COLLEGIUM PHARMACEUTICAL, INC
COLL evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for COLL—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · COLL
Collegium Pharmaceutical is a specialty pharmaceutical company focused on developing and commercializing products for pain management and neuropsychiatry, with a portfolio including BELBUCA, Xtampza ER, JORNAY PM, and AZSTARYS.
Key risk: Patent litigation risks
BioSniper Score
Based on 6 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 22 clinical trials · 6 catalysts for COLLEGIUM PHARMACEUTICAL, INC.
Collegium Pharmaceutical is a specialty pharmaceutical company focused on developing and commercializing products for pain management and neuropsychiatry, with a portfolio including BELBUCA, Xtampza ER, JORNAY PM, and AZSTARYS.
- Product revenues, net for FY 2025 were $780.6 million, up 23.6% year-over-year [sec · filed 2026-04-07].
- Completed first full year of Jornay PM ownership, growing full-year prescriptions 20% year-over-year [sec · filed 2026-04-07].
- Pain portfolio net revenues grew 6% year-over-year in FY 2025, reflecting continued durability across Belbuca, Xtampza ER, and the Nucynta franchise [sec · filed 2026-04-07].
- Cash provided by operating activities was $57.1 million for the three months ended March 31, 2026 [sec_mda · as of 2026-05-07].
- Cash and equivalents were $150.4M as of 2026-06-30 [sec].
What works
- Strong revenue growth of 23.6% year-over-year in FY 2025, driven by Jornay PM and pain portfolio [sec · filed 2026-04-07].
- Jornay PM prescription growth of 20% year-over-year in FY 2025, indicating market acceptance in ADHD [sec · filed 2026-04-07].
- Pain portfolio net revenues grew 6% year-over-year in FY 2025, showing durability of established products [sec · filed 2026-04-07].
What to weigh
- Net loss of $15.1M as of 2026-06-30 [sec].
- Significant future capital requirements including operating expenses, debt repayments, and royalties [sec_mda · as of 2026-05-07].
- Exposed to risks from patent litigation, including with Purdue Pharma, and governmental investigations [sec · filed 2026-03-19].
From the filings
Quoted directly from source documents.
FY 2025 product revenues were $780.6 million, up 23.6% year-over-year.
“Product revenues, net for the year ended December 31, 2025 (FY 2025) were $780.6 million, up 23.6% year-over-year from 2024”
SEC filings · April 7, 2026
Jornay PM prescriptions grew 20% year-over-year in FY 2025.
“Grew full-year Jornay PM® prescriptions 20% year-over-year”
SEC filings · April 7, 2026
Pain portfolio net revenues grew 6% year-over-year in FY 2025.
“increased pain portfolio net revenues 6% year-over-year, reflecting continued durability across Belbuca®, Xtampza® ER, and the Nucynta® franchise”
SEC filings · April 7, 2026
Cash provided by operating activities was $57.1 million for the 2026 Period.
“Cash provided by operating activities was $57.1 million for the 2026 Period”
SEC MD&A · May 7, 2026
Catalyst timeline
- 2027-04-01 · Phase2_Start · psilocybin — Phase 2 Start: Inpatient Buprenorphine Induction With Psilocybin for Opioid Use Disorder: a Randomized Double-blind — Initiation of a Phase 2 trial evaluating psilocybin for opioid use disorder.
- 2027-12-01 · Phase3_Topline — Phase 3 Topline: Dronabinol and Epidiolex to Manage Uncontrolled Residual Symptoms of Buprenorphine Initiation Trial — Topline results from a Phase 3 trial of dronabinol and Epidiolex for buprenorphine initiation symptoms.
- 2032-03-23 · Patent_Expiry · JORNAY PM — Patent/Exclusivity Expiry: JORNAY PM — Patent/exclusivity expiry for JORNAY PM, potentially opening to generic competition.
- 2032-12-21 · Patent_Expiry · BELBUCA — Patent/Exclusivity Expiry: BELBUCA — Patent/exclusivity expiry for BELBUCA, potentially opening to generic competition.
- 2033-05-29 · Patent_Expiry · BELSOMRA — Patent/Exclusivity Expiry: BELSOMRA — Patent/exclusivity expiry for BELSOMRA, potentially opening to generic competition.
- 2037-12-09 · Patent_Expiry · AZSTARYS — Patent/Exclusivity Expiry: AZSTARYS — Patent/exclusivity expiry for AZSTARYS, potentially opening to generic competition.
Risks & what to watch (3)›
Key risks
- Patent litigation risks — Outcome of patent infringement litigation, including with Purdue Pharma, may affect product exclusivity [sec · filed 2026-03-19].
- Capital requirements — Significant future capital needs for commercialization, debt repayment, and royalties [sec_mda · as of 2026-05-07].
- Market acceptance uncertainty — Rate and degree of market acceptance of products and product candidates is uncertain [sec · filed 2026-03-19].
What to watch
- Phase 2 start for psilocybin in opioid use disorder expected 2027-04-01 [catalyst].
- Phase 3 topline for dronabinol and Epidiolex in buprenorphine initiation expected 2027-12-01 [catalyst].
- Patent/exclusivity expiry for JORNAY PM in 2032-03-23 [catalyst].
- Patent/exclusivity expiry for BELBUCA in 2032-12-21 [catalyst].
Sources: SEC filings · SEC MD&A · Generated August 27, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
Profitable (positive operating cash flow)
D/E 5.85 · 0% dilution
Lead: Approved
2 candidates
6 upcoming, next in ~214d
0 buys · 8 sells (180d)
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
264
Total value held
$1.28B
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 5,134,027 | $169.8M |
| janus henderson group plc | 3,651,302 | $120.7M |
| vanguard capital management llc | 2,667,984 | $88.2M |
| fuller & thaler asset management, inc. | 1,499,584 | $49.6M |
| renaissance technologies llc | 1,469,449 | $48.6M |
| state street corp | 1,424,544 | $47.1M |
| eventide asset management, llc | 1,424,282 | $47.1M |
| massachusetts financial services co /ma/ | 1,365,932 | $45.2M |
| principal financial group inc | 1,295,028 | $42.8M |
| rubric capital management lp | 1,279,611 | $42.3M |
Showing top 10 of 264 institutional holders of COLLEGIUM PHARMACEUTICAL, INC. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 21.9%
- Days to cover
- 11.8
- Shares short
- 5,936,417
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
COLL short interestGovernance
Frequently asked questions
What is the AI investment thesis for COLLEGIUM PHARMACEUTICAL, INC?
Collegium Pharmaceutical is a specialty pharmaceutical company focused on developing and commercializing products for pain management and neuropsychiatry, with a portfolio including BELBUCA, Xtampza ER, JORNAY PM, and AZSTARYS.
What is COLLEGIUM PHARMACEUTICAL, INC's lead drug candidate?
COLLEGIUM PHARMACEUTICAL, INC's most advanced tracked candidate is Belbuca (Approved) for Severe and persistent pain that requires an extended treatment period with a daily opioid analgesic and for which alternative options are inadequate.
What is COLLEGIUM PHARMACEUTICAL, INC's next catalyst?
COLLEGIUM PHARMACEUTICAL, INC's next tracked catalyst is a Phase2_Start event — "Phase 2 Start: Inpatient Buprenorphine Induction With Psilocybin for Opioid Use Disorder: a Randomized Double-blind" — expected April 1, 2027.
Who is the CEO of COLLEGIUM PHARMACEUTICAL, INC?
Mr. Vikram Karnani is the chief executive officer of COLLEGIUM PHARMACEUTICAL, INC (COLL).
Where is COLLEGIUM PHARMACEUTICAL, INC headquartered?
COLLEGIUM PHARMACEUTICAL, INC (COLL) is headquartered in Stoughton, MA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.