COLLEGIUM PHARMACEUTICAL, INC — Director's Dealing 2015

May 13, 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: Hirsch David (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-12	Common Stock	C	1860570	—	Acquired	1860750	Indirect
2015-05-12	Common Stock	C	458102	—	Acquired	2318672	Indirect
2015-05-12	Common Stock	C	741830	—	Acquired	3060502	Indirect
2015-05-12	Common Stock	P	196070	$12.00	Acquired	3256572	Indirect
2015-05-12	Common Stock	C	37290	—	Acquired	37290	Indirect
2015-05-12	Common Stock	C	9182	—	Acquired	46472	Indirect
2015-05-12	Common Stock	C	14868	—	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 Stock	$	C	12837935	Disposed		Common Stock (1860570)	Indirect
2015-05-12	Series B Convertible Stock	$	C	257303	Disposed		Common Stock (37290)	Indirect
2015-05-12	Series C Convertible Stock	$	C	3160905	Disposed		Common Stock (458102)	Indirect
2015-05-12	Series C Convertible Stock	$	C	63356	Disposed		Common Stock (9182)	Indirect
2015-05-12	Series D Convertible Stock	$	C	5045381	Disposed		Common Stock (741830)	Indirect
2015-05-12	Series D Convertible 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.

F3: The shares are held by Longitude Venture Partners, L.P. and Longitude Capital Associates, L.P. (collectively, the "Longitude Funds"). Longitude Capital Partners, LLC is the general partner of the Longitude Funds. Patrick G. Enright and Juliet Tammenoms Bakker are managing members of Longitude Capital Partners, LLC and in their capacity as such, may be deemed to exercise shared voting and investment power over the shares held by the reporting persons. David Hirsch is a member of Longitude Capital Partners, LLC. Dr. Hirsch disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.