COLLEGIUM PHARMACEUTICAL, INC — Director's Dealing 2018

May 29, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COLLEGIUM PHARMACEUTICAL, INC (COLL)
CIK: 0001267565
Period of Report: 2018-05-24

Reporting Person: Freund John Gordon (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-24	Common Stock	A	2253	—	Acquired	2253	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-24	Stock Option (Right to Purchase)	$24.95	A	4506	Acquired	2028-05-24	Common Stock (4506)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1549916	Indirect
Common Stock	20506	Indirect

Footnotes

F1: Reflects the grant of restricted stock units. Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock. The restricted stock units vest on May 24, 2019, subject to the director's continued service with the issuer. The restricted stock units will be settled on such date in shares of the issuer's common stock.

F2: The shares are held by Skyline Venture Partners V, L.P. The general partner of Skyline Venture Partners V, L.P. is Skyline Venture Management V, LLC. John G. Freund and Yasunori Kaneko are managers of Skyline Venture Management V, LLC. These individuals share voting and investment power over the shares held by Skyline Venture Management, LLC. Dr. Freund disclaims beneficial ownership of all the shares held by Skyline Venture Partners V, L.P. except to the extent of his proportionate pecuniary interest therein.

F3: The shares are held by the John Freund Family Partnership IV, L.P. ("Freund LP"). The reporting person is the trustee and beneficiary of the The John G. Freund Revocable Trust u/a/d 6/26/01 which serves as the general partner of Freund LP. The reporting person disclaims beneficial ownership of the shares held by Freund LP except to the extent of his proportionate pecuniary interest therein.

F4: The option vests and becomes exercisable on May 24, 2019, subject to the director's continued service with the issuer.