PART I—FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Presents unaudited condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive income, and cash flows, with detailed notes on business, accounting policies, and financial components [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Summarizes the company's financial position, detailing assets, liabilities, and shareholders' equity at specific reporting dates Condensed Consolidated Balance Sheets (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | **Assets** | | | | Total current assets | $549,211 | $482,257 | | Total assets | $1,592,631 | $1,663,591 | | **Liabilities and Shareholders' Equity** | | | | Total current liabilities | $464,609 | $509,510 | | Total liabilities | $1,360,425 | $1,434,749 | | Total shareholders' equity | $232,206 | $228,842 | | Total liabilities and shareholders' equity | $1,592,631 | $1,663,591 | - Total assets decreased by approximately **$70.96 million** from December 31, 2024, to June 30, 2025, primarily driven by a decrease in intangible assets and goodwill[15](index=15&type=chunk) - Total liabilities decreased by approximately **$74.32 million**, mainly due to a reduction in accrued rebates, returns, and discounts, and term notes payable[15](index=15&type=chunk) [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Details the company's revenues, expenses, and net income over specific periods, including earnings per share Condensed Consolidated Statements of Operations (in thousands, except per share) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Product revenues, net | $188,000 | $145,276 | $365,757 | $290,199 | | Total cost of product revenues | $79,616 | $54,470 | $160,049 | $107,937 | | Gross profit | $108,384 | $90,806 | $205,708 | $182,262 | | Income from operations | $35,105 | $47,471 | $56,792 | $96,945 | | Net income | $11,983 | $19,606 | $14,400 | $47,319 | | Earnings per share — basic | $0.38 | $0.60 | $0.45 | $1.46 | | Earnings per share — diluted | $0.34 | $0.52 | $0.44 | $1.24 | - Net product revenues increased by **$42.7 million (29.4%)** for the three months ended June 30, 2025, and by **$75.6 million (26.0%)** for the six months ended June 30, 2025, compared to the same periods in 2024, primarily driven by the acquisition of Jornay PM[17](index=17&type=chunk)[190](index=190&type=chunk)[203](index=203&type=chunk) - Net income decreased significantly for both the three-month and six-month periods ended June 30, 2025, compared to 2024, largely due to increased operating expenses (selling, general and administrative, and intangible asset amortization) and higher interest expense[17](index=17&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk)[211](index=211&type=chunk) [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Presents net income and other comprehensive income components, reflecting total comprehensive income for the periods Condensed Consolidated Statements of Comprehensive Income (Loss) (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income | $11,983 | $19,606 | $14,400 | $47,319 | | Other comprehensive income (loss) | $96 | $(58) | $282 | $(196) | | Comprehensive income | $12,079 | $19,548 | $14,682 | $47,123 | - Comprehensive income decreased for both periods in 2025 compared to 2024, mirroring the trend in net income, despite a positive shift in unrealized gains on marketable securities[21](index=21&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Outlines cash flows from operating, investing, and financing activities, showing changes in cash and equivalents Condensed Consolidated Statements of Cash Flows (in thousands) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $127,837 | $129,335 | | Net cash used in investing activities | $(12,595) | $(27,034) | | Net cash used in financing activities | $(73,606) | $(168,354) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $41,636 | $(66,053) | | Cash, cash equivalents and restricted cash at end of period | $138,248 | $173,941 | - Net cash provided by operating activities remained stable year-over-year, at **$127.8 million** in 2025 compared to **$129.3 million** in 2024[24](index=24&type=chunk)[221](index=221&type=chunk) - Net cash used in investing activities decreased by **$14.4 million**, primarily due to lower purchases of marketable securities[24](index=24&type=chunk)[222](index=222&type=chunk) - Net cash used in financing activities significantly decreased by **$94.8 million**, mainly due to lower repayments of term notes, the redemption of 2026 Convertible Notes in the prior period, and reduced common stock repurchases[24](index=24&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations and disclosures supporting the condensed consolidated financial statements [Note 1. Nature of Business](index=9&type=section&id=Note%201.%20Nature%20of%20Business) Describes the company's core business as a biopharmaceutical entity and its product portfolio - Collegium Pharmaceutical, Inc. is a biopharmaceutical company focused on improving the lives of people with serious medical conditions, with a product portfolio including Jornay PM, Belbuca, Xtampza ER, Nucynta Products, and Symproic[25](index=25&type=chunk) - The company acquired Ironshore Therapeutics Inc. on September 3, 2024, adding Jornay PM to its product offerings[26](index=26&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=9&type=section&id=Note%202.%20Summary%20of%20Significant%20Accounting%20Policies) Outlines the key accounting principles and estimates used in preparing the financial statements - The unaudited Condensed Consolidated Financial Statements are prepared in accordance with GAAP for interim financial reporting and Regulation S-X, Rule 10-01, and include all necessary adjustments for fair presentation[28](index=28&type=chunk)[29](index=29&type=chunk) - The company's estimates and assumptions, such as revenue recognition, fair value of acquired assets, inventory valuation, and intangible asset useful lives, are evaluated on an ongoing basis[30](index=30&type=chunk)[31](index=31&type=chunk) - In July 2025, the Board authorized a new **$150 million** share repurchase program through December 31, 2026, and the One Big Beautiful Bill Act (OBBBA) was enacted, with the company evaluating its impact on the 2025 effective tax rate[33](index=33&type=chunk)[128](index=128&type=chunk)[174](index=174&type=chunk) [Note 3. Revenue from Contracts with Customers](index=11&type=section&id=Note%203.%20Revenue%20from%20Contracts%20with%20Customers) Explains the company's revenue recognition policies, including product sales and variable consideration - Revenue is primarily derived from product sales to wholesalers, recognized when customers obtain control of products, typically upon delivery[39](index=39&type=chunk)[43](index=43&type=chunk) - Transaction price includes variable consideration for sales deductions like rebates, returns, and trade allowances, estimated using historical data and market trends[44](index=44&type=chunk)[45](index=45&type=chunk) Net Product Revenues by Product (in thousands) | Product | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Belbuca | $52,600 | $52,198 | $104,258 | $102,861 | | Xtampza ER | $52,605 | $44,571 | $100,247 | $90,384 | | Jornay PM | $32,626 | $0 | $61,165 | $0 | | Nucynta IR | $26,501 | $25,203 | $53,918 | $51,163 | | Nucynta ER | $19,946 | $19,272 | $39,632 | $38,458 | | Symproic | $3,722 | $4,032 | $6,537 | $7,333 | | Total | $188,000 | $145,276 | $365,757 | $290,199 | - Jornay PM, acquired in September 2024, contributed **$32.6 million** and **$61.2 million** in net product revenues for the three and six months ended June 30, 2025, respectively[57](index=57&type=chunk)[59](index=59&type=chunk)[191](index=191&type=chunk)[204](index=204&type=chunk) [Note 4. Acquisition](index=18&type=section&id=Note%204.%20Acquisition) Details the Ironshore Acquisition, including its strategic rationale, consideration, and preliminary purchase price allocation - The company completed the Ironshore Acquisition on September 3, 2024, to expand into neuropsychiatry with Jornay PM, an ADHD treatment[26](index=26&type=chunk)[62](index=62&type=chunk) - The total fair value of the acquisition consideration was approximately **$306.1 million**, including an initial cash consideration of **$276.9 million** and contingent consideration of **$4.1 million**[64](index=64&type=chunk) Preliminary Purchase Price Allocation (in thousands) | Assets Acquired | Acquisition Date Fair Value | | :-------------------------- | :-------------------------- | | Cash and cash equivalents | $9,350 | | Accounts receivable | $44,593 | | Inventory | $17,155 | | Intangible assets | $635,000 | | Deferred tax assets | $35,441 | | Total assets | $751,551 | | Liabilities Assumed | | | Accounts payable | $6,656 | | Accrued liabilities | $73,436 | | Accrued rebates, returns and discounts | $91,279 | | Senior secured notes payable | $151,500 | | Deferred royalty obligation | $116,900 | | Deferred revenue | $10,000 | | Total liabilities | $459,525 | | Total identifiable net assets acquired | $292,026 | | Goodwill | $14,078 | | Total consideration transferred | $306,104 | - Acquisition-related expenses for the six months ended June 30, 2025, totaled **$2.224 million**, primarily for integration consulting and employee-related expenses[68](index=68&type=chunk)[69](index=69&type=chunk) [Note 5. Earnings Per Share](index=21&type=section&id=Note%205.%20Earnings%20Per%20Share) Calculates basic and diluted earnings per share, considering the impact of potentially dilutive securities Earnings Per Share (in thousands, except per share) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income | $11,983 | $19,606 | $14,400 | $47,319 | | Earnings per share — basic | $0.38 | $0.60 | $0.45 | $1.46 | | Weighted-average shares — basic | 31,810,612 | 32,433,025 | 31,802,222 | 32,379,807 | | Earnings per share — diluted | $0.34 | $0.52 | $0.44 | $1.24 | | Weighted-average shares — diluted | 39,075,703 | 40,383,694 | 39,283,297 | 40,510,943 | - Diluted EPS decreased from **$0.52 to $0.34** for the three months ended June 30, 2025, and from **$1.24 to $0.44** for the six months ended June 30, 2025, primarily due to lower net income[71](index=71&type=chunk) - Certain dilutive securities, including stock options, restricted stock units, and performance share units, were excluded from diluted EPS calculations if their inclusion would have been antidilutive or if vesting conditions were not met[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) [Note 6. Fair Value of Financial Instruments](index=23&type=section&id=Note%206.%20Fair%20Value%20of%20Financial%20Instruments) Categorizes financial instruments by fair value hierarchy and discloses their fair values - The company categorizes fair value measurements into Level 1 (quoted prices in active markets), Level 2 (observable inputs other than Level 1), and Level 3 (unobservable inputs)[74](index=74&type=chunk) Fair Value of Financial Instruments (in thousands) | Category | June 30, 2025 Total | Level 1 | Level 2 | Level 3 | | :-------------------------- | :------------------ | :------ | :------ | :------ | | **Assets** | | | | | | Cash equivalents | $40,678 | $40,678 | $0 | $0 | | Marketable securities | $104,805 | $0 | $104,805 | $0 | | Total assets measured at fair value | $145,483 | $40,678 | $104,805 | $0 | | **Liabilities** | | | | | | Contingent consideration | $38 | $0 | $0 | $38 | | Total liabilities measured at fair value | $38 | $0 | $0 | $38 | - The contingent consideration liability, related to the Ironshore Acquisition, decreased from **$1.182 million** at December 31, 2024, to **$38 thousand** at June 30, 2025, due to a gain on fair value remeasurement[78](index=78&type=chunk)[80](index=80&type=chunk) - The fair value of the 2029 Convertible Senior Notes was **$260.820 million** (carrying value **$237.688 million**) and the deferred royalty obligation was approximately **$132.305 million** (carrying value **$122.627 million**) as of June 30, 2025, both classified as Level 2 and Level 3 liabilities, respectively[81](index=81&type=chunk)[83](index=83&type=chunk) [Note 7. Marketable Securities](index=27&type=section&id=Note%207.%20Marketable%20Securities) Details the composition and fair value of available-for-sale marketable securities Available-for-Sale Securities (in thousands) | Category | June 30, 2025 Fair Value | December 31, 2024 Fair Value | | :-------------------------- | :----------------------- | :----------------------- | | Corporate debt securities | $96,303 | $82,679 | | Government-sponsored securities | $8,502 | $6,560 | | Commercial paper | $0 | $4,952 | | Total | $104,805 | $94,191 | - Marketable securities increased from **$94.191 million** at December 31, 2024, to **$104.805 million** at June 30, 2025, with corporate debt securities forming the largest component[86](index=86&type=chunk) - The company did not record any allowances for credit losses or other-than-temporary impairment on available-for-sale debt securities during the six months ended June 30, 2025[87](index=87&type=chunk) [Note 8. Inventory](index=27&type=section&id=Note%208.%20Inventory) Provides a breakdown of inventory components and changes over the reporting periods Inventory Composition (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :--------------- | :------------ | :---------------- | | Raw materials | $9,521 | $12,531 | | Work in process | $12,058 | $13,163 | | Finished goods | $20,150 | $17,812 | | Total inventory | $41,729 | $43,506 | - Total inventory decreased from **$43.506 million** at December 31, 2024, to **$41.729 million** at June 30, 2025, primarily due to a reduction in raw materials and work in process[88](index=88&type=chunk) - Long-term inventory of **$3.581 million** as of June 30, 2025, is included in other noncurrent assets[90](index=90&type=chunk)[91](index=91&type=chunk) [Note 9. Goodwill and Intangible Assets](index=29&type=section&id=Note%209.%20Goodwill%20and%20Intangible%20Assets) Details changes in goodwill and intangible assets, including amortization expense - Goodwill decreased from **$162.333 million** at December 31, 2024, to **$147.936 million** at June 30, 2025, due to measurement period adjustments related to the Ironshore Acquisition[65](index=65&type=chunk)[92](index=92&type=chunk) Intangible Assets, Net (in thousands) | Intangible Asset | June 30, 2025 Carrying Amount | December 31, 2024 Carrying Amount | | :----------------- | :------------------------------ | :-------------------------------- | | Jornay PM | $565,844 | $607,758 | | Belbuca | $113,087 | $150,786 | | Nucynta Products | $55,384 | $83,076 | | Symproic | $46,141 | $49,782 | | Total | $780,456 | $891,402 | - Total intangible assets, net, decreased by **$110.946 million** from December 31, 2024, to June 30, 2025, primarily due to amortization expense[93](index=93&type=chunk) Amortization Expense (in thousands) | Period | 2025 | 2024 | | :---------------------------------- | :----- | :----- | | Three Months Ended June 30, | $55,473 | $34,515 | | Six Months Ended June 30, | $110,946 | $69,032 | [Note 10. Accrued Liabilities](index=31&type=section&id=Note%2010.%20Accrued%20Liabilities) Provides a detailed breakdown of accrued liabilities and their changes Accrued Liabilities (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :------------------------------------------------------- | :------------ | :---------------- | | Accrued royalties | $14,014 | $13,120 | | Accrued product taxes and fees | $8,944 | $6,660 | | Accrued interest | $7,123 | $6,146 | | Accrued payroll and related benefits | $6,121 | $4,589 | | Accrued incentive compensation | $4,299 | $4,054 | | Accrued sales and marketing | $4,283 | $4,398 | | Accrued bonuses | $3,283 | $8,399 | | Accrued inventory | $2,729 | $6,073 | | Liability for cash-settled share-based awards from Ironshore Acquisition | $2,435 | $3,044 | | Accrued audit and legal | $1,576 | $1,848 | | Accrued income taxes | $328 | $8,525 | | Accrued severance expense related to Ironshore Acquisition | $0 | $510 | | Accrued other operating costs | $4,301 | $4,758 | | Total accrued liabilities | $59,436 | $72,124 | - Total accrued liabilities decreased by **$12.688 million** from December 31, 2024, to June 30, 2025, primarily due to decreases in accrued bonuses, inventory, and income taxes[94](index=94&type=chunk) [Note 11. Term Notes Payable](index=31&type=section&id=Note%2011.%20Term%20Notes%20Payable) Describes the 2024 Term Loan, its terms, and associated interest expense - The company entered into a **$645.833 million** 2024 Term Loan on July 28, 2024, refinancing the 2022 Term Loan and funding a portion of the Ironshore Acquisition[97](index=97&type=chunk) - The 2024 Term Loan matures on July 28, 2029 (or November 18, 2028, if 2029 Convertible Notes exceed **$50 million**), bears an annual interest rate of term SOFR + 0.13% (subject to a 4.00% floor) + 4.50%, and requires quarterly principal payments of **$16.146 million**[99](index=99&type=chunk) Term Loan Interest Expense (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Contractual interest expense | $13,847 | $12,104 | $27,922 | $25,755 | | Amortization of debt discounts and issuance costs | $1,096 | $1,318 | $2,207 | $2,798 | | Total interest expense | $14,943 | $13,422 | $30,129 | $28,553 | - The effective interest rate on the 2024 Term Loan was **9.90%** as of June 30, 2025[102](index=102&type=chunk) [Note 12. Convertible Senior Notes](index=34&type=section&id=Note%2012.%20Convertible%20Senior%20Notes) Details the redemption of 2026 Convertible Notes and the terms of the 2029 Convertible Senior Notes - The remaining 2026 Convertible Notes were fully redeemed on June 18, 2024, with all conversions settled in cash[105](index=105&type=chunk) - The company issued **$241.5 million** in 2.875% 2029 Convertible Senior Notes on February 10, 2023, maturing on February 15, 2029[106](index=106&type=chunk)[107](index=107&type=chunk) - As of June 30, 2025, the 2029 Convertible Notes could not be converted, and the outstanding balance was **$237.688 million** (net of unamortized issuance costs)[109](index=109&type=chunk)[114](index=114&type=chunk) Convertible Notes Interest Expense (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Contractual interest expense | $1,736 | $1,879 | $3,472 | $3,787 | | Amortization of debt issuance costs | $259 | $286 | $515 | $586 | | Total interest expense | $1,995 | $2,165 | $3,987 | $4,373 | [Note 13. Deferred Royalty Obligation](index=37&type=section&id=Note%2013.%20Deferred%20Royalty%20Obligation) Explains the deferred royalty obligation from the Ironshore Acquisition, including royalty rates and carrying amount - The deferred royalty obligation, assumed from the Ironshore Acquisition, relates to royalty payments on net sales of Jornay PM, with a rate of **7.4%** prior to July 1, 2025, and **9.7%** thereafter through March 2032[117](index=117&type=chunk) - The net carrying amount of the deferred royalty obligation was **$122.627 million** as of June 30, 2025, with an effective interest rate of approximately **11.83%**[118](index=118&type=chunk)[119](index=119&type=chunk) - Total interest expense recognized for the deferred royalty obligation was **$7.137 million** for the six months ended June 30, 2025[119](index=119&type=chunk) [Note 14. Equity](index=39&type=section&id=Note%2014.%20Equity) Summarizes changes in shareholders' equity and details share repurchase programs - Total shareholders' equity increased from **$228.842 million** at December 31, 2024, to **$232.206 million** at June 30, 2025[15](index=15&type=chunk) - The 2024-2025 Repurchase Program expired on June 30, 2025, with **$80.025 million** used to repurchase **2,574,983 shares** at a weighted-average price of **$31.08 per share**[126](index=126&type=chunk)[127](index=127&type=chunk) - In July 2025, the Board authorized a new **$150 million** share repurchase program (2025-2026 Repurchase Program) through December 31, 2026[128](index=128&type=chunk) [Note 15. Stock-based Compensation](index=42&type=section&id=Note%2015.%20Stock-based%20Compensation) Reports stock-based compensation expense and unrecognized compensation related to unvested awards - Stock-based compensation expense was **$10.818 million** for the three months and **$22.342 million** for the six months ended June 30, 2025, an increase from **$10.012 million** and **$17.487 million** in the prior year periods, respectively[134](index=134&type=chunk) Stock-based Compensation Expense (in thousands) | Period | 2025 | 2024 | | :---------------------------------- | :----- | :----- | | Three Months Ended June 30, | $10,818 | $10,012 | | Six Months Ended June 30, | $22,342 | $17,487 | - As of June 30, 2025, unrecognized compensation expense related to unvested awards was approximately **$76.713 million**, expected to be recognized over a weighted-average period of **2.2 years**[135](index=135&type=chunk) [Note 16. Commitments and Contingencies](index=44&type=section&id=Note%2016.%20Commitments%20and%20Contingencies) Details ongoing legal proceedings, including patent infringement lawsuits and other claims - The company is involved in ongoing legal proceedings, including patent infringement lawsuits related to Xtampza ER (against Purdue) and Nucynta (against Purdue), and challenges to Belbuca patents (against Alvogen and Chemo Research, S.L.)[137](index=137&type=chunk)[148](index=148&type=chunk)[160](index=160&type=chunk)[165](index=165&type=chunk) - The PTAB found asserted claims of the '961 patent (related to Xtampza ER) invalid, a decision affirmed by the Federal Circuit, exhausting Purdue's appeal rights[143](index=143&type=chunk) - New lawsuits include an arbitration request from David Lickrish against Ironshore Pharmaceuticals & Development, Inc. for over **$500 million** in compensatory damages, and a lawsuit from Walgreen Co. alleging over **$14 million** in credits owed for product returns[171](index=171&type=chunk)[172](index=172&type=chunk) - The company continues to cooperate with state attorneys general regarding opioid sales and marketing practices, having settled with the Massachusetts Attorney General in December 2021[151](index=151&type=chunk)[152](index=152&type=chunk) [Note 17. Income Taxes](index=54&type=section&id=Note%2017.%20Income%20Taxes) Reports the provision for income taxes, effective tax rate, and impact of new tax legislation Provision for Income Taxes (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Provision for income taxes | $5,042 | $9,491 | $5,747 | $18,400 | | Effective tax rate | 29.6% | 32.6% | 28.5% | 28.0% | - The provision for income taxes decreased by **$4.5 million** for the three months and **$12.7 million** for the six months ended June 30, 2025, primarily due to lower earnings before taxes[173](index=173&type=chunk)[200](index=200&type=chunk)[214](index=214&type=chunk) - The company maintains a valuation allowance for deferred tax assets not likely to be realized and is evaluating the impact of the recently enacted One Big Beautiful Bill Act (OBBBA) on its 2025 effective tax rate[173](index=173&type=chunk)[174](index=174&type=chunk) [Note 18. Segment Information](index=55&type=section&id=Note%2018.%20Segment%20Information) Identifies the company's single operating segment and details segment expenses - The company operates as a single operating and reportable segment, with the Chief Executive Officer serving as the chief operating decision maker (CODM) who reviews consolidated results and budget-to-actual variances[175](index=175&type=chunk) Segment Expenses (in thousands) | Expense Category | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Commercial expenses | $44,115 | $17,186 | $84,908 | $37,411 | | Corporate expenses | $9,801 | $7,810 | $23,090 | $16,433 | | Medical expenses | $7,832 | $4,807 | $15,865 | $10,021 | | Technical operations expenses | $136 | $469 | $234 | $914 | | Stock-based compensation expense | $10,818 | $10,012 | $22,342 | $17,487 | | Other segment items | $577 | $3,051 | $2,477 | $3,051 | - Commercial expenses significantly increased for both periods in 2025, primarily due to the ongoing commercialization of Jornay PM following the Ironshore Acquisition[177](index=177&type=chunk)[201](index=201&type=chunk)[209](index=209&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=57&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes financial condition, results of operations, and liquidity, comparing performance for the three and six months ended June 30, 2025 and 2024, including non-GAAP measures [Overview](index=57&type=section&id=Overview) Introduces Collegium as a biopharmaceutical company with a focus on pain and ADHD products - Collegium is a biopharmaceutical company focused on differentiated products for moderate to severe pain and ADHD, including Jornay PM, Belbuca, Xtampza ER, Nucynta Products, and Symproic[181](index=181&type=chunk) - Jornay PM, an evening-dosed stimulant for ADHD, was acquired in September 2024, expanding the company's presence in neuropsychiatry[182](index=182&type=chunk) - Nucynta IR received New Patient Population exclusivity in pediatrics in August 2023, extending its U.S. exclusivity to July 3, 2026, with further pediatric exclusivity granted in June 2024 for the Nucynta Products[185](index=185&type=chunk) [Critical Accounting Policies and Significant Judgments and Estimates](index=59&type=section&id=Critical%20Accounting%20Policies%20and%20Significant%20Judgments%20and%20Estimates) Highlights key accounting policies requiring significant management judgment and estimation - The company's critical accounting policies involve significant judgments and estimates, particularly in revenue recognition, fair value of acquired assets, inventory valuation, and intangible asset useful lives[188](index=188&type=chunk) [Results of Operations](index=59&type=section&id=Results%20of%20Operations) Analyzes the company's financial performance, comparing revenues, costs, and expenses across periods [Comparison of the three months ended June 30, 2025 and June 30, 2024](index=59&type=section&id=Comparison%20of%20the%20three%20months%20ended%20June%2030,%202025%20and%20June%2030,%202024) Compares key financial metrics and performance drivers for the three-month periods ended June 30, 2025 and 2024 Key Financial Highlights (Three Months Ended June 30, in thousands) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :---------------------------------- | :----- | :----- | :--------- | :--------- | | Product revenues, net | $188,000 | $145,276 | $42,724 | 29.4% | | Total cost of product revenues | $79,616 | $54,470 | $25,146 | 46.2% | | Gross profit | $108,384 | $90,806 | $17,578 | 19.4% | | Selling, general and administrative | $73,637 | $43,335 | $30,302 | 69.9% | | Income from operations | $35,105 | $47,471 | $(12,366) | -26.1% | | Interest expense | $(20,463) | $(15,587) | $(4,876) | 31.3% | | Net income | $11,983 | $19,606 | $(7,623) | -38.9% | - Product revenues, net, increased by **$42.7 million**, primarily driven by **$32.6 million** from Jornay PM (acquired in September 2024) and **$8.0 million** from Xtampza ER due to lower gross-to-net adjustments[190](index=190&type=chunk)[191](index=191&type=chunk) - Total cost of product revenues increased by **$25.1 million**, with intangible asset amortization rising by **$21.0 million** due to the Ironshore Acquisition[194](index=194&type=chunk)[195](index=195&type=chunk) - Selling, general and administrative expenses increased by **$30.3 million**, mainly due to higher sales and marketing expenses (**$14.6 million**) and salaries, wages, and benefits (**$12.7 million**) related to the Ironshore Acquisition[196](index=196&type=chunk)[201](index=201&type=chunk) [Comparison of the six months ended June 30, 2025 and June 30, 2024](index=63&type=section&id=Comparison%20of%20the%20six%20months%20ended%20June%2030,%202025%20and%20June%2030,%202024) Compares key financial metrics and performance drivers for the six-month periods ended June 30, 2025 and 2024 Key Financial Highlights (Six Months Ended June 30, in thousands) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :---------------------------------- | :----- | :----- | :--------- | :--------- | | Product revenues, net | $365,757 | $290,199 | $75,558 | 26.0% | | Total cost of product revenues | $160,049 | $107,937 | $52,112 | 48.3% | | Gross profit | $205,708 | $182,262 | $23,446 | 12.9% | | Selling, general and administrative | $150,060 | $85,317 | $64,743 | 75.9% | | Income from operations | $56,792 | $96,945 | $(40,153) | -41.4% | | Interest expense | $(41,253) | $(32,926) | $(8,327) | 25.3% | | Net income | $14,400 | $47,319 | $(32,919) | -69.6% | - Product revenues, net, increased by **$75.6 million**, primarily due to **$61.2 million** from Jornay PM and **$9.9 million** from Xtampza ER[203](index=203&type=chunk)[204](index=204&type=chunk) - Selling, general and administrative expenses increased by **$64.8 million**, driven by **$29.1 million** in salaries, wages, and benefits (including Ironshore headcount and executive transitions) and **$26.5 million** in sales and marketing for Jornay PM[209](index=209&type=chunk) - Interest expense increased by **$8.4 million**, mainly due to **$7.1 million** from the deferred royalty obligation assumed in the Ironshore Acquisition[211](index=211&type=chunk) [Liquidity and Capital Resources](index=65&type=section&id=Liquidity%20and%20Capital%20Resources) Discusses the company's sources of liquidity, cash position, debt obligations, and future capital requirements - The company's primary liquidity sources are product sales (Jornay PM, Belbuca, Xtampza ER, Nucynta Products), private/public offerings, and term loan debt[215](index=215&type=chunk) - As of June 30, 2025, the company had **$222.2 million** in cash, cash equivalents, and marketable securities, which are expected to fund operations, debt service, and capital expenditures for the foreseeable future[218](index=218&type=chunk) - The 2024 Term Loan has an outstanding principal balance of **$613.5 million**, and the 2029 Convertible Notes have an outstanding principal balance of **$241.5 million**, both due in 2029[216](index=216&type=chunk)[217](index=217&type=chunk) - Future capital requirements include operating expenses, debt repayment, royalties, lease obligations, minimum purchase obligations, income taxes, deferred royalty obligation, and contingent payments related to Jornay PM[225](index=225&type=chunk) [Additional Information](index=69&type=section&id=Additional%20Information) Presents non-GAAP financial measures like Adjusted EBITDA and Adjusted Earnings Per Share to supplement GAAP results - The company uses non-GAAP financial measures like Adjusted EBITDA, Adjusted Operating Expenses, Adjusted Net Income, and Adjusted Earnings Per Share to provide insights into operational activities and performance[226](index=226&type=chunk)[236](index=236&type=chunk)[239](index=239&type=chunk) Adjusted EBITDA (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | GAAP net income | $11,983 | $19,606 | $14,400 | $47,319 | | Total adjustments | $93,079 | $76,395 | $185,814 | $141,065 | | Adjusted EBITDA | $105,062 | $96,001 | $200,214 | $188,384 | - Adjusted EBITDA increased by **$9.1 million** for the three months and **$11.8 million** for the six months ended June 30, 2025, driven by higher product revenues partially offset by increased adjusted operating expenses[233](index=233&type=chunk)[234](index=234&type=chunk) Adjusted Earnings Per Share | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Non-GAAP adjusted net income | $64,289 | $63,964 | $121,710 | $122,796 | | Adjusted earnings per share | $1.68 | $1.62 | $3.16 | $3.09 | [Contractual Obligations](index=74&type=section&id=Contractual%20Obligations) Confirms no material changes to the company's contractual obligations since the last annual report - There have been no material changes to the company's contractual obligations and commitments since the most recently filed Annual Report[241](index=241&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=76&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Assesses market risk exposure, focusing on interest rate sensitivity for the investment portfolio and the variable-rate 2024 Term Loan - The company's investment portfolio, totaling **$145.5 million** as of June 30, 2025 (including cash equivalents and marketable securities), is managed to minimize credit risk and ensure liquidity, with immaterial exposure to interest rate risk[246](index=246&type=chunk) - The 2024 Term Loan, with an outstanding principal of **$597.4 million** as of June 30, 2025, bears a variable interest rate (adjusted term SOFR + 4.50%), making it sensitive to interest rate changes; a hypothetical **1%** change would impact interest expense by approximately **$6.0 million**[247](index=247&type=chunk) [Item 4. Controls and Procedures](index=76&type=section&id=Item%204.%20Controls%20and%20Procedures) Confirms the effectiveness of disclosure controls and procedures and reports no material changes in internal control over financial reporting - Management, with CEO and CFO participation, concluded that disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2025[248](index=248&type=chunk) - No material changes in internal control over financial reporting occurred during the fiscal quarter ended June 30, 2025[249](index=249&type=chunk) PART II—OTHER INFORMATION [Item 1. Legal Proceedings](index=78&type=section&id=Item%201.%20Legal%20Proceedings) Refers to Note 16 for legal proceedings details, confirming no other material changes from the annual report - Legal proceedings are detailed in Note 16, Commitments and Contingencies, with no other material changes from the prior annual report[252](index=252&type=chunk) [Item 1A. Risk Factors](index=78&type=section&id=Item%201A.%20Risk%20Factors) Outlines various risks impacting business, financial condition, and stock price, including commercialization, indebtedness, regulatory, intellectual property, and macroeconomic factors [Risk Factors Summary](index=78&type=section&id=Risk%20Factors%20Summary) Summarizes key risks such as product commercialization, indebtedness, regulatory changes, and intellectual property litigation - Key risks include dependence on successful product commercialization, substantial outstanding indebtedness, adverse financial services industry developments, regulatory changes affecting product labeling and marketing, unfavorable intellectual property litigation outcomes, and challenges in maintaining intellectual property rights[253](index=253&type=chunk)[254](index=254&type=chunk) - Additional risks involve the impact of opioid/stimulant abuse concerns, reliance on sole/limited third-party manufacturers and distributors, post-marketing requirements, integration challenges from acquisitions, macroeconomic conditions, cybersecurity threats, and intense competition[256](index=256&type=chunk) [Risks Related to Our Financial Position and Capital Needs](index=80&type=section&id=Risks%20Related%20to%20Our%20Financial%20Position%20and%20Capital%20Needs) Addresses risks concerning profitability, substantial indebtedness, access to funding, and debt covenant limitations - The company's profitability depends on successful commercialization of its products, requiring viable pricing, efficient manufacturing, effective sales/marketing, adequate reimbursement, and compliance with regulations[255](index=255&type=chunk)[257](index=257&type=chunk) - Substantial outstanding indebtedness (**$597.4 million** 2024 Term Loan and **$241.5 million** 2029 Convertible Notes) could limit cash flow, restrict additional financing, and increase vulnerability to economic downturns[261](index=261&type=chunk)[262](index=262&type=chunk) - Adverse developments in the financial services industry could impair access to funding, while covenants in debt agreements limit the company's operational flexibility[264](index=264&type=chunk)[267](index=267&type=chunk) [Risks Related to our Products](index=84&type=section&id=Risks%20Related%20to%20our%20Products) Covers risks related to product commercialization, regulatory changes, controlled substances, pricing, and market demand - Continued successful commercialization of products like Jornay PM, Belbuca, and Xtampza ER depends on factors such as manufacturing capacity, sales strategies, physician and patient education, and intellectual property defense[268](index=268&type=chunk)[269](index=269&type=chunk) - FDA may require changes to product labeling, including abuse-deterrent claims for Xtampza ER, which could adversely affect marketability; for example, the FDA announced safety labeling changes for all opioid pain medications in July 2025[271](index=271&type=chunk) - Opioid products are subject to mandatory REMS programs, and any modifications could increase costs or reduce prescription willingness[272](index=272&type=chunk)[275](index=275&type=chunk) - Failure to comply with governmental regulations for marketing, especially regarding abuse-deterrent labeling, could lead to enforcement actions, fines, and harm commercial success[276](index=276&type=chunk)[278](index=278&type=chunk) - Some products contain controlled substances (Schedule II and III), subjecting the company to stringent DEA and state regulations on manufacture, use, and distribution, which could limit commercialization[296](index=296&type=chunk)[299](index=299&type=chunk) - Current and future legislation, such as opioid taxes, drug pricing transparency laws, and the overturning of regulatory deference, may increase commercialization costs and reduce product prices[301](index=301&type=chunk)[302](index=302&type=chunk)[305](index=305&type=chunk) - Unfavorable pricing regulations or third-party coverage and reimbursement policies, including increased pressure for discounts and rebates, could materially adversely affect the business[308](index=308&type=chunk)[311](index=311&type=chunk)[313](index=313&type=chunk) - Social issues and law enforcement efforts against opioid and stimulant abuse could decrease market demand for products and negatively impact investor perceptions[320](index=320&type=chunk)[322](index=322&type=chunk) - Approval of generic abuse-deterrent products or authorized generics could lead to significant sales declines, and ongoing ANDA-related litigation is costly and distracting[323](index=323&type=chunk)[325](index=325&type=chunk)[326](index=326&type=chunk) [Risks Related to Intellectual Property](index=88&type=section&id=Risks%20Related%20to%20Intellectual%20Property) Examines risks associated with intellectual property litigation, maintenance, enforcement, and trade secret protection - Unfavorable outcomes in intellectual property litigation could be costly, limit commercialization, and result in monetary damages or injunctions[280](index=280&type=chunk)[281](index=281&type=chunk) - Failure to obtain or maintain intellectual property rights for technologies and products could lead to loss of valuable assets or inability to compete effectively[284](index=284&type=chunk)[285](index=285&type=chunk) - Litigation to enforce or defend intellectual property rights is expensive, time-consuming, and risks invalidation or narrowing of patents[286](index=286&type=chunk)[287](index=287&type=chunk) - Inability to protect trade secrets could harm the business and competitive position[288](index=288&type=chunk) - Non-compliance with procedural, document submission, and fee payment requirements by governmental patent agencies could reduce or eliminate patent protection[290](index=290&type=chunk) [Risks Related to the Commercialization of Our Products](index=92&type=section&id=Risks%20Related%20to%20the%20Commercialization%20of%20Our%20Products) Addresses challenges in sales and marketing capabilities, strategic alliances, and market acceptance of products - Inability to successfully utilize or grow internal sales and marketing capabilities, especially for newly acquired products like Jornay PM, or to maintain strategic alliances, could hinder product revenue generation[291](index=291&type=chunk) - Lack of acceptance and use of products by the medical community, patients, and healthcare payors, influenced by factors like safety, efficacy, pricing, and competitive products, could prevent sufficient revenue generation[292](index=292&type=chunk)[293](index=293&type=chunk)[295](index=295&type=chunk) [Risks Related to Our Dependence on Third Parties](index=102&type=section&id=Risks%20Related%20to%20Our%20Dependence%20on%20Third%20Parties) Highlights risks from reliance on third-party manufacturers, suppliers, and distributors, and consortia for post-marketing requirements - Reliance on third-party manufacturers, particularly a single manufacturer for Xtampza ER and Nucynta ER, exposes the company to risks of production difficulties, quality issues, supply shortages, and regulatory non-compliance[329](index=329&type=chunk)[331](index=331&type=chunk)[334](index=334&type=chunk) - Dependence on sole or limited suppliers for active pharmaceutical ingredients (APIs) creates vulnerability to production problems, supply chain disruptions, and DEA quota limitations, potentially impacting commercial supply[333](index=333&type=chunk)[336](index=336&type=chunk)[338](index=338&type=chunk) - Significant reliance on a few wholesale pharmaceutical distributors for retail distribution poses risks if any accounts are lost or their networks are disrupted, potentially affecting financial condition and results of operations[342](index=342&type=chunk)[343](index=343&type=chunk) - Fulfilling post-marketing requirements (PMRs) for opioid products often relies on participation in consortia like the Opioid PMR Consortium (OPC), where the company has limited control, risking non-satisfaction of PMRs and potential FDA restrictions[344](index=344&type=chunk)[346](index=346&type=chunk) [Risks Related to Our Business and Strategy](index=108&type=section&id=Risks%20Related%20to%20Our%20Business%20and%20Strategy) Covers risks from acquisitions, macroeconomic conditions, cybersecurity, litigation, competition, product liability, and regulatory compliance - Failure to realize anticipated benefits from future acquisitions or successfully integrate acquired businesses could adversely affect operating results, diverting management attention and financial resources[347](index=347&type=chunk)[348](index=348&type=chunk) - Macroeconomic conditions (recession, inflation) and geopolitical turmoil (conflicts, political instability) could reduce demand for products and negatively impact sales, operations, and liquidity[349](index=349&type=chunk) - Security breaches and disruptions to information technology systems, or those of vendors, could compromise data, expose the company to liability, and harm financial condition and reputation[352](index=352&type=chunk)[353](index=353&type=chunk) - Ongoing litigation and regulatory actions regarding opioid medications could lead to injunctive relief or substantial monetary penalties, negatively affecting reputation, business, and cash flows[354](index=354&type=chunk)[356](index=356&type=chunk) - The pharmaceutical industry is highly competitive, with major companies possessing greater resources, potentially leading to competitors developing safer, more effective, or less costly products[357](index=357&type=chunk)[358](index=358&type=chunk) - Commercial sales expose the company to expensive product liability claims, and maintaining adequate insurance coverage may be challenging[359](index=359&type=chunk) - Relationships with customers and payors are subject to anti-kickback, fraud and abuse, and other healthcare laws, risking criminal sanctions, civil penalties, and exclusion from government programs[360](index=360&type=chunk)[361](index=361&type=chunk) - Natural disasters, health epidemics, or inadequate funding/disruptions at government agencies (FDA, DEA, SEC) could severely disrupt operations, delay product approvals, and negatively impact the business[362](index=362&type=chunk)[364](index=364&type=chunk)[367](index=367&type=chunk) [Risks Related to Our Common Stock](index=114&type=section&id=Risks%20Related%20to%20Our%20Common%20Stock) Discusses factors affecting common stock price volatility, anti-takeover provisions, internal control, and share repurchase programs - The market price of the common stock is highly volatile and subject to wide fluctuations due to various factors, including industry trends and the realization of other risks[370](index=370&type=chunk)[371](index=371&type=chunk) - Anti-takeover provisions in corporate documents and Virginia law could delay or prevent an acquisition, even if beneficial to shareholders[372](index=372&type=chunk) - Failure to maintain effective internal control over financial reporting could adversely affect investor confidence and the stock value, potentially leading to sanctions[373](index=373&type=chunk) - Sales of common stock by the company or existing shareholders, or the perception of such sales, could cause a decline in market price and dilute ownership interests[374](index=374&type=chunk) - There is no assurance that the company will repurchase additional shares of common stock at favorable prices under its new **$150 million** 2025-2026 Repurchase Program[378](index=378&type=chunk)[379](index=379&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=118&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Reports no unregistered equity sales and details common stock repurchases under the 2024-2025 Repurchase Program - No unregistered sales of equity securities occurred during the reporting period[380](index=380&type=chunk) Common Stock Repurchases (Three Months Ended June 30, 2025) | Period | Total shares purchased | Average price paid per share | | :-------------------------------- | :--------------------- | :--------------------------- | | April 1, 2025 through April 30, 2025 | 3,756 | $24.67 | | May 1, 2025 through May 31, 2025 | 699,427 | $28.90 | | June 1, 2025 through June 30, 2025 | 4,047 | $30.37 | | Total | 707,230 | $28.89 | - The 2024-2025 Repurchase Program expired on June 30, 2025, with approximately **$65.0 million** available for repurchase at expiration[381](index=381&type=chunk) [Item 3. Defaults Upon Senior Securities](index=119&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Confirms no defaults occurred upon senior securities during the reporting period - There were no defaults upon senior securities[383](index=383&type=chunk) [Item 4. Mine Safety Disclosures](index=119&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) States that mine safety disclosures are not applicable to the company's operations - Mine safety disclosures are not applicable to the company[384](index=384&type=chunk) [Item 5. Other Information](index=120&type=section&id=Item%205.%20Other%20Information) Provides details on Rule 10b5-1 trading plans adopted, amended, or terminated by directors and officers Rule 10b5-1 Trading Arrangements (Three Months Ended June 30, 2025) | Name | Title | Action Date | Rule 10b5-1 | Non-Rule 10b5-1 | Scheduled Expiration Date of Trading Plan | Maximum Shares Subject to Trading Plan | | :------------- | :------------------------------------ | :---------- | :---------- | :-------------- | :---------------------------------------- | :------------------------------------- | | Colleen Tupper | Executive Vice President and Chief Finance Officer | May 30, 2025 | X | | April 30, 2026 | 30,679 | [Item 6. Exhibits](index=120&type=section&id=Item%206.%20Exhibits) Lists all exhibits filed with the Form 10-Q, including equity incentive plans, award agreements, and certifications - Exhibits include the 2025 Equity Incentive Plan, forms of Restricted Stock Unit, Incentive Stock Option, Performance-Based Restricted Stock Unit, and Non-Qualified Stock Option Award Agreements[387](index=387&type=chunk) - Certifications from the Chief Executive Officer and Chief Financial Officer, pursuant to Sarbanes-Oxley Act Sections 302 and 906, are also filed[387](index=387&type=chunk) [Signatures](index=122&type=section&id=Signatures) Contains authorized signatures of the CEO and CFO, certifying the report filing for Collegium Pharmaceutical, Inc - The report is signed by Vikram Karnani, Chief Executive Officer, and Colleen Tupper, Chief Financial Officer, on August 7, 2025[393](index=393&type=chunk)

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) This section provides an overview of Collegium's strong Q2 2025 financial and operational performance, including record revenues, raised full-year guidance, and strategic capital deployment initiatives [Q2 2025 Financial & Operational Highlights](index=1&type=section&id=Q2%202025%20Financial%20%26%20Operational%20Highlights) Collegium reported record quarterly net revenue, driven by strong performance in Jornay PM® and the pain portfolio. The company raised its full-year 2025 financial outlook and authorized a new share repurchase program, demonstrating robust financial health and commitment to shareholder value Key Financial & Operational Metrics (Q2 2025) | Metric | Value (Millions USD) | Change YoY | | :------------------------------------ | :------------ | :--------- | | Record Quarterly Net Revenue | $188.0 | +29% | | Record Quarterly Jornay PM® Net Revenue | $32.6 | - | | Jornay PM® Prescriptions Growth | - | +23% | | Pain Portfolio Net Revenue | $155.4 | +7% | | Full-Year 2025 Net Revenue Guidance | $745 - $760 | Raised | | Full-Year 2025 Adjusted EBITDA Guidance | $440 - $455 | Raised | | Cash, Cash Equivalents & Marketable Securities (Q2'25) | $222.2 | - | | Share Repurchase Program Authorized | $150 | New | [CEO & CFO Commentary](index=1&type=section&id=CEO%20%26%20CFO%20Commentary) The CEO highlighted strong momentum from strategic priorities, including Jornay PM® growth, pain portfolio maximization, and capital deployment. The CFO emphasized record revenue, robust adjusted EBITDA, significant cash flow, and increased 2025 financial guidance, alongside ongoing business development and shareholder value initiatives - CEO: "We continued to generate strong momentum in the second quarter, driven by sustained execution across our three strategic priorities, including record revenue from Jornay PM, maximizing our pain portfolio, and strategically deploying capital to enhance shareholder value" [2](index=2&type=chunk) - CFO: Expects full-year revenue to grow by **19%** and adjusted EBITDA to grow by **12%** compared to 2024 [2](index=2&type=chunk) - CFO: Noted the completion of a **$25 million** accelerated share repurchase program and the announcement of a new **$150 million** share repurchase program authorized through the end of 2026 [2](index=2&type=chunk) [Business Segment Performance](index=1&type=section&id=Business%20Segment%20Performance) This section details the Q2 2025 performance of Collegium's ADHD business (Jornay PM) and its pain portfolio, highlighting revenue growth and key product contributions [ADHD Business (Jornay PM)](index=1&type=section&id=ADHD%20Business%20(Jornay%20PM)) Jornay PM® achieved record net revenue and prescription growth in Q2 2025, with an all-time high in prescribers. The full-year 2025 net revenue guidance for Jornay PM® was subsequently raised - Jornay PM® prescriptions grew **23%** year-over-year in Q2 2025 [5](index=5&type=chunk) - Generated **$32.6 million** in Jornay PM® net revenue in Q2 2025 [5](index=5&type=chunk) - Full-year 2025 Jornay PM® net revenue is expected to be in the range of **$140 million to $145 million**, an increase from the previous guidance of at least **$135 million** [5](index=5&type=chunk) - Jornay PM® prescribers reached an all-time high of over **26,000** healthcare providers in Q2 2025, up **23%** year-over-year [5](index=5&type=chunk) [Pain Portfolio](index=1&type=section&id=Pain%20Portfolio) The pain portfolio generated record net revenues in Q2 2025, with all three core products—Belbuca®, Xtampza® ER, and Nucynta® Franchise—contributing to year-over-year revenue growth - Net revenues from the pain portfolio grew to a record **$155.4 million** in Q2 2025, up **7%** year-over-year [4](index=4&type=chunk) Pain Portfolio Net Revenue (Millions USD) | Product | Q2 2025 Net Revenue (Millions USD) | YoY Change | | :------------------ | :------------------ | :--------- | | Belbuca® | $52.6 | +1% | | Xtampza® ER | $52.6 | +18% | | Nucynta® Franchise | $46.4 | +4% | [Corporate Updates & Outlook](index=3&type=section&id=Corporate%20Updates%20%26%20Outlook) This section covers recent corporate developments, including share repurchase programs and board appointments, along with the company's updated full-year 2025 financial guidance and upcoming investor events [Corporate Developments](index=3&type=section&id=Corporate%20Developments) Collegium's Board of Directors authorized a new $150 million share repurchase program and completed a $25 million accelerated share repurchase program. The company also announced new appointments to its Board of Directors - In July, the Board of Directors authorized a new share repurchase program to repurchase up to **$150 million** of common stock through December 31, 2026 [8](index=8&type=chunk) - In July, completed an accelerated share repurchase program, returning **$25 million** of value to shareholders through the repurchase of **0.8 million** shares at an average price of **$30.41** [8](index=8&type=chunk) - In May, Gino Santini was appointed as Chairman of the Board of Directors, and Dr. Carlos Paya was added as a director [8](index=8&type=chunk) [Investor Events](index=3&type=section&id=Investor%20Events) Collegium Pharmaceutical is scheduled to participate in several investor conferences in August and September 2025, including the Piper Sandler CNS Symposium, Wells Fargo Healthcare Conference, Morgan Stanley Global Healthcare Conference, and H.C. Wainwright Global Investment Conference - Upcoming investor conferences include: Piper Sandler CNS Symposium (August 14, 2025), 2025 Wells Fargo Healthcare Conference (September 4, 2025), Morgan Stanley 23rd Annual Global Healthcare Conference (September 8, 2025), and H.C. Wainwright 26th Annual Global Investment Conference (September 9, 2025) [8](index=8&type=chunk) [Full-Year 2025 Financial Guidance](index=3&type=section&id=Full-Year%202025%20Financial%20Guidance) The company updated its full-year 2025 financial guidance, raising projections for Product Revenues, Net, Adjusted Operating Expenses, and Adjusted EBITDA Updated Full-Year 2025 Guidance | Metric | Prior Guidance (Millions USD) | Updated Guidance (Millions USD) | | :-------------------------- | :---------------- | :---------------- | | Product Revenues, Net | $735 - $750 | $745 - $760 | | Adjusted Operating Expenses | $220 - $230 | $225 - $235 | | Adjusted EBITDA | $435 - $450 | $440 - $455 | [Detailed Financial Results (Q2 2025)](index=3&type=section&id=Detailed%20Financial%20Results%20(Q2%202025)) This section presents Collegium's Q2 2025 GAAP and non-GAAP financial performance, detailing product revenues, expenses, net income, and cash flow [GAAP Financial Performance](index=3&type=section&id=GAAP%20Financial%20Performance) In Q2 2025, Collegium reported a significant year-over-year increase in product revenues and GAAP operating expenses, while GAAP net income and earnings per share decreased compared to Q2 2024 Q2 2025 GAAP Financial Highlights | Metric | Q2 2025 (Millions USD) | Q2 2024 (Millions USD) | YoY Change | | :-------------------------- | :---------- | :---------- | :--------- | | Product revenues, net | $188.0 | $145.3 | +29% | | GAAP operating expenses | $73.3 | $43.3 | +69% | | GAAP net income | $12.0 | $19.6 | -39% | | GAAP earnings per share (basic) | $0.38 | $0.60 | -36.7% | | GAAP earnings per share (diluted) | $0.34 | $0.52 | -34.6% | [Non-GAAP Financial Performance](index=3&type=section&id=Non-GAAP%20Financial%20Performance) Q2 2025 saw a substantial increase in adjusted operating expenses, while non-GAAP adjusted net income and adjusted EPS showed modest growth. Adjusted EBITDA also increased, and the company generated significant cash from operations Q2 2025 Non-GAAP Financial Highlights | Metric | Q2 2025 (Millions USD) | Q2 2024 (Millions USD) | YoY Change | | :-------------------------- | :---------- | :---------- | :--------- | | Adjusted operating expenses | $61.9 | $30.3 | +104% | | Non-GAAP adjusted net income | $64.3 | $64.0 | +0.5% | | Adjusted earnings per share | $1.68 | $1.62 | +3.7% | | Adjusted EBITDA | $105.1 | $96.0 | +9% | | Cash from operations | $72.4 | - | - | [Company Information](index=4&type=section&id=Company%20Information) This section provides an overview of Collegium Pharmaceutical, Inc., its strategic focus, and details for accessing the Q2 2025 earnings conference call and investor contacts [About Collegium Pharmaceutical, Inc.](index=4&type=section&id=About%20Collegium%20Pharmaceutical%2C%20Inc.) Collegium is a diversified biopharmaceutical company dedicated to improving the lives of patients with serious medical conditions. It manages a portfolio of pain management medications and a growing neuropsychiatry business, with Jornay PM® as a key growth driver. The company's strategy focuses on commercial portfolio expansion and disciplined capital deployment - Collegium is building a leading, diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions [12](index=12&type=chunk) - The company has a leading portfolio of responsible pain management medications and a rapidly growing neuropsychiatry business driven by Jornay PM®, a differentiated treatment for ADHD [12](index=12&type=chunk) - Collegium's strategy includes growing its commercial portfolio, with Jornay PM® as the lead growth driver, and deploying capital in a disciplined manner [12](index=12&type=chunk) [Conference Call & Contacts](index=4&type=section&id=Conference%20Call%20%26%20Contacts) This section provides details for accessing the Q2 2025 earnings conference call and webcast, along with contact information for investor relations and corporate communications - The company hosted a conference call and live audio webcast on Thursday, August 7, 2025, at 8:00 a.m. ET [11](index=11&type=chunk) - The audio webcast is accessible from the Investors section of www.collegiumpharma.com [11](index=11&type=chunk) - Investor contacts are Ian Karp (Head of Investor Relations) and Danielle Jesse (Director, Investor Relations). Media contact is Cheryl Wheeler (Head of Corporate Communications) [24](index=24&type=chunk) [Non-GAAP Financial Measures Explanation](index=4&type=section&id=Non-GAAP%20Financial%20Measures%20Explanation) This section defines Collegium's non-GAAP financial measures, explains their rationale and limitations, and outlines specific adjustments made for reporting purposes [Definition and Rationale](index=4&type=section&id=Definition%20and%20Rationale) Collegium uses non-GAAP financial measures to complement GAAP results, believing they offer valuable insights into operational activities, cash generation, budgeting, and forecasting. These measures, particularly adjusted EBITDA, are also utilized for performance evaluation in employee compensation - Non-GAAP financial measures provide insights into how the company evaluates normal operational activities, including its ability to generate cash from operations, on a comparable year-over-year basis and manage budgeting and forecasting [13](index=13&type=chunk) - Adjusted EBITDA is used to measure performance when determining components of annual compensation for substantially all non-sales force employees, including senior management [13](index=13&type=chunk) - Adjusted EBITDA is defined as GAAP net income or loss adjusted to exclude interest expense, interest income, income taxes, depreciation, amortization, stock-based compensation, and other adjustments for non-ongoing operations [15](index=15&type=chunk) [Limitations of Non-GAAP Measures](index=4&type=section&id=Limitations%20of%20Non-GAAP%20Measures) The company acknowledges several limitations of using adjusted EBITDA and other non-GAAP measures, such as the exclusion of non-cash expenses that represent future cash requirements, working capital changes, taxes, and various episodic or non-recurring expenses. Reconciliation of forward-looking GAAP measures is not provided due to the unpredictable nature of certain items - Adjusted EBITDA excludes depreciation and amortization, which are non-cash expenses but relate to assets that may require future cash replacement [16](index=16&type=chunk) - Adjusted EBITDA does not reflect changes in working capital needs, cash requirements for taxes, or historical/future capital expenditures and contractual commitments [16](index=16&type=chunk) - The company excludes various episodic expenses from adjusted EBITDA, including stock-based compensation (a significant recurring expense), impairment expenses, restructuring expenses, litigation settlements, acquisition-related expenses, recognition of step-up basis in inventory, losses on extinguishments of debt, and executive transition expenses [21](index=21&type=chunk) - A reconciliation of full-year 2025 guidance for adjusted EBITDA or adjusted operating expenses to GAAP measures is not provided due to the unreasonable efforts exception, as the timing and amount of certain items are unpredictable [20](index=20&type=chunk)[22](index=22&type=chunk) [Specific Non-GAAP Measures](index=5&type=section&id=Specific%20Non-GAAP%20Measures) This section defines Adjusted Operating Expenses, Adjusted Net Income, and Adjusted Earnings Per Share, outlining the specific types of adjustments made to their GAAP counterparts - Adjusted operating expenses represent GAAP operating expenses adjusted to exclude stock-based compensation expense and other adjustments for non-ongoing operations [17](index=17&type=chunk) - Adjusted net income is GAAP net income or loss adjusted to exclude significant non-cash or non-ongoing operational income and expense items, considering their tax effect [18](index=18&type=chunk) - Adjusted earnings per share is adjusted net income per share, calculated using adjusted weighted-average shares - diluted [18](index=18&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This section contains cautionary statements regarding forward-looking information, including financial guidance, market opportunities, and operational plans. It notes that actual results may differ materially due to various risks and uncertainties detailed in SEC filings, and the company assumes no obligation to update these statements [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This section contains cautionary statements regarding forward-looking information, including financial guidance, market opportunities, and operational plans. It notes that actual results may differ materially due to various risks and uncertainties detailed in SEC filings, and the company assumes no obligation to update these statements - The press release contains forward-looking statements identified by terms such as "predicts," "forecasts," "believes," "expects," and "plans," related to 2025 financial guidance, market opportunities, and other non-historical facts [23](index=23&type=chunk) - Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from current expectations, including risks related to unknown liabilities, market opportunities, commercialization, regulatory approval, litigation, and supply chain [23](index=23&type=chunk) - These risks are described under "Risk Factors" in the company's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other SEC filings [23](index=23&type=chunk) - The company assumes no obligation to update its forward-looking statements after the date of the press release [23](index=23&type=chunk) [Unaudited Financial Statements](index=7&type=section&id=Unaudited%20Financial%20Statements) This section presents Collegium's unaudited consolidated balance sheets and condensed statements of operations for Q2 2025 and prior periods [Consolidated Balance Sheet](index=7&type=section&id=Consolidated%20Balance%20Sheet) This section presents selected unaudited consolidated balance sheet information for Collegium Pharmaceutical, Inc. as of June 30, 2025, and December 31, 2024, detailing key asset, liability, and equity accounts Unaudited Selected Consolidated Balance Sheet Information (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :---------------------------------- | :------------- | :----------------- | | Cash and cash equivalents | $117,348 | $70,565 | | Marketable securities | $104,805 | $92,198 | | Accounts receivable, net | $213,023 | $228,540 | | Inventory | $38,148 | $35,560 | | Total assets | $1,592,631 | $1,663,591 | | Accounts payable and accrued liabilities | $70,326 | $76,058 | | Term notes payable | $585,231 | $615,316 | | Convertible senior notes | $237,688 | $237,172 | | Shareholders' equity | $232,206 | $228,842 | [Condensed Statements of Operations](index=8&type=section&id=Condensed%20Statements%20of%20Operations) This section provides the unaudited condensed statements of operations for the three and six months ended June 30, 2025, and 2024, outlining product revenues, cost of revenues, operating expenses, and net income Unaudited Condensed Statements of Operations (Three Months Ended June 30, in thousands, except per share amounts) | Metric | 2025 | 2024 | | :---------------------------------- | :------ | :------ | | Product revenues, net | $188,000 | $145,276 | | Total cost of product revenues | $79,616 | $54,470 | | Gross profit | $108,384 | $90,806 | | Total operating expenses | $73,279 | $43,335 | | Income from operations | $35,105 | $47,471 | | Net income | $11,983 | $19,606 | | Earnings per share — basic | $0.38 | $0.60 | | Earnings per share — diluted | $0.34 | $0.52 | Unaudited Condensed Statements of Operations (Six Months Ended June 30, in thousands, except per share amounts) | Metric | 2025 | 2024 | | :---------------------------------- | :------ | :------ | | Product revenues, net | $365,757 | $290,199 | | Total cost of product revenues | $160,049 | $107,937 | | Gross profit | $205,708 | $182,262 | | Total operating expenses | $148,916 | $85,317 | | Income from operations | $56,792 | $96,945 | | Net income | $14,400 | $47,319 | | Earnings per share — basic | $0.45 | $1.46 | | Earnings per share — diluted | $0.44 | $1.24 | [Non-GAAP Reconciliations](index=9&type=section&id=Non-GAAP%20Reconciliations) This section provides detailed reconciliations of GAAP net income to Adjusted EBITDA, GAAP operating expenses to Adjusted Operating Expenses, and GAAP net income to Adjusted Net Income and Adjusted EPS for Q2 2025 and prior periods [GAAP Net Income to Adjusted EBITDA Reconciliation](index=9&type=section&id=GAAP%20Net%20Income%20to%20Adjusted%20EBITDA%20Reconciliation) This section provides a detailed reconciliation of GAAP net income to Adjusted EBITDA for the three and six months ended June 30, 2025, and 2024, itemizing all adjustments made Reconciliation of GAAP Net Income to Adjusted EBITDA (Three Months Ended June 30, in thousands) | Metric | 2025 | 2024 | | :-------------------------- | :------ | :------ | | GAAP net income | $11,983 | $19,606 | | Total adjustments | $93,079 | $76,395 | | Adjusted EBITDA | $105,062 | $96,001 | Reconciliation of GAAP Net Income to Adjusted EBITDA (Six Months Ended June 30, in thousands) | Metric | 2025 | 2024 | | :-------------------------- | :------ | :------ | | GAAP net income | $14,400 | $47,319 | | Total adjustments | $185,814 | $141,065 | | Adjusted EBITDA | $200,214 | $188,384 | [GAAP Operating Expenses to Adjusted Operating Expenses Reconciliation](index=10&type=section&id=GAAP%20Operating%20Expenses%20to%20Adjusted%20Operating%20Expenses%20Reconciliation) This section presents the reconciliation of GAAP operating expenses to Adjusted Operating Expenses for the three and six months ended June 30, 2025, and 2024, detailing the specific adjustments applied Reconciliation of GAAP Operating Expenses to Adjusted Operating Expenses (Three Months Ended June 30, in thousands) | Metric | 2025 | 2024 | | :-------------------------- | :------ | :------ | | GAAP operating expenses | $73,279 | $43,335 | | Total adjustments | $11,395 | $13,063 | | Adjusted operating expenses | $61,884 | $30,272 | Reconciliation of GAAP Operating Expenses to Adjusted Operating Expenses (Six Months Ended June 30, in thousands) | Metric | 2025 | 2024 | | :-------------------------- | :------ | :------ | | GAAP operating expenses | $148,916 | $85,317 | | Total adjustments | $24,819 | $20,538 | | Adjusted operating expenses | $124,097 | $64,779 | [GAAP Net Income to Adjusted Net Income and Adjusted EPS Reconciliation](index=11&type=section&id=GAAP%20Net%20Income%20to%20Adjusted%20Net%20Income%20and%20Adjusted%20EPS%20Reconciliation) This section details the reconciliation from GAAP net income to Adjusted Net Income and Adjusted Earnings Per Share for the three and six months ended June 30, 2025, and 2024, including the income tax effect of adjustments and adjusted weighted-average shares Reconciliation of GAAP Net Income to Adjusted Net Income and Adjusted EPS (Three Months Ended June 30, in thousands, except per share amounts) | Metric | 2025 | 2024 | | :---------------------------------- | :------ | :------ | | GAAP net income | $11,983 | $19,606 | | Total adjustments | $52,306 | $44,358 | | Non-GAAP adjusted net income | $64,289 | $63,964 | | Adjusted weighted-average shares — diluted | 39,075,703 | 40,383,695 | | Adjusted earnings per share | $1.68 | $1.62 | Reconciliation of GAAP Net Income to Adjusted Net Income and Adjusted EPS (Six Months Ended June 30, in thousands, except per share amounts) | Metric | 2025 | 2024 | | :---------------------------------- | :------ | :------ | | GAAP net income | $14,400 | $47,319 | | Total adjustments | $107,310 | $75,477 | | Non-GAAP adjusted net income | $121,710 | $122,796 | | Adjusted weighted-average shares — diluted | 39,283,297 | 40,510,943 | | Adjusted earnings per share | $3.16 | $3.09 |

Group 1 - Collegium Pharmaceutical (COLL) closed at $32.11, with a 7.4% gain over the past four weeks, and a mean price target of $43 indicates a 33.9% upside potential [1] - The average price targets range from a low of $37.00 to a high of $50.00, with a standard deviation of $5.1, suggesting a variability in estimates; the lowest estimate indicates a 15.2% increase, while the highest points to a 55.7% upside [2] - Analysts show strong agreement in revising earnings estimates higher, which correlates with potential stock price movements, as indicated by a 0.5% increase in the Zacks Consensus Estimate for the current year [4][11][12] Group 2 - COLL has a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates, indicating a strong potential upside [13] - The consensus price target, while not entirely reliable, suggests a positive direction for price movement, which can guide further research into fundamental driving forces [14]

Core Viewpoint - Collegium Pharmaceutical, Inc. is set to report its second quarter 2025 financial results on August 7, 2025, before market opening, followed by a live conference call at 8:00 a.m. ET [1]. Company Overview - Collegium Pharmaceutical is focused on becoming a leading, diversified biopharmaceutical company dedicated to improving the lives of individuals with serious medical conditions [3]. - The company has a strong portfolio in responsible pain management medications and has recently acquired Jornay PM, a treatment for ADHD, marking its entry into neuropsychiatry [3]. - Collegium's growth strategy emphasizes expanding its commercial portfolio, with Jornay PM identified as the primary growth driver, while maintaining disciplined capital deployment [3].

Group 1: Stock Buybacks Overview - Stock buybacks are effective for boosting share prices, especially when supported by strong fundamentals [1] - Companies with healthy balance sheets are combining repurchase plans with strategic capital returns to enhance shareholder value [1] Group 2: Collegium Pharmaceuticals - Collegium Pharmaceuticals focuses on pain management and is expected to see growing revenue and improving profitability in 2025 [2] - The company has a share count reduction of 20% year-over-year in Q1 and has authorized a new $150 million share repurchase [3] - Collegium's balance sheet shows increased cash, reduced intangibles, and flat assets, resulting in improved equity and leverage [4] Group 3: Enovix - Enovix initiated a $60 million buyback plan, which is significant as it exceeds the company's 2025 revenue outlook [6] - The company is expected to experience over 300% revenue growth by 2026, supported by improving manufacturing capabilities and market demand [7] - Enovix's balance sheet indicates a solid cash position of $248 million, equal to its total liabilities, allowing for comfortable share repurchases [7][8] Group 4: Thor Industries - Thor Industries has re-authorized a $400 million buyback plan, which represents over 8% of its market cap [11][12] - The company is experiencing growth and widening margins post-pandemic, providing sufficient cash flow to sustain buybacks and dividends [13] Group 5: Darden Restaurants - Darden Restaurants announced a $1 billion share repurchase authorization, representing 3.8% of its shares, alongside a dividend increase [16] - The decision to sell Bahama Breeze is expected to provide a cash injection and allow Darden to focus on its core business [17][18] Group 6: Fifth Third Bancorp - Fifth Third Bancorp reauthorized a buyback plan worth 100 million shares, with no expiration, to reduce share count quarterly [22] - The company has a robust dividend yield of 3.36%, expected to grow at a mid-single-digit pace annually [22] - Analyst sentiment is firming, with a consensus forecast predicting a 10% upside for the stock [23]

Collegium is building a leading, diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions. The Company has a leading portfolio of responsible pain management medications and recently acquired Jornay PM®, a treatment for ADHD, establishing a presence in neuropsychiatry. Collegium's strategy includes growing its commercial portfolio, with Jornay PM as the lead growth driver, and deploying capital in a disciplined manner. Collegium's headquarters a ...

Core Viewpoint - The introduction of a "zero tariff" policy for imported medical devices and drugs in the Boao Lecheng International Medical Tourism Pilot Zone is facilitating the rapid entry of advanced medical technologies and products, benefiting both domestic and international patients [2][3]. Group 1: Policy Implementation - The "zero tariff" policy for imported medical devices and drugs was officially implemented on December 25, 2024, following the issuance of management measures by the Hainan provincial government [3]. - The Lecheng Pilot Zone has successfully integrated multiple departments to streamline the application process for "zero tariff" imports, reducing the administrative burden on medical institutions [4][6]. Group 2: Clinical Applications - The first clinical use of the Nexa smart cochlear implant system occurred at the Tree Lan (Boao) Hospital, with 50 units purchased, valued at approximately 15 million yuan, resulting in over 1 million yuan in tax exemptions [2][4]. - As of July 5, 2024, approximately 50 surgeries have been completed using the Nexa system, showcasing the immediate impact of the new policy on patient care [2]. Group 3: Regulatory Innovations - A comprehensive tracking management platform has been established to facilitate the application for "zero tariff" imports, allowing medical institutions to submit requests without leaving the hospital [3][4]. - The platform has enabled real-time data sharing between customs and medical institutions, enhancing efficiency and reducing redundancy in the application process [4][6]. Group 4: Future Developments - Continuous optimization of the platform and mechanisms is planned to expand the range of eligible medical devices and drugs, aiming to maximize the benefits of the policy for a larger population [7].

Group 1 - Collegium Pharmaceuticals (NASDAQ: COLL) stock is trading at over $30 per share, with a market capitalization just shy of $1 billion [1] - The company provides insights for both novice and experienced biotech investors, including catalysts to watch for and buy/sell ratings [1] - The investing group Haggerston BioHealth offers detailed reports on over 1,000 companies in the biotech, healthcare, and pharma sectors [1] Group 2 - The Q1 2025 quarterly report/10Q submission is referenced, indicating ongoing financial disclosures [1]

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Jefferies Global Healthcare Conference June 2025 | Nasdaq: COLL Healthier people. Stronger communities. Forward-Looking Statements This presentation contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. We may, in some cases, use terms such as "predicts," "forecasts," "believes," "potential," "proposed," "continue," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "should" or other words that convey uncertainty of f ...