Freund John Gordon 4

4 · COLLEGIUM PHARMACEUTICAL, INC · Filed May 18, 2026

AI-generated summary of this filing

Updated May 18, 2026

Collegium Pharma (COLL) Director John Freund Exercises Options, Sells Shares

What Happened

John G. Freund, a director of Collegium Pharmaceutical, exercised 8,700 options on 2026-05-15 at $16.49 per share for a total exercise cost of $143,463. On the same day he sold 4,127 shares in an open-market transaction at $34.54 each, generating $142,547 in proceeds. Separately, he was granted 8,741 restricted stock units (RSUs) on 2026-05-14 (no cash exchanged for the RSUs).

Key Details

Transaction dates and prices:
- 2026-05-14: Award of 8,741 RSUs (grant; $0.00).
- 2026-05-15: Exercise/conversion of derivative — 8,700 shares acquired at $16.49 (total $143,463).
- 2026-05-15: Open-market sale — 4,127 shares sold at $34.54 (total $142,547).
- 2026-05-15: Corresponding derivative disposal of 8,700 units shown at $0.00 (reflects conversion of the derivative instrument).
Shares owned after the transactions: Not specified in the filing.
Notable footnotes:
- F1: The 8,741 RSUs vest the earlier of May 14, 2027 or the 2027 annual meeting, subject to continued service; settle in shares (or earlier on certain events) — these are contingent awards, not immediate stock.
- F2/F3: Some holdings are held through the John Freund Family Partnership IV, L.P. and Skyline Venture Management V, LLC; Freund disclaims beneficial ownership except to his pecuniary interest.
- F4: The option exercised was fully vested and exercisable.
Filing timing: The Form 4 was filed 2026-05-18 reporting transactions on 2026-05-14 and 05-15; this filing appears to be within normal Form 4 timing requirements.

Context

This was a mixed event: an option exercise (acquisition) followed by a partial open-market sale of the resulting shares (a common pattern when insiders exercise options and sell some shares to cover exercise cost/taxes). The RSU grant is a separate director compensation award that vests in the future and does not represent immediately tradeable shares. The derivative "disposed" entry reflects conversion/exercise of the option rather than a sale of the option contract itself.

Form 4

Period: 2026-05-14

Director

Transactions

Award
Common Stock
[F1]
2026-05-14+8,741→ 79,399 total
Exercise/Conversion
Common Stock
2026-05-15$16.49/sh+8,700$143,463→ 88,099 total
Sale
Common Stock
2026-05-15$34.54/sh−4,127$142,547→ 83,972 total
Exercise/Conversion
Stock Option (Right to Purchase)
[F4]
2026-05-15−8,700→ 0 total
Exercise: $16.49Exp: 2026-06-09→ Common Stock (8,700 underlying)

Holdings

Footnotes (4)

[F1]Reflects the grant of restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's common stock. The RSUs vest on the earlier of May 14, 2027, or the date of the Issuer's 2027 Annual Meeting of Shareholders, subject to the director's continued service with the Issuer. The RSUs will be settled on such date, or, upon the election of the director, on the earlier of the end of the director's service on the Board of Directors, the director's death or disability, or a change in control of the Issuer, in shares of the Issuer's common stock.
[F2]The shares are held by the John Freund Family Partnership IV, L.P. ("Freund LP"). The Reporting Person is the trustee and beneficiary of the The John G. Freund Revocable Trust u/a/d 6/26/01 which serves as the general partner of Freund LP. The Reporting Person disclaims beneficial ownership of the shares held by Freund LP except to the extent of his proportionate pecuniary interest therein.
[F3]The shares are held by Skyline Venture Management V, LLC. John G. Freund and Yasunori Kaneko are managers of Skyline Venture Management V, LLC. These individuals share voting and investment power over the shares held by Skyline Venture Management V, LLC. The Reporting Person disclaims beneficial ownership of all the shares held by Skyline Venture Management V, LLC except to the extent of his proportionate pecuniary interest therein.
[F4]The option is fully vested and exercisable.

Signature

/s/ Colleen Tupper as Attorney-in-Fact for John G. Freund, MD|2026-05-18

1 file