0001628280-26-053851 | 10-Q | XBRL Viewer | Collegium Pharmaceutical INC

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Convertible Senior Notes - Schedule of Convertible Notes Outstanding (Details) - 2029 Convertible Notes $ in Thousands	Jun. 30, 2026 USD ($)
Convertible Senior Notes
Principal	$ 241,500
Less: unamortized issuance costs	(2,767)
Term notes carrying value	$ 238,733

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Acquisition - Narrative (Details) - USD ($) $ in Thousands				3 Months Ended				6 Months Ended		12 Months Ended
Acquisition - Narrative (Details) - USD ($) $ in Thousands	May 12, 2026	Mar. 19, 2026	Sep. 03, 2024	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Business Combination [Line Items]
Proceeds from 2025 Credit Facility								$ 299,504	$ 0
Contingent consideration				$ 38,525	$ 38,525			38,525
Product revenues, net				199,878		$ 188,000		393,398	365,757
Current portion of contingent consideration				15,569	15,569			15,569		$ 0
AZSTARYS Acquisition
Business Combination [Line Items]
Initial cash consideration	$ 655,600	$ 613,574
Existing cash on hand	355,600
Milestone payments		135,000
Contingent consideration		38,525		135	135			135
Deposit		$ 42
Escrow deposit, release period after acquisition date		18 months
Escrow deposit, release period after closing date		75 days
Total consideration		$ 706,253
Intangible assets		$ 635,000
Useful life of intangible asset (in years)		11 years 7 months 6 days
Increase in inventory		$ 35,300
Product revenues, net					12,910
Net Loss				(4,523)		(14,942)		(9,443)	(58,191)
Acquisition related expenses				23,297				28,403
AZSTARYS Acquisition \| Business Combination, Pro Forma Information, Nonrecurring Adjustment, Acquisition-Related Cost
Business Combination [Line Items]
Net Loss									14,500
AZSTARYS Acquisition \| Delayed Draw Term Loan (DDTL) \| 2025 Credit Agreement \| Line of Credit
Business Combination [Line Items]
Proceeds from 2025 Credit Facility	$ 300,000
Ironshore Acquisition
Business Combination [Line Items]
Initial cash consideration			$ 276,888
Contingent consideration			25,000
Deposit			$ 25,000	19,850	19,850			19,850
Escrow deposit, release period after acquisition date			12 months
Total consideration			$ 306,104
Intangible assets			$ 635,000
Useful life of intangible asset (in years)			7 years 8 months 12 days
Increase in inventory			$ 10,700
Acquisition related expenses				789		$ 935		1,858	$ 2,224
Reduction							$ 3,836
Current portion of contingent consideration				$ 17,565	$ 17,565			$ 17,565
Accrued rebates, returns, and discount adjustments										(23,227)
Goodwill adjustment										(16,048)
Deferred tax assets adjustment										(11,039)
Other account adjustments										$ (502)
Loss on extinguishment of debt											$ 4,145

Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

The Company’s revenue to date is from sales of the Company’s products, which are primarily sold to wholesalers and other distribution partners (collectively, “customers”), which in turn distribute the products to pharmacies or other outlets for the treatment of patients.

Revenue Recognition

The Company recognizes revenue when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements with a customer, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

The Company expenses incremental costs of obtaining a contract as and when incurred if the expected amortization period of the assets is one year or less.

Performance Obligations

The Company determined that performance obligations are satisfied, and revenue is recognized, when a customer takes control of the Company’s product, which occurs at a point in time. This generally occurs upon delivery of the products to customers, at which point the Company recognizes revenue and records accounts receivable. Payment is typically received 30 to 90 days after satisfaction of the Company’s performance obligations.

Transaction Price and Variable Consideration

Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer (“transaction price”). The transaction price for product sales includes variable consideration related to sales deductions, including: (i) rebates and incentives, including managed care rebates, government rebates, co-pay program incentives, and sales incentives and allowances; (ii) product returns, including return estimates; and, (iii) trade allowances and chargebacks, including fees for distribution services, prompt pay discounts, and chargebacks. The Company will estimate the amount of variable consideration that should be included in the transaction price under the expected value method for all sales deductions other than trade allowances, which are estimated under the most likely amount method. These provisions reflect the expected amount of consideration to which the Company is entitled based on the terms of the contract. In addition, the Company made a policy election to exclude from the measurement of the transaction price all taxes that are assessed by a governmental authority that are imposed on revenue-producing transactions.

The Company bases its estimates of variable consideration, which could include estimates of future rebates, returns, and other adjustments, on historical data and other information. Estimates include: (i) timing of the rebates and returns incurred; (ii) pricing adjustments related to rebates and returns; and (iii) the quantity of product that will be rebated or returned in the future. Significant judgment is used in determining the appropriateness of these assumptions at each reporting period.

Rebates and Incentives

Provisions for rebates and incentives are based on the estimated amount of rebates and incentives to be claimed on the related sales. As the Company’s rebates and incentives are based on products dispensed to patients, the Company is required to estimate the expected value of claims at the time of product delivery to customers. Given that customers distribute the product directly or indirectly to pharmacies, which in turn dispense the product to patients, claims can be submitted significantly after the related sales are recognized. The Company’s estimates of these claims are based on the historical experience of existing or similar programs, including current contractual and statutory requirements, specific known market events and trends, industry data, and estimated distribution channel inventory levels. Accruals and related reserves required for rebates and incentives are adjusted as new information becomes available, including actual claims. If actual results vary, the Company may need to adjust future estimates, which could have an effect on earnings in the period of the adjustment.

Product Returns

Provisions for product returns are based on product-level returns rates, including processed as well as unprocessed return claims, in addition to relevant market events and other factors. Estimates of the future product returns are made at the time of revenue recognition to determine the amount of consideration to which the Company expects to be entitled (that is, excluding the products expected to be returned). At the end of each reporting period, the Company analyzes trends in returns rates and updates its assessment of variable consideration. To the extent the Company receives amounts in excess of what it expects to be entitled to receive due to a product return, the Company does not recognize revenue when it transfers products to customers but instead recognizes those excess amounts received as a refund liability. The Company updates the measurement of the refund liability at the end of each reporting period for changes in expectations about the amount of refunds with the corresponding adjustments recognized as revenue (or reductions of revenue).

The Company provides the right of return to its customers for an 18-month window beginning six months prior to expiration and up until twelve months after expiration. The Company’s customers short-pay an existing invoice upon notice of a product return claim. Adjustments to the preliminary short-paid claims are processed when the return claim is validated and finalized. The Company’s return policy requires that product is returned and that the return is claimed within the 18-month window.

Trade Allowances and Chargebacks

Provisions for trade allowances and chargebacks are primarily based on customer-level contractual terms. Accruals and related reserves are adjusted as new information becomes available, which generally consists of actual trade allowances and chargebacks processed relating to sales recognized.

At the end of each reporting period, the Company updates the estimated transaction price (including updating its assessment of whether an estimate of variable consideration is constrained). Variable consideration, including the risk of customer concessions, is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is subsequently resolved.

Significant Judgments

Significant judgment is required to determine the variable consideration included in the transaction price as described above. Adjustments to the estimated variable consideration included in the transaction price occur when new information indicates that the estimate should be revised. If the value of accepted and processed claims is different than the amount estimated and included in variable consideration, then adjustments would impact product revenues, net and earnings in the period such revisions become known. The amount of variable consideration ultimately received and included in the transaction price may materially differ from the Company’s estimates, resulting in additional adjustments recorded to increase or decrease product revenues, net.

Provision and Allowance Activity

The following tables summarize activity in each of the Company’s product revenue provision and allowance categories for the six months ended June 30, 2026 and 2025:


	Rebates and Incentives (1)		Product Returns (2)		Trade Allowances and Chargebacks (3)
Balance as of December 31, 2025	$	170,592	$	147,674	$	32,150
Provision related to current period sales	291,741		38,573		116,235
Liability acquired from Azstarys Acquisition	45,914		35,371		9,638
Changes in estimate related to prior period sales	(3,657)		(6,400)		96
Credits/payments made	(290,089)		(22,865)		(116,697)
Balance as of June 30, 2026	$	214,501	$	192,353	$	41,422


	Rebates and Incentives (1)		Product Returns (2)		Trade Allowances and Chargebacks (3)
Balance as of December 31, 2024	$	191,508	$	147,134	$	38,512
Provision related to current period sales	241,829		34,602		101,430
Ironshore measurement period adjustments	671		(20,316)		7
Changes in estimate related to prior period sales	(5,445)		(2,238)		286
Credits/payments made	(256,156)		(20,831)		(111,286)
Balance as of June 30, 2025	$	172,407	$	138,351	$	28,949

(1)Provisions for rebates and incentives include managed care rebates, government rebates and co-pay program incentives. Provisions for rebates and incentives are deducted from gross revenues at the time revenues are recognized and are included in accrued rebates, returns and discounts in the Company’s Condensed Consolidated Balance Sheets.

(2)Provisions for product returns are deducted from gross revenues at the time revenues are recognized and are included in accrued rebates, returns and discounts in the Company’s Condensed Consolidated Balance Sheets.

(3)Provisions for trade allowances and chargebacks include distribution service fees, prompt pay discounts, and chargebacks. Trade allowances and chargebacks are deducted from gross revenue at the time revenues are recognized and are recorded as a reduction to accounts receivable in the Company’s Condensed Consolidated Balance Sheets.

Disaggregation of Revenue

The Company discloses disaggregated revenue from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. When selecting the type of category to use to disaggregate revenue, the Company considers how information about the Company’s revenue has been presented for other purposes as well as what information is regularly reviewed and used for evaluating financial performance. As such, the Company disaggregates its product revenues, net from contracts with customers by product, as disclosed in the table below.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Belbuca	$	57,669	$	52,600	$	110,318	$	104,258
Xtampza ER	45,006		52,605		95,775		100,247
Jornay PM	46,058		32,626		84,951		61,165
Nucynta IR	14,356		26,501		40,434		53,918
Nucynta ER	15,723		19,946		33,957		39,632
Azstarys	12,910		—		12,910		—
Symproic	3,020		3,722		7,213		6,537
Nucynta ER AG	2,775		—		4,221		—
Nucynta IR AG	2,361		—		3,619		—
Total product revenues, net	$	199,878	$	188,000	$	393,398	$	365,757

Contract Liabilities

The Company’s contract liabilities, or deferred revenue, primarily relate to contracts where the Company has received payment, but it has not yet satisfied or fully satisfied the related performance obligations. Upfront payments and fees are recorded as deferred revenue upon receipt or when due and may require deferral of revenue recognition to a future period until the Company satisfies its obligations under these arrangements.

The Company’s contract liability relates to a contract with Knight Therapeutics, Inc. (“Knight”), which was entered into by Ironshore and Knight in May 2024 and was assumed as part of the Ironshore Acquisition (see Note 4, Acquisition). The contract provides Knight the right to sell Jornay PM in Canada and certain countries in Latin America, subject to regulatory approval. The contract provides for a nonrefundable upfront payment of $10,000, sales milestones, royalties on net revenue, and reimbursement for certain manufacturing expenses. The Company identified one combined performance obligation in the contract related primarily to the sale of products. The up-front payment will be recognized as revenue as product sales are made over the term of the contract. Product shipments commenced during the three months ended September 30, 2025. During the three and six months ended June 30, 2026, the Company recognized $166 and $333 of revenues respectively, which was previously included in the deferred revenue balance at the beginning of the period.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Collegium Pharmaceutical, Inc. (a Virginia corporation) and its subsidiaries. The Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of the Company’s management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments (consisting of items of a normal and recurring nature) necessary to fairly present the financial position of the Company as of June 30, 2026, the results of operations for the three and six months ended June 30, 2026 and 2025, and cash flows for the six months ended June 30, 2026 and 2025. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year. The preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues, costs and expenses and the disclosure of contingent assets and liabilities in the Company’s Condensed Consolidated Financial Statements and accompanying notes. Estimates in the Company’s Condensed Consolidated Financial Statements include revenue recognition, including the estimates of product returns, discounts and allowances related to commercial sales of products, estimates related to the fair value of assets acquired and liabilities assumed in business combinations, including acquired intangible assets and the fair value of inventory acquired, estimates of the fair value of contingent consideration related to business combinations, estimates utilized in the ongoing valuation of inventory related to potential unsaleable product, estimates of useful lives with respect to intangible assets, accounting for stock-based compensation, contingencies, impairment of goodwill and intangible assets, future payments under the deferred royalty obligation, and deferred tax valuation allowances. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. The Company evaluates its estimates and assumptions on an ongoing basis. The Company’s actual results may differ from these estimates under different assumptions or conditions. The interim Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s most recently filed annual report on Form 10-K for the fiscal year ended December 31, 2025 (the “Annual Report”). There were no significant changes in the Company’s significant accounting policies from those described in the Company’s Annual Report. Recently Adopted Accounting Pronouncements New accounting pronouncements are issued periodically by the Financial Accounting Standards Board (“FASB”) and are adopted by the Company as required by the specified effective dates. In January 2026, the Company adopted ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. The amendments clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions. The adoption of this guidance did not have a material impact on the Company’s Condensed Consolidated Financial Statements during the six months ended June 30, 2026. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in this update require disclosure of specified information about certain costs and expenses. This update is effective for annual periods beginning after December 15, 2026. The Company is currently evaluating the effect of adopting this guidance on its consolidated financial statements. Other recent accounting pronouncements issued, but not yet effective, are not expected to be applicable to the Company or have a material effect on the consolidated financial statements upon future adoption.

Commitments and Contingencies (Details) $ in Thousands					1 Months Ended			2 Months Ended	18 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Feb. 02, 2026 patent	Feb. 28, 2022 case	Sep. 11, 2020	Mar. 24, 2015 patent	Jun. 30, 2025 USD ($)	May 31, 2025 USD ($)	Mar. 31, 2022 case stockholder	Mar. 31, 2022 stockholder	Apr. 30, 2017 patent lawsuit
Xtampza ER Litigation
Commitments and Contingencies
Number of patents allegedly infringed				3					2
Stay period before FDA can issue a final approval unless it is terminated				30 months
Number of lawsuits filed \| lawsuit									2
Statutory period of proceedings			18 months
Xtampza ER Litigation, District of Massachusetts
Commitments and Contingencies
Number of patents allegedly infringed				3
Stay period before FDA can issue a final approval unless it is terminated				30 months
Grunenthal GMBG Litigation
Commitments and Contingencies
Number of patents allegedly infringed	2
BDSI Acquisition Litigation
Commitments and Contingencies
Number of additional cases filed \| case		2					2
Number of demand letters received from purported stockholders \| stockholder							4	3
Arbitration with North Sound Pharmaceuticals, Inc \| Minimum
Commitments and Contingencies
Damages sought \| $						$ 500,000
Walgreen Co. Lawsuit \| Minimum
Commitments and Contingencies
Damages sought \| $					$ 14,000

Inventory - Schedule of Balance Sheet Classification of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Inventory	$ 113,269	$ 40,912
Other noncurrent assets	8,054	14,014
Total inventory	$ 121,323	$ 54,926

Term Notes Payable - Schedule of Total Interest Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Term Notes Payable
Amortization of debt discounts and debt issuance costs			$ 1,901	$ 2,722
Term Loan
Term Notes Payable
Contractual interest expense	$ 12,231	$ 13,847	21,647	27,922
Amortization of debt discounts and debt issuance costs	784	1,096	1,383	2,207
Total interest expense	$ 13,015	$ 14,943	$ 23,030	$ 30,129

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Subsequent Events (Details) - One Lincoln Lease - Subsequent Event $ in Thousands	1 Months Ended
	Jul. 31, 2026 USD ($) ft² renewal_option
Subsequent Event [Line Items]
Operating lease, area of leased space \| ft²	40,288
Lessee, operating lease, term of contract	11 years
Lessee, operating lease, number of renewal options \| renewal_option	2
Lessee, operating lease, renewal term	5 years
Initial base rent \| $	$ 2,075
Percentage of annual increases in lease	0.020

Deferred Royalty Obligation -Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Deferred Royalty Obligation
Effective interest rate	13.70%
Interest expense on deferred royalty obligation	$ 8,067	$ 7,137
Net (amortization) accretion for deferred royalty obligation	(206)	2,014
Total royalty payments	$ 8,388	$ 4,147
Net sales prior to July 1, 2025
Deferred Royalty Obligation
Royalty rate	7.40%
Net sales after July 1, 2025 and up to March, 2032.
Deferred Royalty Obligation
Royalty rate	9.70%

Acquisition - Schedule of Consideration Paid for Acquisition (Details) - USD ($) $ in Thousands	May 12, 2026	Mar. 19, 2026	Sep. 03, 2024
AZSTARYS Acquisition
Business Combination [Line Items]
Initial cash consideration	$ 655,600	$ 613,574
Cash held in escrow related to indemnification and other settlements		42,000
Fair value of contingent consideration		38,525
Other purchase consideration payable		12,154
Total purchase consideration		$ 706,253
Ironshore Acquisition
Business Combination [Line Items]
Initial cash consideration			$ 276,888
Cash held in escrow related to indemnification and other settlements			18,120
Other deferred consideration			7,000
Fair value of contingent consideration			4,096
Total purchase consideration			$ 306,104

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Marketable Securities

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

As of June 30, 2026, the Company did not hold any marketable securities, including available-for-sale debt securities.

As of December 31, 2025, available-for-sale debt securities were classified on the Condensed Consolidated Balance Sheets at fair value as follows:


	December 31, 2025
Cash and cash equivalents	$	—
Marketable securities	155,427
Total	$	155,427

The following table summarizes the available-for-sale securities held as of December 31, 2025:


December 31, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value







Corporate debt securities	$	139,833	$	487	(59)		140,261
U.S. Treasury securities	2,957		2		—		2,959
Government-sponsored securities	4,999		2		(1)		5,000
Commercial paper	7,206		1		—		7,207
Total	$	154,995	$	492	$	(60)	$	155,427

The following table summarizes the contractual maturities of available-for-sale securities other than investments in money market funds as of December 31, 2025:


	December 31, 2025
Matures within one year	$	52,078
Matures after one year through five years	103,349
Total	$	155,427

As of June 30, 2026, the Company had no marketable securities outstanding and no related unrealized gains or losses remained in accumulated other comprehensive income. As of December 31, 2025, unrealized losses on the Company’s available-for-sale securities were immaterial. In connection with funding the Azstarys Acquisition, proceeds from sales of available-for-sale securities were $151,805 during the six months ended June 30, 2026. Realized gains and losses are determined using the specific identification method. Gross realized gains and gross realized losses on these sales, and the corresponding amounts reclassified from accumulated other comprehensive income into earnings, were $78 and $295, respectively, during both the three and six months ended June 30, 2026. There were no sales of marketable securities during the three and six months ended June 30, 2025. Other comprehensive income related to marketable securities, net of tax, was $219 for the three months ended June 30, 2026 and the other comprehensive loss related to marketable securities, net of tax, was $319 for the six months ended June 30, 2026. Other comprehensive income related to marketable securities, net of tax, was $96 and $282 for the three and six months ended June 30, 2025, respectively. The Company had no transfers of available-for-sale securities into the trading category and did not hold trading securities during the periods presented.

The Company did not hold any securities with other-than-temporary impairment as of December 31, 2025. The Company reviews its investments for other-than-temporary impairment whenever the fair value of an investment is less than amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. To assess whether an impairment is other-than-temporary, the Company evaluates whether it has the ability and intent to hold the investment until recovery in market value, whether evidence supporting recovery of the investment’s amortized cost outweighs evidence to the contrary, and whether the decline in fair value below amortized cost is material.

The Company did not record any allowance for credit losses on its available-for-sale debt securities during the three and six months ended June 30, 2026 and 2025.

Segment Information

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Information

The Company’s product portfolio includes Jornay PM, Azstarys, Belbuca, Xtampza ER, Nucynta IR and Nucynta ER, Nucynta IR AG and Nucynta ER AG, and Symproic. The Company defines its segments on the basis of the way in which internally reported financial information is regularly reviewed by the chief operating decision maker (“CODM”) to analyze financial performance, make decisions, and allocate resources. The CODM is the Chief Executive Officer. As the internal reporting is based on the consolidated results, the Company has identified one operating and reportable segment and the measure of segment profit or loss is consolidated net income (loss). The CODM uses net income (loss) to assess actual results and considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources.

The financial information regularly provided to the CODM includes consolidated cost of sales information and segment expense categories at a more disaggregated level than the consolidated statement of operations. The significant segment expenses for functional areas exclude stock-based compensation and certain other segment expenses, and are reported for the following functional areas: corporate, medical, technical operations, and commercial. The corporate functional area includes operating expenses related to finance, legal, business development, and other administrative activities, excluding

stock-based compensation and other segment expenses (“Corporate Expenses”). The medical functional area includes operating expenses related to medical affairs, regulatory, pharmacovigilance and other medical-related activities, excluding stock-based compensation and other segment expenses (“Medical Expenses”). The technical operations functional area includes non-inventoriable operating expenses related to supply chain, product quality, information technology and other technical activities, excluding stock-based compensation and other segment expenses (“Technical Operations Expenses”). The commercial function includes operating expenses related to sales, marketing, market access, and other commercial activities, excluding stock-based compensation and other segment expenses (“Commercial Expenses”). Stock compensation is a significant segment expense and other segment expenses are included in Other segment items or separately stated in the table below.

The table below provides information about the Company’s segment, including segment expenses, and a reconciliation to net income (loss):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Product revenues, net	$	199,878	$	188,000	$	393,398	$	365,757

Cost of product revenues (excluding intangible asset amortization)	26,633		24,143		47,434		49,103
Intangible asset amortization	62,953		55,473		118,426		110,946
Commercial expenses	46,403		44,115		93,760		84,908
Corporate expenses	12,163		9,801		26,703		23,090
Medical expenses	7,899		7,832		15,047		15,865
Technical operations expenses	165		136		415		234
Stock-based compensation expense	14,484		10,818		25,364		22,342
Other segment items(1)	25,480		577		31,655		2,477
Interest expense	19,519		20,463		35,381		41,253
Interest income	(2,289)		(2,383)		(5,995)		(4,608)
Provision for income taxes	1,519		5,042		5,763		5,747
Net (loss) income	$	(15,051)	$	11,983	$	(555)	$	14,400

(1) – Other segment items are primarily acquisition-related expenses, expenses related to the transition of certain of the Company’s executives, and fair value remeasurement of contingent consideration.

Depreciation expense was $1,812 and $1,135 in the three months ended June 30, 2026, and 2025, respectively. Intangible asset amortization expense was $62,953 and $55,473 in the three months ended June 30, 2026 and 2025, respectively. Depreciation expense was $2,275 and $2,226 in the six months ended June 30, 2026, and 2025, respectively. Intangible asset amortization expense was $118,426 and $110,946 in the six months ended June 30, 2026 and 2025, respectively.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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+ Details

Acquisition (Tables)

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Consideration Paid for Acquisition

The fair value of the total consideration was approximately $706,253 consisting of the following (in thousands):


Fair Value of Purchase Price Consideration	Amount
Fair value of purchase price consideration paid at closing:
Initial cash consideration	$	613,574
Cash held in escrow related to indemnification and other settlements	42,000
Deferred payments and contingent consideration:
Fair value of contingent consideration	38,525
Other purchase consideration payable	12,154
Total purchase consideration	$	706,253

The fair value of the total consideration, including finalization of the working capital adjustment, was approximately $306,104 consisting of the following:


Fair Value of Purchase Price Consideration	Amount
Fair value of purchase price consideration paid at closing:
Initial cash consideration	$	276,888
Deferred payments and contingent consideration:
Cash held in escrow related to indemnification and other settlements	18,120
Other deferred consideration	7,000
Fair value of contingent consideration	4,096
Total purchase consideration	$	306,104

Schedule of Allocation of Acquisition Purchase Price

The following tables set forth the preliminary allocation of the Azstarys Acquisition purchase price to the estimated fair value of the net assets acquired at the Azstarys Acquisition Date (in thousands):


	Azstarys Acquisition Date Fair Value
Assets Acquired
Cash and cash equivalents	$	171
Accounts receivable	58,468
Inventory	69,931
Prepaid expenses and other current assets	17,628
Intangible assets	635,000
Other noncurrent assets	5,795
Total assets	$	786,993
Liabilities Assumed
Accounts payable	$	2,096
Accrued liabilities	646
Accrued rebates, returns and discounts	81,285
Deferred tax liabilities	40,965
Total liabilities	$	124,992
Total identifiable net assets acquired	$	662,001
Goodwill	44,252
Total consideration transferred	$	706,253

The following tables set forth the final allocation of the Ironshore Acquisition purchase price to the estimated fair value of the net assets acquired at the Ironshore Acquisition Date, including all measurement period adjustments:


	Ironshore Acquisition Date Fair Value
Assets Acquired
Cash and cash equivalents	$	9,350
Accounts receivable	44,593
Inventory	17,155
Prepaid expenses and other current assets	8,620
Property, plant and equipment, net	541
Intangible assets	635,000
Right-of-use assets	800
Deferred tax assets	33,921
Total assets	$	749,980
Liabilities Assumed
Accounts payable	$	6,656
Accrued liabilities	73,437
Accrued rebates, returns and discounts	87,697
Borrowings	8,954
Lease liabilities	800
Senior secured notes payable	151,500
Deferred royalty obligation	116,900
Deferred revenue	10,000
Total liabilities	$	455,944
Total identifiable net assets acquired	$	294,036
Goodwill	12,068
Total consideration transferred	$	306,104

Schedule of Unaudited Pro Forma Summary of Operations

The following table shows the unaudited pro forma summary of operations for the three and six months ended June 30, 2026 and 2025, as if the Azstarys Acquisition had occurred on January 1, 2025. The unaudited pro forma information is presented for informational purposes only and does not purport to represent what the Company’s actual results would have been had the acquisition occurred on January 1, 2025, nor is it indicative of future operating results (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Total Revenues	$	219,118	$	213,970	$	437,226	$	410,774
Net Loss	(4,523)		(14,942)		(9,443)		(58,191)

Schedule of Acquisition Related Expenses


	Three Months Ended June 30,		Six Months Ended June 30,
	2026		2026
Transaction costs	$	10,661	$	14,455
Integration consulting expenses	8,424		8,424
Employee-related expenses	769		769
Other acquisition expenses	3,443		4,755
Total acquisition-related expenses	$	23,297	$	28,403


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Legal defense expenses for NSP arbitration acquired from Ironshore	$	772	$	552	$	1,831	$	552
Employee-related expenses	—		—		—		515
Transaction costs	—		—		—		38
Other acquisition expenses	17		383		27		1,119
Total acquisition-related expenses	$	789	$	935	$	1,858	$	2,224

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Information

The table below provides information about the Company’s segment, including segment expenses, and a reconciliation to net income (loss):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Product revenues, net	$	199,878	$	188,000	$	393,398	$	365,757

Cost of product revenues (excluding intangible asset amortization)	26,633		24,143		47,434		49,103
Intangible asset amortization	62,953		55,473		118,426		110,946
Commercial expenses	46,403		44,115		93,760		84,908
Corporate expenses	12,163		9,801		26,703		23,090
Medical expenses	7,899		7,832		15,047		15,865
Technical operations expenses	165		136		415		234
Stock-based compensation expense	14,484		10,818		25,364		22,342
Other segment items(1)	25,480		577		31,655		2,477
Interest expense	19,519		20,463		35,381		41,253
Interest income	(2,289)		(2,383)		(5,995)		(4,608)
Provision for income taxes	1,519		5,042		5,763		5,747
Net (loss) income	$	(15,051)	$	11,983	$	(555)	$	14,400

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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+ Details

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Cost, Accumulated Amortization and Carrying Amount of Intangible Assets

The following table sets forth the cost, accumulated amortization, and carrying amount of intangible assets as of June 30, 2026 and December 31, 2025:


	June 30, 2026						December 31, 2025
	Cost		Accumulated Amortization		Carrying Amount		Cost		Accumulated Amortization		Carrying Amount
Jornay PM	$	635,000	$	(152,986)	$	482,014	$	635,000	$	(111,072)	$	523,928
Azstarys	635,000		(7,480)		627,520		—		—		—
Belbuca	360,000		(322,305)		37,695		360,000		(284,607)		75,393
Nucynta Products	521,170		(521,170)		—		521,170		(493,478)		27,692
Symproic	70,000		(31,145)		38,855		70,000		(27,503)		42,497
Total intangible assets	$	2,221,170	$	(1,035,086)	$	1,186,084	$	1,586,170	$	(916,660)	$	669,510

Schedule of Amortization and Impairment Expense

The following table presents amortization expense recognized in cost of product revenues for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Jornay PM	$	20,957	$	20,957	$	41,914	$	41,914
Belbuca	18,849		18,849		37,698		37,697
Nucynta Products	13,846		13,846		27,692		27,692
Azstarys	7,480		—		7,480		—
Symproic	1,821		1,821		3,642		3,643
Total amortization expense	$	62,953	$	55,473	$	118,426	$	110,946

Schedule of Future Amortization Expenses

As of June 30, 2026, the remaining amortization expense expected to be recognized is as follows:


Years ended December 31,	Jornay PM		Azstarys		Belbuca		Symproic		Total
2026	$	41,915	$	27,283	$	37,695	$	3,643	$	110,536
2027	83,829		54,567		—		7,285		145,681
2028	83,829		54,567		—		7,285		145,681
2029	83,829		54,567		—		7,285		145,681
2030	83,829		54,567		—		7,285		145,681
Thereafter	104,783		381,969		—		6,072		492,824
Remaining amortization expense	$	482,014	$	627,520	$	37,695	$	38,855	$	1,186,084

Equity (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of Changes in Shareholders' Equity

The changes in shareholders’ equity for the three and six months ended June 30, 2026 were as follows:


	Common Stock			Additional Paid- In Capital		Treasury Stock			Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total Shareholders’ Equity
	Shares	Amount				Shares	Amount
Balance, December 31, 2025	40,736,330	$	41	$	624,954	(9,028,722)	$	(222,510)	$	(101,129)	$	319	$	301,675
Exercise of common stock options	17,195	—		394		—	—		—		—		394
Issuance for employee stock purchase plan	36,064	—		947		—	—		—		—		947
Vesting of RSUs and PSUs	981,487	1		—		—	—		—		—		1
Shares withheld for employee taxes upon vesting of RSUs and PSUs	(335,385)	(1)		(15,432)		—	—		—		—		(15,433)
Stock-based compensation	—	—		10,880		—	—		—		—		10,880
Other comprehensive loss, net of tax	—	—		—		—	—		—		(538)		(538)
Net income	—	—		—		—	—		14,496		—		14,496
Balance, March 31, 2026	41,435,691	$	41	$	621,743	(9,028,722)	$	(222,510)	$	(86,633)	$	(219)	$	312,422
Exercise of common stock options	29,137	—		481		—	—		—		—		481
Vesting of RSUs and PSUs	80,385	—		—		—	—		—		—		—
Shares withheld for employee taxes upon vesting of RSUs and PSUs	(18,181)	—		(646)		—	—		—		—		(646)

Stock-based compensation	—	—		14,484		—	—		—		—		14,484
Other comprehensive income, net of tax	—	—		—		—	—		—		219		219
Net loss	—	—		—		—	—		(15,051)		—		(15,051)
Balance, June 30, 2026	41,527,032	$	41	$	636,062	(9,028,722)	$	(222,510)	$	(101,684)	$	—	$	311,909

The changes in shareholders’ equity for the three and six months ended June 30, 2025 were as follows:


	Common Stock			Additional Paid- In Capital		Treasury Stock			Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total Shareholders’ Equity
	Shares	Amount				Shares	Amount
Balance, December 31, 2024	39,646,749	$	40	$	590,251	(8,206,594)	$	(197,505)	$	(163,999)	$	55	$	228,842
Exercise of common stock options	67,718	—		1,552		—	—		—		—		1,552
Issuance for employee stock purchase plan	17,868	—		506		—	—		—		—		506
Vesting of RSUs and PSUs	956,368	—		—		—	—		—		—		—
Shares withheld for employee taxes upon vesting of RSUs and PSUs	(350,311)	—		(10,593)		—	—		—		—		(10,593)
Stock-based compensation	—	—		11,524		—	—		—		—		11,524
Other comprehensive income, net of tax	—	—		—		—	—		—		186		186
Net income	—	—		—		—	—		2,417		—		2,417
Balance, March 31, 2025	40,338,392	$	40	$	593,240	(8,206,594)	$	(197,505)	$	(161,582)	$	241	$	234,434
Exercise of common stock options	21,944	—		308		—	—		—		—		308
Vesting of RSUs and PSUs	102,760	—		—		—	—		—		—		—
Shares withheld for employee taxes upon vesting of RSUs and PSUs	(14,949)	—		(428)		—	—		—		—		(428)
Share repurchases from ASR agreement	—	—		(5,000)		(692,281)	(20,005)		—		—		(25,005)
Stock-based compensation	—	—		10,818		—	—		—		—		10,818
Other comprehensive loss, net of tax	—	—		—		—	—		—		96		96
Net income	—	—		—		—	—		11,983		—		11,983
Balance, June 30, 2025	40,448,147	$	40	$	598,938	(8,898,875)	$	(217,510)	$	(149,599)	$	337	$	232,206

Term Notes Payable (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Total Interest Expense Recognized

The following table presents the total interest expense recognized related to the 2025 Credit Facility and 2024 Term Loan during the three and six months ended June 30, 2026 and 2025.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Contractual interest expense	$	12,231	$	13,847	$	21,647	$	27,922
Amortization of debt discounts and debt issuance costs	784		1,096		1,383		2,207
Total interest expense	$	13,015	$	14,943	$	23,030	$	30,129

The following table presents the total interest expense recognized related to the 2029 Convertible Notes during the three and six months ended June 30, 2026, and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Contractual interest expense	$	1,736	$	1,736	$	3,472	$	3,472
Amortization of debt issuance costs	260		259		518		515
Total interest expense	$	1,996	$	1,995	$	3,990	$	3,987

Schedule of Principal Repayments of Debt

As of June 30, 2026, scheduled principal repayments under the 2025 Term Loan were as follows:


Years ended December 31,	Principal Payments
2026	$	22,000
2027	66,000
2028	66,000
2029	88,000
2030	623,500
Total before unamortized discount and issuance costs	$	865,500
Less: unamortized discount and issuance costs	(12,676)
Term notes carrying value	$	852,824

As of June 30, 2026, the future minimum payments on the 2029 Convertible Notes were as follows:


Years ended December 31,	2029 Convertible Notes
2026	$	3,472
2027	6,943
2028	6,943
2029	244,972
Total minimum payments	$	262,330
Less: interest	(20,830)
Less: unamortized issuance costs	(2,767)
Convertible notes carrying value	$	238,733

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of Components of Accrued Liabilities

Accrued liabilities as of June 30, 2026 and December 31, 2025 consisted of the following:


	June 30, 2026		December 31, 2025
Accrued interest	$	11,075	$	12,023
Accrued product taxes and fees	9,957		7,732
Accrued inventory	8,580		2,809
Accrued sales and marketing	8,256		3,039
Accrued payroll and related benefits	5,468		3,382
Accrued royalties	5,265		7,987
Accrued bonuses	4,101		9,172
Accrued incentive compensation	4,098		3,714
Liability for cash-settled share-based awards assumed from Ironshore Acquisition	2,435		2,435
Accrued audit and legal	1,986		1,703
Accrued income taxes	1,138		3,297
Accrued other operating costs	8,891		5,171
Total accrued liabilities	$	71,250	$	62,464

Equity - Schedule of Changes in Shareholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		40,736,330			40,736,330
Beginning balance	$ 312,422	$ 301,675	$ 234,434	$ 228,842	$ 301,675	$ 228,842	$ 232,206
Beginning balance (in shares)		(9,028,722)			(9,028,722)
Exercise of common stock options	481	$ 394	308	1,552
Issuance for employee stock purchase plan		947		506
Vesting of RSUs and PSUs		1		0
Shares withheld for employee taxes upon vesting of RSUs and PSUs	(646)	(15,433)	(428)	(10,593)
Share repurchases from ASR agreement			(25,005)
Stock-based compensation	14,484	10,880	10,818	11,524
Other comprehensive income (loss), net of tax	219	(538)	96	186
Net (loss) income	$ (15,051)	14,496	11,983	2,417	$ (555)	14,400
Ending balance (in shares)	41,527,032				41,527,032		41,527,032
Ending balance	$ 311,909	$ 312,422	$ 232,206	$ 234,434	$ 311,909	$ 232,206	$ 311,909
Ending balance (in shares)	(9,028,722)				(9,028,722)		(9,028,722)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	41,435,691	40,736,330	40,338,392	39,646,749	40,736,330	39,646,749	40,448,147
Beginning balance	$ 41	$ 41	$ 40	$ 40	$ 41	$ 40	$ 40
Exercise of common stock options (in shares)	29,137	17,195	21,944	67,718
Issuance for employee stock purchase plan (in shares)		36,064		17,868
Vesting of RSUs and PSUs (in shares)	80,385	981,487	102,760	956,368
Vesting of RSUs and PSUs		$ 1
Shares withheld for employee taxes upon vesting of RSUs and PSUs (in shares)	(18,181)	(335,385)	(14,949)	(350,311)
Shares withheld for employee taxes upon vesting of RSUs and PSUs		$ (1)
Ending balance (in shares)	41,527,032	41,435,691	40,448,147	40,338,392	41,527,032	40,448,147	41,527,032
Ending balance	$ 41	$ 41	$ 40	$ 40	$ 41	$ 40	$ 41
Additional Paid- In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	621,743	624,954	593,240	590,251	624,954	590,251	598,938
Exercise of common stock options	481	394	308	1,552
Issuance for employee stock purchase plan		947		506
Shares withheld for employee taxes upon vesting of RSUs and PSUs	(646)	(15,432)	(428)	(10,593)
Share repurchases from ASR agreement			(5,000)
Stock-based compensation	14,484	10,880	10,818	11,524
Ending balance	636,062	621,743	598,938	593,240	636,062	598,938	636,062
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (222,510)	$ (222,510)	$ (197,505)	$ (197,505)	$ (222,510)	$ (197,505)	$ (217,510)
Beginning balance (in shares)	(9,028,722)	(9,028,722)	(8,206,594)	(8,206,594)	(9,028,722)	(8,206,594)	(8,898,875)
Share repurchases from ASR agreement			$ (20,005)
Share repurchases from ASR agreement (in shares)			(692,281)
Ending balance	$ (222,510)	$ (222,510)	$ (217,510)	$ (197,505)	$ (222,510)	$ (217,510)	$ (222,510)
Ending balance (in shares)	(9,028,722)	(9,028,722)	(8,898,875)	(8,206,594)	(9,028,722)	(8,898,875)	(9,028,722)
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (86,633)	$ (101,129)	$ (161,582)	$ (163,999)	$ (101,129)	$ (163,999)	$ (149,599)
Net (loss) income	(15,051)	14,496	11,983	2,417
Ending balance	(101,684)	(86,633)	(149,599)	(161,582)	(101,684)	(149,599)	(101,684)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(219)	319	241	55	319	55	337
Other comprehensive income (loss), net of tax	219	(538)	96	186
Ending balance	$ 0	$ (219)	$ 337	$ 241	$ 0	$ 337	$ 0

Acquisition

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisition

Azstarys Acquisition

On March 19, 2026, the Company entered into an Equity Purchase Agreement (the “Azstarys Purchase Agreement”) with Corium Therapeutics Holdings, LLC, a Delaware limited liability company (“Commave Seller”) and Corium, LLC, a Delaware limited liability company (“Corium Seller,” and together with the Commave Seller, the “Seller Parties”). On May 12, 2026 (the “Closing” or the “Azstarys Acquisition Date”), pursuant to the Azstarys Purchase Agreement, the Company acquired (i) all of the issued and outstanding limited liability interests of GPC Commave Holding, LLC, a Delaware limited liability company (“Commave”) from Commave Seller, and (ii) all of the issued and outstanding limited liability interests of Commave Sub, LLC, a Delaware limited liability company from Corium Seller (the “Azstarys Acquisition”). Upon the Closing of the Azstarys Acquisition, the Company acquired Azstarys, a central nervous system stimulant prescription medicine used for the treatment of attention deficit hyperactivity disorder (“ADHD”), in people six years of age and older, expanding the Company’s commercial presence in neuropsychiatry via the ADHD market.

The aggregate consideration paid by the Company at the Closing pursuant to the Azstarys Purchase Agreement was approximately $655,600 in cash (subject to customary purchase price adjustments under the Azstarys Purchase Agreement), which was funded by approximately $355,600 of the Company’s existing cash on hand and $300,000 from a delayed draw term loan which is part of the syndicated credit facility announced by the Company in December 2025. The Company may also pay Commave Seller up to $135,000 in additional consideration if Azstarys achieves certain future commercial and manufacturing milestones. The acquisition-date fair value of the contingent consideration associated with these milestones was $38,525 and was measured using a discounted cash flow method for technical milestones and a Monte Carlo simulation for net sales-based milestones. The Company classifies its contingent consideration liability as a Level 3 fair value measurement based on the significant unobservable inputs used to estimate fair value. Refer to Note 7, Fair Value of Financial Instruments for further information.

The Company deposited $42,000 into escrow at closing related to indemnification, product returns and net sales matters. Subject to the terms of the Azstarys Purchase Agreement, the applicable escrow amounts are scheduled to be released 18 months after the Azstarys Acquisition Date, on December 31, 2028 and 75 days after closing, respectively.

As of June 30, 2026, amounts recorded as other purchase consideration payable remain subject to the contractual post-closing review and resolution procedures under the Azstarys Purchase Agreement and may change upon completion of that process.

The fair value of the total consideration was approximately $706,253 consisting of the following (in thousands):


Fair Value of Purchase Price Consideration	Amount
Fair value of purchase price consideration paid at closing:
Initial cash consideration	$	613,574
Cash held in escrow related to indemnification and other settlements	42,000
Deferred payments and contingent consideration:
Fair value of contingent consideration	38,525
Other purchase consideration payable	12,154
Total purchase consideration	$	706,253

The Company has accounted for the Azstarys Acquisition as a business combination and, accordingly, has included the assets acquired, liabilities assumed and results of operations in its financial statements following the Azstarys Acquisition Date.

The preliminary purchase price allocation is based on estimates, assumptions, valuations and other studies which have not yet been finalized. The Company is finalizing its valuation of intangible assets, tangible assets, liabilities and tax analyses, and anticipates finalizing the valuation of assets acquired and liabilities assumed as the information necessary to complete the analysis is obtained, but no later than one year after the Azstarys Acquisition Date.


	Azstarys Acquisition Date Fair Value
Assets Acquired
Cash and cash equivalents	$	171
Accounts receivable	58,468
Inventory	69,931
Prepaid expenses and other current assets	17,628
Intangible assets	635,000
Other noncurrent assets	5,795
Total assets	$	786,993
Liabilities Assumed
Accounts payable	$	2,096
Accrued liabilities	646
Accrued rebates, returns and discounts	81,285
Deferred tax liabilities	40,965
Total liabilities	$	124,992
Total identifiable net assets acquired	$	662,001
Goodwill	44,252
Total consideration transferred	$	706,253

The valuation of the acquired intangible assets relies on significant unobservable inputs. The Company used an income approach to value the acquired intangible asset at $635,000. The valuation of the intangible asset was based on estimated projections of expected cash flows to be generated by the asset, discounted to the present value at an appropriate discount rate. The Company is amortizing the identifiable intangible asset on a straight-line basis over its useful life of 11.6 years (refer to Note 10, Goodwill and Intangible Assets). The acquired inventory was recorded at fair value, which includes an adjustment of $35,300 to increase the amount of inventory from its historic cost to fair value.

The excess of the purchase price over the fair value of identifiable net assets acquired represents goodwill. This goodwill is primarily attributable to synergies of merging operations. The acquired goodwill is not deductible for tax purposes.

Total revenues attributable to Azstarys from the Azstarys Acquisition Date through June 30, 2026 were $12,910. Earnings attributable to Azstarys from the Azstarys Acquisition Date through June 30, 2026, however, are not distinguishable due to the rapid integration of Azstarys’ core operations into the Company.

Unaudited Pro Forma Summary of Operations


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Total Revenues	$	219,118	$	213,970	$	437,226	$	410,774
Net Loss	(4,523)		(14,942)		(9,443)		(58,191)

The unaudited pro forma financial information was prepared using the acquisition method of accounting and is based on the historical financial information of the Company and the Seller Parties, adjusted to reflect the acquisition of Azstarys only. The pro forma financial information primarily reflects:

•the exclusion of the Seller Parties’ other product, Adlarity, and certain other assets and liabilities that were not acquired as part of the Azstarys Acquisition, from the Seller Parties' historical financial information;

•incremental amortization associated with the acquired intangible asset;

•the recognition of the acquired inventory fair value step-up in 2025;

•acquisition-related transaction costs reflected in the earliest period presented;

•incremental interest expense associated with the delayed draw term loan used to fund the acquisition; and

•the applicable income tax effects of these adjustments.

The six months ended June 30, 2025 pro forma net loss includes $14,500 of acquisition-related transaction costs. Direct transaction costs recognized in the Company’s 2026 historical results were removed from the corresponding 2026 pro forma periods.

Acquisition-Related Expenses

In the three and six months ended June 30, 2026, the Company incurred $23,297 and $28,403 respectively, of acquisition-related expenses as a result of the Azstarys Acquisition, which were included in selling, general and administrative expense in the Condensed Consolidated Statements of Operations. These costs include transaction costs, which primarily consisted of financial advisory, banking, legal, regulatory, representation and warranty insurance, and other consulting fees incurred to complete the acquisition; integration consulting expenses; employee-related expenses (severance cost and benefits) for terminated employees after the acquisition; and miscellaneous other acquisition expenses incurred, including contract termination costs, Commave directors and officers insurance, and other integration-related expenses. The Company expects, however, to incur additional acquisition-related expenses relating to consulting fees, contract termination costs, and other integration-related activities during the remainder of 2026.


	Three Months Ended June 30,		Six Months Ended June 30,
	2026		2026
Transaction costs	$	10,661	$	14,455
Integration consulting expenses	8,424		8,424
Employee-related expenses	769		769
Other acquisition expenses	3,443		4,755
Total acquisition-related expenses	$	23,297	$	28,403

Ironshore Acquisition

On September 3, 2024 (“Ironshore Acquisition Date”), the Company closed its acquisition (the “Ironshore Acquisition”) of Ironshore Therapeutics, Inc. (“Ironshore”). Ironshore had developed and obtained commercial approval to market Jornay PM in the United States. The Ironshore Acquisition was completed to expand the Company’s business beyond pain management and establish a commercial presence in neuropsychiatry via the ADHD market. The Company obtained control through the acquisition of shares in an all-cash transaction which closed on September 3, 2024.

The acquisition consideration includes payments for the Ironshore equity and assumption of certain of its debt. The Company deposited $25,000 into escrow at closing, to be released (i) in part, after, and subject to, determination of any adjustments related to finalization of working capital and cash at closing; and (ii) in part, and subject to, the lapse of certain indemnification obligations 12 months from the Ironshore Acquisition Date. In the three months ended March 31, 2025, the adjustments related to working capital and cash were finalized and settled, resulting in a $3,836 reduction in the amount due to the former Ironshore equity holders. The Company also agreed to pay a $25,000 contingent payment upon the achievement of a financial milestone based on net revenues of Jornay PM for the year ended December 31, 2025, which was not achieved.

As of June 30, 2026, approximately $17,565 is due to the former Ironshore equity holders recorded as deferred business combination consideration payable and $19,850 remains in escrow recorded as restricted cash. This amount remains unpaid due to the indemnification obligations in the Ironshore Acquisition and the ongoing North Sound Pharmaceuticals (“NSP”) arbitration (refer to Note 17, Commitments and Contingencies – David Lickrish, as legal assignee of North Sound Pharmaceuticals, Inc. (In Official Liquidation), for more information).

The fair value of the total consideration, including finalization of the working capital adjustment, was approximately $306,104 consisting of the following:


Fair Value of Purchase Price Consideration	Amount
Fair value of purchase price consideration paid at closing:
Initial cash consideration	$	276,888
Deferred payments and contingent consideration:
Cash held in escrow related to indemnification and other settlements	18,120
Other deferred consideration	7,000
Fair value of contingent consideration	4,096
Total purchase consideration	$	306,104

The Company has accounted for the Ironshore Acquisition as a business combination and, accordingly, has included the assets acquired, liabilities assumed and results of operations in its financial statements following the Ironshore Acquisition Date.

The preliminary purchase price was based on estimates, assumptions, valuations and other studies, which were finalized within the measurement period, no later than one year after the Ironshore Acquisition Date. Measurement period adjustments were recognized subsequent to the preliminary estimates. During the year ended December 31, 2025, the Company recognized measurement period adjustments to decrease accrued rebates, returns, and discounts by $23,227, goodwill by $16,048, deferred tax assets by $11,039, and certain other accounts by $502.


	Ironshore Acquisition Date Fair Value
Assets Acquired
Cash and cash equivalents	$	9,350
Accounts receivable	44,593
Inventory	17,155
Prepaid expenses and other current assets	8,620
Property, plant and equipment, net	541
Intangible assets	635,000
Right-of-use assets	800
Deferred tax assets	33,921
Total assets	$	749,980
Liabilities Assumed
Accounts payable	$	6,656
Accrued liabilities	73,437
Accrued rebates, returns and discounts	87,697
Borrowings	8,954
Lease liabilities	800
Senior secured notes payable	151,500
Deferred royalty obligation	116,900
Deferred revenue	10,000
Total liabilities	$	455,944
Total identifiable net assets acquired	$	294,036
Goodwill	12,068
Total consideration transferred	$	306,104

The valuation of the acquired intangible assets and assumed deferred royalty obligation relies on significant unobservable inputs. The Company used an income approach to value the acquired intangible asset. The valuation of the intangible asset was based on estimated projections of expected cash flows to be generated by the asset, discounted to the present value at an appropriate discount rate. The Company is amortizing the identifiable intangible asset on a straight-line basis over its useful life of 7.7 years (refer to Note 10, Goodwill and Intangible Assets). The acquired inventory was recorded at fair value, which includes an adjustment of $10,700 to record inventory from its historic cost to fair value. The assumed senior secured notes payable and borrowings were settled immediately after the close of the acquisition, resulting in a loss in debt extinguishment of $4,145 in the year ended December 31, 2024.

Acquisition-Related Expenses

In the three months ended June 30, 2026 and 2025, the Company incurred $789 and $935, respectively, of acquisition-related expenses as a result of the Ironshore Acquisition. In the six months ended June 30, 2026 and 2025, the Company incurred $1,858 and $2,224, respectively, of acquisition-related expenses as a result of the Ironshore Acquisition. The acquisition-related expenses were included in selling, general and administrative expense in the Condensed Consolidated Statements of Operations. These expenses primarily included legal defense expenses for the NSP arbitration that was acquired from Ironshore and relates to acts that occurred prior to Collegium’s acquisition of Ironshore (refer to Note 17, Commitments and Contingencies – David Lickrish, as legal assignee of North Sound Pharmaceuticals, Inc. (In Official Liquidation), for more information), employee-related expenses (severance cost and benefits) for terminated employees after the acquisition, and miscellaneous other acquisition expenses incurred, including integration consulting expenses, and expenses related to exiting contracts acquired from Ironshore, and expenses associated with maintaining the escrow account related to the Ironshore Acquisition.

The Company expects to incur additional acquisition-related expenses in 2026 relating to the NSP arbitration acquired from Ironshore and expenses associated with maintaining the escrow account related to the Ironshore Acquisition.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Legal defense expenses for NSP arbitration acquired from Ironshore	$	772	$	552	$	1,831	$	552
Employee-related expenses	—		—		—		515
Transaction costs	—		—		—		38
Other acquisition expenses	17		383		27		1,119
Total acquisition-related expenses	$	789	$	935	$	1,858	$	2,224

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value by Level Within Fair Value Hierarchy

The following table presents the Company’s financial instruments carried at fair value using the lowest level input applicable to each financial instrument as of June 30, 2026 and December 31, 2025:


	Total		Quoted Prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
June 30, 2026
Assets
Cash equivalents:
Money market funds	$	27,317	$	27,317	$	—	$	—







Total assets measured at fair value	$	27,317	$	27,317	$	—	$	—
Liabilities
Contingent consideration	$	38,525	$	—	$	—	$	38,525
Total liabilities measured at fair value	$	38,525	$	—	$	—	$	38,525

December 31, 2025
Cash equivalents:
Money market funds	$	119,363	$	119,363	$	—	$	—
Marketable securities:
Corporate debt securities	140,261		—		140,261		—
U.S. Treasury securities	2,959		—		2,959		—
Government-sponsored securities	5,000		—		5,000		—
Commercial paper	7,207		—		7,207		—
Total assets measured at fair value	$	274,790	$	119,363	$	155,427	$	—

Schedule of Significant Unobservable Inputs Used In The Fair Value Measurements

The following table presents the significant unobservable inputs used in the fair value measurements as of June 30, 2026 (in thousands, except percentages and dates):

Contingent Consideration Liability

Fair Value at
June 30, 2026

Valuation Technique

Significant Unobservable Inputs

Range

Technical milestones

27,290

Discounted cash flow

Probability of payment

81.0% - 90.0%

Expected achievement dates

March 2027 - December 2027

Payment discount rate

5.8% - 6.0%

Net sales-based milestones

11,235

Monte Carlo simulation

Net sales volatility

35.0%

Net sales discount rate

11.0%

Payment discount rate

5.7% - 6.2%

Total contingent consideration

38,525

Schedule of Reconciliation of Beginning and Ending Balances Related to the Contingent Consideration

The following table provides a reconciliation of the beginning and ending balances related to the contingent consideration for the Azstarys Acquisition (dollars in thousands):


	Azstarys Acquisition Contingent Consideration
Balance as of December 31, 2025	$	—
Azstarys Acquisition date fair value	38,525
Balance as of June 30, 2026	$	38,525

Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Performance Share Units Activity

A summary of the Company’s PSU activity for the six months ended June 30, 2026 and related information is as follows:


	Shares	Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2025	313,642	$	41.65
Granted	242,492	61.20
Vested	(156,944)	39.89
Performance adjustment	60,792	40.08
Outstanding as of June 30, 2026	459,982	$	52.27

Schedule of Restricted Stock Units Activity

A summary of the Company’s RSU activity for the six months ended June 30, 2026 and related information is as follows:


	Shares	Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2025	2,617,325	$	29.57
Granted	931,813	44.19
Vested	(904,928)	28.67
Forfeited	(191,151)	33.32
Outstanding as of June 30, 2026	2,453,059	$	35.17

Schedule of Stock Option Activity

A summary of the Company’s stock option activity for the six months ended June 30, 2026 and related information is as follows:


	Shares	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2025	559,161	$	22.29	3.9	$	13,425
Exercised	(46,332)	18.88
Outstanding as of June 30, 2026	512,829	$	22.60	3.5	$	6,975
Exercisable as of June 30, 2026	431,364	$	20.93	2.6	$	6,585

Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue from Contracts with Customers
Total product revenues, net	$ 199,878	$ 188,000	$ 393,398	$ 365,757
Belbuca
Revenue from Contracts with Customers
Total product revenues, net	57,669	52,600	110,318	104,258
Xtampza ER
Revenue from Contracts with Customers
Total product revenues, net	45,006	52,605	95,775	100,247
Jornay PM
Revenue from Contracts with Customers
Total product revenues, net	46,058	32,626	84,951	61,165
Nucynta IR
Revenue from Contracts with Customers
Total product revenues, net	14,356	26,501	40,434	53,918
Nucynta ER
Revenue from Contracts with Customers
Total product revenues, net	15,723	19,946	33,957	39,632
Azstarys
Revenue from Contracts with Customers
Total product revenues, net	12,910	0	12,910	0
Symproic
Revenue from Contracts with Customers
Total product revenues, net	3,020	3,722	7,213	6,537
Nucynta ER AG
Revenue from Contracts with Customers
Total product revenues, net	2,775	0	4,221	0
Nucynta IR AG
Revenue from Contracts with Customers
Total product revenues, net	$ 2,361	$ 0	$ 3,619	$ 0

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Product Revenue Provision and Allowance Categories

The following tables summarize activity in each of the Company’s product revenue provision and allowance categories for the six months ended June 30, 2026 and 2025:


	Rebates and Incentives (1)		Product Returns (2)		Trade Allowances and Chargebacks (3)
Balance as of December 31, 2025	$	170,592	$	147,674	$	32,150
Provision related to current period sales	291,741		38,573		116,235
Liability acquired from Azstarys Acquisition	45,914		35,371		9,638
Changes in estimate related to prior period sales	(3,657)		(6,400)		96
Credits/payments made	(290,089)		(22,865)		(116,697)
Balance as of June 30, 2026	$	214,501	$	192,353	$	41,422


	Rebates and Incentives (1)		Product Returns (2)		Trade Allowances and Chargebacks (3)
Balance as of December 31, 2024	$	191,508	$	147,134	$	38,512
Provision related to current period sales	241,829		34,602		101,430
Ironshore measurement period adjustments	671		(20,316)		7
Changes in estimate related to prior period sales	(5,445)		(2,238)		286
Credits/payments made	(256,156)		(20,831)		(111,286)
Balance as of June 30, 2025	$	172,407	$	138,351	$	28,949

Schedule of Disaggregation of Revenue

As such, the Company disaggregates its product revenues, net from contracts with customers by product, as disclosed in the table below.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Belbuca	$	57,669	$	52,600	$	110,318	$	104,258
Xtampza ER	45,006		52,605		95,775		100,247
Jornay PM	46,058		32,626		84,951		61,165
Nucynta IR	14,356		26,501		40,434		53,918
Nucynta ER	15,723		19,946		33,957		39,632
Azstarys	12,910		—		12,910		—
Symproic	3,020		3,722		7,213		6,537
Nucynta ER AG	2,775		—		4,221		—
Nucynta IR AG	2,361		—		3,619		—
Total product revenues, net	$	199,878	$	188,000	$	393,398	$	365,757

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 36,214	$ 18,963
Work in process	49,055	15,094
Finished goods	36,054	20,869
Total inventory	$ 121,323	$ 54,926

Goodwill and Intangible Assets - Schedule of Amortization and Impairment Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Goodwill and Intangible Assets
Total amortization expense	$ 62,953	$ 55,473	$ 118,426	$ 110,946
Jornay PM
Goodwill and Intangible Assets
Total amortization expense	20,957	20,957	41,914	41,914
Belbuca
Goodwill and Intangible Assets
Total amortization expense	18,849	18,849	37,698	37,697
Nucynta Products
Goodwill and Intangible Assets
Total amortization expense	13,846	13,846	27,692	27,692
Azstarys
Goodwill and Intangible Assets
Total amortization expense	7,480	0	7,480	0
Symproic
Goodwill and Intangible Assets
Total amortization expense	$ 1,821	$ 1,821	$ 3,642	$ 3,643

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Income Taxes

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes

The Company is subject to U.S. federal and state income taxes, as well as foreign income taxes. The income tax provision for interim periods reflects the Company’s estimate of the annual effective tax rate expected to be applicable for the full fiscal year, adjusted for any discrete items which are recorded in the period in which they occur.

The following table presents information regarding the Company’s income tax expense recognized for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Provision for income taxes	$	1,519		$	5,042		$	5,763		$	5,747
Effective tax rate	(11.2)		%	29.6		%	110.7		%	28.5		%

The provision for income taxes for the three and six months ended June 30, 2026 reflects the estimated annual effective tax rate as adjusted for the discrete nondeductible costs, including certain transaction costs related to the Azstarys Acquisition, as well as discrete excess tax benefits related to stock-based compensation.

The Company provides a valuation allowance when it is more likely than not that deferred tax assets will not be realized. In determining the extent to which a valuation allowance is required, the Company evaluates all available evidence including projections of future taxable income, carry back opportunities, reversal of certain deferred tax liabilities, and other tax planning strategies. The Company has maintained a valuation allowance on the portion of its U.S. state deferred tax assets that are not more likely than not to be realized due to tax limitations or other conditions as of June 30, 2026. The Company has also maintained a valuation allowance on the portion of the deferred tax asset associated with Swiss net operating losses acquired in the Azstarys Acquisition that is not more likely than not to be realized due to tax limitations or other conditions as of June 30, 2026.

- Definition

The entire disclosure for income tax.

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+ Details

Deferred Royalty Obligation (Tables)

6 Months Ended

Jun. 30, 2026

Deferred Royalty Obligation [Abstract]

Schedule of Deferred Royalty Obligation

A rollforward of the deferred royalty obligation for the six months ended June 30, 2026 and 2025 is as follows:


	Deferred Royalty Obligation
Balance as of December 31, 2025	$	121,563
Net amortization	(206)
Net carrying amount at June 30, 2026	$	121,357


	Deferred Royalty Obligation
Balance as of December 31, 2024	$	120,613
Net accretion	2,014
Net carrying amount at June 30, 2025	$	122,627

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Intangible Asset, Goodwill and Other [Abstract]
Goodwill	$ 190,177	$ 145,925

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

+ Details

Acquisition - Schedule of Unaudited Pro Forma Summary of Operations (Details) - AZSTARYS Acquisition - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Business Combination [Line Items]
Total Revenues	$ 219,118	$ 213,970	$ 437,226	$ 410,774
Net Loss	$ (4,523)	$ (14,942)	$ (9,443)	$ (58,191)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Accrued Liabilities

6 Months Ended

Jun. 30, 2026

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Liabilities

Accrued liabilities as of June 30, 2026 and December 31, 2025 consisted of the following:


	June 30, 2026		December 31, 2025
Accrued interest	$	11,075	$	12,023
Accrued product taxes and fees	9,957		7,732
Accrued inventory	8,580		2,809
Accrued sales and marketing	8,256		3,039
Accrued payroll and related benefits	5,468		3,382
Accrued royalties	5,265		7,987
Accrued bonuses	4,101		9,172
Accrued incentive compensation	4,098		3,714
Liability for cash-settled share-based awards assumed from Ironshore Acquisition	2,435		2,435
Accrued audit and legal	1,986		1,703
Accrued income taxes	1,138		3,297
Accrued other operating costs	8,891		5,171
Total accrued liabilities	$	71,250	$	62,464

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	May 31, 2024	Jun. 30, 2026	Jun. 30, 2026
Revenue from Contracts with Customers
Practical expedient incremental cost			true
Returns policy, threshold product return period (in months)			18 months
Returns policy, threshold product return period prior to expiration (in months)			6 months
Returns policy, threshold product return period after expiration (in months)			12 months
Nonrefundable upfront payment	$ 10,000
Revenue recognized previously included in deferred revenue balance		$ 166	$ 333
Minimum
Revenue from Contracts with Customers
Term of payment received (in days)			30 days
Maximum
Revenue from Contracts with Customers
Term of payment received (in days)			90 days

Marketable Securities - Schedule of Available-for-Sale Debt Securities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Marketable securities
Amortized Cost	$ 154,995
Gross Unrealized Gains	492
Gross Unrealized Losses	(60)
Fair Value	155,427
Corporate debt securities
Marketable securities
Amortized Cost	139,833
Gross Unrealized Gains	487
Gross Unrealized Losses	(59)
Fair Value	140,261
U.S. Treasury securities
Marketable securities
Amortized Cost	2,957
Gross Unrealized Gains	2
Gross Unrealized Losses	0
Fair Value	2,959
Government-sponsored securities
Marketable securities
Amortized Cost	4,999
Gross Unrealized Gains	2
Gross Unrealized Losses	(1)
Fair Value	5,000
Commercial paper
Marketable securities
Amortized Cost	7,206
Gross Unrealized Gains	1
Gross Unrealized Losses	0
Fair Value	$ 7,207

- Definition

Amortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Earnings Per Share - Schedule of Dilutive Securities Excluded from the Calculation of Diluted Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Stock options
Anti-dilutive securities
Dilutive securities excluded from the calculation of diluted earnings per share (in shares)	512,829	130,344	512,829	130,344
Restricted stock units
Anti-dilutive securities
Dilutive securities excluded from the calculation of diluted earnings per share (in shares)	2,453,059	666,052	2,453,059	224,465
Performance share units
Anti-dilutive securities
Dilutive securities excluded from the calculation of diluted earnings per share (in shares)	459,982	313,642	459,982	313,642
Employee stock purchase plan
Anti-dilutive securities
Dilutive securities excluded from the calculation of diluted earnings per share (in shares)	26,170	0	26,170	32,320
Convertible notes
Anti-dilutive securities
Dilutive securities excluded from the calculation of diluted earnings per share (in shares)	6,606,305	0	6,606,305	0

Fair Value of Financial Instruments - Schedule of Reconciliation of Beginning and Ending Balances Related to the Contingent Consideration (Details) - Contingent consideration $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0
Azstarys Acquisition date fair value	38,525
Ending Balance	$ 38,525

License Agreements (Details) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
License Agreements (Details) - USD ($) $ in Thousands	Feb. 06, 2020	Apr. 04, 2019	May 31, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Licenses Agreements
Cost of product revenues				$ 89,586	$ 79,616	$ 165,860	$ 160,049
Location, Statement of Financial Position, Activity, Accrual [Axis]: us-gaap:AccruedLiabilitiesCurrent
Licenses Agreements
Cost of product revenues								$ 3,058
Shionogi License and Supply Agreement
Licenses Agreements
Additional royalty percentage		1.00%
ArkBio License Agreement
Licenses Agreements
License term			10 years
Proceeds from milestone payments			$ 98,500
Maximum \| Grunenthal License
Licenses Agreements
Royalty percentage	14.00%
Maximum \| Shionogi License and Supply Agreement
Licenses Agreements
Royalty percentage		17.50%
Maximum \| ArkBio License Agreement
Licenses Agreements
Royalty percentage			14.00%
Minimum \| Shionogi License and Supply Agreement
Licenses Agreements
Royalty percentage		8.50%
Minimum \| ArkBio License Agreement
Licenses Agreements
Royalty percentage			7.00%

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Goodwill and Intangible Assets

As of June 30, 2026 and December 31, 2025, the Company’s goodwill balance was $190,177 and $145,925, respectively. The Company’s goodwill as of June 30, 2026 resulted from the Azstarys Acquisition on May 12, 2026, the Ironshore Acquisition on September 3, 2024 and the BDSI Acquisition on March 22, 2022.

The following table sets forth the cost, accumulated amortization, and carrying amount of intangible assets as of June 30, 2026 and December 31, 2025:


	June 30, 2026						December 31, 2025
	Cost		Accumulated Amortization		Carrying Amount		Cost		Accumulated Amortization		Carrying Amount
Jornay PM	$	635,000	$	(152,986)	$	482,014	$	635,000	$	(111,072)	$	523,928
Azstarys	635,000		(7,480)		627,520		—		—		—
Belbuca	360,000		(322,305)		37,695		360,000		(284,607)		75,393
Nucynta Products	521,170		(521,170)		—		521,170		(493,478)		27,692
Symproic	70,000		(31,145)		38,855		70,000		(27,503)		42,497
Total intangible assets	$	2,221,170	$	(1,035,086)	$	1,186,084	$	1,586,170	$	(916,660)	$	669,510

The following table presents amortization expense recognized in cost of product revenues for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Jornay PM	$	20,957	$	20,957	$	41,914	$	41,914
Belbuca	18,849		18,849		37,698		37,697
Nucynta Products	13,846		13,846		27,692		27,692
Azstarys	7,480		—		7,480		—
Symproic	1,821		1,821		3,642		3,643
Total amortization expense	$	62,953	$	55,473	$	118,426	$	110,946

As of June 30, 2026, the remaining amortization expense expected to be recognized is as follows:


Years ended December 31,	Jornay PM		Azstarys		Belbuca		Symproic		Total
2026	$	41,915	$	27,283	$	37,695	$	3,643	$	110,536
2027	83,829		54,567		—		7,285		145,681
2028	83,829		54,567		—		7,285		145,681
2029	83,829		54,567		—		7,285		145,681
2030	83,829		54,567		—		7,285		145,681
Thereafter	104,783		381,969		—		6,072		492,824
Remaining amortization expense	$	482,014	$	627,520	$	37,695	$	38,855	$	1,186,084

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Jul. 31, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-37372
Entity Registrant Name	Collegium Pharmaceutical, Inc.
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	03-0416362
Entity Address, Address Line One	100 Technology Center Drive
Entity Address, City or Town	Stoughton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02072
City Area Code	781
Local Phone Number	713-3699
Title of 12(b) Security	Common Stock
Trading Symbol	COLL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		32,555,613
Entity Central Index Key	0001267565
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2

Acquisition - Schedule of Allocation of Acquisition Purchase Price (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 19, 2026	Dec. 31, 2025	Sep. 03, 2024
Liabilities Assumed
Goodwill	$ 190,177		$ 145,925
AZSTARYS Acquisition
Assets Acquired
Cash and cash equivalents		$ 171
Accounts receivable		58,468
Inventory		69,931
Prepaid expenses and other current assets		17,628
Intangible assets		635,000
Other noncurrent assets		5,795
Total assets		786,993
Liabilities Assumed
Accounts payable		2,096
Accrued liabilities		646
Accrued rebates, returns and discounts		81,285
Deferred tax liabilities		40,965
Total liabilities		124,992
Total identifiable net assets acquired		662,001
Goodwill		44,252
Total consideration transferred		$ 706,253
Ironshore Acquisition
Assets Acquired
Cash and cash equivalents				$ 9,350
Accounts receivable				44,593
Inventory				17,155
Prepaid expenses and other current assets				8,620
Property, plant and equipment, net				541
Intangible assets				635,000
Right-of-use assets				800
Deferred tax assets				33,921
Total assets				749,980
Liabilities Assumed
Accounts payable				6,656
Accrued liabilities				73,437
Accrued rebates, returns and discounts				87,697
Borrowings				8,954
Lease liabilities				800
Senior secured notes payable				151,500
Deferred royalty obligation				116,900
Deferred revenue				10,000
Total liabilities				455,944
Total identifiable net assets acquired				294,036
Goodwill				12,068
Total consideration transferred				$ 306,104

Convertible Senior Notes

6 Months Ended

Jun. 30, 2026

Convertible Senior Notes. [Abstract]

Convertible Senior Notes

2029 Convertible Notes

On February 10, 2023, the Company issued 2.875% convertible senior notes due in 2029 (the “2029 Convertible Notes”) in the aggregate principal amount of $241,500, in a private offering to qualified institutional buyers pursuant to Section 4(a)(2) and Rule 144A under the Securities Act of 1933, as amended. The 2029 Convertible Notes were issued to finance the concurrent repurchase of a portion of the 2026 Convertible Notes, and the remainder of the net proceeds may be used for general corporate purposes. In connection with the issuance of the 2029 Convertible Notes, the Company incurred approximately $6,280 of debt issuance costs, which primarily consisted of underwriting, legal and other professional fees.

The 2029 Convertible Notes are senior, unsecured obligations and bear interest at a rate of 2.875% per year payable semi-annually in arrears on February 15 and August 15 of each year, beginning on August 15, 2023. The 2029 Convertible Notes will mature on February 15, 2029, unless earlier repurchased, redeemed or converted. Before November 15, 2028, noteholders will have the right to convert their notes only upon the occurrence of certain events. From and after November 15, 2028, noteholders may convert their notes at any time at their election until the close of business on the scheduled trading day immediately before the maturity date. The Company will settle conversions by paying or delivering, as applicable, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. The initial conversion rate is 27.3553 shares of common stock per $1 principal amount of 2029 Convertible Notes, which represents an initial conversion price of approximately $36.56 per share of common stock. The conversion rate and conversion price are subject to adjustment upon the occurrence of certain events.

Holders of the 2029 Convertible Notes may convert all or any portion of their 2029 Convertible Notes, in multiples of $1 principal amount, at their option only under the following circumstances:

(1)during any calendar quarter commencing after the calendar quarter ending on June 30, 2023, if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price for at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;

(2)during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “measurement period”) in which the “trading price” per $1 principal amount of the 2029 Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the Company’s common stock on such trading day and the conversion rate on such trading day;

(3)upon the occurrence of certain corporate events or distributions on the Company’s common stock;

(4)if the Company calls any or all of the 2029 Convertible Notes for redemption, but only with respect to the 2029 Convertible Notes called for redemption; or

(5)at any time from, and including, November 15, 2028 until the close of business on the scheduled trading day immediately before the maturity date.

As of June 30, 2026, none of the above circumstances had occurred and as such, the 2029 Convertible Notes could not have been converted.

The Company may not redeem the 2029 Convertible Notes prior to February 17, 2026. On or after February 17, 2026 and on or before the 40th scheduled trading day before the maturity date, the Company may redeem the 2029 Convertible Notes, in whole or in part, at a cash redemption price equal to the principal amount of the 2029 Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, only if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price on:

(1)each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice; and

(2)the trading day immediately before the date the Company sends such notice.

However, the Company may not redeem less than all of the outstanding 2029 Convertible Notes unless at least $75,000 aggregate principal amount of the 2029 Convertible Notes are outstanding and not called for redemption as of the time the Company sends the related redemption notice.

Calling any 2029 Convertible Note for redemption will constitute a make-whole fundamental change with respect to that 2029 Convertible Note, in which case the conversion rate applicable to the conversion of that 2029 Convertible Note, if it is converted in connection with the redemption, will be increased in certain circumstances for a specified period of time.

The 2029 Convertible Notes have customary default provisions, including: (i) a default in the payment when due (whether at maturity, upon redemption or repurchase upon fundamental change or otherwise) of the principal of, or the redemption price or fundamental change repurchase price for, any note; (ii) a default for 30 days in the payment when due of interest on any note; (iii) a default in the Company’s obligation to convert a note in accordance with the indenture, if such default is not cured within 3 business days after its occurrence; (iv) a default with respect to the Company’s obligations under the indenture related to consolidations, mergers and asset sales; (v) a default in any of the Company’s other obligations or agreements under the indenture that are not cured or waived within 60 days after notice to the Company; (vi) certain payment defaults by the Company or certain subsidiaries with respect to mortgages, agreements or other instruments for indebtedness for money borrowed of at least $30,000 or other defaults by the Company or certain subsidiaries with respect to such indebtedness that result in the acceleration of such indebtedness; (vii) default upon the occurrence of one or more final judgments being rendered against the Company or any of the Company’s significant subsidiaries for the payment of at least $30,000; and (viii) upon the occurrence of certain events of bankruptcy, insolvency and reorganization with respect to the Company or any of its significant subsidiaries.

The 2029 Convertible Notes are classified on the Condensed Consolidated Balance Sheet as of June 30, 2026 as convertible senior notes.

As of June 30, 2026, the outstanding balance of the 2029 Convertible Notes consisted of the following:


	2029 Convertible Notes
Principal	$	241,500
Less: unamortized issuance costs	(2,767)
Net carrying amount	$	238,733

The Company determined the expected life of the 2029 Convertible Notes was equal to the six-year term. The effective interest rate on the 2029 Convertible Notes is 3.3%. As of June 30, 2026, the if-converted value of the 2029 Convertible Notes did not exceed the remaining principal amount.

As of June 30, 2026, the future minimum payments on the 2029 Convertible Notes were as follows:


Years ended December 31,	2029 Convertible Notes
2026	$	3,472
2027	6,943
2028	6,943
2029	244,972
Total minimum payments	$	262,330
Less: interest	(20,830)
Less: unamortized issuance costs	(2,767)
Convertible notes carrying value	$	238,733

The following table presents the total interest expense recognized related to the 2029 Convertible Notes during the three and six months ended June 30, 2026, and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Contractual interest expense	$	1,736	$	1,736	$	3,472	$	3,472
Amortization of debt issuance costs	260		259		518		515
Total interest expense	$	1,996	$	1,995	$	3,990	$	3,987

Stock-based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Stock-based compensation
Proceeds from issuances of common stock from employee stock purchase plan			$ 947	$ 506
Unrecognized compensation cost related to outstanding options	$ 77,684		$ 77,684
Period over which unrecognized compensation cost is expected to be recognized as expense			2 years 1 month 6 days
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Stock-based compensation
Stock-based compensation expense	14,484	$ 10,818	$ 25,364	$ 22,342
Performance share units
Stock-based compensation
Weighted-average grant date fair value per share of grants (in dollars per share)			$ 61.20	$ 40.28
Total fair value of shares vested			$ 7,337	$ 4,925
Restricted stock units
Stock-based compensation
Total fair value of shares vested			$ 40,748	$ 27,042
Weighted-average grant date fair value of shares granted (in dollars per share)			$ 44.19	$ 30.19
Restricted stock units \| Awards Granted Prior To 2024
Stock-based compensation
Vesting period (in years)			4 years
Restricted stock units \| Awards Granted After 2024
Stock-based compensation
Vesting period (in years)			3 years
Stock options
Stock-based compensation
Vesting period (in years)			4 years
Contractual life (in years)			10 years
Period following termination date vested options are exercisable (in months)			3 months
Stock options granted (in shares)			0	0
Purchase price percentage			85.00%
Issuance for employee stock purchase plan (in shares)			36,064
Proceeds from issuances of common stock from employee stock purchase plan			$ 947
Employee stock purchase plan compensation expenses	$ 159	$ 149	$ 318	$ 285

Acquisition - Schedule of Acquisition Related Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
AZSTARYS Acquisition
Business Combination [Line Items]
Employee-related expenses	$ 769		$ 769
Integration consulting expenses	8,424		8,424
Transaction costs	10,661		14,455
Other acquisition expenses	3,443		4,755
Total acquisition-related expenses	23,297		28,403
Ironshore Acquisition
Business Combination [Line Items]
Legal defense expenses for NSP arbitration acquired from Ironshore	772	$ 552	1,831	$ 552
Employee-related expenses	0	0	0	515
Transaction costs	0	0	0	38
Other acquisition expenses	17	383	27	1,119
Total acquisition-related expenses	$ 789	$ 935	$ 1,858	$ 2,224

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings From time to time, the Company may face legal claims or actions in the normal course of business. Except as disclosed below, the Company is not currently a party to any material litigation. Xtampza ER Litigation On March 24, 2015, Purdue sued the Company in the U.S. District Court for the District of Delaware asserting infringement of three of Purdue’s Orange Book-listed patents (Patent Nos. 7,674,799, 7,674,800, and 7,683,072) and a non-Orange Book-listed patent (Patent No. 8,652,497). The lawsuit was initiated in response to the Company filing the New Drug Application (“NDA”) for Xtampza ER as a 505(b)(2) application referencing data from Purdue’s OxyContin NDA, and under the Drug Price Competition and Patent Term Restoration Act of 1984, triggered a stay of up to 30 months before the FDA could issue a final approval for Xtampza ER, unless the stay was earlier terminated. The Delaware court transferred the case to the District of Massachusetts. After the Company filed a partial motion for judgment on the pleadings relating to the Orange Book-listed patents, the District Court of Massachusetts ordered judgment in the Company’s favor on those three patents, and dismissed the claims which lifted the 30-month stay of FDA approval. Following this judgment, the Company obtained final approval for Xtampza ER and launched commercially. Purdue subsequently filed two follow-on lawsuits asserting infringement of two patents that had been late-listed in the Orange Book and, therefore, could not trigger any stay of FDA approval: Purdue asserted infringement of Patent No. 9,073,933 in November 2015 and Patent No. 9,522,919 in April 2017. In addition, Purdue invoked two non-Orange Book-listed patents, filing suit in June 2016 asserting infringement of Patent No. 9,155,717 and in September 2017, asserting infringement of Patent No. 9,693,961. On March 13, 2018, the Company filed a Petition for Post-Grant Review (“PGR”) of the ʼ961 patent with the Patent Trial and Appeal Board (“PTAB”). The PGR argued that the ʼ961 patent is invalid. On November 21, 2017, the Court issued its claim construction ruling, construing certain claims of the ʼ933, ʼ497, and ʼ717 patents. The Court issued an order on September 28, 2018, in which it ruled that the Xtampza ER formulation does not infringe the ʼ497 and ʼ717 patents. On September 15, 2019, Purdue commenced chapter 11 bankruptcy proceedings in the United States Bankruptcy Court for the Southern District of New York. Later in September 2019, Purdue gave the District Court of Massachusetts, as well as the PTAB, notice of its bankruptcy filing and sought the imposition of an automatic stay of proceedings. Both the Court and the PTAB granted Purdue’s requests to stay the pending matters. On September 1, 2020, the Bankruptcy Court entered an Order, lifting the automatic stays in both the District of Massachusetts and PTAB proceedings. On September 11, 2020, Purdue filed a motion to terminate the PTAB action on the basis that those proceedings had gone beyond the 18-month statutory period. On November 19, 2021, the PTAB: (i) denied Purdue’s motion to terminate the PGR; and (ii) issued its Final Written Decision, finding that the asserted claims of the ʼ961 patent were invalid for lack of written description and anticipation. Purdue appealed the decision to the Federal Circuit, which issued its decision on November 21, 2023, affirming the authority of the PTAB to issue its Final Written Decision and upholding the PTAB’s finding of invalidity relative to the ’961 patent. Purdue has exhausted all possibility of appeal, and the judgment of invalidity of the ’961 patent is final without further right of appeal. On April 2, 2021, the Court granted Purdue’s Motion to Lift the Stay in the District of Massachusetts that was entered following Purdue’s Notice of Bankruptcy. On April 9, 2021, Purdue filed another follow-on lawsuit asserting infringement of U.S. Patent No. 10,407,434. The Company responded to Purdue’s complaint with a motion to dismiss. On May 21, 2021, and in response to the Company’s motion to dismiss, Purdue filed an amended complaint. The Company renewed its motion to dismiss on June 4, 2021, arguing: (i) Purdue cannot, as a matter of law, state a claim for infringement under § 271(e)(2)(A); (ii) Purdue cannot, as a matter of law, state a claim for product-by-process infringement under §271(g); and (iii) Purdue has not alleged facts sufficient to support any indirect infringement theory under §271(b) or (c). The Court held a hearing on the Company’s motion to dismiss on October 13, 2021, and the motion is pending before the Court. Like the prior follow-on lawsuits, the ’434 patent litigation was consolidated into the lead case and a scheduling order was entered. On May 15, 2023, the Court issued an order that: (i) vacated the existing deadlines with respect to the ʼ933, ʼ919, and ʼ434 patents and stayed the case pending the Federal Circuit’s decision in a different litigation that invalidated certain claims of the ʼ933 and ʼ919 patents; and (ii) continued the existing stay concerning the ʼ961 patent pending resolution of Purdue’s appeal rights relating to the decision invalidating the claims of the ʼ961 patent. The Court has not set a deadline for dispositive motions or trial. A successor to Purdue, known as Knoa Pharma LLC, came into existence on or about May 1, 2026, and was substituted as plaintiff in the consolidated action by an order dated July 16, 2026. The parties filed a joint statement with the court on July 8, 2026, indicating that the plaintiff intends to “share with Collegium a draft amended/supplemental complaint, to remove any invalidated claims and/or any grounds of infringement that are no longer applicable, and to add any claims/patents that have issued during the pendency of the case stay.” The joint statement further stated that “[t]he parties then can meet and confer to determine what impact such pleading would have on pending motions and the case schedule the parties may propose to the Court.” The Court has set a status conference for August 25, 2026. The remaining patents-in-suit in the lead consolidated action in the District of Massachusetts are the ʼ933, ʼ919, ʼ434, and ʼ961 patents. Purdue has made a demand for monetary relief, and requested a judgment of infringement, an adjustment of the effective date of FDA approval, and an injunction on the sale of the Company’s products accused of infringement. The Company has denied all claims and has requested a judgment that the remaining asserted patents are invalid and/or not infringed; the Company is also seeking a judgment that the case is exceptional and has requested an award of the Company’s attorneys’ fees for defending the case. The Company plans to defend this case vigorously. At this stage, the Company is unable to evaluate the likelihood of an unfavorable outcome or estimate the amount or range of potential loss, if any. Nucynta Litigation On February 7, 2018, Purdue filed a patent infringement suit against the Company in the U.S. District Court for the District of Delaware, in which it argues that the Company’s sale of immediate-release and extended-release Nucynta infringes U.S. Patent Nos. 9,861,583, 9,867,784, and 9,872,836. On December 6, 2018, the Company filed an Amended Answer asserting an affirmative defense for patent exhaustion. On December 10, 2018, the Court granted the parties’ stipulation for resolution of the Company’s affirmative defense of patent exhaustion and stayed the action, with the exception of briefing on and resolution of the Company’s Motion for Judgment on the Pleadings related to patent exhaustion and any discovery related to that Motion. Also, on December 10, 2018, the Company filed a Rule 12(c) Motion for Judgment on the Pleadings, arguing that Purdue’s claims were barred by the doctrine of patent exhaustion. On June 19, 2019, the Court issued an order calling for discovery on a factual predicate for the patent exhaustion defense and noted that the case remained “stayed with the exception of discovery and briefing on and resolution of the Company’s anticipated motion for summary judgment based on patent exhaustion.” On September 19, 2019, Purdue notified the Court of its bankruptcy filing and sought an automatic stay of proceedings, which was granted. The Nucynta litigation currently remains subject to the bankruptcy stay. On February 2, 2026, Grünenthal GmbH filed a complaint in the United States District Court for the District of New Jersey for patent infringement naming as defendants the Company along with Hikma Pharmaceuticals USA Inc. and Hikma Pharmaceuticals PLC (collectively “Hikma”). The complaint alleges that a future launch of an authorized generic to the Company’s Nucynta ER by Hikma will occur and that such a launch would infringe two patents owned by Grünenthal and licensed by the Company. The complaint further alleges that the Company has or will infringe the patents by contributing to or inducing direct infringement by Hikma. The patents are United States Patent Nos. 8,536,130 and 11,344,512, both listed in the Orange Book for Nucynta ER. Hikma has requested that the Company defend and indemnify Hikma with respect to the complaint. The Company has licensed the rights to make, sell, and have sold Nucynta ER in the United States from Grünenthal (among other rights) and believes that it has all necessary rights to make and sell the authorized generic product to Hikma. The Company plans to defend this case vigorously. At this stage, the Company is unable to evaluate the likelihood of an unfavorable outcome or estimate the amount or range of potential loss, if any. Opioid-Related Request and Subpoenas The Company, like several other pharmaceutical companies, has received subpoenas or civil investigative demands related to opioid sales and marketing practices, from the Offices of the Attorney General of Washington, New Hampshire, Maryland, and Massachusetts. On December 16, 2021, the Company entered into an Assurance of Discontinuance with the Massachusetts Attorney General’s Office. The Company is currently cooperating with each of the remaining states in their respective investigations. Litigation Related to the BDSI Acquisition On February 25, 2022, in connection with the BDSI Acquisition, a purported individual stockholder of BDSI filed a complaint in the District Court for the Southern District of New York naming as defendants BDSI and each member of its Board of Directors as of the date of the Merger Agreement (“Stein Action”). On February 28, 2022, two additional cases were filed by purported individual stockholders of BDSI in the same court: the “Sanford Action” and the “Higley Action.” In March 2022, two additional cases were filed by purported individual stockholders of BDSI in the District Court for the Eastern District of New York: the “Justice Action” and the “Zomber Action” (together with the Stein, Sanford, and Higley Actions, the “Actions”). The Actions and any similar subsequently filed cases involving BDSI, its officers or Board of Directors, or any committee thereof, and/or any of the Company’s officers or directors relating directly or indirectly to the Merger Agreement, the BDSI Acquisition or any related transaction, are referred to as the “Merger Litigations.” The Merger Litigations filed to date generally allege that the Schedule 14D-9 is materially incomplete and misleading. The Merger Litigations assert violations of Section 14(e) of the Exchange Act and violations of Section 20(a) of the Exchange Act against BDSI’s Board of Directors. The Merger Litigations seek, among other things: an injunction enjoining consummation of the Merger, rescission of the Merger Agreement, a declaration that BDSI and its Board of Directors violated Sections 14(e) and 20(a) of the Exchange Act and Rule 14a-9 promulgated thereunder, damages, costs of the action, including plaintiffs’ attorneys’ fees and experts’ fees and expenses, and any other relief the court may deem just and proper. In addition, between February and March of 2022, BDSI received demand letters from three purported stockholders of BDSI seeking to inspect certain books and records of BDSI related to the Merger (collectively, the “Inspection Letters”). In March 2022, BDSI received demand letters from four purported stockholders alleging that the Schedule 14D-9 omits purportedly material information relating to the Merger (collectively, the “Demand Letters”). Plaintiffs in the Higley, Zomber, and Justice Actions each filed a notice of voluntary dismissal of their complaint in the second quarter of 2022. On July 28, 2022, plaintiff in the Sanford Action filed a partial voluntary dismissal of the individual named defendants, and on October 26, 2022, filed a notice of voluntary dismissal of the BDSI defendant. On February 17, 2023, the Stein Action was dismissed. BDSI previously determined to voluntarily supplement the Schedule 14D-9 with certain supplemental disclosures set forth in BDSI’s Schedule 14D-9 filed with the SEC on March 11, 2022 (the “Supplemental Disclosures”). The Company and BDSI believe that the Supplemental Disclosures mooted all allegations or concerns raised in the Merger Litigations, Inspection Letters, and Demand Letters. While the Company intends to defend vigorously against the remaining Merger Litigations, Inspection Letters, and Demand Letters, the outcome of such matters is uncertain. Alvogen On September 7, 2018, BDSI filed a complaint for patent infringement in District Court for the District of Delaware against Alvogen Pb Research & Development LLC, Alvogen Malta Operations Ltd., Alvogen Pine Brook LLC, Alvogen, Incorporated, and Alvogen Group, Incorporated (collectively, “Alvogen”), asserting that Alvogen infringed BDSI’s Orange Book-listed patents for Belbuca, including U.S. Patent Nos. 8,147,866, 9,655,843 and 9,901,539 (collectively, “the BEMA patents”). This complaint followed receipt by BDSI on July 30, 2018 of a Paragraph IV Patent Certification from Alvogen stating it had filed an abbreviated New Drug Application (“ANDA”) with the FDA for a generic version of Belbuca Buccal Film in strengths 75 mcg, 150 mcg, 300 mcg, 450 mcg, 600 mcg, 750 mcg and 900 mcg. A three-day bench trial was held from March 1-3, 2021. On December 20, 2021, the Court issued an opinion upholding the validity of certain claims in BDSI’s ʼ866 patent and certain claims in the ’539 patent. The Court entered final judgment on January 21, 2022 upholding the validity of claims of the ’866 and ’539 patents and finding that Alvogen infringed those claims and thereby extended the effective date of any final approval by the FDA of Alvogen’s ANDA until December 21, 2032, (the expiration date of the ’539 patent) and enjoining Alvogen from commercially launching its ANDA products until December 21, 2032. Alvogen filed a notice of appeal to the Federal Circuit seeking to reverse the Court’s final judgment. Separately, BDSI filed a cross-appeal to the Federal Circuit seeking to reverse the Court’s opinion that claims 3 and 10 of the ʼ866 patent and claims 8, 9 and 20 of the ’843 patent are invalid and thus, Alvogen is not liable for infringement of those claims, as well as any other ruling decided adversely to BDSI. On December 21, 2022, the Federal Circuit affirmed the district court judgment that certain claims of the ʼ866 and ʼ539 patent were not invalid as obvious. The Federal Circuit also vacated the district court’s judgment that certain claims of the ʼ866 and ʼ843 patent were invalid as obvious and remanded to the district court for further proceedings. The mandate was issued on February 10, 2023. Alvogen sent the Company a new notice letter, received on June 9, 2025, claiming that its buprenorphine film products do not infringe the ’539 patent. The letter did not dispute the ’866 patent, which remains valid and infringed by Alvogen until 2027. In response, on July 22, 2025, BDSI filed a motion to enforce the January 21, 2022 Final Judgement, concerning Alvogen’s infringement of the ’539 patent. The Court denied this motion on January 12, 2026 on procedural grounds. Additionally, on July 24, 2025, BDSI filed a patent infringement lawsuit based on the new notice letter, triggering a thirty-month stay on FDA approval. The complaint was served on October 20, 2025. A trial date has been set for April 12, 2027. The Company remains firmly committed to defending its intellectual property rights against Alvogen. The Company plans to litigate this case vigorously. At this stage, the Company is unable to evaluate the likelihood of an unfavorable outcome or estimate the amount of potential loss, if any. Chemo Research, S.L. On March 1, 2019, BDSI filed a complaint for patent infringement in the District Court for the District of Delaware against Chemo Research, S.L., Insud Pharma S.L., IntelGenx Corp., and IntelGenx Technologies Corp. (collectively, the “Chemo Defendants”), asserting that the Chemo Defendants infringe the BEMA patents. This complaint followed receipt by BDSI on January 31, 2019, of a Notice Letter from Chemo Research S.L. stating that it had filed with the FDA an ANDA containing a Paragraph IV Patent Certification, for a generic version of Belbuca Buccal Film in strengths 75 mcg, 150 mcg, 300 mcg, 450 mcg, and 900 mcg. Chemo agreed to be bound by the decision of the Court with respect to the validity of the BEMA patents as disputed between BDSI and Alvogen. Accordingly, the December 20, 2021 ruling of the Court upholding the validity of certain claims of the BEMA patents is binding upon Chemo. In March 2022, the Court vacated the bench trial set to begin April 25, 2022 to address the remaining Chemo infringement claims. The Court has not yet set a new trial date. On August 1, 2022, BDSI received a second Paragraph IV certification notice letter from Chemo indicating it amended its ANDA to: (i) withdraw its generic version of the 75 mcg and 150 mcg strengths of Belbuca; and (ii) include its generic version of the 600 mcg and 750 mcg strengths of Belbuca, in addition to the 300 mcg, 450 mcg, and 900 mcg strengths identified in the first Chemo Paragraph IV certification notice letter. In response, BDSI filed a complaint for patent infringement in Federal District Court for the District of Delaware. Chemo answered the complaint on December 1, 2022. The Court has not yet set a schedule for this litigation. On August 24, 2022, the Court instructed the parties to update the Court at such time as the FDA addresses Chemo’s July 29, 2022 response to the FDA. On February 8, 2023, the Court denied Chemo’s request for a trial date in the spring, and again instructed the parties to update the Court at such time as the FDA addresses Chemo’s July 29, 2022 response to the FDA. Chemo received a third Complete Response Letter in April 2023. Chemo received a fourth Complete Response Letter in March 2024. Chemo received a fifth Complete Response Letter in January 2025. Chemo received a sixth Complete Response Letter in March 2026. The Company plans to litigate this case vigorously. At this stage, the Company is unable to evaluate the likelihood of an unfavorable outcome or estimate the amount or range of potential loss, if any. As it has done in the past, the Company intends to vigorously defend its intellectual property against assertions of invalidity or non-infringement. Ascent Pharmaceuticals On June 4, 2026, Collegium received a Paragraph IV Notice Letter from Ascent Pharmaceuticals stating that Ascent had submitted an ANDA for a generic version of Belbuca. Specifically, the Notice Letter challenges the ’539 patent, which expires in December 2032, on grounds that it is allegedly invalid. On July 16, 2026, the Company filed a complaint for patent infringement against Ascent in the District of Delaware, initiating Hatch-Waxman litigation and thus triggering a 30-month stay. The Company remains confident in the strength of the ’539 patent and intends to vigorously defend our intellectual property. David Lickrish, as legal assignee of North Sound Pharmaceuticals, Inc. (In Official Liquidation) In May 2025, David Lickrish as legal assignee of North Sound Pharmaceuticals & Development, Inc. (“NSP”) filed a Request for Arbitration against Ironshore Pharmaceuticals & Development, Inc. (“IPD”), a wholly owned subsidiary of Ironshore. The claims in the Request are based on allegations that relate to contracts between IPD and NSP and acts that occurred prior to Collegium’s acquisition of Ironshore. Specifically, it is alleged that IPD violated a License and Assignment Agreement with NSP and committed business torts by forcing NSP into liquidation. The Request for Arbitration seeks compensatory damages, estimated to be in excess of $500,000. Collegium’s response to the claims was filed on August 29, 2025. Collegium intends to vigorously defend against the claims. At this stage, the Company is unable to evaluate the likelihood of an unfavorable outcome or estimate the amount of potential loss, if any. Walgreen Co. v. Collegium Pharmaceutical, Inc. (Xtampza and Nucynta) Walgreen Co. (“Walgreens”) filed a lawsuit in June 2025 in the United States District Court for the Northern District of Illinois, alleging that Collegium owes more than $14,000 in credits for product returned or attempted to be returned between 2020 and 2023 pursuant to Collegium’s returns policy. Walgreens alleges that the returns policy constitutes a contract between Walgreens and Collegium and seeks to plead claims for breach of contract and, in the alternative, unjust enrichment. Collegium filed a motion to dismiss on August 12, 2025. The Court stayed party discovery pending the outcome of the motion to dismiss but allowed third-party written discovery to commence. On February 18, 2026, the Court granted Collegium’s motion to dismiss for lack of personal jurisdiction. Walgreens then refiled its complaint in the United States District Court for the District of Massachusetts, adding new counts for breach of the implied covenant of good faith and fair dealing and unfair and deceptive business practices under Mass. Gen. Laws ch. 93A, along with a demand for attorneys’ fees and treble damages. On May 1, 2026, Collegium filed a motion to dismiss, which is fully briefed with oral argument scheduled for August 6, 2026. Collegium has tendered its defense to a third party which has agreed to defend and indemnify Collegium, subject to a reservation of rights. Collegium intends to vigorously defend against the claims. At this stage, the Company is unable to evaluate the likelihood of an unfavorable outcome or estimate the amount of potential loss, if any.

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense Recognized

The following table presents information regarding the Company’s income tax expense recognized for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Provision for income taxes	$	1,519		$	5,042		$	5,763		$	5,747
Effective tax rate	(11.2)		%	29.6		%	110.7		%	28.5		%

Revenue from Contracts with Customers - Schedule of Product Revenue Provision and Allowance Categories (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Rebates and Incentives
Movement In Contract With Customer Liability [Roll Forward]
Beginning balance	$ 170,592	$ 191,508
Provision related to current period sales	291,741	241,829
Liability acquired from Azstarys Acquisition	45,914	671
Changes in estimate related to prior period sales	(3,657)	(5,445)
Credits/payments made	(290,089)	(256,156)
Ending balance	214,501	172,407
Product Returns
Movement In Contract With Customer Liability [Roll Forward]
Beginning balance	147,674	147,134
Provision related to current period sales	38,573	34,602
Liability acquired from Azstarys Acquisition	35,371	(20,316)
Changes in estimate related to prior period sales	(6,400)	(2,238)
Credits/payments made	(22,865)	(20,831)
Ending balance	192,353	138,351
Trade Allowances and Chargebacks
Movement In Contract With Customer Liability [Roll Forward]
Beginning balance	32,150	38,512
Provision related to current period sales	116,235	101,430
Liability acquired from Azstarys Acquisition	9,638	7
Changes in estimate related to prior period sales	96	286
Credits/payments made	(116,697)	(111,286)
Ending balance	$ 41,422	$ 28,949

Deferred Royalty Obligation

6 Months Ended

Jun. 30, 2026

Deferred Royalty Obligation [Abstract]

Deferred Royalty Obligation

The Company’s deferred royalty obligation liability is a debt obligation of Ironshore that was assumed as part of the Ironshore Acquisition. The deferred royalty obligation relates to royalty payments on net sales of Jornay PM that are paid to debtholders in exchange for funding provided to Ironshore by the debtholders. The royalty rate was 7.4% for net sales prior to July 1, 2025 and 9.7% thereafter through March 2032. The royalty payments are an unsecured obligation of the Company and there are no financial covenants or other restrictive covenants. The royalty payments are due semi-annually in February and August of each year based on the sales of Jornay PM in the prior six-month period.

The effective interest rate as of June 30, 2026 was approximately 13.7%.

A rollforward of the deferred royalty obligation for the six months ended June 30, 2026 and 2025 is as follows:


	Deferred Royalty Obligation
Balance as of December 31, 2025	$	121,563
Net amortization	(206)
Net carrying amount at June 30, 2026	$	121,357


	Deferred Royalty Obligation
Balance as of December 31, 2024	$	120,613
Net accretion	2,014
Net carrying amount at June 30, 2025	$	122,627

The total interest expense recognized related to the deferred royalty obligation during the six months ended June 30, 2026 was $8,067, including net amortization of $206. The total interest expense recognized related to the deferred royalty obligation during the six months ended June 30, 2025 was $7,137, including net accretion of $2,014. Total royalty payments made under the agreement during six months ended June 30, 2026 were $8,388 and were recorded as a reduction to accrued interest. Total royalty payments made under the agreement during six months ended June 30, 2025 were $4,147 and were recorded as a reduction to accrued interest.

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Computations of Basic and Diluted Net (Loss) Per Share

The following table presents the computations of basic and dilutive earnings per common share:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net (loss) income	$	(15,051)	$	11,983	$	(555)	$	14,400
Adjustment for interest expense on convertible senior notes, net of tax	—		1,482		—		2,960
Net (loss) income - diluted	$	(15,051)	$	13,465	$	(555)	$	17,360
Denominator:
Weighted-average shares outstanding — basic	32,460,783		31,810,612		32,275,159		31,802,222
Effect of dilutive securities:
Stock options	—		213,054		—		231,458
Restricted stock units	—		445,593		—		643,312
Employee stock purchase plan	—		139		—		—
Convertible senior notes	—		6,606,305		—		6,606,305
Weighted average shares outstanding — diluted	32,460,783		39,075,703		32,275,159		39,283,297

(Loss) earnings per share — basic	$	(0.46)	$	0.38	$	(0.02)	$	0.45
(Loss) earnings per share — diluted	$	(0.46)	$	0.34	$	(0.02)	$	0.44

Schedule of Dilutive Securities Excluded from the Calculation of Diluted Earnings Per Share

The following table presents dilutive securities excluded from the calculation of diluted earnings per share:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Stock options	512,829	130,344	512,829	130,344
Restricted stock units	2,453,059	666,052	2,453,059	224,465
Performance share units	459,982	313,642	459,982	313,642
Employee stock purchase plan	26,170	—	26,170	32,320
Convertible notes	6,606,305	—	6,606,305	—

Earnings Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share is calculated by dividing the net income or loss by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted earnings per share is computed by dividing the net income or loss by the weighted-average number of shares of common stock, plus potentially dilutive securities outstanding for the period, as determined in accordance with the treasury stock, if-converted, or contingently issuable accounting methods, depending on the nature of the security. For purposes of the diluted earnings per share calculation, stock options, restricted stock units (“RSUs”), performance share units (“PSUs”), and shares potentially issuable in connection with the Company’s employee stock purchase plan and convertible senior notes are considered potentially dilutive securities and included to the extent that their addition is not antidilutive.

The following table presents the computations of basic and dilutive earnings per common share:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net (loss) income	$	(15,051)	$	11,983	$	(555)	$	14,400
Adjustment for interest expense on convertible senior notes, net of tax	—		1,482		—		2,960
Net (loss) income - diluted	$	(15,051)	$	13,465	$	(555)	$	17,360
Denominator:
Weighted-average shares outstanding — basic	32,460,783		31,810,612		32,275,159		31,802,222
Effect of dilutive securities:
Stock options	—		213,054		—		231,458
Restricted stock units	—		445,593		—		643,312
Employee stock purchase plan	—		139		—		—
Convertible senior notes	—		6,606,305		—		6,606,305
Weighted average shares outstanding — diluted	32,460,783		39,075,703		32,275,159		39,283,297

(Loss) earnings per share — basic	$	(0.46)	$	0.38	$	(0.02)	$	0.45
(Loss) earnings per share — diluted	$	(0.46)	$	0.34	$	(0.02)	$	0.44

The following table presents dilutive securities excluded from the calculation of diluted earnings per share:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Stock options	512,829	130,344	512,829	130,344
Restricted stock units	2,453,059	666,052	2,453,059	224,465
Performance share units	459,982	313,642	459,982	313,642
Employee stock purchase plan	26,170	—	26,170	32,320
Convertible notes	6,606,305	—	6,606,305	—

For performance share units, these securities were excluded from the calculation of diluted earnings per share as the market-based vesting conditions were not met as of the end of the reporting period. All other securities presented in the table above were excluded from the calculation of diluted earnings per share as their inclusion would have had an antidilutive effect.

Goodwill and Intangible Assets - Schedule of Cost, Accumulated Amortization and Carrying Amount of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Goodwill and Intangible Assets
Cost	$ 2,221,170	$ 1,586,170
Accumulated Amortization	(1,035,086)	(916,660)
Carrying Amount	1,186,084	669,510
Jornay PM
Goodwill and Intangible Assets
Cost	635,000	635,000
Accumulated Amortization	(152,986)	(111,072)
Carrying Amount	482,014	523,928
Azstarys
Goodwill and Intangible Assets
Cost	635,000	0
Accumulated Amortization	(7,480)	0
Carrying Amount	627,520	0
Belbuca
Goodwill and Intangible Assets
Cost	360,000	360,000
Accumulated Amortization	(322,305)	(284,607)
Carrying Amount	37,695	75,393
Nucynta Products
Goodwill and Intangible Assets
Cost	521,170	521,170
Accumulated Amortization	(521,170)	(493,478)
Carrying Amount	0	27,692
Symproic
Goodwill and Intangible Assets
Cost	70,000	70,000
Accumulated Amortization	(31,145)	(27,503)
Carrying Amount	$ 38,855	$ 42,497

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-based Compensation - Schedule of Stock Option Activity (Details) - Stock options $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Shares
Beginning balance outstanding (in shares) \| shares	559,161
Exercised (in shares) \| shares	(46,332)
Ending balance outstanding (in shares) \| shares	512,829	559,161
Exercisable at end of period (in shares) \| shares	431,364
Weighted- Average Exercise Price per Share
Beginning balance outstanding (in dollars per share) \| $ / shares	$ 22.29
Exercised (in dollars per share) \| $ / shares	18.88
Ending balance outstanding (in dollars per share) \| $ / shares	22.60	$ 22.29
Exercisable at end of period (in dollars per share) \| $ / shares	$ 20.93
Stock option activity, additional information
Outstanding Weighted-Average Remaining Contractual Term (in years)	3 years 6 months	3 years 10 months 24 days
Outstanding Aggregate Intrinsic Value \| $	$ 6,975	$ 13,425
Exercisable at end of period, Weighted-Average Remaining Contractual Term (in years)	2 years 7 months 6 days
Exercisable at end of period, Aggregate Intrinsic Value \| $	$ 6,585

Segment Information - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information - Narrative (Details) $ in Thousands	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) segment	Jun. 30, 2025 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment			1
Number of reportable segments \| segment			1
Depreciation expense \| $	$ 1,812	$ 1,135	$ 2,275	$ 2,226
Intangible asset amortization \| $	$ 62,953	$ 55,473	$ 118,426	$ 110,946

Earnings Per Share - Schedule of Computations of Basic and Diluted Net (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net (loss) income	$ (15,051)	$ 14,496	$ 11,983	$ 2,417	$ (555)	$ 14,400
Adjustment for interest expense on convertible senior notes, net of tax	0		1,482		0	2,960
Net (loss) income - diluted	$ (15,051)		$ 13,465		$ (555)	$ 17,360
Denominator:
Weighted-average shares outstanding - basic (in shares)	32,460,783		31,810,612		32,275,159	31,802,222
Effect of dilutive securities:
Effect of dilutive securities, Convertible senior notes (in shares)	0		6,606,305		0	6,606,305
Weighted average shares outstanding - diluted (in shares)	32,460,783		39,075,703		32,275,159	39,283,297
(Loss) earnings per share — basic (in dollars per share)	$ (0.46)		$ 0.38		$ (0.02)	$ 0.45
(Loss) earnings per share — diluted (in dollars per share)	$ (0.46)		$ 0.34		$ (0.02)	$ 0.44
Stock options
Effect of dilutive securities:
Effect of dilutive securities, Share-based compensation (in shares)	0		213,054		0	231,458
Restricted stock units
Effect of dilutive securities:
Effect of dilutive securities, Share-based compensation (in shares)	0		445,593		0	643,312
Employee stock purchase plan
Effect of dilutive securities:
Effect of dilutive securities, Share-based compensation (in shares)	0		139		0	0

Goodwill and Intangible Assets - Schedule of Future Amortization Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Goodwill and Intangible Assets
2026	$ 110,536
2027	145,681
2028	145,681
2029	145,681
2030	145,681
Thereafter	492,824
Carrying Amount	1,186,084	$ 669,510
Jornay PM
Goodwill and Intangible Assets
2026	41,915
2027	83,829
2028	83,829
2029	83,829
2030	83,829
Thereafter	104,783
Carrying Amount	482,014	523,928
Azstarys
Goodwill and Intangible Assets
2026	27,283
2027	54,567
2028	54,567
2029	54,567
2030	54,567
Thereafter	381,969
Carrying Amount	627,520	0
Belbuca
Goodwill and Intangible Assets
2026	37,695
2027	0
2028	0
2029	0
2030	0
Thereafter	0
Carrying Amount	37,695	75,393
Symproic
Goodwill and Intangible Assets
2026	3,643
2027	7,285
2028	7,285
2029	7,285
2030	7,285
Thereafter	6,072
Carrying Amount	$ 38,855	$ 42,497

Fair Value of Financial Instruments - Schedule of Financial Instruments Measured at Fair Value by Level Within Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 27,317	$ 274,790
Contingent consideration	38,525
Total liabilities measured at fair value	38,525
Marketable securities		155,427
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		140,261
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		2,959
Government-sponsored securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		5,000
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		7,207
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	27,317	119,363
Quoted Prices in active markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	27,317	119,363
Contingent consideration	0
Total liabilities measured at fair value	0
Quoted Prices in active markets (Level 1) \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		0
Quoted Prices in active markets (Level 1) \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		0
Quoted Prices in active markets (Level 1) \| Government-sponsored securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		0
Quoted Prices in active markets (Level 1) \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		0
Quoted Prices in active markets (Level 1) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	27,317	119,363
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	155,427
Contingent consideration	0
Total liabilities measured at fair value	0
Significant other observable inputs (Level 2) \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		140,261
Significant other observable inputs (Level 2) \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		2,959
Significant other observable inputs (Level 2) \| Government-sponsored securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		5,000
Significant other observable inputs (Level 2) \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		7,207
Significant other observable inputs (Level 2) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Contingent consideration	38,525
Total liabilities measured at fair value	38,525
Significant unobservable inputs (Level 3) \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		0
Significant unobservable inputs (Level 3) \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		0
Significant unobservable inputs (Level 3) \| Government-sponsored securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		0
Significant unobservable inputs (Level 3) \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		0
Significant unobservable inputs (Level 3) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0	$ 0

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 19, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024	Feb. 10, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 38,525
Convertible senior notes	238,733		$ 238,213
Fair value of deferred royalty obligation	142,617
Deferred royalty obligation	$ 121,357		$ 121,563	$ 122,627	$ 120,613
2029 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate (as a percent)	2.875%					2.875%
Convertible senior notes, fair value	$ 298,554
Convertible senior notes	238,733
AZSTARYS Acquisition
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 135	$ 38,525

- Definition

Fair value portion of borrowing which can be exchanged for a specified number of another security at the option of the issuer or the holder, for example, but not limited to, the entity's common stock.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 129,467	$ 231,252
Marketable securities	0	155,427
Accounts receivable, net	285,102	211,328
Inventory	113,269	40,912
Prepaid expenses and other current assets	60,326	32,642
Restricted cash	19,850	19,850
Total current assets	608,014	691,411
Property and equipment, net	10,653	12,013
Operating lease assets	3,791	4,187
Intangible assets, net	1,186,084	669,510
Restricted cash	1,060	1,056
Deferred tax assets	120,774	112,539
Other noncurrent assets	15,237	20,193
Goodwill	190,177	145,925
Total assets	2,135,790	1,656,834
Current liabilities
Accounts payable	9,241	10,659
Accrued liabilities	71,250	62,464
Accrued rebates, returns and discounts	406,854	318,266
Current portion of term notes payable	55,000	29,000
Current portion of operating lease liabilities	1,561	1,407
Business combination consideration payable	29,719	17,565
Current portion of contingent consideration	15,569	0
Deferred revenue	667	667
Total current liabilities	589,861	440,028
Term notes payable, net of current portion	797,824	542,112
Convertible senior notes	238,733	238,213
Operating lease liabilities, net of current portion	3,407	4,132
Deferred royalty obligation	121,357	121,563
Deferred revenue, net of current portion	8,778	9,111
Contingent consideration, net of current portion	22,956	0
Deferred tax liabilities	40,965	0
Total liabilities	1,823,881	1,355,159
Commitments and contingencies (refer to Note 17)
Shareholders’ equity:
Preferred stock, $0.001 par value; authorized shares - 5,000,000	0	0
Common stock, $0.001 par value; authorized shares - 100,000,000; 40,629,601 issued and 31,600,879 outstanding shares as of March 31, 2026 and 39,646,749 issued and 31,440,155 outstanding shares as of December 31, 2024	41	41
Additional paid-in capital	636,062	624,954
Treasury stock, at cost; 9,028,722 shares as of June 30, 2026 and December 31, 2025	(222,510)	(222,510)
Accumulated other comprehensive income	0	319
Accumulated deficit	(101,684)	(101,129)
Total shareholders’ equity	311,909	301,675
Total liabilities and shareholders’ equity	$ 2,135,790	$ 1,656,834

Marketable Securities - Schedule of Available-for-Sale Securities on Balance Sheet (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Marketable Securities
Total	$ 155,427
Location, Statement of Financial Position, Balance [Axis]: us-gaap:CashAndCashEquivalentsAtCarryingValue
Marketable Securities
Total	0
Location, Statement of Financial Position, Balance [Axis]: us-gaap:MarketableSecuritiesCurrent
Marketable Securities
Total	$ 155,427

Term Notes Payable - Narrative (Details) - USD ($) $ in Thousands	Dec. 23, 2025	Jul. 28, 2024	Jun. 30, 2026	May 31, 2026
2024 Term Loan
Term Notes Payable
Loan		$ 645,833
Debt modification and transaction fee		619
Commitment and other fees		11,825
Debt issuance costs and note discounts	$ 10,123	4,192
Proceeds from term note modification		$ 313,175
Loss on extinguishment of debt	15,994
Debt extinguishment costs	5,871
2025 Credit Agreement \| Line of Credit
Term Notes Payable
Convertible notes threshold	50,000
Liquidity threshold	350,000
Commitment and other fees paid	14,378
Debt issuance	719
Debt discounts and issuance costs	15,097
Unrestricted cash and cash equivalents net	$ 250,000
2025 Credit Agreement \| Line of Credit \| Minimum
Term Notes Payable
Variable interest rate margin (as a percent)	2.75%
Unused capacity commitment percentage	0.30%
2025 Credit Agreement \| Line of Credit \| Maximum
Term Notes Payable
Variable interest rate margin (as a percent)	3.75%
Unused capacity commitment percentage	0.50%
2025 Credit Agreement \| Secured Debt \| Line of Credit
Term Notes Payable
Loan	$ 580,000
Debt issuance costs and note discounts			$ 12,676
Debt issuance	8,935
Effective interest rate (as a percent)			7.00%
2025 Credit Agreement \| Delayed Draw Term Loan (DDTL) \| Line of Credit
Term Notes Payable
Maximum borrowing capacity	300,000			$ 300,000
Debt issuance	4,622
2025 Credit Agreement \| Revolving Credit Facility \| Line of Credit
Term Notes Payable
Maximum borrowing capacity	100,000
Debt issuance	$ 1,540

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Product revenues, net	$ 199,878	$ 188,000	$ 393,398	$ 365,757
Cost of product revenues
Cost of product revenues (excluding intangible asset amortization)	26,633	24,143	47,434	49,103
Intangible asset amortization	62,953	55,473	118,426	110,946
Total cost of product revenues	89,586	79,616	165,860	160,049
Gross profit	110,292	108,384	227,538	205,708
Operating expenses
Selling, general and administrative	106,594	73,637	192,944	150,060
Gain on fair value remeasurement of contingent consideration	0	(358)	0	(1,144)
Total operating expenses	106,594	73,279	192,944	148,916
Income from operations	3,698	35,105	34,594	56,792
Interest expense	(19,519)	(20,463)	(35,381)	(41,253)
Interest income	2,289	2,383	5,995	4,608
(Loss) income before income taxes	(13,532)	17,025	5,208	20,147
Provision for income taxes	1,519	5,042	5,763	5,747
Net (loss) income	$ (15,051)	$ 11,983	$ (555)	$ 14,400
(Loss) earnings per share — basic (in dollars per share)	$ (0.46)	$ 0.38	$ (0.02)	$ 0.45
Weighted-average shares - basic (in shares)	32,460,783	31,810,612	32,275,159	31,802,222
(Loss) earnings per share — diluted (in dollars per share)	$ (0.46)	$ 0.34	$ (0.02)	$ 0.44
Weighted-average shares - diluted (in shares)	32,460,783	39,075,703	32,275,159	39,283,297

Inventory

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Inventory

Inventory as of June 30, 2026 and December 31, 2025 consisted of the following:


	June 30, 2026		December 31, 2025
Raw materials	$	36,214	$	18,963
Work in process	49,055		15,094
Finished goods	36,054		20,869
Total inventory	$	121,323	$	54,926

Long-term inventory is included in other noncurrent assets in the Company’s Condensed Consolidated Balance Sheet.

The balance sheet classification of inventory consisted of the following:


	June 30, 2026		December 31, 2025
Inventory	$	113,269	$	40,912
Other noncurrent assets	8,054		14,014
Total inventory	$	121,323	$	54,926

Convertible Senior Notes - Schedule of Principal Repayments of Debt (Details) - 2029 Convertible Notes $ in Thousands	Jun. 30, 2026 USD ($)
Principal repayments
2026	$ 3,472
2027	6,943
2028	6,943
2029	244,972
Total minimum payments	262,330
Less: interest	(20,830)
Less: unamortized issuance costs	(2,767)
Term notes carrying value	$ 238,733

Equity - Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended	12 Months Ended	18 Months Ended
Equity - Narrative (Details) - USD ($)	May 09, 2025	Jul. 31, 2025	Jul. 31, 2025	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	May 31, 2025	May 15, 2025	Jan. 31, 2024	May 31, 2015
Equity
Share repurchases				$ 25,005,000
2024-2025 Repurchase Program
Equity
Share repurchase program authorized amount										$ 150,000,000
Share repurchases							$ 85,025,000
Shares repurchased (in shares)							2,704,830
Shares repurchased, cost per share (in dollars per share)							$ 31.43
Fees and commissions							$ 25,000
Accelerated Share Repurchase Program, May 2025
Equity
Share repurchase program authorized amount								$ 25,000,000
Share repurchases	$ 25,000,000
Shares repurchased (in shares)	692,281		822,128
Percentage of upfront payment on a price per share	80.00%
Price per share (in dollars per share)	$ 28.89
Additional shares (in shares)		129,847
Share Repurchase Program 2025-26
Equity
Share repurchase program authorized amount		$ 150,000,000	$ 150,000,000
Share repurchases						$ 0
Amount available for share repurchases under the program					$ 150,000,000	$ 150,000,000
2014 Stock Incentive Plan
Equity
Shares of common stock authorized for issuance (in shares)											2,700,000
Increase in number of authorized shares on the first day of each fiscal year, as a percentage of outstanding common stock (as a percent)					4.00%
2025 Equity Incentive Plan
Equity
Shares of common stock authorized for issuance (in shares)									1,600,000
Shares of common stock remaining available for future grant (in shares)					2,208,476	2,208,476
Vesting period (in years)					4 years
Contractual life (in years)					10 years
Period following termination date vested options are exercisable (in months)					3 months
2025 Equity Incentive Plan \| RSU granted prior 2024 \| Restricted stock units
Equity
Vesting period (in years)					4 years
2025 Equity Incentive Plan \| RSU granted after 2024 \| Restricted stock units
Equity
Vesting period (in years)					3 years

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair value measurements and disclosures describe the fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, as follows:


Level 1 inputs:			Quoted prices (unadjusted) in active markets for identical assets or liabilities. An active market is defined as a market where transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2 inputs:			Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.
Level 3 inputs:			Unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability.

The Company invests in instruments within defined credit parameters to minimize credit risk while ensuring liquidity.

There were no transfers between Levels 1, 2, and 3 during the six months ended June 30, 2026 and 2025.


	Total		Quoted Prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
June 30, 2026
Assets
Cash equivalents:
Money market funds	$	27,317	$	27,317	$	—	$	—







Total assets measured at fair value	$	27,317	$	27,317	$	—	$	—
Liabilities
Contingent consideration	$	38,525	$	—	$	—	$	38,525
Total liabilities measured at fair value	$	38,525	$	—	$	—	$	38,525

December 31, 2025
Cash equivalents:
Money market funds	$	119,363	$	119,363	$	—	$	—
Marketable securities:
Corporate debt securities	140,261		—		140,261		—
U.S. Treasury securities	2,959		—		2,959		—
Government-sponsored securities	5,000		—		5,000		—
Commercial paper	7,207		—		7,207		—
Total assets measured at fair value	$	274,790	$	119,363	$	155,427	$	—

Contingent Consideration

The Company’s contingent consideration liability is related to the Azstarys Acquisition in 2026. The Azstarys Acquisition included a contingent payment of $135,000 related to the achievement of certain future commercial and manufacturing milestones eligible to be earned through various achievement periods, extending through March 31, 2029.

The contingent consideration liability is measured at fair value using a discounted cash flow method for technical milestones and a Monte Carlo simulation for net sales-based milestones. The Company classifies its contingent consideration liability as a Level 3 fair value measurement. The following table presents the significant unobservable inputs used in the fair value measurements as of June 30, 2026 (in thousands, except percentages and dates):

Contingent Consideration Liability

Fair Value at
June 30, 2026

Valuation Technique

Significant Unobservable Inputs

Range

Technical milestones

27,290

Discounted cash flow

Probability of payment

81.0% - 90.0%

Expected achievement dates

March 2027 - December 2027

Payment discount rate

5.8% - 6.0%

Net sales-based milestones

11,235

Monte Carlo simulation

Net sales volatility

35.0%

Net sales discount rate

11.0%

Payment discount rate

5.7% - 6.2%

Total contingent consideration

38,525

Significant increases or decreases in the probability of achievement, expected achievement dates, net sales volatility or discount rates could result in a higher or lower fair value measurement.

Change in the Fair Value of Contingent Consideration

The following table provides a reconciliation of the beginning and ending balances related to the contingent consideration for the Azstarys Acquisition (dollars in thousands):


	Azstarys Acquisition Contingent Consideration
Balance as of December 31, 2025	$	—
Azstarys Acquisition date fair value	38,525
Balance as of June 30, 2026	$	38,525

Assets and Liabilities Not Carried at Fair Value

Convertible Senior Notes

The Company’s convertible senior notes are considered Level 2 financial liabilities. The fair value was determined based on data points other than quoted prices that are observable, either directly or indirectly, such as broker quotes in a non-active market. As of June 30, 2026, the fair value of the Company’s 2.875% convertible senior notes due in 2029 was $298,554 and the net carrying value was $238,733.

Term Notes Payable

The Company’s term notes are considered Level 2 financial liabilities. The fair value was determined using quoted prices for similar liabilities in active markets, as well as inputs that are observable for the liability (other than quoted prices), such as interest rates that are observable at commonly quoted intervals. As of June 30, 2026, the carrying amount of the term notes reasonably approximated the estimated fair value.

Deferred Royalty Obligation

The Company’s deferred royalty obligation liability was assumed as part of the Ironshore Acquisition in 2024. Refer to Note 14, Deferred Royalty Obligation, for more information.

The deferred royalty obligation is considered a Level 3 fair value measurement. The fair value of the Company’s deferred royalty obligation was approximately $142,617 as of June 30, 2026 and a net carrying value of $121,357.

Other Assets and Liabilities

As of June 30, 2026, and December 31, 2025, the carrying amounts of cash and cash equivalents, accounts receivable, prepaid expenses and other assets, accounts payable, accrued liabilities, and accrued rebates, returns and discounts reasonably approximated their estimated fair values.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Stock-based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Performance Share Units

The Company periodically grants PSUs to certain members of the Company’s senior management team. PSUs vest subject to the satisfaction of annual and cumulative performance and/or market conditions established by the Company’s Compensation Committee.

A summary of the Company’s PSU activity for the six months ended June 30, 2026 and related information is as follows:


	Shares	Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2025	313,642	$	41.65
Granted	242,492	61.20
Vested	(156,944)	39.89
Performance adjustment	60,792	40.08
Outstanding as of June 30, 2026	459,982	$	52.27

The number of PSUs granted represents the target number of shares of common stock that may be earned. However, the actual number of shares earned may vary based on the satisfaction of performance criteria. The weighted-average grant date fair value of PSUs granted for the six months ended June 30, 2026, and 2025 was $61.20 and $40.28, respectively. The total fair value of PSUs vested (measured on the date of vesting) for the six months ended June 30, 2026 and 2025 was $7,337 and $4,925, respectively.

Restricted Stock Units

The Company granted RSUs to employees during the six months ended June 30, 2026. RSUs granted prior to 2024 generally vest ratably over a four-year period of service. Beginning in 2024, RSUs granted by the Company vest ratably over a three-year period of service.

A summary of the Company’s RSU activity for the six months ended June 30, 2026 and related information is as follows:


	Shares	Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2025	2,617,325	$	29.57
Granted	931,813	44.19
Vested	(904,928)	28.67
Forfeited	(191,151)	33.32
Outstanding as of June 30, 2026	2,453,059	$	35.17

The weighted-average grant date fair value per share of RSUs granted for the six months ended June 30, 2026 and 2025 was $44.19 and $30.19, respectively. The total fair value of RSUs vested (measured on the date of vesting) for the six months ended June 30, 2026 and 2025 was $40,748 and $27,042, respectively.

Stock Options

The Company’s qualified incentive stock options and non-qualified options generally vest ratably over a four-year period and generally have a ten-year contractual life. Upon termination, vested stock options are generally exercisable for three months following the termination date, while unvested options are forfeited immediately upon termination.

A summary of the Company’s stock option activity for the six months ended June 30, 2026 and related information is as follows:


	Shares	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2025	559,161	$	22.29	3.9	$	13,425
Exercised	(46,332)	18.88
Outstanding as of June 30, 2026	512,829	$	22.60	3.5	$	6,975
Exercisable as of June 30, 2026	431,364	$	20.93	2.6	$	6,585

There were no stock options granted during the six months ended June 30, 2026 and 2025.

Employee Stock Purchase Plan

The Company’s 2015 Employee Stock Purchase Plan allows employees to purchase shares of the Company’s common stock. The purchase price is equal to 85% of the lower of the closing price of the Company’s common stock on: (i) the first day of the purchase period; or (ii) the last day of the purchase period. During the six months ended June 30, 2026, 36,064 shares of common stock were purchased for total proceeds of $947. The expense for the three months ended June 30, 2026 and 2025 was $159 and $149, respectively. The expense for the six months ended June 30, 2026 and 2025 was $318 and $285, respectively.

Stock-based Compensation Expense

The Company’s stock-based compensation expense for the three months ended June 30, 2026 and 2025 was $14,484 and $10,818, respectively, and was recorded as a component of selling, general and administrative expense within the Condensed Consolidated Statements of Operations. The Company’s stock-based compensation expense for the six months ended June 30, 2026 and 2025 was $25,364 and $22,342, respectively, and was recorded as a component of selling, general and administrative expense within the Condensed Consolidated Statements of Operations.

As of June 30, 2026, there was approximately $77,684 of unrecognized compensation expense related to unvested options, restricted stock units, and performance stock units, which is expected to be recognized as expense over a weighted average period of approximately 2.1 years.

Marketable Securities - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
Marketable Securities - Narrative (Details) - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]
Proceeds from sale of marketable securities	$ 151,805,000		$ 151,805,000
Realized gains from sale of marketable securities	78,000		78,000
Realized loss from sale of marketable securities	295,000		295,000
Unrealized gains (losses) on marketable securities, net of tax	$ 219,000	$ 96,000	$ (319,000)	$ 282,000

Convertible Senior Notes (Tables)

6 Months Ended

Jun. 30, 2026

Convertible Senior Notes. [Abstract]

Schedule of Convertible Notes Outstanding

As of June 30, 2026, the outstanding balance of the 2029 Convertible Notes consisted of the following:


	2029 Convertible Notes
Principal	$	241,500
Less: unamortized issuance costs	(2,767)
Net carrying amount	$	238,733

Schedule of Principal Repayments of Debt

As of June 30, 2026, scheduled principal repayments under the 2025 Term Loan were as follows:


Years ended December 31,	Principal Payments
2026	$	22,000
2027	66,000
2028	66,000
2029	88,000
2030	623,500
Total before unamortized discount and issuance costs	$	865,500
Less: unamortized discount and issuance costs	(12,676)
Term notes carrying value	$	852,824

As of June 30, 2026, the future minimum payments on the 2029 Convertible Notes were as follows:


Years ended December 31,	2029 Convertible Notes
2026	$	3,472
2027	6,943
2028	6,943
2029	244,972
Total minimum payments	$	262,330
Less: interest	(20,830)
Less: unamortized issuance costs	(2,767)
Convertible notes carrying value	$	238,733

Schedule of Total Interest Expense Recognized

The following table presents the total interest expense recognized related to the 2025 Credit Facility and 2024 Term Loan during the three and six months ended June 30, 2026 and 2025.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Contractual interest expense	$	12,231	$	13,847	$	21,647	$	27,922
Amortization of debt discounts and debt issuance costs	784		1,096		1,383		2,207
Total interest expense	$	13,015	$	14,943	$	23,030	$	30,129

The following table presents the total interest expense recognized related to the 2029 Convertible Notes during the three and six months ended June 30, 2026, and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Contractual interest expense	$	1,736	$	1,736	$	3,472	$	3,472
Amortization of debt issuance costs	260		259		518		515
Total interest expense	$	1,996	$	1,995	$	3,990	$	3,987

Inventory (Tables)

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory as of June 30, 2026 and December 31, 2025 consisted of the following:


	June 30, 2026		December 31, 2025
Raw materials	$	36,214	$	18,963
Work in process	49,055		15,094
Finished goods	36,054		20,869
Total inventory	$	121,323	$	54,926

Schedule of Balance Sheet Classification of Inventory

The balance sheet classification of inventory consisted of the following:


	June 30, 2026		December 31, 2025
Inventory	$	113,269	$	40,912
Other noncurrent assets	8,054		14,014
Total inventory	$	121,323	$	54,926

Convertible Senior Notes - Schedule of Total Interest Expense Recognized (Details) - Convertible Notes - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Convertible Senior Notes
Contractual interest expense	$ 1,736	$ 1,736	$ 3,472	$ 3,472
Amortization of debt issuance costs	260	259	518	515
Total interest expense	$ 1,996	$ 1,995	$ 3,990	$ 3,987

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Marketable Securities - Schedule of Contractual Maturities of Available-for-Sale Securities Other than Investments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Investments, Debt and Equity Securities [Abstract]
Matures within one year	$ 52,078
Matures after one year through five years	103,349
Total	$ 155,427

Stock-based Compensation - Schedule of Share Units Activity (Details)	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Performance share units
Shares
Beginning balance (in shares) \| shares	313,642
Granted (in shares) \| shares	242,492
Vested (in shares) \| shares	(156,944)
Performance adjustment (in shares) \| shares	60,792
Ending balance (in shares) \| shares	459,982
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 41.65
Granted (in dollars per share) \| $ / shares	61.20
Vested (in dollars per share) \| $ / shares	39.89
Performance adjustment (in dollars per share) \| $ / shares	40.08
Ending balance (in dollars per share) \| $ / shares	$ 52.27
Restricted stock units
Shares
Beginning balance (in shares) \| shares	2,617,325
Granted (in shares) \| shares	931,813
Vested (in shares) \| shares	(904,928)
Forfeited (in shares) \| shares	(191,151)
Ending balance (in shares) \| shares	2,453,059
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 29.57
Granted (in dollars per share) \| $ / shares	44.19
Vested (in dollars per share) \| $ / shares	28.67
Forfeited (in dollars per share) \| $ / shares	33.32
Ending balance (in dollars per share) \| $ / shares	$ 35.17

License Agreements	6 Months Ended
License Agreements	Jun. 30, 2026
Licenses Agreements [Abstract]
License Agreements	License Agreements The Company periodically enters into license agreements to develop and commercialize its products. Amounts owed under these agreements may require estimates and other judgments related to contractual requirements, which creates uncertainty over the ultimate amount that would be paid under these arrangements. Contractual amounts due are accrued based on the Company’s interpretation of the relevant contract terms and underlying facts and circumstances, including an assessment of available evidence and the associated uncertainty. Grünenthal License In connection with the acquisition of the Nucynta Products from Assertio Therapeutics, Inc. (the “Nucynta Acquisition”), the Company assumed all commercialization responsibilities, including sales and marketing, for the Nucynta Products through the acquisition of a license from Grünenthal GmbH (“Grünenthal”) (the “Grünenthal License”). Pursuant to the Grünenthal License, the Company is obligated to make royalty payments directly to Grünenthal at rates of up to 14% of Net Sales (as defined therein) of the Nucynta Products, with the applicable rate determined based on the timing of certain patent expirations and when generic equivalents enter the market. These royalty obligations continue through the contractual royalty term, unless earlier terminated. Upon expiration of the Grünenthal License, the Company will retain a fully paid up, non-exclusive license to make, use and sell the Nucynta Products under the Grünenthal Patents (as defined therein) in the United States. During the year ended December 31, 2025, the Company recognized a $3,058 charge related to the Company’s license agreement with Grünenthal, which was paid in October 2025. The charge related to the timing of royalty payments due under the license agreement, as confirmed through an arbitration process, and was included in cost of product revenues. The payment is contingently recoverable through reduced royalty payments when product returns are settled. Recoveries will be recognized within cost of product revenues when realized. Shionogi License and Supply Agreement Prior to the Company’s acquisition of BioDelivery Sciences International, Inc. (“BDSI”) in March 2022 (the “BDSI Acquisition”), BDSI and Shionogi Inc. (“Shionogi”) entered into an exclusive license agreement (the “Shionogi License Agreement”) for the commercialization of Symproic in the United States including Puerto Rico (the “Shionogi Territory”) for the treatment of opioid-induced constipation in adult patients with chronic non-cancer pain (the “Shionogi Field”). Pursuant to the terms of the Shionogi License Agreement, tiered royalty payments on net sales of Symproic in the Shionogi Territory are payable quarterly based on a royalty rate that ranges from 8.5% to 17.5% (plus an additional 1% of net sales on a pass-through basis to a third-party licensor of Shionogi) based on volume of net sales and whether Symproic is being sold as an authorized generic. Unless earlier terminated, the Shionogi License Agreement will continue in effect until the expiration of the royalty obligations, as defined therein. Upon expiration of the Shionogi License Agreement, all licenses granted for Symproic in the Shionogi Field and in the Shionogi Territory survive and become fully-paid, royalty-free, perpetual and irrevocable. BDSI and Shionogi also had entered into a supply agreement under which Shionogi will supply Symproic at cost plus an agreed upon markup. In the event that Symproic is sourced from a third-party supplier, Shionogi would continue to supply naldemedine tosylate for use in Symproic manufacturing at cost plus such agreed upon markup for the duration of the Shionogi License Agreement. ArkBio License Agreement Prior to the Company's acquisition of Azstarys in May 2026, Commave and Ark Biopharmaceutical Limited (“ArkBio”) entered into an out-licensing agreement (the “ArkBio Agreement”) pursuant to which Commave granted ArkBio the exclusive rights to develop, manufacture and commercialize Azstarys in the People's Republic of China, Hong Kong, Macau and Taiwan (collectively, the “Territory”). The ArkBio Agreement continues until the later of (i) ten years after the first commercial sale of Azstarys in China or (ii) the expiration of the last valid claim within the Company's patent rights covering Azstarys in the Territory. Pursuant to the terms of the ArkBio Agreement, Commave is eligible to receive up to $98,500 in potential sales-based milestone payments, as well as tiered royalties ranging from 7.0% to 14.0% on ArkBio's net sales of Azstarys. As of the Azstarys Acquisition Date, ArkBio had obtained regulatory approval in China, and all amounts previously earned under the ArkBio Agreement had been recognized by Commave prior to the Azstarys Acquisition Date. As of June 30, 2026, the Company and ArkBio had not entered into a commercial supply agreement, and no milestone payments, royalties or other consideration had been earned under the ArkBio Agreement from the Azstarys Acquisition Date through June 30, 2026. Accordingly, no revenue was recognized under the ArkBio Agreement during the period from the Azstarys Acquisition Date through June 30, 2026.

Nature of Business	6 Months Ended
Nature of Business	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business Collegium Pharmaceutical, Inc. (the “Company” or “Collegium”) was incorporated in Delaware in April 2002 and then reincorporated in Virginia in July 2014. The Company has its principal operations in Stoughton, Massachusetts. The Company is a leading biopharmaceutical company focused on improving the lives of people living with serious and often misunderstood conditions. The Company’s product portfolio includes Jornay PM, Azstarys, Belbuca, Xtampza ER, Nucynta ER, Nucynta IR, Nucynta ER Authorized Generic (“AG”), and Nucynta IR AG (collectively the “Nucynta Products”), and Symproic. The Company’s operations are subject to certain risks and uncertainties. The principal risks include inability to continue successfully commercializing products, changing market and pricing conditions for products and development of competing products (including generic and authorized generic products), changing regulatory environment and reimbursement landscape, product-related litigation, manufacture of adequate commercial inventory, inability to secure adequate supplies of active pharmaceutical ingredients, key personnel retention, protection of intellectual property, and patent infringement litigation.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net (loss) income	$ (555)	$ 14,400
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization expense	118,426	110,946
Depreciation expense	2,275	2,226
Deferred income taxes	(8,123)	(3,453)
Stock-based compensation expense	25,364	22,342
Non-cash lease benefit	(175)	(60)
Non-cash interest expense for amortization of debt discount and issuance costs	1,901	2,722
Net (amortization) accretion for deferred royalty obligation	(206)	2,014
Net amortization of premiums and discounts on investments	(223)	(588)
Change in fair value of contingent consideration	0	(1,144)
Changes in operating assets and liabilities:
Accounts receivable	(15,305)	15,509
Inventory	(2,426)	(2,588)
Prepaid expenses and other assets	(4,100)	(21,120)
Accounts payable	(3,510)	6,956
Accrued liabilities	8,123	(12,086)
Accrued rebates, returns and discounts	7,303	(8,239)
Deferred revenue	(333)	0
Net cash provided by operating activities	128,436	127,837
Investing activities
Acquisition of Azstarys (net of cash acquired)	(655,403)	0
Purchases of property and equipment	(766)	(863)
Purchases of marketable securities	(20,100)	(42,501)
Sales of marketable securities	151,805	0
Maturities of marketable securities	23,500	30,769
Net cash used in investing activities	(500,964)	(12,595)
Financing activities
Proceeds from issuances of common stock from employee stock purchase plan	947	506
Proceeds from the exercise of stock options	875	1,860
Payments made for employee stock tax withholdings	(16,079)	(11,021)
Proceeds from 2025 Credit Facility	299,504	0
Repayment of term notes	(14,500)	(32,292)
Payments made for deferred purchase price for acquisition	0	(7,555)
Net cash provided by (used in) financing activities	270,747	(73,606)
Net (decrease) increase in cash, cash equivalents and restricted cash	(101,781)	41,636
Cash, cash equivalents and restricted cash at beginning of period	252,158	96,612
Cash, cash equivalents and restricted cash at end of period	150,377	138,248
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets:
Cash and cash equivalents	129,467	117,348
Restricted cash	20,910	20,900
Total cash, cash equivalents and restricted cash	150,377	138,248
Supplemental disclosure of cash flow information
Cash paid for interest	34,435	35,541
Cash paid for income taxes	37,474	32,273
Supplemental disclosure of non-cash activities
Acquisition of property and equipment included in accrued liabilities	508	124
Business combination consideration payable	12,154	0
Acquisition date fair value of contingent consideration	38,525	0
Note issuance costs in accounts payable and accrued liabilities	$ 75	$ 0

Convertible Senior Notes - Narrative (Details) - 2029 Convertible Notes $ / shares in Units, $ in Thousands		6 Months Ended
	Feb. 10, 2023 USD ($) D $ / shares	Jun. 30, 2026 USD ($) D
Convertible Senior Notes
Interest rate (as a percent)	2.875%	2.875%
Loan	$ 241,500
Total debt issuance cost	$ 6,280
Conversion rate	27.3553
Initial conversion price (in dollars per share) \| $ / shares	$ 36.56
Conversion, threshold percentage of stock price trigger		130.00%
Conversion, threshold trading days \| D		20
Conversion, threshold consecutive trading days \| D		30
Consecutive business days \| D		5
Measurement period \| D		10
Threshold percentage to product of sale price of common stock and conversion rate		98.00%
Principal amount		$ 241,500
Default period	30 days
Number of calendar days \| D	3
Term of notice to company	60 days
Threshold amount of money borrowed	$ 30,000
Provisions threshold amount of payment	$ 30,000
Debt maturity		6 years
Effective interest rate (as a percent)		3.30%
Minimum
Convertible Senior Notes
Principal amount		$ 75,000

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	41,527,032	40,736,330
Common stock, outstanding (in shares)	32,498,310	31,707,608
Treasury stock, at cost (in shares)	9,028,722	9,028,722

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Collegium Pharmaceutical, Inc. (a Virginia corporation) and its subsidiaries. The Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements.

In the opinion of the Company’s management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments (consisting of items of a normal and recurring nature) necessary to fairly present the financial position of the Company as of June 30, 2026, the results of operations for the three and six months ended June 30, 2026 and 2025, and cash flows for the six months ended June 30, 2026 and 2025. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year.

The preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues, costs and expenses and the disclosure of contingent assets and liabilities in the Company’s Condensed Consolidated Financial Statements and accompanying notes. Estimates in the Company’s Condensed Consolidated Financial Statements include revenue recognition, including the estimates of product returns, discounts and allowances related to commercial sales of products, estimates related to the fair value of assets acquired and liabilities assumed in business combinations, including acquired intangible assets and the fair value of inventory acquired, estimates of the fair value of contingent consideration related to business combinations, estimates utilized in the ongoing valuation of inventory related to potential unsaleable product, estimates of useful lives with respect to intangible assets, accounting for stock-based compensation, contingencies, impairment of goodwill and intangible assets, future payments under the deferred royalty obligation, and deferred tax valuation allowances. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. The Company evaluates its estimates and assumptions on an ongoing basis. The Company’s actual results may differ from these estimates under different assumptions or conditions. The interim Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s most recently filed annual report on Form 10-K for the fiscal year ended December 31, 2025 (the “Annual Report”).

There were no significant changes in the Company’s significant accounting policies from those described in the Company’s Annual Report.

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

New accounting pronouncements are issued periodically by the Financial Accounting Standards Board (“FASB”) and are adopted by the Company as required by the specified effective dates.

In January 2026, the Company adopted ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. The amendments clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions. The adoption of this guidance did not have a material impact on the Company’s Condensed Consolidated Financial Statements during the six months ended June 30, 2026.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in this update require disclosure of specified information about certain costs and expenses. This update is effective for annual periods beginning after December 15, 2026. The Company is currently evaluating the effect of adopting this guidance on its consolidated financial statements.

Other recent accounting pronouncements issued, but not yet effective, are not expected to be applicable to the Company or have a material effect on the consolidated financial statements upon future adoption.

Fair Value of Financial Instruments


Level 1 inputs:			Quoted prices (unadjusted) in active markets for identical assets or liabilities. An active market is defined as a market where transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2 inputs:			Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.
Level 3 inputs:			Unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability.

The Company invests in instruments within defined credit parameters to minimize credit risk while ensuring liquidity.

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Effective July 2026, the Company entered into an office lease (the “One Lincoln Lease”) with 1 Lincoln Owner, LLC, pursuant to which the Company will lease approximately 40,288 of rentable square feet of space in Boston, Massachusetts. The One Lincoln Lease will commence when the tenant improvements in the space are substantially complete and will continue thereafter for a term of eleven years. The Company has the right to extend the term of the Lease for two additional five year terms, subject to notice requirements. Initial annual base rent is approximately $2,075, subject to annual increases of approximately 2.0%.

Term Notes Payable

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Term Notes Payable

2024 Term Loan

On July 28, 2024, in connection with the announcement of the Ironshore Acquisition, the Company entered into a Second Amended and Restated Loan Agreement, by and among the Company and Pharmakon (the “2024 Loan Agreement”), pursuant to which the previous loan entered into in 2022 was refinanced in full. The 2024 Loan Agreement provided for a $645,833 secured term loan (the “2024 Term Loan”), the proceeds of which were used to repay the Company’s existing term notes outstanding from the existing 2022 Term Loan and fund a portion of the consideration to be paid to complete the Ironshore Acquisition. The 2024 Loan Agreement was accounted for as a debt modification and transaction fees of $619 were expensed. In connection with the 2024 Loan Agreement, the Company paid loan commitment and other fees to the lender of $11,825, which together with preexisting debt issuance costs and note discounts of $4,192 were amortized over the term of the loan using the effective interest rate. The net proceeds of the loan modification were $313,175.

2025 Credit Facility

On December 23, 2025, the Company entered into a Credit Agreement by and among the Company, the lenders from time to time party thereto and Truist Bank, as administrative agent (the “2025 Credit Agreement”). The 2025 Credit Agreement provides for (i) a $580,000 term loan (the “2025 Term Loan”), (ii) $300,000 of delayed draw term loan commitments (the “Delayed Draw Term Loan”), and (iii) a $100,000 revolving credit facility (the “Revolver”) (collectively, the “2025 Credit Facility”). The 2025 Term Loan was used to repay in full the remaining outstanding obligations under the 2024 Term Loan and to pay fees and expenses relating to the entry into the Credit Agreement and the remainder for general corporate purposes. The 2025 Credit Facility is guaranteed by certain of the Company’s material subsidiaries and secured by substantially all of the assets of the Company and such material subsidiaries. In May 2026, the $300,000 Delayed Draw Term Loan was issued and the proceeds received were used to partially fund the Azstarys Acquisition.

The repayment of the 2024 Term Loan was accounted for as a debt extinguishment. The loss on extinguishment was $15,994, consisting of previously unamortized debt discount and issuance costs of $10,123 and debt extinguishment costs of $5,871.

The 2025 Credit Facility is scheduled to mature on December 23, 2030. If both (i) the aggregate principal amount outstanding under the 2029 Convertible Notes is more than $50,000 as of November 18, 2028 and (ii) Liquidity (as defined in the 2025 Credit Agreement, which includes cash, cash equivalents, marketable securities, and undrawn Revolver amounts) is less than $350,000 minus any permanent prepayments or repurchases of the 2029 Convertible Notes, then the 2025 Credit Facility will mature on November 18, 2028. The Company is obligated to repay the loans under the 2025 Credit Agreement (i) in scheduled quarterly installments, commencing on March 31, 2026, and (ii) upon certain customary prepayment triggers (subject to customary reinvestment rights). The Company may repay the loans under the 2025 Credit Agreement at its option at any time without premium or penalty.

In connection with the issuance of the 2025 Credit Facility, the Company paid commitment and other fees to the lenders of $14,378 and incurred debt issuance costs of $719. The $15,097 of debt discounts and issuance costs were then allocated to each of the components of the 2025 Credit Facility proportionally based on commitment amounts, resulting in $8,935 being allocated to the 2025 Term Loan, $4,622 being allocated to the Delayed Draw Term Loan, and $1,540 being allocated to the Revolver. The debt discounts and issuance costs allocated to the 2025 Term Loan were recorded as a direct deduction of the carrying amount of the 2025 Term Loan and are amortized over the term of the loan using the effective interest rate. The debt discounts and issuance costs allocated to the Delayed Draw Term Loan were recorded to other noncurrent assets. When the Delayed Draw Term Loan was issued, the $4,622 of previously capitalized cost was reclassified as a direct deduction of the carrying amount of the issued Delayed Draw Term Loan. The debt discounts and issuance costs allocated to the Revolver were recorded to other noncurrent assets and the deferred debt issuance costs are amortized ratably over the term of the Revolver, regardless of whether there are any outstanding borrowings on the Revolver.

The 2025 Term Loan, Delayed Draw Term Loan and the Revolver will bear interest at an annual rate equal to the term Secured Overnight Financing Rate (“SOFR”) plus a spread based on the Company’s First Lien Net Leverage Ratio (as defined in the 2025 Credit Agreement) ranging from 2.75% to 3.75%. The Delayed Draw Term Loan and Revolver are also subject to fees on the undrawn amounts of 0.30% to 0.50% per annum.

The 2025 Credit Agreement contains customary representations, events of default and covenants for a syndicated credit facility. The 2025 Credit Agreement includes quarterly financial covenants, consisting of a first lien secured net leverage ratio maintenance covenant (allowing the Company to net up to $250,000 of unrestricted cash and cash equivalents) and a

fixed charge coverage ratio maintenance covenant. The 2025 Credit Agreement also contains certain covenants and obligations that limit the Company’s ability to incur additional indebtedness or liens, make acquisitions or other investments or dispose of assets outside the ordinary course of business, or make restricted payments, among others. Failure to comply with these covenants would constitute an event of default under the 2025 Credit Agreement, notwithstanding the Company’s ability to meet its debt service obligations.

The following table presents the total interest expense recognized related to the 2025 Credit Facility and 2024 Term Loan during the three and six months ended June 30, 2026 and 2025.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Contractual interest expense	$	12,231	$	13,847	$	21,647	$	27,922
Amortization of debt discounts and debt issuance costs	784		1,096		1,383		2,207
Total interest expense	$	13,015	$	14,943	$	23,030	$	30,129

As of June 30, 2026, the effective interest rate on the 2025 Term Loan was 7.0%.

As of June 30, 2026, scheduled principal repayments under the 2025 Term Loan were as follows:


Years ended December 31,	Principal Payments
2026	$	22,000
2027	66,000
2028	66,000
2029	88,000
2030	623,500
Total before unamortized discount and issuance costs	$	865,500
Less: unamortized discount and issuance costs	(12,676)
Term notes carrying value	$	852,824

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (15,051)	$ 11,983	$ (555)	$ 14,400
Other comprehensive income (loss):
Unrealized gains (losses) on marketable securities, net of tax	219	96	(319)	282
Total other comprehensive income (loss)	219	96	(319)	282
Comprehensive (loss) income	$ (14,832)	$ 12,079	$ (874)	$ 14,682

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Deferred Royalty Obligation - Schedule of Deferred Royalty Obligation (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Deferred Royalty Acquired [Roll Forward]
Beginning balance	$ 121,563	$ 120,613
Accretion (amortization), net	(206)	2,014
Net carrying amount	$ 121,357	$ 122,627

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 1,519	$ 5,042	$ 5,763	$ 5,747
Effective tax rate	(11.20%)	29.60%	110.70%	28.50%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Securities

As of December 31, 2025, available-for-sale debt securities were classified on the Condensed Consolidated Balance Sheets at fair value as follows:


	December 31, 2025
Cash and cash equivalents	$	—
Marketable securities	155,427
Total	$	155,427

The following table summarizes the available-for-sale securities held as of December 31, 2025:


December 31, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value







Corporate debt securities	$	139,833	$	487	(59)		140,261
U.S. Treasury securities	2,957		2		—		2,959
Government-sponsored securities	4,999		2		(1)		5,000
Commercial paper	7,206		1		—		7,207
Total	$	154,995	$	492	$	(60)	$	155,427

Schedule of Contractual Maturities of Available-for-Sale Securities Other than Investments

The following table summarizes the contractual maturities of available-for-sale securities other than investments in money market funds as of December 31, 2025:


	December 31, 2025
Matures within one year	$	52,078
Matures after one year through five years	103,349
Total	$	155,427

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Term Notes Payable - Schedule of Principal Repayments of Debt (Details) - 2025 Credit Agreement - Secured Debt - Line of Credit $ in Thousands	Jun. 30, 2026 USD ($)
Principal repayments
2026	$ 22,000
2027	66,000
2028	66,000
2029	88,000
2030	623,500
Total before unamortized discount and issuance costs	865,500
Less: unamortized discount and issuance costs	(12,676)
Term notes carrying value	$ 852,824

Fair Value of Financial Instruments - Schedule of Significant Unobservable Inputs Used In The Fair Value Measurements (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 38,525
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	38,525
Significant unobservable inputs (Level 3) \| Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 27,290
Significant unobservable inputs (Level 3) \| Discounted cash flow \| Probability of payment \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	0.810
Significant unobservable inputs (Level 3) \| Discounted cash flow \| Probability of payment \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	0.900
Significant unobservable inputs (Level 3) \| Discounted cash flow \| Payment discount rate \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	0.058
Significant unobservable inputs (Level 3) \| Discounted cash flow \| Payment discount rate \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	0.060
Significant unobservable inputs (Level 3) \| Monte Carlo simulation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 11,235
Significant unobservable inputs (Level 3) \| Monte Carlo simulation \| Payment discount rate \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	0.057
Significant unobservable inputs (Level 3) \| Monte Carlo simulation \| Payment discount rate \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	0.062
Significant unobservable inputs (Level 3) \| Monte Carlo simulation \| Net sales volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	0.350
Significant unobservable inputs (Level 3) \| Monte Carlo simulation \| Net sales discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	0.110

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Accrued Liabilities and Other Liabilities [Abstract]
Accrued interest	$ 11,075	$ 12,023
Accrued product taxes and fees	9,957	7,732
Accrued inventory	8,580	2,809
Accrued sales and marketing	8,256	3,039
Accrued payroll and related benefits	5,468	3,382
Accrued royalties	5,265	7,987
Accrued bonuses	4,101	9,172
Accrued incentive compensation	4,098	3,714
Liability for cash-settled share-based awards assumed from Ironshore Acquisition	2,435	2,435
Accrued audit and legal	1,986	1,703
Accrued income taxes	1,138	3,297
Accrued other operating costs	8,891	5,171
Total accrued liabilities	$ 71,250	$ 62,464

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Product revenues, net	$ 199,878		$ 188,000		$ 393,398	$ 365,757
Cost of product revenues (excluding intangible asset amortization)	26,633		24,143		47,434	49,103
Intangible asset amortization	62,953		55,473		118,426	110,946
Interest expense	19,519		20,463		35,381	41,253
Interest income	(2,289)		(2,383)		(5,995)	(4,608)
Provision for income taxes	1,519		5,042		5,763	5,747
Net (loss) income	(15,051)	$ 14,496	11,983	$ 2,417	(555)	14,400
Segment
Segment Reporting [Line Items]
Product revenues, net	199,878		188,000		393,398	365,757
Cost of product revenues (excluding intangible asset amortization)	26,633		24,143		47,434	49,103
Intangible asset amortization	62,953		55,473		118,426	110,946
Commercial expenses	46,403		44,115		93,760	84,908
Corporate expenses	12,163		9,801		26,703	23,090
Medical expenses	7,899		7,832		15,047	15,865
Technical operations expenses	165		136		415	234
Stock-based compensation expense	14,484		10,818		25,364	22,342
Other segment items	25,480		577		31,655	2,477
Interest expense	19,519		20,463		35,381	41,253
Interest income	(2,289)		(2,383)		(5,995)	(4,608)
Provision for income taxes	1,519		5,042		5,763	5,747
Net (loss) income	$ (15,051)		$ 11,983		$ (555)	$ 14,400

Equity

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Equity

The changes in shareholders’ equity for the three and six months ended June 30, 2026 were as follows:


	Common Stock			Additional Paid- In Capital		Treasury Stock			Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total Shareholders’ Equity
	Shares	Amount				Shares	Amount
Balance, December 31, 2025	40,736,330	$	41	$	624,954	(9,028,722)	$	(222,510)	$	(101,129)	$	319	$	301,675
Exercise of common stock options	17,195	—		394		—	—		—		—		394
Issuance for employee stock purchase plan	36,064	—		947		—	—		—		—		947
Vesting of RSUs and PSUs	981,487	1		—		—	—		—		—		1
Shares withheld for employee taxes upon vesting of RSUs and PSUs	(335,385)	(1)		(15,432)		—	—		—		—		(15,433)
Stock-based compensation	—	—		10,880		—	—		—		—		10,880
Other comprehensive loss, net of tax	—	—		—		—	—		—		(538)		(538)
Net income	—	—		—		—	—		14,496		—		14,496
Balance, March 31, 2026	41,435,691	$	41	$	621,743	(9,028,722)	$	(222,510)	$	(86,633)	$	(219)	$	312,422
Exercise of common stock options	29,137	—		481		—	—		—		—		481
Vesting of RSUs and PSUs	80,385	—		—		—	—		—		—		—
Shares withheld for employee taxes upon vesting of RSUs and PSUs	(18,181)	—		(646)		—	—		—		—		(646)

Stock-based compensation	—	—		14,484		—	—		—		—		14,484
Other comprehensive income, net of tax	—	—		—		—	—		—		219		219
Net loss	—	—		—		—	—		(15,051)		—		(15,051)
Balance, June 30, 2026	41,527,032	$	41	$	636,062	(9,028,722)	$	(222,510)	$	(101,684)	$	—	$	311,909

The changes in shareholders’ equity for the three and six months ended June 30, 2025 were as follows:


	Common Stock			Additional Paid- In Capital		Treasury Stock			Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total Shareholders’ Equity
	Shares	Amount				Shares	Amount
Balance, December 31, 2024	39,646,749	$	40	$	590,251	(8,206,594)	$	(197,505)	$	(163,999)	$	55	$	228,842
Exercise of common stock options	67,718	—		1,552		—	—		—		—		1,552
Issuance for employee stock purchase plan	17,868	—		506		—	—		—		—		506
Vesting of RSUs and PSUs	956,368	—		—		—	—		—		—		—
Shares withheld for employee taxes upon vesting of RSUs and PSUs	(350,311)	—		(10,593)		—	—		—		—		(10,593)
Stock-based compensation	—	—		11,524		—	—		—		—		11,524
Other comprehensive income, net of tax	—	—		—		—	—		—		186		186
Net income	—	—		—		—	—		2,417		—		2,417
Balance, March 31, 2025	40,338,392	$	40	$	593,240	(8,206,594)	$	(197,505)	$	(161,582)	$	241	$	234,434
Exercise of common stock options	21,944	—		308		—	—		—		—		308
Vesting of RSUs and PSUs	102,760	—		—		—	—		—		—		—
Shares withheld for employee taxes upon vesting of RSUs and PSUs	(14,949)	—		(428)		—	—		—		—		(428)
Share repurchases from ASR agreement	—	—		(5,000)		(692,281)	(20,005)		—		—		(25,005)
Stock-based compensation	—	—		10,818		—	—		—		—		10,818
Other comprehensive loss, net of tax	—	—		—		—	—		—		96		96
Net income	—	—		—		—	—		11,983		—		11,983
Balance, June 30, 2025	40,448,147	$	40	$	598,938	(8,898,875)	$	(217,510)	$	(149,599)	$	337	$	232,206

Common Stock

In May 2015, the Company adopted the Amended and Restated 2014 Stock Incentive Plan (the “Plan”), under which an aggregate of 2,700,000 shares of common stock were authorized for issuance to employees, officers, directors, consultants and advisors of the Company, plus an annual increase on the first day of each fiscal year until the expiration of the Plan equal to 4% of the total number of outstanding shares of common stock on December 31 of the immediately preceding calendar year (or a lower amount as otherwise determined by the Company’s board of directors (“Board of Directors”) prior to January 1). The Plan expired on May 11, 2025 and on May 15, 2025, the Company’s shareholders approved the 2025 Equity Incentive Plan (the “2025 Plan”), under which an aggregate of 1,600,000 shares of common stock were authorized for issuance to employees, officers, directors, consultants and advisors of the Company, plus (i) shares of common stock that remained available for grants under the Plan as of its expiration and (ii) any shares of common stock subject to outstanding grants under the Plan that terminate, expire or are canceled, forfeited, exchanged or surrendered without having been exercised, vested or paid under the Plan. As of June 30, 2026, there were 2,208,476 shares of common stock available for issuance pursuant to the 2025 Plan.

The 2025 Plan provides for granting of both Internal Revenue Service qualified incentive stock options and non-qualified options, restricted stock awards, restricted stock units and performance stock units. The Company’s qualified incentive stock options and non-qualified options generally vest ratably over a four-year period of service and generally have a ten-year contractual life. Upon termination, vested stock options are generally exercisable for three months following the termination date, while unvested options are forfeited immediately upon termination. The Company’s RSUs granted prior to 2024 generally vest ratably over a four-year period of service. Beginning in 2024, RSUs granted by the Company vest ratably over a three-year period of service. Upon termination, unvested RSUs are forfeited immediately. Refer to Note 16, Stock-based Compensation, for more information.

Share Repurchases

2024-2025 Repurchase Program

In January 2024, the Company’s Board of Directors authorized the repurchase of up to $150,000 of the Company’s common stock through June 30, 2025 (the “2024-2025 Repurchase Program”). The 2024-2025 Repurchase Program permitted the Company to effect repurchases through a variety of methods, including open-market purchases (including pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act), privately negotiated transactions, or otherwise in compliance with Rule 10b-18 of the Exchange Act. The timing and amount of any shares purchased on the open market were determined based on the Company’s evaluation of the market conditions, share price and other factors. The Company utilized existing cash on hand to fund share repurchases.

In May 2025, the Company’s Board of Directors authorized an accelerated share repurchase (“ASR”) program to repurchase $25,000 of the Company’s common stock as part of the 2024-2025 Repurchase Program. Under the terms of the Company’s ASR agreement with an investment bank, the Company paid $25,000 on May 9, 2025, and received 692,281 shares, representing 80% of the upfront payment on a price per share of $28.89, the closing price on the date the agreement was executed. The remaining shares to be purchased by the Company was to be based on the volume-weighted average price of its common stock through July 29, 2025, minus an agreed upon discount between the parties. In July 2025, the ASR agreement settled and the Company received an additional 129,847 shares, bringing the total shares repurchased pursuant to the ASR agreement to 822,128.

The ASR agreement was accounted for as two distinct transactions: (1) an immediate repurchase of common stock, recorded as a treasury stock transaction; and (2) a forward contract indexed to the Company’s own stock. The forward contract, which represented the remaining shares to be delivered by the investment bank, was recorded as a reduction to stockholders’ equity. The forward contract associated with the ASR agreement was settled and not outstanding as of December 31, 2025.

The 2024-2025 Repurchase Program expired on June 30, 2025. Under the 2024-2025 Repurchase Program, the Company repurchased 2,704,830 shares at a weighted-average price of $31.43 per share for a total of $85,025, inclusive of $25 of fees and commissions, under the 2024-2025 Repurchase Program and the cost of repurchased shares was recorded as treasury stock in the Condensed Consolidated Balance Sheet.

2025-2026 Repurchase Program

In July 2025, the Company’s Board of Directors authorized the repurchase of up to $150,000 of the Company’s common stock through December 31, 2026 (the “2025-2026 Repurchase Program”). The 2025-2026 Repurchase Program permits the Company to effect repurchases through a variety of methods, including open-market purchases (including pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act), privately negotiated transactions, or otherwise in compliance with Rule 10b-18 of the Exchange Act. The timing and amount of any shares purchased on the open market will be determined based on the Company’s evaluation of the market conditions, share price and other factors. The Company plans to utilize existing cash on hand to fund share repurchases.

The Company has not yet repurchased shares under the 2025-2026 Repurchase Program. Thus, $150,000 remained available for share repurchases under the 2025-2026 Repurchase Program as of June 30, 2026.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details