COLL Filings — Collegium Pharmaceutical, Inc - FilingSpy
COLL
Collegium Pharmaceutical, Inc
A pharmaceutical company making medicines for pain and ADHD, including the opioid painkiller Xtampza ER (built on its DETERx abuse-deterrent technology), Belbuca, the Nucynta products, and Jornay PM, an evening-dosed ADHD stimulant. Founded in 2002 by Michael Heffernan to develop safer opioids, its name comes from the Latin "collegium," meaning a band of colleagues working together. The company even named its technology DETERx — a nod to deterring misuse, which is why its microsphere-in-capsule pain pills are hard to crush or inject.
Collegium swung to a $15.1M net loss as Azstarys acquisition costs and higher amortization absorbed a 6% revenue gain.
Collegium acquired Azstarys and added a second ADHD product, but the deal's costs pushed the company to a net loss. rose 6% to $199.9 million, while a $33.0 million increase in SG&A and a $7.5 million rise in non-cash drove a $15.1 million net loss. The company is now a two-franchise pain and ADHD business, but the Nucynta franchise is eroding and the debt load has grown to fund the expansion.
Key takeaways
The company closed the $650 million Azstarys acquisition in May 2026, adding a second ADHD product to the portfolio and contributing $12.9 million in partial-quarter .
Jornay PM rose $13.4 million to $46.0 million on higher volume, remaining the primary driver and the company's second-largest product.
Nucynta Products fell $11.1 million to $25.9 million as branded volume declined following the launch of an of Nucynta IR in February 2026.
Section summaries
Management's Discussion and Analysis
Revenue rose 6% to $199.9M in Q2 FY2026, driven by Jornay PM and the Azstarys acquisition, while a net loss was recorded due to higher acquisition and amortization costs.
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Total net product increased $11.9M to $199.9M, with Jornay PM up $13.4M on higher volume and Azstarys contributing $12.9M following its May 2026 acquisition, partially offset by an $11.1M decline in Nucynta Products due to branded volume loss.
SG&A expenses rose $33.0 million to $106.6 million, driven by $23.2 million in Azstarys acquisition-related costs and $8.6 million in higher salaries and benefits from executive transitions and added headcount.
contracted 2.5 percentage points to 55.2%, as non-cash intangible asset rose $7.5 million to $63.0 million, primarily from the new Azstarys asset, and a $5.4 million was recorded.
was $71.3 million, down 1.5% , while cash and equivalents fell to $129.5 million from $231.3 million at year-end after funding the Azstarys deal.
What changed
The Nucynta franchise erosion flagged in FY2025 has materialized: branded Nucynta fell $11.1 million this quarter as the launched in February 2026 took volume, and the company now records separate authorized generic revenue of $2.7 million.
Jornay PM grew sequentially to $46.0 million from $41.8 million in Q1 2026, answering the question of whether the sales force had reached peak productivity on a single-product detail ahead of the Azstarys launch.
The $650 million Azstarys acquisition closed in Q2 2026 as expected, but the $23.2 million in acquisition-related SG&A costs this quarter far exceeded the $4.9 million incurred in Q1, and the deal added $12.9 million in against a much larger increase in expenses and debt.
Interest rate sensitivity has risen: the term loan balance grew to $865.5 million from $580.0 million at year-end to fund the Azstarys deal, and each 1% rate move now shifts annual interest cost by approximately $8.7 million, up from $5.8 million.
The Paragraph IV patent challenges to Belbuca remain unresolved, and Belbuca was flat at $52.7 million, leaving the company's largest product exposed to generic competition with no visible resolution.
What to watch
Whether Azstarys scales from the $12.9 million partial-quarter contribution and how quickly the combined ADHD sales force reaches productivity with two products to detail.
The trajectory of Nucynta franchise now that both an of Nucynta IR has launched and a generic Nucynta ER is expected, threatening a product line that generated $152.0 million in FY2025.
Whether SG&A expenses moderate from the $106.6 million level as Azstarys acquisition-related costs roll off, or if the expanded cost base becomes permanent.
Any developments in the Paragraph IV patent challenges to Belbuca, which remains the company's largest product and whose market exclusivity remains unresolved.
margin was pressured by a $7.5M increase in to $63.0M, primarily from the new Azstarys asset, and a $2.5M rise in cost of product revenues including a $5.4M step-up charge.
Selling, general and administrative expenses surged $33.0M to $106.6M, driven by $23.2M in Azstarys acquisition-related costs and $8.6M in higher salaries and benefits from executive transitions and added headcount.
The company reported a net loss of $15.1M compared to of $12.0M a year ago, as a 6% gain was more than offset by the spike in operating expenses and higher .
Liquidity remains strong with $129.5M in cash and $100M in an undrawn ; was $128.4M, while investing activities used $501.0M primarily for the Azstarys acquisition.
Management believes current cash and are sufficient to fund operations, debt service, and capital requirements for the foreseeable future, though significant future obligations include term loan repayments and potential milestone payments.
Quantitative and Qualitative Disclosures About Market Risk
Primary market risk is interest rate sensitivity from the $865.5M SOFR-based term loan; a 1% rate move changes annual interest by ~$8.7M.
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The company holds no market-risk-sensitive instruments for trading purposes.
Cash equivalents of $27.3M, mainly money market funds, are short-term and not considered materially exposed to interest rate risk.
The 2025 Term Loan carries a floating rate of plus a spread of 2.75%–3.75%.
As of June 30, 2026, the outstanding principal on the 2025 Term Loan is $865.5 million.
A hypothetical 100-basis-point parallel shift in interest rates would change annual by approximately $8.7 million.
The term loan requires quarterly payments that step up from 1.25% of the original funded amount in 2026 to 2.5% in 2029–2030, with the remainder due at maturity.
Except as set forth in Note 17, Commitments and Contingencies, to our financial statements, which is incorporated herein by reference to the extent applicable, there are no other material changes from the legal proceedings previously disclosed in our most recently filed annual r…
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Except as set forth in Note 17, Commitments and Contingencies, to our financial statements, which is incorporated herein by reference to the extent applicable, there are no other material changes from the legal proceedings previously disclosed in our most recently filed annual report on Form 10-K for the fiscal year ended December 31, 2025 (the “Annual Report”).
Collegium's Q2 FY2026 risk factors emphasize commercialization execution, substantial debt, opioid regulation, and integration of the newly acquired Azstarys.
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The company's profitability hinges on continued successful commercialization of its products, including Jornay PM, Xtampza ER, and the recently acquired Azstarys, with failure risking a material adverse effect on its business.
Substantial indebtedness, including an $865.5M term loan and $241.5M in convertible notes, exposes the company to variable interest rate risk, limits financial flexibility, and could dilute shareholders upon conversion.
Regulatory and social pressures on opioid products are intensifying, with the FDA requiring safety labeling changes for all opioid pain medications in July 2025 and ongoing litigation and investigations into marketing practices posing significant financial and reputational threats.
The company faces imminent generic competition for the Nucynta franchise, with an launched in early 2026, and is actively litigating to defend patents for Belbuca against Paragraph IV challenges.
The May 2026 acquisition of Azstarys introduces integration risks, including potential unexpected costs, loss of key personnel, and the possibility that anticipated and cost synergies may not be fully realized.
Supply chain and manufacturing concentration risks are acute, as the company relies on sole or limited suppliers for active pharmaceutical ingredients and a single contract manufacturer for key products like Xtampza ER.