---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-079323"
form_type: "8-K/A"
ticker: "COLL"
cik: "0001267565"
company_name: "COLLEGIUM PHARMACEUTICAL, INC"
filed_at: "2026-06-30T20:05:46+00:00"
generated_at: "2026-06-30T20:07:18.813439+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Collegium closes $655.6M acquisition of AZSTARYS; Corium had going concern doubt

## Summary
- Acquired AZSTARYS (ADHD treatment) for ~$655.6M cash, funded by $355.6M cash on hand and $300M delayed draw term loan.
- Up to $135M in additional milestone payments if AZSTARYS achieves certain commercial and manufacturing targets.
- Corium's audited FY2025 net loss was $42.4M; accumulated deficit $736M; auditors flagged substantial doubt about going concern.
- Corium FY2025 product sales $113.6M, up from $79.6M in FY2024; operating loss improved to $14.7M from $127.2M.
- Pro forma financials filed; ADLARITY (Alzheimer's product) excluded as not part of acquisition.

## SEC filing metadata
- accession: 0001104659-26-079323
- form_type: 8-K/A
- ticker: COLL
- cik: 0001267565
- company_name: COLLEGIUM PHARMACEUTICAL, INC
- filed_at: 2026-06-30T20:05:46+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1267565/000110465926079323/0001104659-26-079323-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1267565/000110465926079323/tm2618928d1_8ka.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-079323
- JSON: https://secwatch.observer/filing/0001104659-26-079323.json
- Plain text: https://secwatch.observer/filing/0001104659-26-079323.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.