aibioCollegium Pharmaceutical authorizes buyback of up to $150 million
Tickers COLL
The board approved the program on July 1, 2025. It runs through December 31, 2026 and will be funded from existing cash on hand, but the 8-K gives no cash balance to measure that against.
Key facts
- Company
- Collegium Pharmaceutical, Inc. (NASDAQ: COLL)
- News type
- Financings
- Primary source
- Collegium Pharmaceutical, Inc. 8-K (2025-07-07)
A $150 million program with no timetable
Collegium Pharmaceutical, Inc. (Nasdaq: COLL) said in an 8-K dated July 7, 2025 that its Board of Directors authorized a share repurchase program on July 1, 2025. The program allows the company to buy back up to $150 million of its common stock through December 31, 2026.
The timing and amount of any open-market purchases will depend on market conditions, the share price and other factors. The company plans to use existing cash on hand to fund it. The 8-K gives no cash balance, no purchase schedule and no bank or adviser for the program. It was signed by Colleen Tupper, Executive Vice President and Chief Financial Officer.
The company is a Virginia corporation with principal offices at 100 Technology Center Drive in Stoughton, Massachusetts.
The products behind the cash
The 10-K describes Collegium as a company with products for attention deficit hyperactivity disorder (ADHD) and moderate to severe pain. Its US products are Jornay PM, Belbuca, Xtampza ER, the Nucynta products (Nucynta ER and Nucynta IR) and Symproic.
Collegium acquired Ironshore on September 3, 2024, which had developed and obtained approval for Jornay. Jornay is a methylphenidate stimulant that the FDA approved in August 2018 for ADHD in patients six years and older. The 10-K calls it the only FDA-approved stimulant dosed in the evening. The acquisition, the company says, moved it beyond pain management into the ADHD market.
Belbuca is a buccal film containing buprenorphine, a Schedule III opioid, approved in October 2015 for severe and persistent pain. Symproic, approved in March 2017, treats opioid-induced constipation in adults with chronic non-cancer pain.
Xtampza and the abuse data
Xtampza ER is an abuse-deterrent oxycodone product, a Schedule II opioid, built on the company's DETERx platform. Its wax-based microspheres are designed to resist particle size reduction and dose dumping. The 10-K says the company will keep monitoring and publicly releasing real-world abuse data "regardless of the results." The 10-K says abuse, misuse and diversion of Xtampza has remained low compared with commonly abused Schedule II opioid analgesics, and that the RADARS data show no sign of widespread or expanding abuse.
The same passage concedes that methods to defeat its tamper-resistant properties have been reported. It also says the poison center data depend on self-reporting, which may skew comparisons, and that the RADARS data are a single snapshot in time and subject to change.
Nucynta exclusivity and the ADHD market
The Nucynta products are tapentadol, a Schedule II opioid. The FDA approved Nucynta ER and Nucynta IR in November 2008. Pediatric exclusivity for Nucynta IR was extended to January 3, 2027, and for Nucynta ER it ran to December 27, 2025. The 10-K says New Patient Population exclusivity had earlier extended Nucynta IR's U.S. exclusivity to July 3, 2026.
The 10-K puts US ADHD prevalence at 10.5%, or 6.5 million children, and 6.0%, or 15.5 million adults, with a current diagnosis. It says over 90% of people with childhood ADHD continue to struggle with residual symptoms into young adulthood. Stimulants are considered first-line therapy because of their greater efficacy, the filing says.
What the 8-K does not say
The 8-K gives no figure for cash, debt, revenue or net income, so it does not show how much of the $150 million the company's cash could cover. It also does not say how many shares are outstanding or whether the company repurchased any shares before July 7, 2025.