COLLEGIUM PHARMACEUTICAL, INC — Director's Dealing 2015

May 14, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COLLEGIUM PHARMACEUTICAL, INC (COLL)
CIK: 0001267565
Period of Report: 2015-05-12

Reporting Person: Longitude Capital Partners, LLC (10% Owner)
Reporting Person: Longitude Capital Associates, L.P. (10% Owner)
Reporting Person: Longitude Venture Partners L.P. (10% Owner)
Reporting Person: Tammenoms Bakker Juliet (10% Owner)
Reporting Person: ENRIGHT PATRICK G (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-12	Common Stock	C	3060502	—	Acquired	3060502	Indirect
2015-05-12	Common Stock	P	196070	$12.00	Acquired	3256572	Indirect
2015-05-12	Common Stock	C	61340	—	Acquired	61340	Indirect
2015-05-12	Common Stock	P	3930	$12.00	Acquired	65270	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-05-12	Series B Convertible Preferred Stock	$	C	12837935	Disposed		Common Stock (1860570)	Indirect
2015-05-12	Series B Convertible Preferred Stock	$	C	257303	Disposed		Common Stock (37290)	Indirect
2015-05-12	Series C Convertible Preferred Stock	$	C	3160905	Disposed		Common Stock (458102)	Indirect
2015-05-12	Series C Convertible Preferred Stock	$	C	63356	Disposed		Common Stock (9182)	Indirect
2015-05-12	Series D Convertible Preferred Stock	$	C	5045381	Disposed		Common Stock (741830)	Indirect
2015-05-12	Series D Convertible Preferred Stock	$	C	101128	Disposed		Common Stock (14868)	Indirect

Footnotes

F1: All series of convertible preferred stock automatically converted into Collegium Pharmaceutical, Inc. common stock on a 1-for-6.9 basis immediately prior to the closing of the initial public offering and had no expiration date.

F2: Reflects the conversion of preferred stock into Collegium Pharmaceutical, Inc. common stock on a 1-for-6.9 basis which became effective on May 12, 2015, and includes 10,616 shares issued on May 12, 2015 to LVP, and 212 shares issued on May 12, 2015 to LCA, upon conversion of the Series D Convertible Preferred Stock in payment of accrued dividends thereon.

F3: This report is filed jointly by Longitude Capital Partners, LLC ("LCP"), Longitude Venture Partners, L.P. ("LVP"), Longitude Capital Associates, L.P. ("LCA"), Patrick G. Enright ("Enright") and Juliet Tammenoms Bakker ("Bakker"), all of whom share beneficial ownership of more than 10% of the capital stock of the Issuer. LCP, as general partner of each of LVP and LCA, has the power to vote and dispose of securities held by each of them and may be deemed to have beneficial ownership of the shares owned by LVP and LCA. Enright and Bakker are each managing members of LCP and in their capacity as such, may be deemed to exercise shared voting and investment power over the shares held by the reporting persons. Each of LCP, Enright and Bakker disclaims beneficial ownership of the securities of the Issuer held by LVP and LCA except to the extent of their respective pecuniary interest therein.