On Dec. 8, 2025, Scott Dreyer, EVP & CCO of Collegium Pharmaceutical (COLL 1.81%), exercised options and immediately sold 17,600 common shares in a derivative transaction for a total value of ~$847,800, as disclosed in a SEC Form 4 filing.
Transaction summary
| Metric | Value |
|---|---|
| Shares sold (direct) | 17,600 |
| Transaction value | ~$847,800 |
| Post-transaction shares (direct) | 103,613 |
| Post-transaction value (direct ownership) | ~$5.04 million |
Transaction value based on SEC Form 4 weighted average purchase price ($48.17); post-transaction value based on the stock price on the close of Dec. 8, 2025 ($48.66).
Key questions
- How did the transactions affect the insiders' direct holdings?
This resulted in a zero net gain in ownership, as all 17,600 shares from Dreyer's option exercise were immediately sold. - How does the size of this sale compare to Dreyer's historical selling patterns?
The 17,600-share sale is above the recent median of 15,387 shares per sell trade. - Was this activity conducted under a trading plan or at the insider's discretion?
The transaction was carried out pursuant to a Rule 10b5-1 trading plan adopted on Sept. 3, 2025, which indicates the timing was prearranged rather than discretionary.
Company overview
| Metric | Value |
|---|---|
| Market capitalization | $1.49 billion |
| Employees | 357 |
| Revenue (TTM) | $757.07 million |
| Net income (TTM) | $58.4 million |
| Headquarters | Stoughton, MA |
Company snapshot
- Collegium Pharmaceutical is a healthcare company specializing in innovative solutions for pain management and various health conditions.
- One of the company's biggest pharmaceutical products within its portfolio is a prescription medicine that serves as treatment for attention deficit hyperactivity disorder (ADHD).
NASDAQ: COLL
Key Data Points
What this transaction means for investors
Because Dreyer's sale of shares was pre-set under a 10b5-1 trading plan, the transactions don't carry meaningful weight from an investment analysis standpoint. And the exercised options were the last insider transactions filed for 2025.
Collegium had strong financials and stock performance in 2025 and is looking to ride that momentum throughout 2026. The stock rose 59% last year and reached an all-time high of 50.79 on Dec. 29. And in a financial guidance and business update that was published on Jan. 8, the company predicts that the significant success of its portfolio of ADHD and pain pharmaceuticals will continue throughout the year.
With its Q4 2025 earnings to be reported in February 2026, the company has raised its expectations for adjusted EBITDA from $455 million to $475 million. The EBITDA already sits at $401.18 million after the first three quarters of FY 2025, which alone is higher than any previous fiscal year. With a surging stock and financials, Collegium Pharmaceuticals looks well-positioned for long-term growth.
Glossary
Derivative transaction: A trade involving financial instruments like options, whose value is based on underlying assets.
Option exercise: The act of converting stock options into actual shares, usually by paying a set price.
Immediate sale: Selling shares right after acquiring them, often to generate cash rather than hold ownership.
Direct holdings: Shares owned personally by an individual, not through trusts or other entities.
Indirect entities: Organizations or accounts, such as trusts or family funds, that hold shares on behalf of an individual.
Rule 10b5-1 trading plan: A prearranged plan allowing insiders to sell shares at set times to avoid accusations of insider trading.
Weighted-average price: The average price of shares sold, weighted by the number of shares at each price.
Form 4: A required SEC filing that discloses insider transactions in a company's securities.
Insider: An executive, director, or major shareholder with access to non-public company information.
Liquidity generation: Converting assets, like shares, into cash, often for personal financial flexibility.
