Collegium Pharma Buys Back Stock, Repurchases $48M in May

TL;DR

Collegium Pharma repurchased $48M in stock via accelerated program in May, plus $30M from 2024-25 program.

AI Summary

Collgium Pharmaceutical, Inc. reported its Q2 2024 results, highlighting an accelerated share repurchase program initiated in May 2024, under which $48 million of common stock was repurchased. The company also noted a share repurchase program for 2024-2025, with $30 million in repurchases completed as of June 30, 2024. Previous accelerated share repurchase programs from November 2023 and July 2023 were also mentioned.

Why It Matters

The company's active share repurchase programs indicate a focus on returning capital to shareholders and potentially a belief that its stock is undervalued.

Risk Assessment

Risk Level: medium — The company is actively engaging in share repurchases, which can be a sign of financial health but also carries risks if not managed effectively or if market conditions change.

Key Numbers

• $48M — Accelerated Share Repurchase (Amount repurchased in May 2024)
• $30M — 2024-2025 Share Repurchase Program (Amount repurchased as of June 30, 2024)

Key Players & Entities

• COLLEGIUM PHARMACEUTICAL, INC (company) — Filer
• 0001267565 (company) — Central Index Key
• $48M (dollar_amount) — Amount repurchased in May 2024 accelerated share repurchase program
• $30M (dollar_amount) — Amount repurchased under 2024-2025 share repurchase program as of June 30, 2024
• May 2024 (date) — Initiation of accelerated share repurchase program
• June 30, 2024 (date) — Reporting date for share repurchase program status

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock , par value $0.001 per share COLL The NASDAQ Global Se

Filing Documents

• coll-20240630x10q.htm (10-Q) — 2261KB
• coll-20240630xex10d1.htm (EX-10.1) — 223KB
• coll-20240630xex10d2.htm (EX-10.2) — 89KB
• coll-20240630xex10d3.htm (EX-10.3) — 36KB
• coll-20240630xex31d1.htm (EX-31.1) — 13KB
• coll-20240630xex31d2.htm (EX-31.2) — 13KB
• coll-20240630xex32d1.htm (EX-32.1) — 8KB
• coll-20240630xex32d2.htm (EX-32.2) — 7KB
• coll-20240630x10q001.jpg (GRAPHIC) — 9KB
• 0001558370-24-011586.txt ( ) — 11367KB
• coll-20240630.xsd (EX-101.SCH) — 64KB
• coll-20240630_cal.xml (EX-101.CAL) — 74KB
• coll-20240630_def.xml (EX-101.DEF) — 288KB
• coll-20240630_lab.xml (EX-101.LAB) — 541KB
• coll-20240630_pre.xml (EX-101.PRE) — 449KB
• coll-20240630x10q_htm.xml (XML) — 2343KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) 4 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 Item 4.

Controls and Procedures

Controls and Procedures 41

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 42 Item 1A.

Risk Factors

Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 62 Item 3. Defaults Upon Senior Securities 62 Item 4. Mine Safety Disclosures 62 Item 5. Other Information 62 Item 6. Exhibits 63

Signatures

Signatures 64 2 Table of Contents

Forward-Looking Statements

Forward-Looking Statements Forward-looking statements are inherently subject to risks, uncertainties and assumptions; they are not guarantees of performance. You should not place undue reliance on these statements. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that our assumptions made in connection with the forward-looking statements are reasonable, we cannot assure you that the assumptions and expectations will prove to be correct. You should understand that the following important factors could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in our forward-looking statements: our ability to commercialize and grow sales of our products; our ability to maintain regulatory approval of our products, and any related restrictions, limitations, and/or warnings in the label of an approved product; the size of the markets for our products, and our ability to service those markets; the success of competing products that are o

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited). Collegium Pharmaceutical, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) June 30, December 31, 2024 2023 Assets Current assets Cash and cash equivalents $ 172,894 $ 238,947 Marketable securities 98,737 71,601 Accounts receivable, net 183,855 179,525 Inventory 27,862 32,332 Prepaid expenses and other current assets 26,850 15,195 Total current assets 510,198 537,600 Property and equipment, net 14,976 15,983 Operating lease assets 5,592 6,029 Intangible assets, net 352,676 421,708 Restricted cash 1,047 1,047 Deferred tax assets 34,184 26,259 Other noncurrent assets 858 825 Goodwill 133,857 133,857 Total assets $ 1,053,388 $ 1,143,308 Liabilities and shareholders' equity Current liabilities Accounts payable $ 2,412 $ 8,692 Accrued liabilities 38,726 37,571 Accrued rebates, returns and discounts 236,208 227,331 Current portion of term notes payable 183,333 183,333 Current portion of operating lease liabilities 1,038 988 Total current liabilities 461,717 457,915 Term notes payable, net of current portion 132,845 221,713 Convertible senior notes 236,650 262,125 Operating lease liabilities, net of current portion 5,593 6,124 Total liabilities 836,805 947,877 Commitments and contingencies (refer to Note 14) Shareholders' equity: Preferred stock, $ 0.001 par value; authorized shares - 5,000,000 — — Common stock, $ 0.001 par value; authorized shares - 100,000,000 ; 39,532,358 issued and 32,319,577 outstanding shares as of June 30, 2024 and 38,192,441 issued and 31,868,549 outstanding shares as of December 31, 2023 40 38 Additional paid-in capital 567,976 565,949 Treasury stock, at cost; 7,212,781 shares as of June 30, 2024 and 6,323,892 shares as of December 31, 2023 ( 165,381 ) ( 137,381 ) Accumulate

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View this 10-Q filing on SEC EDGAR