COLLEGIUM PHARMACEUTICAL, INC
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
COLL$24.21-3.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001558370-25-006960
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001558370-25-010649
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 65 previous paragraphs and 87 current paragraphs.
37 unchanged; 25 reworded; 19 added; 3 removed; 0 previous and 6 current paragraphs rearranged.
Tables are not compared: 44 previous and 51 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (19)
Current report
Loss on extinguishment of debt
Current report
There was no loss on extinguishment of debt in the 2025 Quarter, compared to $7.2 million in the 2024 Quarter. The $7.2 million decrease was due to the 2024 Quarter including a $7.2 million loss on extinguishment resulting from the remaining $26.4 million of convertible notes due in 2026 (“2026 Convertible Notes”) that were redeemed.
Current report
Comparison of the six months ended June 30, 2025 and June 30, 2024
Current report
Product revenues, net
Current report
Product revenues, net were $365.8 million for the six months ended June 30, 2025 (the “2025 Period”), compared to $290.2 million for the six months ended June 30, 2024 (the “2024 Period”). The $75.6 million increase is primarily due to increased revenue for Jornay PM of $61.2 million, Xtampza ER of $9.9 million, Nucynta Products of $3.9 million, Belbuca of $1.4 million, partially offset by decreased revenue for Symproic of $0.8 million.
Current report
The increase in revenue for Xtampza ER of $9.9 million is primarily due to lower gross-to-net adjustments related to provisions for rebates, including the recognition of $3.2 million related to certain rebate settlements during the period. In addition, revenue increased due to higher gross price partially offset by lower sales volume.
Current report
The increase in revenue for the Nucynta Products of $3.9 million is primarily due to lower gross-to-net adjustments related to provisions for rebates, including the recognition of $3.3 million related to certain rebate settlements during the period, as well as lower returns and higher gross price. These increases were partially offset by lower sales volume and higher gross-to-net adjustments related to provisions for rebates.
Current report
The decrease in revenue for Symproic of $0.8 million is primarily due to lower sales volume and higher gross-to-net adjustments related to provisions for chargebacks, partially offset by higher gross price.
Current report
Cost of product revenues
Current report
Intangible asset amortization was $110.9 million for the 2025 Period, compared to $69.0 million for the 2024 Period. The $41.9 million increase was due to the 2025 Period including amortization from the intangible asset acquired in the Ironshore Acquisition in September 2024.
Current report
Operating Expenses
Current report
Interest expense and Interest income
Current report
Interest expense was $41.3 million for the 2025 Period, compared to $32.9 million for the 2024 Period. The $8.4 million increase was primarily due to higher interest expense of $7.1 million related to the deferred royalty obligation that was assumed as part of the Ironshore Acquisition in September 2024, and partially offset bylower interest expense associated with the 2022 Term Loan as a result of a lower overall principal balance.
Current report
Loss on extinguishment of debt
Current report
There was no loss on extinguishment of debt in the 2025 Period, compared to $7.2 million in the 2024 Period. The $7.2 million decrease was due to the 2024 Period including a $7.2 million loss on extinguishment resulting from the remaining $26.4 million of 2026 Convertible Notes that were redeemed.
Current report
Taxes
Current report
The provision for income taxes was $5.7 million for the 2025 Period, compared to $18.4 million for the 2024 Period. The $12.7 million decrease is primarily due to lower earnings before taxes in the 2025 Period compared to the 2024 Period. The effective tax rate was 28.5% and 28.0% in the 2025 Period and 2024 Period, respectively.
Current report
Funding Requirements and Outlook
Current report
Adjusted operating expenses were $124.1 million in the 2025 Period compared to $64.8 million in the 2024 Period. The $59.3 million increase was primarily driven by:
Removed paragraphs (3)
Previous report
Outlook
Previous report
We believe that our cash and cash equivalents as of March 31, 2025, together with expected cash inflows from the commercialization of our products, will enable us to fund our operating expenses, debt service and capital expenditure requirements under our current business plan for the foreseeable future.
Previous report
Funding Requirements
Reworded paragraphs (25)
Previous wording
We are building 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 moderate to severe pain and attention deficit hyperactivity disorder (“ADHD”), consisting of Jornay PM (“Jornay”), Belbuca, Xtampza ER, Nucynta ER and Nucynta IR (collectively the “Nucynta Products”), and Symproic, in the United States.
Current wording
We are building 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 moderate to severe pain and attention deficit hyperactivity disorder (“ADHD”), consisting of Jornay PM, Belbuca, Xtampza ER, Nucynta ER and Nucynta IR (collectively the “Nucynta Products”), and Symproic, in the United States.
Previous wording
Jornay is a central nervous system (“CNS”) stimulant prescription medicine that contains methylphenidate HCl, which was approved by the U.S. Food and Drug Administration (“FDA”) in August 2018 for the treatment of attention deficit hyperactivity disorder (“ADHD”) in people six years of age and older and currently the only FDA-approved stimulant medication that is dosed in the evening. We began recognizing product revenue related to Jornay in September 2024 following our acquisition of Ironshore Therapeutics Inc. (“Ironshore”) (the “Ironshore Acquisition”).
Current wording
Jornay PM is a central nervous system (“CNS”) stimulant prescription medicine that contains methylphenidate HCl, which was approved by the U.S. Food and Drug Administration (“FDA”) in August 2018 for the treatment of attention deficit hyperactivity disorder (“ADHD”) in people six years of age and older and currently the only FDA-approved stimulant medication that is dosed in the evening. We began recognizing product revenue related to Jornay PM in September 2024 following our acquisition of Ironshore Therapeutics Inc. (“Ironshore”) (the “Ironshore Acquisition”).
Previous wording
The Nucynta Products are extended-release (“ER”) and immediate-release (“IR”) formulations of tapentadol. Nucynta ER is indicated for the management of severe and persistent pain that requires an extended treatment period with a daily opioid analgesic, including neuropathic pain associated with diabetic peripheral neuropathy in adults, and for which alternate treatment options are inadequate. Nucynta IR is indicated for the management of acute pain severe enough to require an opioid analgesic and for which alternative treatments are inadequate in adults and pediatric patients aged 6 years and older with a body weight of at least 40 kg. We began shipping and recognizing product revenue on the Nucynta Products in January 2018 and began marketing the Nucynta Products in February 2018. In August 2023, the FDA granted New Patient Population exclusivity in pediatrics for Nucynta IR. This grant extended the period of U.S. exclusivity for Nucynta IR from June 27, 2025 to July 3, 2026.
Current wording
The Nucynta Products are extended-release (“ER”) and immediate-release (“IR”) formulations of tapentadol. Nucynta ER is indicated for the management of severe and persistent pain that requires an extended treatment period with a daily opioid analgesic, including neuropathic pain associated with diabetic peripheral neuropathy in adults, and for which alternate treatment options are inadequate. Nucynta IR is indicated for the management of acute pain severe enough to require an opioid analgesic and for which alternative treatments are inadequate in adults and pediatric patients aged 6 years and older with a body weight of at least 40 kg. We began shipping and recognizing product revenue on the Nucynta Products in January 2018 and began marketing the Nucynta Products in February 2018. In August 2023, the FDA granted New Patient Population exclusivity in pediatrics for Nucynta IR. This grant extended the period of U.S. exclusivity for Nucynta IR from June 27, 2025 to July 3, 2026. In June 2024, the FDA granted pediatric exclusivity to the Nucynta Products for an additional six months, to January 3, 2027 for Nucynta IR and December 27, 2025 for Nucynta ER.
Previous wording
Product revenues, net were $177.8 million for the three months ended March 31, 2025 (the “2025 Quarter”), compared to $144.9 million for the three months ended March 31, 2024 (the “2024 Quarter”). The $32.9 million increase is primarily due to increased revenue for Jornay of $28.5 million, the Nucynta Products of $2.0 million, Xtampza of $1.8 million, and Belbuca of $1.0 million partially offset by decreased revenue for Symproic of $0.4 million.
Current wording
Product revenues, net were $188.0 million for the three months ended June 30, 2025 (the “2025 Quarter”), compared to $145.3 million for the three months ended June 30, 2024 (the “2024 Quarter”). The $42.7 million increase is primarily due to increased revenue for Jornay PM of $32.6 million, Xtampza ER of $8.0 million, the Nucynta Products of $2.0 million, and Belbuca of $0.4 million, partially offset by decreased revenue for Symproic of $0.3 million.
Previous wording
The increase in revenue for Jornay of $28.5 million is due to the acquisition of the product from Ironshore in September 2024.
Current wording
The increase in revenue for Jornay PM of $32.6 million is due to the acquisition of the product from Ironshore in September 2024.
Previous wording
The increase in revenue for Xtampza ER of $1.8 million is primarily due to lower gross-to-net adjustments related to provisions for rebates as well as higher gross price, partially offset by lower sales volume.
Current wording
The increase in revenue for Xtampza ER of $8.0 million is primarily due to lower gross-to-net adjustments related to provisions for rebates, including the recognition of $2.4 million related to certain rebate settlements during the quarter. In addition, revenue increased due to higher gross price, partially offset by lower sales volume.
Previous wording
The increase in revenue for the Nucynta Products of $2.0 million is primarily due to lower gross-to-net adjustments related to provisions for rebates and returns as well as higher gross price, partially offset by lower sales volume.
Current wording
The increase in revenue for the Nucynta Products of $2.0 million is primarily due to lower gross-to-net adjustments related to provisions for rebates, including the recognition of $2.6 million related to certain rebate settlements during the quarter. In addition, revenue increased due to lower gross-to-net adjustments related to returns as well as higher gross price. These increases were partially offset by lower sales volume.
Previous wording
Cost of product revenues (excluding intangible asset amortization) was $25.0 million for the 2025 Quarter, compared to $19.0 million for the 2024 Quarter. The $6.0 million increase was primarily due to the 2025 Quarter including cost of product revenues from Jornay, which was acquired in September 2024 and included the recognition of $3.5 million related to the step-up basis in inventory.
Current wording
Cost of product revenues (excluding intangible asset amortization) was $24.1 million for the 2025 Quarter, compared to $20.0 million for the 2024 Quarter. The $4.1 million increase was primarily due to the 2025 Quarter including cost of product revenues from Jornay PM, which was acquired in September 2024 and included the recognition of $2.0 million related to the step-up basis in inventory.
Previous wording
Intangible asset amortization was $55.5 million for the 2025 Quarter, compared to $34.5 million for the 2024 Quarter. The $21.0 million increase was due to the 2025 Quarter including amortization from the intangible asset acquired from the Ironshore Acquisition in September 2024.
Current wording
Intangible asset amortization was $55.5 million for the 2025 Quarter, compared to $34.5 million for the 2024 Quarter. The $21.0 million increase was due to the 2025 Quarter including amortization from the intangible asset acquired in the Ironshore Acquisition in September 2024.
Previous wording
Selling, general and administrative expenses were $76.4 million for the 2025 Quarter, compared to $42.0 million for the 2024 Quarter. The $34.4 million increase was primarily related to:
Current wording
Selling, general and administrative expenses were $73.6 million for the 2025 Quarter, compared to $43.3 million for the 2024 Quarter. The $30.3 million increase was primarily related to:
Previous wording
Gain on fair value remeasurement of contingent consideration was $0.8 million in the 2025 Quarter, compared to none in the 2024 Quarter. The $0.8 million increase was due to the revaluation of the contingent consideration associated with the Ironshore Acquisition.
Current wording
Gain on fair value remeasurement of contingent consideration was $0.4 million in the 2025 Quarter, compared to none in the 2024 Quarter. The $0.4 million increase was due to the revaluation of the contingent consideration associated with the Ironshore Acquisition.
Previous wording
Interest expense was $20.8 million for the 2025 Quarter, compared to $17.3 million for the 2024 Quarter. The $3.5 million increase was primarily due to the 2025 Quarter including $3.6 million of interest expense related to the deferred royalty obligation that was assumed as part of the Ironshore Acquisition in September 2024. Interest expense from term loans was materially consistent in the 2025 Quarter compared to the 2024 Quarter due to the refinancing of our term loan in the third quarter of 2024, which resulted in a lower interest rate offset by a higher principal balance.
Current wording
Interest expense was $20.5 million for the 2025 Quarter, compared to $15.6 million for the 2024 Quarter. The $4.9 million increase was primarily due to the 2025 Quarter including $3.5 million of interest expense related to the deferred royalty obligation that was assumed as part of the Ironshore Acquisition in September 2024. Interest expense from term loans was materially consistent in the 2025 Quarter compared to the 2024 Quarter due to the refinancing of our term loan in the third quarter of 2024, which resulted in a lower interest rate offset by a higher principal balance.
Previous wording
Interest income was $2.2 million for the 2025 Quarter, compared to $4.5 million for the 2024 Quarter. The $2.3 million decrease was primarily due to a lower overall balance invested in the 2025 Quarter compared to the 2024 Quarter as well as lower interest rates earned on cash equivalents and marketable securities.
Current wording
Interest income was $2.4 million for the 2025 Quarter, compared to $4.4 million for the 2024 Quarter. The $2.0 million decrease was primarily due to a lower overall balance invested in the 2025 Quarter compared to the 2024 Quarter as well as lower interest rates earned on cash equivalents and marketable securities.
Previous wording
The provision for income taxes was $0.7 million for the 2025 Quarter, compared to $8.9 million for the 2024 Quarter. The $8.2 million decrease is primarily due to lower earnings before taxes in the 2025 Quarter compared to the 2024 Quarter, as well as the impact of discrete excess tax benefits related to stock compensation. The effective tax rate was 22.6% and 24.3% in the 2025 Quarter and 2024 Quarter, respectively.
Current wording
The provision for income taxes was $5.0 million for the 2025 Quarter, compared to $9.5 million for the 2024 Quarter. The $4.5 million decrease is primarily due to lower earnings before taxes in the 2025 Quarter compared to the 2024 Quarter, as well as the impact of discrete nondeductible costs associated with debt extinguishment in the 2024 Quarter. The effective tax rate was 29.6% and 32.6% in the 2025 Quarter and 2024 Quarter, respectively.
Previous wording
The increase in revenue for Belbuca of $1.0 million is primarily due to lower gross-to-net adjustments related to provisions for rebates as well as higher gross price, partially offset by lower sales volume and higher gross-to-net adjustments related to provisions for chargebacks.
Current wording
The increase in revenue for Belbuca of $1.4 million is primarily due to higher sales volume and gross price, partially offset by higher gross-to-net adjustments related to provisions for chargebacks.
Previous wording
Historically, we have funded our operations primarily through private placements and/or public offerings of our preferred stock, common stock, and convertible notes; term loan debt; and cash inflows from sales of our products. We are primarily dependent on the commercial success of Jornay, Belbuca, Xtampza, and the Nucynta Products.
Current wording
Historically, we have funded our operations primarily through private placements and/or public offerings of our preferred stock, common stock, and convertible notes; term loan debt; and cash inflows from sales of our products. We are primarily dependent on the commercial success of Jornay PM, Belbuca, Xtampza ER, and the Nucynta Products.
Previous wording
As of March 31, 2025, we had $197.8 million in cash, cash equivalents, and marketable securities. We believe that ourcash, cash equivalents, and marketable securities as of March 31, 2025, together with expected cash inflows from operations, will enable us to fund our operating expenses, debt service, and capital expenditure requirements under our current business planfor the foreseeable future.
Current wording
As of June 30, 2025, we had $222.2 million in cash, cash equivalents, and marketable securities. We believe that ourcash, cash equivalents, and marketable securities as of June 30, 2025, together with expected cash inflows from operations, will enable us to fund our operating expenses, debt service, and capital expenditure requirements under our current business planfor the foreseeable future.
Previous wording
Operating activities. Cash provided by operating activities was $55.4 million for the 2025 Period, compared to $61.9 million for the 2024 Period. The $6.5 million decrease was primarily due to changes in working capital, partially offset by the increase in cash flow from operating results after adjustment for non-cash items that are included in net income. The changes in working capital were primarily driven by the change in prepaid expenses, which was impacted by the timing and payment of prepaid co-pay program expenses associated with our products.
Current wording
Operating activities. Cash provided by operating activities was $127.8 million for the 2025 Period, compared to $129.3 million for the 2024 Period. The $1.5 million decrease was primarily due to changes in working capital, partially offset by the increase in cash flow from operating results after adjustment for non-cash items that are included in net income. The changes in working capital were primarily driven by the change in prepaid expenses, which was impacted by the timing and payment of prepaid co-pay program expenses associated with our products.
Previous wording
*Investing activities.*Cash used in investing activities was $9.7 million for the 2025 Period, compared to $18.1 million for the 2024 Period. The $8.4 million decrease was primarily due to decreases in purchases of marketable securities of $13.2 million, partially offset by decreases in cash provided from maturities of marketable securities of $4.5 million.
Current wording
*Investing activities.*Cash used in investing activities was $12.6 million for the 2025 Period, compared to $27.0 million for the 2024 Period. The $14.4 million decrease was primarily due to decreases in purchases of marketable securities of $30.9 million, partially offset by decreases in cash provided from maturities of marketable securities of $16.4 million.
Previous wording
Financing activities. Cash used in financing activities was $25.2 million for the 2025 Period, compared to $54.1 million in the 2024 Period. The $28.9 million decrease was primarily due to:
Current wording
Financing activities. Cash used in financing activities was $73.6 million for the 2025 Period, compared to $168.4 million in the 2024 Period. The $94.8 million decrease was primarily due to:
Previous wording
Adjusted EBITDA for the three months ended March 31, 2025 and 2024 was as follows:
Current wording
Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024 was as follows:
Previous wording
Adjusted EBITDA was $95.2 million for the 2025 Quarter compared to $92.4 million for the 2024 Quarter. The $2.8 million increase was primarily due to higher product revenues of $32.8 million, partially offset by higher adjusted operating expenses of $27.7 million and higher cost of product revenues (excluding intangible asset amortization and recognition of step-up basis inventory) of $2.5 million.
Current wording
Adjusted EBITDA was $105.1 million for the 2025 Quarter compared to $96.0 million for the 2024 Quarter. The $9.1 million increase was primarily due to higher product revenues of $42.7 million, partially offset by higher adjusted operating expenses of $31.6 million and higher cost of product revenues (excluding intangible asset amortization and recognition of step-up basis inventory) of $2.2 million.
Previous wording
Adjusted operating expenses for the three months ended March 31, 2025 and 2024 were as follows:
Current wording
Adjusted operating expenses for the three and six months ended June 30, 2025 and 2024 were as follows:
Previous wording
Adjusted operating expenses were $62.2 million in the 2025 Quarter compared to $34.5 million in the 2024 Quarter. The $27.7 million increase was primarily driven by:
Current wording
Adjusted operating expenses were $61.9 million in the 2025 Quarter compared to $30.3 million in the 2024 Quarter. The $31.6 million increase was primarily driven by:
Previous wording
Adjusted net income and adjusted earnings per share for the three months ended March 31, 2025 and 2024 were as follows:
Current wording
Adjusted net income and adjusted earnings per share for the three and six months ended June 30, 2025 and 2024 were as follows:
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
The increase in revenue for Jornay PM of $61.2 million is due to the acquisition of the product from Ironshore in September 2024.
Current report — wording carried from elsewhere
Cost of product revenues (excluding intangible asset amortization) was $49.1 million for the 2025 Period, compared to $38.9 million for the 2024 Period. The $10.2 million increase was primarily due to the 2025 Period including cost of product revenues from Jornay PM, which was acquired in September 2024 and included the recognition of $5.4 million related to the step-up basis in inventory.
Current report — wording carried from elsewhere
Selling, general and administrative expenses were $150.1 million for the 2025 Period, compared to $85.3 million for the 2024 Period. The $64.8 million increase was primarily related to:
Current report — wording carried from elsewhere
Gain on fair value remeasurement of contingent consideration was $1.1 million in the 2025 Period, compared to none in the 2024 Period. The $1.1 million increase was due to the revaluation of the contingent consideration associated with the Ironshore Acquisition.
Current report — wording carried from elsewhere
Interest income was $4.6 million for the 2025 Period, compared to $8.9 million for the 2024 Period. The $4.3 million decrease was primarily due to a lower overall balance invested in the 2025 Period compared to the 2024 Period as well as lower interest rates earned on cash equivalents and marketable securities.
Current report — wording carried from elsewhere
Adjusted EBITDA was $200.2 million for the 2025 Period compared to $188.4 million for the 2024 Period. The $11.8 million increase was primarily due to higher product revenues of $75.6 million, partially offset by higher adjusted operating expenses of $59.3 million and higher cost of product revenues (excluding intangible asset amortization and recognition of step-up basis inventory) of $4.8 million.