COLLEGIUM PHARMACEUTICAL, INC

Listed Company

COLLCIK 0001267565NasdaqLarge AcceleratedPharmaceutical PreparationsVirginiaFY ends Dec 31

Period

FY 2025

Revenue

$780.57M

Net Income

$62.87M

Total Assets

$1.66B

Equity

$301.68M

Shares Out

31.75M

Op. Cash Flow

$329.32M

Business

Collegium Pharmaceutical, Inc develops, licenses, acquires and commercializes meaningfully differentiated pharmaceutical products focused on attention deficit hyperactivity disorder (ADHD) and moderate to severe pain. Its main marketed products include Jornay PM, Belbuca, Xtampza ER, Nucynta ER and IR, and Symproic. The company operates through distinct commercial efforts for its pain portfolio and its ADHD franchise, supported by licensing arrangements for certain products and proprietary manufacturing know‑how. Collegium markets and distributes its products throughout the United States primarily via wholesalers, pharmacies, managed care organizations and government customers.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Product revenues, net	781	631	567	464	277
Cost of product revenues (excluding intangible asset amortization)	95	89	95	118	59
Intangible asset amortization	222	165	146	—	—
Total cost of product revenues	317	254	241	254	126
Gross profit	463	377	326	209	151
Selling, general and administrative	285	210	159	172	119
Gain on fair value remeasurement of contingent consideration	−1	−3	0	—	—
Total operating expenses	284	207	159	176	133
Income from operations	180	170	167	33	18
Interest expense	−82	−74	−83	−63	—
Interest income	11	14	16	1	12,000
Loss on extinguishment of debt	−16	−11	−24	—	—
Income before income taxes	93	99	76	−29	−3
Provision for income taxes	30	29	28	−4	−75
Net income	63	69	48	−25	72
Earnings per share - basic (in dollars per share)	1.98	2.14	1.43	−0.74	2.05
Weighted-average shares - basic (in shares)	32	32	34	34	35
Earnings per share - diluted (in dollars per share)	1.73	1.86	1.29	−0.74	1.86
Weighted-average shares - diluted (in shares)	40	40	42	34	41

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-08-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	231	71	—	239	174
Marketable securities	155	92	—	72	—
Accounts receivable, net	211	229	—	180	183
Inventory	41	36	—	32	47
Prepaid expenses and other current assets	33	30	—	15	17
Restricted cash	20	25	—	—	—
Total current assets	691	482	—	538	420
Property and equipment, net	12	14	—	16	20
Operating lease right-of-use assets	4	6	—	6	7
Intangible assets, net	670	891	—	422	567
Restricted cash	1	1	—	1	—
Deferred tax assets	113	98	—	26	24
Other noncurrent assets	20	8	—	825,000	100,000
Goodwill	146	162	—	134	134
Total assets	1,657	1,664	—	1,143	1,174
Accounts payable	11	4	—	9	3
Accrued liabilities	62	72	—	38	36
Accrued rebates, returns and discounts	318	339	—	227	230
Current portion of term notes payable	29	65	—	183	163
Current portion of operating lease liabilities	1	1	—	988,000	1
Business combination consideration payable	18	29	—	—	—
Deferred revenue	667,000	0	—	—	—
Total current liabilities	440	510	—	458	434
Term notes payable, net of current portion	542	551	—	222	398
Convertible senior notes	238	237	—	262	141
Operating lease liabilities, net of current portion	4	6	—	6	7
Deferred royalty obligation	122	121	117	—	—
Deferred revenue, net of current portion	9	10	—	—	—
Contingent consideration	0	1	—	—	—
Total liabilities	1,355	1,435	—	948	979
Commitments and contingencies (refer to Note 13)	—	—	—	—	—
Preferred stock, $0.001 par value; authorized shares - 5,000,000	0	0	—	—	—
Common stock, $0.001 par value; authorized shares - 100,000,000; 40,736,330 issued and 31,707,608 outstanding shares as of December 31, 2025 and 39,646,749 issued and 31,440,155 outstanding shares as of December 31, 2024	41,000	40,000	—	38,000	37,000
Additional paid-in capital	625	590	—	566	538
Treasury stock, at cost; 9,028,722 shares as of December 31, 2025 and 8,206,594 shares as of December 31, 2024	−223	−198	—	−137	−62
Accumulated other comprehensive income	319,000	55,000	—	14,000	—
Accumulated deficit	−101	−164	—	−233	−281
Total shareholders equity	302	229	—	195	195
Total liabilities and shareholders equity	1,657	1,664	—	1,143	1,174

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	63	69	48	−25	72
Depreciation expense	4	4	3	3	2
Deferred income taxes	−26	−27	−2	−8	−78
Stock-based compensation expense	42	32	27	23	24
Non-cash lease expense (benefit)	339,000	−94,000	−280,000	238,000	18,000
Non-cash interest expense for amortization of debt discount and issuance costs	5	6	9	8	3
Non-cash interest expense for deferred royalty obligation	950,000	4	0	—	—
Net amortization of premiums and discounts on investments	−1	−2	−1	—	—
Accounts receivable	17	−4	4	−22	−23
Inventory	−5	14	14	48	−2
Prepaid expenses and other assets	−8	−14	1	−5	−1
Accounts payable	7	−11	5	−707,000	−6
Accrued liabilities	−9	−40	628,000	−11	5
Accrued rebates, returns and discounts	3	387,000	−3	−23	40
Operating lease assets and liabilities	25,000	0	0	3,000	—
Deferred revenue	−222,000	0	0	—	—
Net cash provided by operating activities	329	205	275	124	104
Acquisition of Ironshore (net of cash acquired)	0	−268	0	−572	—
Purchases of property and equipment	−2	−2	−461,000	−2	−2
Purchases of marketable securities	−127	−111	−92	—	—
Maturities and sales of marketable securities	65	93	22	—	—
Net cash used in investing activities	−64	−288	−71	−574	−2
Proceeds from issuances of common stock from employee stock purchase plans	1	827,000	460,000	337,000	755,000
Proceeds from the exercise of stock options	4	10	9	12	12
Payments made for employee stock tax withholdings	−13	−19	−8	−4	−4
Repurchases of common stock	−25	−60	−75	−14	−48
Repayment of term loans, including debt extinguishment costs	−636	−108	−163	−75	−50
Proceeds from issuance of 2025 Credit Facility, net of debt discount and issuance costs	565	0	0	—	—
Payments made for deferred purchase price for acquisition	−8	0	0	—	—
Proceeds from term note modification, net of fees paid to lender	0	313	0	518	—
Proceeds from issuances of 2029 Convertible Notes, net of issuance costs	0	0	235	—	—
Repurchase of 2026 Convertible Notes, including premium	0	0	−139	—	—
Redemption of 2026 Convertible Notes, including premium and redemption costs	0	−33	0	—	—
Repayment of assumed debt from Ironshore Acquisition	0	−165	0	—	—
Net cash used in financing activities	−110	−61	−140	437	−89
Net increase (decrease) in cash, cash equivalents and restricted cash	156	−143	64	−13	12
Cash paid for interest	69	62	73	53	18
Cash paid for income taxes	60	52	24	10	3
Acquisition of property and equipment in accounts payable and accrued liabilities	319,000	185,000	176,000	—	—
Note issuance costs in accounts payable and accrued expenses	271,000	0	0	—	—
Excise tax on share repurchases in accrued liabilities	0	99,000	457,000	—	—
Acquisition date fair value of contingent consideration	0	4	0	—	—
Business combination consideration payable	0	29	0	—	—

Filings

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