.3M2024+16%2025: $463.3M$463.3M2025+23%
Operating income789106$179.6M in 2025
-$100.0M0$100.0M$200.0M2019: -$23.7M-$23.7M20192020: $56.2M$56.2M20202021: $17.6M$17.6M2021−69%2022: $33.3M$33.3M2022+89%2023: $167.0M$167.0M2023+401%2024: $169.9M$169.9M2024+2%2025: $179.6M$179.6M2025+6%
Net income789106$62.9M in 2025
-$50.0M-$25.0M0$25.0M$50.0M$75.0M2019: -$22.7M-$22.7M20192020: $26.8M$26.8M20202021: $71.5M$71.5M2021+167%2022: -$25.0M-$25.0M20222023: $48.2M$48.2M20232024: $69.2M$69.2M2024+44%2025: $62.9M$62.9M2025−9%

Every line of the income statement as filed: the last 3 fiscal years (annual) or 8 quarters (quarterly), latest first.6

Period ending2025-12-312024-12-312023-12-31
Product revenues, net$780.6M$631.4M$566.8M
Cost of product revenues (excluding intangible asset amortization)$95.4M$88.8M$94.8M
Intangible asset amortization$221.9M$165.3M$145.8M
Total cost of product revenues$317.3M$254.1M$240.6M
Gross profit$463.3M$377.3M$326.2M
Selling, general and administrative$284.8M$210.4M$159.2M
Gain on fair value remeasurement of contingent consideration-$1.2M-$2.9M$0
Total operating expenses$283.6M$207.4M$159.2M
Income from operations$179.6M$169.9M$167.0M
Interest expense-$82.3M-$74.0M-$83.3M
Interest income$11.3M$14.0M$15.6M
Loss on extinguishment of debt-$16.0M-$11.3M-$23.5M
Income before income taxes$92.6M$98.6M$75.7M
Provision for income taxes$29.7M$29.4M$27.6M
Net income$62.9M$69.2M$48.2M
Earnings per share - basic (in dollars per share)$1.98$2.14$1.43
Weighted-average shares - basic (in shares)31.7M shares32.3M shares33.7M shares
Earnings per share - diluted (in dollars per share)$1.73$1.86$1.29
Weighted-average shares - diluted (in shares)39.7M shares40.4M shares41.8M shares

Compare COLLEGIUM PHARMACEUTICAL, INC with another company

Corporate structure

COLLEGIUM PHARMACEUTICAL, INC sits at the top of its group. 9 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of COLLEGIUM PHARMACEUTICAL, INC

  • INTEGRATED CORE STRATEGIES (US) LLC Filed SCHEDULE 13G/A on COLLEGIUM PHARMACEUTICAL, INC, latest Oct 8, 2026 (3 filings since May 12, 2026)
  • FULLER & THALER ASSET MANAGEMENT, INC. Filed SCHEDULE 13G on COLLEGIUM PHARMACEUTICAL, INC, latest Aug 14, 2026
  • PRINCIPAL GLOBAL INVESTORS Filed SCHEDULE 13G on COLLEGIUM PHARMACEUTICAL, INC, latest Aug 5, 2026 (3 filings since Nov 13, 2024)
  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on COLLEGIUM PHARMACEUTICAL, INC, latest Jul 31, 2026
  • EVENTIDE ASSET MANAGEMENT, LLC Filed SCHEDULE 13G/A on COLLEGIUM PHARMACEUTICAL, INC, latest May 15, 2026 (4 filings since Feb 14, 2022)
  • Janus Henderson Group Ltd. Filed SCHEDULE 13G on COLLEGIUM PHARMACEUTICAL, INC, latest May 15, 2026 (4 filings since Feb 10, 2022)
  • RENAISSANCE TECHNOLOGIES LLC Filed SCHEDULE 13G/A on COLLEGIUM PHARMACEUTICAL, INC, latest May 14, 2026 (4 filings since Nov 13, 2024)
  • Invesco Filed SCHEDULE 13G on COLLEGIUM PHARMACEUTICAL, INC, latest May 8, 2026 (3 filings since Feb 7, 2025)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on COLLEGIUM PHARMACEUTICAL, INC, latest Mar 26, 2026 (4 filings since Feb 9, 2022)
  • Rubric Capital Management LP Filed SCHEDULE 13G/A on COLLEGIUM PHARMACEUTICAL, INC, latest Feb 13, 2026 (7 filings since Feb 14, 2022)
  • Pacer Advisors, Inc. Filed SCHEDULE 13G/A on COLLEGIUM PHARMACEUTICAL, INC, latest May 2, 2025 (2 filings since May 2, 2025)
  • BlackRock Filed SCHEDULE 13G/A on COLLEGIUM PHARMACEUTICAL, INC, latest Apr 28, 2025 (4 filings since Jan 28, 2022)
  • COLLEGIUM PHARMACEUTICAL, INC Stoughton, Massachusetts, United States
    • Arius Pharmaceuticals, Inc. Subsidiary · Delaware, United States
    • Arius Two, Inc. Subsidiary · Delaware, United States
    • BioDelivery Sciences International, Inc. Subsidiary · Delaware, United States
    • Collegium Securities Corporation Subsidiary · Massachusetts, United States
    • Ironshore Pharmaceuticals & Development, Inc. Subsidiary · Cayman Islands
    • Ironshore Pharmaceuticals Canada Inc. Subsidiary · Canada
    • Ironshore Pharmaceuticals Inc. Subsidiary · Delaware, United States
    • Ironshore Therapeutics, Inc. Subsidiary · Cayman Islands

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What COLLEGIUM PHARMACEUTICAL, INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$28.6M6 Dec 31, 2025$27.9M6 Dec 31, 2024+2.5%
Accumulated depreciation$16.5M6 Dec 31, 2025$13.5M6 Dec 31, 2024+22.2%
Property and equipment, net$12.0M6 Dec 31, 2025$14.3M6 Dec 31, 2024−16.2%
Operating-lease assets (leased space)$4.2M6 Dec 31, 2025$5.8M6 Dec 31, 2024−28.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$231.3M6 Dec 31, 2025$70.6M6 Dec 31, 2024+227.7%
Marketable securities, current$155.4M6 Dec 31, 2025$92.2M6 Dec 31, 2024+68.6%
Debt securities available for sale$155.4M6 Dec 31, 2025$94.2M6 Dec 31, 2024+65.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$145.9M6 Dec 31, 2025$162.3M6 Dec 31, 2024−10.1%
Intangible assets, net (excluding goodwill)$669.5M6 Dec 31, 2025$891.4M6 Dec 31, 2024−24.9%
Finite-lived intangibles, gross$1.6B6 Dec 31, 2025$1.6B6 Dec 31, 20240%
Accumulated amortization$916.7M6 Dec 31, 2025$694.8M6 Dec 31, 2024+31.9%
Finite-lived intangibles, net$669.5M6 Dec 31, 2025$891.4M6 Dec 31, 2024−24.9%

Inventory

ItemLatestA year beforeChange
Inventory, total$40.9M6 Dec 31, 2025$35.6M6 Dec 31, 2024+15.1%
Raw materials$19.0M6 Dec 31, 2025$12.5M6 Dec 31, 2024+51.3%
Work in process$15.1M6 Dec 31, 2025$13.2M6 Dec 31, 2024+14.7%
Finished goods$20.9M6 Dec 31, 2025$17.8M6 Dec 31, 2024+17.2%

Properties, in its own words

Our corporate headquarters are located in Stoughton, Massachusetts, where we lease 50,678 square feet of office and laboratory space. We use this facility for commercial and general and administrative purposes. The corporate headquarters lease expires in September 2029 and the lease term may be extended for two additional five-year terms at our election.

We believe that our existing facilities are adequate for our current and expected future needs. We may seek to negotiate new leases or evaluate additional or alternate space for our operations. We believe that appropriate alternative space is readily available on commercially reasonable terms.

Item 2 of the 10-K filed Feb 26, 2026.5

Leadership

Who has led COLLEGIUM PHARMACEUTICAL, INC, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (24)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Arius Pharmaceuticals, Inc. Delaware4
  • Arius Two, Inc. Delaware4
  • BioDelivery Sciences International, Inc. Delaware4
  • Collegium Securities Corporation Massachusetts4
  • Ironshore Pharmaceuticals & Development, Inc. Cayman Islands4
  • Ironshore Pharmaceuticals Canada Inc. Canada4
  • Ironshore Pharmaceuticals Inc. Delaware4
  • Ironshore Therapeutics, Inc. Cayman Islands4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • COLLEGIUM PHARMACEUTICAL INCOct 20, 2003 to Mar 3, 20153

Timeline

  1. Aug 13, 20268-K Other events44
  2. Aug 6, 20268-K Results of operations; Regulation FD disclosure45
  3. Jun 30, 20268-K Financial statements and exhibits46
  4. May 15, 20268-K Shareholder vote47
  5. May 12, 20268-K Completed an acquisition or sale; Executive or director change; Regulation FD disclosure48
  6. May 7, 20268-K Results of operations; Regulation FD disclosure49
  7. Apr 7, 20268-K Executive or director change50
  8. Mar 19, 20268-K Entered a material agreement; Regulation FD disclosure51
  9. Feb 26, 20268-K Results of operations; Regulation FD disclosure52
  10. Jan 8, 20268-K Regulation FD disclosure53
  11. Dec 30, 20258-K Entered a material agreement; Ended a material agreement; Unregistered sale of shares54
  12. Nov 6, 20258-K Results of operations; Regulation FD disclosure55
  13. Nov 14, 2024New chief executive Vikram Karnani becomes CEO15
  14. Jul 2, 2018New chief executive Joseph Ciaffoni becomes CEO16
  15. May 6, 2015New chief executive Michael Thomas Heffernan becomes CEO17
  16. Jul 1, 2014Founded COLLEGIUM PHARMACEUTICAL, INC is founded2

Calendar

Coming up

  1. Nov 5, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $2.06 a share, on Nov 6, 2025.56

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results45
  2. May 7, 2026Reported quarterly or annual results49
  3. Feb 26, 2026Reported quarterly or annual results52
  4. Nov 6, 2025Reported quarterly or annual results55
  5. Aug 7, 2025Reported quarterly or annual results57
  6. May 8, 2025Reported quarterly or annual results58
  7. Feb 27, 2025Reported quarterly or annual results59
  8. Nov 7, 2024Reported quarterly or annual results60

Drug trials and FDA: recently

  1. Jun 14, 2024FDA approved a new use FDA approved an efficacy supplement for Nucynta (tapentadol hydrochloride), a new use or patient group (NDA 022304, supplement 28).61
  2. Jun 14, 2024FDA approved a new use FDA approved an efficacy supplement for Nucynta Er (tapentadol hydrochloride), a new use or patient group (NDA 200533, supplement 29).62

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). Trials from ClinicalTrials.gov, as the sponsor registered them (expected dates are the sponsor's own and often move); approvals and advisory committee meetings from the FDA. The FDA does not publish its decision (PDUFA) dates. The full markets calendar

Filings

378 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 62 major events, 144 insider forms, 42 large holders, 110 other. The latest 20:

  1. Oct 8, 2026SCHEDULE 13G/A EDGAR
  2. Sep 30, 2026144 EDGAR
  3. Aug 24, 2026SCHEDULE 13G EDGAR
  4. Aug 14, 2026SCHEDULE 13G EDGAR
  5. Aug 13, 20268-K EDGAR
  6. Aug 6, 202610-Q EDGAR
  7. Aug 6, 20268-K EDGAR
  8. Aug 5, 2026SCHEDULE 13G EDGAR
  9. Jul 31, 2026SCHEDULE 13G EDGAR
  10. Jul 17, 2026144 EDGAR
  11. Jul 15, 2026144 EDGAR
  12. Jun 30, 20268-K/A EDGAR
  13. Jun 10, 20264 EDGAR
  14. Jun 1, 2026S-8 EDGAR
  15. Jun 1, 2026S-8 EDGAR
  16. May 20, 20264 EDGAR
  17. May 18, 20264 EDGAR
  18. May 18, 20263 EDGAR
  19. May 18, 2026144 EDGAR
  20. May 18, 20264 EDGAR

The 378 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

86 open-market trades by officers, directors and large owners since October 2021: 0 buys and 86 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 18, 2026Freund John GordonDirectorSale20$34.05$681Form 4
May 15, 2026Freund John GordonDirectorSale4,127$34.54$142.5KForm 4
May 13, 2026Lurker NancyDirectorSale4,500$35.97$161.9KForm 4
May 11, 2026BOHLIN GAREN GDirectorSale8,700$37.18$323.5KForm 4
Mar 18, 2026Dieter DavidEVP & General CounselSale13,976$34.92$488.0KForm 4
Mar 9, 2026Dieter DavidEVP & General CounselSale6,224$36.65$228.1KForm 4
Mar 3, 2026Dreyer ScottEVP & Chief Commercial OfficerSale49,976$40.40$2.0MForm 4
Dec 8, 2025Dreyer ScottEVP & Chief Commercial OfficerSale17,600$48.17$847.9KForm 4
Dec 5, 2025Balice-Gordon Rita J.DirectorSale3,650$47.03$171.7KForm 4
Nov 12, 2025Fallon John A.DirectorSale34,853$47.21$1.6MForm 4
Nov 6, 2025Tupper ColleenEVP & Chief Financial OfficerSale30,000$40.53$1.2MForm 4
Aug 29, 2025Smith Thomas BEVP and Chief Medical OfficerSale17,478$38.42$671.5KForm 4
Aug 18, 2025Dreyer ScottEVP & Chief Commercial OfficerSale16,389$38.21$626.2KForm 4
Aug 15, 2025SANTINI GINODirectorSale5,405$37.19$201.0KForm 4
Aug 13, 2025Dreyer ScottEVP & Chief Commercial OfficerSale4,861$38.03$184.9KForm 4
Aug 13, 2025Rubric Capital Management LP10% ownerSale25,000$37.85$946.2KForm 4
Aug 8, 2025Freund John GordonDirectorSale11,659$34.36$400.6KForm 4
Jun 9, 2025Freund John GordonDirectorSale6,601$30.62$202.1KForm 4
Mar 21, 2025Tupper ColleenEVP & Chief Financial OfficerSale6,396$30.03$192.1KForm 4
Mar 21, 2025Dreyer ScottEVP & Chief Commercial OfficerSale18,881$30.03$567.0KForm 4

All 86 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025David Dieter$384.6K$3.9M77
2025Colleen Tupper$559.3K$3.5M77
2025Scott Dreyer$523.2K$3.0M77
2025Shirley Kuhlmann$115.5K$2.8M77
2025Thomas SmithM.D.$493.0K$2.4M77
2025Vikram Karnani$875.0K$1.7M77
2024President and Chief Executive Officer$97.6K$10.8M77
2024Former Executive Vice PresidentChief Administrative Officer, General Counsel and Secretary$525.3K$3.3M77
2024Executive Vice President andChief Financial Officer$514.7K$3.2M77
2024Executive Vice Presidentand Chief Medical Officer$473.5K$2.5M77
2023Former Executive Vice PresidentChief Administrative Officer, General Counsel and Secretary$490.4K$2.9M77
2023Executive Vice President andChief Financial Officer$485.6K$2.7M77
2023Executive Vice Presidentand Chief Medical Officer$451.4K$2.0M77

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.5,441,202$197.0M0.0%+307,175
Jupiter Topco LLC2,147,072$77.7M0.0%New
Invesco Ltd.1,882,499$68.1M0.0%+290,590
Fuller & Thaler Asset Management, Inc.1,632,781$59.1M0.2%+133,197
Principal Financial Group Inc1,632,360$59.1M0.0%+337,332
State Street Corp1,528,881$55.3M0.0%+104,337
Massachusetts Financial Services Co /ma/1,405,567$50.9M0.0%+39,635
Vanguard Capital Management LLC1,381,261$50.0M0.0%+47,269
Renaissance Technologies LLC1,366,549$49.5M0.1%−102,900
Eventide Asset Management, LLC1,361,228$49.3M0.7%−63,054
Rubric Capital Management LP1,279,611$46.3M0.4%No change
Geode Capital Management, LLC890,886$32.3M0.0%+71,446
Dimensional Fund Advisors LP837,877$30.3M0.0%+4,685
Victory Capital Management Inc760,252$27.5M0.0%+134,948
Goldentree Asset Management LP744,889$26.9M1.6%New
Vanguard Portfolio Management LLC740,081$26.8M0.0%+59,700
Millennium Management LLC736,925$26.7M0.0%+376,099
Arrowstreet Capital, Limited Partnership621,920$22.5M0.0%−81,608
Assenagon Asset Management S.A.617,834$22.4M0.0%+305,236
Goldman Sachs Group Inc556,927$20.2M0.0%−18,214
Morgan Stanley534,756$19.4M0.0%+19,577
American Century Companies Inc491,627$17.8M0.0%+30,883
Charles Schwab Investment Management Inc486,601$17.6M0.0%−8,426
Qube Research & Technologies Ltd431,447$15.6M0.0%−190,488
Northern Trust Corp391,783$14.2M0.0%+29,894

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How COLLEGIUM PHARMACEUTICAL, INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCOLLEGIUM PHARMACEUTICAL, INC1
  • CIK0001267565
  • Employer ID (EIN)03-04163625
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inVirginia5
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address100 Technology Center Drive, Stoughton, MA 020721
  • Phone781-713-36991
  • Shares outstanding32,555,613 as of Jul 31, 202612
  • Public float$926.4M as of Jun 30, 20255
  • AuditorDeloitte & Touche LLP, Boston, Massachusetts PCAOB ID 34; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceOct 20, 20031
  • Filings865 in all: 4 (371), 8-K (120), 144 (73), SC 13G/A (47), 10-Q (35), 3 (34), SC 13G (21), S-8 (13)1
    All 43 form types

    SCHEDULE 13G (12), SCHEDULE 13G/A (12), 10-K (11), DEF 14A (11), DEFA14A (11), CORRESP (10), S-8 POS (10), 4/A (8), REGDEX (6), 424B5 (5), D (5), EFFECT (5), UPLOAD (5), ARS (4), SC TO-T/A (4), 8-K/A (3), S-1/A (3), S-3 (3), 10-Q/A (2), 424B4 (2), CT ORDER (2), S-1 (2), SC 13D (2), SC 13D/A (2), 144/A (1), 3/A (1), 305B2 (1), 8-A12B (1), CERTNAS (1), DRS (1), DRSLTR (1), FWP (1), PRE 14A (1), SC TO-C (1), SC TO-T (1)

  • Latest filingsAnnual report (10-K) Feb 26, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 7, 2026
    Latest 8-K (8-K) Aug 13, 2026

Securities registered for trading

ClassSymbolExchange
Common stockCOLLNASDAQ

From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks COLLEGIUM PHARMACEUTICAL, INC names in Item 1A of its 10-K filed Feb 26, 2026: 42 risks under these headings, as written.5

  • Risks Related to Our Financial Position and Capital Needs
  • Our ability to maintain profitability is dependent upon our ability to continue successfully commercializing our products and any products that we may acquire in the future. Our failure to do so successfully could impair our growth strategy and plans and could have a material adverse effect on our business, financial position, and operating results.
  • Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
  • We have substantial outstanding indebtedness, which may adversely affect our business, financial condition and results of operations.
  • Adverse developments affecting the financial services industry, including events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties, could adversely affect our business, financial condition, or results of operations.
  • Risks Related to our Products
  • If we cannot continue successfully commercializing our products and any products that we may acquire in the future, our business, financial condition and results of operations may be materially adversely affected and the price of our common stock may decline.
  • Despite receiving approval by the FDA, additional data may emerge that could change the FDA’s position on the product labeling of any of our products, including our abuse-deterrent claims with respect to Xtampza ER, and our ability to market our products successfully may be adversely affected.
  • Our opioid products are subject to mandatory REMS programs, which could increase the cost, burden and liability associated with the commercialization of these products.
  • Failure to comply with ongoing governmental regulations for marketing our products, and in particular any failure to promote Xtampza ER’s abuse deterrent labeling in compliance with FDA regulations, could delay or inhibit our ability to generate revenues from their sale and could also expose us to claims or other sanctions.
  • Risks Related to Intellectual Property
  • Unfavorable outcomes in intellectual property litigation could be costly and potentially limit our ability to commercialize our products.
The other 33 risks
  • If we are unable to obtain or maintain intellectual property rights for our technologies, products or any products we may acquire, we may lose valuable assets or be unable to compete effectively in our market.
  • We have been, and may continue to be, forced to litigate to enforce or defend our intellectual property, which could be expensive, time consuming and unsuccessful, and result in the loss of valuable assets.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed.
  • Obtaining and maintaining our patent protection depends on compliance with various procedural, document submissions, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • Risks Related to the Commercialization of Our Products
  • If we are unable to utilize our own sales and marketing capabilities successfully or enter into strategic alliances with marketing collaborators, we may not continue to be successful in commercializing our products and may be unable to generate sufficient product revenue.
  • If the medical community, patients, and healthcare payors do not accept and use our products, we will not achieve sufficient product revenues and our business will suffer.
  • Some of our products contain controlled substances, and the manufacture, use, sale, importation, exportation and distribution of which are subject to regulation by state and federal law enforcement and other regulatory agencies.
  • Current and future legislation and regulatory changes may increase the difficulty and cost for us to continue to commercialize our products and may reduce the prices we are able to obtain for our products.
  • Our products may become subject to unfavorable pricing regulations or third-party coverage and reimbursement policies, which could have a material adverse effect on our business. Such pricing regulations may address the rebates that manufacturers offer to pharmaceutical benefit managers, or the discounts that manufacturers provide others within the pharmaceutical distribution chain.
  • The Affordable Care Act and any changes in healthcare law may increase the difficulty and cost for us to continue to commercialize our products and affect the prices we may obtain.
  • Social issues around the abuse of opioids and stimulants, including law enforcement concerns over diversion of opioids and regulatory and enforcement efforts to combat abuse, could decrease the potential market for our products and may adversely impact external investor perceptions of our business.
  • If the FDA or other applicable regulatory authorities approve generic products with claims that compete with our products, our sales could decline.
  • Risks Related to Our Dependence on Third Parties
  • If the third-party manufacturers of our products fail to devote sufficient time and resources to these products, or their performance is substandard, and/or we encounter challenges with our dedicated manufacturing suite at our third-party manufacturer’s site for the manufacturing of Xtampza ER, our costs may be higher than expected and could have a material adverse effect on our business.
  • Because we currently rely on a sole supplier or limited number of suppliers to manufacture the active pharmaceutical ingredient of our products, any production problems with any of these suppliers could have a material adverse effect on us.
  • Supply chain disruptions and shortages may limit manufacturing and commercial supply of our products and have a material impact on our business.
  • Manufacturing issues may arise that could increase product and regulatory approval costs, delay commercialization or limit commercial supply.
  • We depend on wholesale pharmaceutical distributors for retail distribution of our products; if we lose any of our significant wholesale pharmaceutical distributors or their distribution network is disrupted, our financial condition and results of operations may be adversely affected.
  • Certain of our opioid products are subject to post-marketing requirements or commitments, which may, in some cases, not be capable of timely or satisfactory completion without participation in consortia over which we have limited control.
  • Risks Related to Our Business and Strategy
  • We may not realize all the anticipated benefits from our future acquisitions, and we may be unable to successfully integrate future acquisitions.
  • Our business may be adversely affected by certain events or circumstances outside our control, including macroeconomic conditions and geopolitical turmoil.
  • Security breaches and other disruptions to our, or our vendors’, information technology systems may compromise our information and expose us to liability that could adversely impact our financial condition, operations, and reputation.
  • The use of artificial intelligence technologies in our business could expose us to significant data privacy and regulatory risks.
  • Litigation or regulatory action regarding opioid medications could negatively affect our business.
  • We face substantial competition from other biotechnology and pharmaceutical companies, which may result in others discovering, developing or commercializing products more successfully than we do.
  • Commercial sales of our products and any products we acquire, may expose us to expensive product liability claims, and we may not be able to maintain product liability insurance on reasonable terms or at all.
  • Our relationships with customers and payors are subject to applicable anti-kickback, fraud and abuse, transparency, and other healthcare laws and regulations, which could expose us to criminal sanctions, civil penalties, exclusion from government healthcare programs, contractual damages, reputational harm, administrative burdens, and diminished profits and future earnings.
  • We or the third parties upon whom we depend may be adversely affected by natural disasters and/or health epidemics, and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.
  • Inadequate funding for the FDA, DEA, the SEC and other government agencies, including from government shutdowns, or other disruptions to these agencies’ staffing and operations, could hinder their ability to hire and retain key leadership and other personnel, prevent new products and services from being developed or commercialized in a timely manner or otherwise prevent those agencies from performing normal business functions on which the operation of our business may rely, which could negatively impact our business.
  • Risks Related to Our Common Stock
  • The price of our common stock may be volatile and you may lose all or part of your investment.
  • We are subject to anti-takeover provisions in our second amended and restated articles of incorporation and amended and restated bylaws and under Virginia law that could delay or prevent an acquisition of our company, even if the acquisition would be beneficial to our shareholders.
  • If we fail to maintain an effective system of internal control over financial reporting, we may not be able to report our financial condition, results of operations or cash flows accurately, which may adversely affect investor confidence in us and, as a result, the value of our common stock.
  • Sales of our common stock in the public market, either by us or by our current shareholders, or the perception that these sales could occur, could cause a decline in the market price of our securities. Moreover, the exercise of options and other issuances of shares of common stock or securities convertible into or exercisable for shares of common stock will dilute your ownership interests and may adversely affect the future market price of our common stock.
  • There can be no assurance that we will repurchase additional shares of our common stock at all or at favorable prices.

Legal proceedings

Discussion of legal matters is incorporated by reference from Note 13, Commitments and Contingencies, to the Consolidated Financial Statements included in Item 8 of Part II of this Annual Report on Form 10-K.

The opening of Item 3, Legal Proceedings.5

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