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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2015	Jul. 31, 2015
Document and Entity Information
Entity Registrant Name	COLLEGIUM PHARMACEUTICAL, INC
Entity Central Index Key	0001267565
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		20,687,829
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 112,413	$ 1,634
Refundable PDUFA fee		2,335
Prepaid expenses and other current assets	1,219	527
Total current assets	113,632	4,496
Property and equipment, net	445	514
Restricted cash	97	80
Total assets	114,174	5,090
Current liabilities:
Accounts payable	2,239	2,208
Accrued expenses	1,671	1,956
Current portion of deferred rent and lease note payable	30	59
Current portion of term loan payable	2,250	1,194
Convertible bridge notes with related parties		5,000
Total current liabilities	6,190	10,417
Lease incentive obligation	85	101
Term loan payable, long-term	5,480	6,813
Total liabilities	11,755	17,331
Commitments and contingencies (See note 8)
Shareholders' equity (deficit):
Common stock, $0.001 par value; authorized shares - 113,000,000 at June 30, 2015 and 72,000,000 at December 31, 2014; issued and outstanding shares - 20,687,787 at June 30, 2015 and 1,006,219 at December 31, 2014	20	1
Additional paid-in capital	212,523	12,407
Accumulated deficit	(110,121)	(101,753)
Treasury stock	(3)	(3)
Total shareholders' equity (deficit)	102,419	(89,348)
Total liabilities, convertible redeemable preferred stock and shareholders' equity (deficit)	$ 114,174	5,090
Series A convertible redeemable preferred stock
Convertible redeemable preferred stock
Convertible redeemable preferred stock		12,781
Series B convertible redeemable preferred stock
Convertible redeemable preferred stock
Convertible redeemable preferred stock		51,212
Series C convertible redeemable preferred stock
Convertible redeemable preferred stock
Convertible redeemable preferred stock		$ 13,114

CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized shares	113,000,000	72,000,000
Common stock, issued shares	20,687,787	1,006,219
Common stock, outstanding shares	20,687,787	1,006,219
Series A convertible redeemable preferred stock
Convertible redeemable preferred stock, par value (in dollars per share)		$ 0.001
Convertible redeemable preferred stock, authorized shares		18,498,419
Convertible redeemable preferred stock, issued shares		9,232,334
Convertible redeemable preferred stock, outstanding shares		9,232,334
Convertible redeemable preferred stock, liquidation preference		$ 12,781
Series B convertible redeemable preferred stock
Convertible redeemable preferred stock, par value (in dollars per share)		$ 0.001
Convertible redeemable preferred stock, authorized shares		27,324,237
Convertible redeemable preferred stock, issued shares		27,324,327
Convertible redeemable preferred stock, outstanding shares		27,324,237
Convertible redeemable preferred stock, liquidation preference		$ 51,212
Series C convertible redeemable preferred stock
Convertible redeemable preferred stock, par value (in dollars per share)		$ 0.001
Convertible redeemable preferred stock, authorized shares		8,658,344
Convertible redeemable preferred stock, issued shares		8,658,008
Convertible redeemable preferred stock, outstanding shares		8,658,008
Convertible redeemable preferred stock, liquidation preference		$ 13,114

CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Operating expenses:
Research and development	$ 1,641	$ 3,565	$ 3,086	$ 6,834
General and administrative	2,934	523	5,120	999
Total operating expenses	4,575	4,088	8,206	7,833
Loss from operations	(4,575)	(4,088)	(8,206)	(7,833)
Other expense:
Interest expense, net	99	29	254	59
Gain on extinguishment			(91)
Total other expense, net	99	29	163	59
Net loss	$ (4,674)	$ (4,117)	$ (8,369)	$ (7,892)
Net loss per share - basic and diluted	$ (0.45)	$ (5.33)	$ (0.18)	$ (10.36)
Weighted-average number of common shares used in net loss per share - basic and diluted	11,791,546	926,239	6,426,431	919,465

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (8,369)	$ (7,892)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	92	95
Lease incentive	(16)	(17)
Stock based compensation	714	11
Non cash interest expense	7	4
Accrual of back end fees related to note payable		(14)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(692)	18
Refundable PDUFA fee	2,335
Accounts payable	32	1,012
Accrued expenses	(195)	811
Net cash used in operating activities	(6,092)	(5,972)
CASH FLOWS INVESTING ACTIVITIES:
Purchases of property and equipment	(23)
Net cash used in investing activities	(23)
CASH FLOWS FROM FINANCING ACTIVITIES:
(Repayment of) borrowing from term note	(368)	1,044
Repayment of lease note payable	(29)	(31)
Restricted cash	(16)
Proceeds from the exercise of stock options	471	1
Net cash provided by financing activities	116,894	1,014
Net increase (decrease) in cash and cash equivalents	110,779	(4,958)
Cash and cash equivalents at beginning of period	1,634	7,551
Cash and cash equivalents at end of period	112,413	2,593
Supplemental disclosure of noncash activities
Accruals of dividends and accretion to redemption value	24,572	1,637
Conversion of bridge note to preferred stock	5,000
Cash paid for interest	202	46
Cash paid for taxes	2
Repayment of term note with proceeds of note payable		$ 944
Common stock
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of stock, net of issuance costs	72,029
Series D convertible redeemable preferred stock
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of stock, net of issuance costs	44,807
Conversion of redeemable convertible preferred stock into common stock \| All series of convertible redeemable preferred stock
Supplemental disclosure of noncash activities
Preferred stock conversion to common stock	$ 120,302

CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2015 USD ($)
Common stock
Preferred stock
Stock issuance costs	$ 2,408
Series D convertible redeemable preferred stock
Preferred stock
Stock issuance costs	$ 193

Nature of Business	6 Months Ended
Nature of Business	Jun. 30, 2015
Nature of Business
Nature of Business	1. Nature of Business Collegium Pharmaceutical, Inc. (the “Company”) was incorporated in Delaware in April 2002 and then reincorporated in Virginia in July 2014. The Company has its principal operations in Canton, Massachusetts. The Company is a specialty pharmaceutical company developing and planning to commercialize next-generation abuse-deterrent products that incorporate the Company’s patented DETERx® platform technology for the treatment of chronic pain and other diseases. The Company’s lead product candidate, Xtampza ERTM, or Xtampza, is an abuse-deterrent, extended-release, oral formulation of oxycodone, a widely prescribed opioid medication. Xtampza has received Fast Track status from the U.S. Food and Drug Administration (“FDA”). The Company’s new drug application (“NDA”) filing for Xtampza was accepted by the FDA on February 10, 2015. On February 25, 2015, the FDA set a Prescription Drug User Fee Act, or PDUFA, goal date of October 12, 2015 for completion of its review of the Xtampza NDA. The Company’s operations are subject to certain risks and uncertainties. The principal risks include negative outcome of clinical trials, inability or delay in completing clinical trials or obtaining regulatory approvals, changing market conditions for products being developed by the Company, the need to retain key personnel and protect intellectual property, patent infringement litigation and the availability of additional capital financing on terms acceptable to the Company.

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of presentation The accompanying unaudited condensed financial statements of Collegium Pharmaceutical, Inc. (“the Company”) have been prepared in accordance with accounting principles generally accepted in the United States (“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 financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three months ended June 30, 2015 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2015. The condensed interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Prospectus dated May 6, 2015 (“Prospectus”) filed pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, with the Securities and Exchange Commission (“SEC”) on May 7, 2015 in conjunction with the Company’s initial public offering of common stock. Initial Public Offering In May 2015, the Company closed an initial public offering (“IPO”) of its common stock, which resulted in the sale of 6,670,000 shares of its common stock at a public offering price of $12.00 per share, including 870,000 shares of common stock upon the exercise by the underwriters of their option to purchase additional shares at the public offering price. The Company received proceeds from the IPO of approximately $72.0 million, after deducting underwriting discounts, commissions and expenses payable by the Company. In connection with preparing for the IPO, the Company’s Board of Directors and shareholders approved a one-for-6.9 reverse stock split of the Company’s common stock. The reverse stock split became effective in April 2015. All share and per share amounts in the condensed interim financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this reverse stock split, including reclassifying an amount equal to the reduction in par value of common stock to additional paid-in capital. In connection with the closing of the IPO, all of the Company’s outstanding convertible preferred stock automatically converted to common stock in May 2015, resulting in an additional 12,591,456 shares of common stock of the Company becoming outstanding. The significant increase in common stock outstanding in May 2015 is expected to impact the year-over-year comparability of the Company’s net loss per share calculations in future periods. Subsequent Events The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Through the date of the filing of this Form 10-Q, the Company has concluded that no subsequent events have occured that require disclosure, except as described in Note 9. Critical Accounting Policies Earnings (Loss) per Common Share Earnings (loss) per common share is calculated using the two-class method, which is an earnings allocation formula that determines earnings (loss) per share for the holders of the Company’s common shares and participating securities. All series of preferred stock contain participation rights in any dividend paid by the Company and are deemed to be participating securities. Earnings available to common shareholders and participating convertible redeemable preferred shares is allocated first to the preferred stock based upon the distribution criteria in the Company’s Articles of Incorporation then the remainder to the common shareholders. The participating securities do not include a contractual obligation to share in losses of the Company and are not included in the calculation of net loss per share in the periods that have a net loss. Diluted earnings per share is computed using the more dilutive of (a) the two-class method, or (b) the if-converted method. The Company allocates earnings first to preferred shareholders based on dividend rights and then to common and preferred shareholders based on ownership interests. The weighted-average number of common shares included in the computation of diluted earnings (loss) gives effect to all potentially dilutive common equivalent shares, including outstanding stock options, warrants, convertible redeemable preferred stock and the potential issuance of stock upon the conversion of the Company’s convertible notes. Common stock equivalent shares are excluded from the computation of diluted earnings (loss) per share if their effect is antidilutive. Recent Accounting Pronouncements Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”), issued Accounting Standards Update (“ASU”), No. 2014-09, which amends the guidance for accounting for revenue from contracts with customers. This ASU supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”), Topic 605, Revenue Recognition , and creates a new Topic 606, Revenue from Contracts with Customers. Two adoption methods are permitted: retrospectively to all prior reporting periods presented, with certain practical expedients permitted; or retrospectively with the cumulative effect of initially adopting the ASU recognized at the date of initial application. On July 9, 2015, the FASB approved a deferral of the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also approved permitting early adoption of the standard, but not before the original effective date of December 15, 2016. The Company has not yet determined which adoption method it will utilize or the effect that the adoption of this guidance will have on its financial statements.

Net Loss Per Common Share

6 Months Ended

Jun. 30, 2015

Net Loss Per Common Share

Net Loss Per Common Share

3. Net Loss per Common Share

	Three months ended, June 30,						Six months ended June 30,
	2015			2014			2015			2014
Net loss	$	(4,674	)	$	(4,117	)	$	(8,369	)	$	(7,892	)
Extinguishment of preferred stock - see note 7	—			—			31,806			—
Accretion of prior preferred stock - see note 7				(823		)	(23,327		)	(1,637		)
Accretion and dividends of series D preferred stock	(641		)	—			(1,245		)	—

Loss attributable to common shareholders—basic and diluted	$	(5,315	)	$	(4,940	)	$	(1,135	)	$	(9,529	)

Weighted-average number of common shares used in net loss per share-basic and diluted	11,791,546			926,239			6,426,431			919,465

Net loss per share-basic and diluted	$	(0.45	)	$	(5.33	)	$	(0.18	)	$	(10.36	)

The following potentially dilutive securities, which represent all outstanding potentially dilutive securities, were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect (in common stock equivalent shares):

	Three months ended June 30,		Six months ended June 30,
	2015	2014	2015	2014
Outstanding stock options	1,086,789	315,389	1,086,789	315,389
Warrants	2,445	6,262	2,445	6,262
Redeemable convertible preferred stock	—	6,552,820	—	6,552,820
Unvested restricted stock	164,539	41,684	164,539	41,684

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2015

Fair Value of Financial Instruments

Fair Value of Financial Instruments

4. Fair Value of Financial Instruments

The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The fair value hierarchy is now established that prioritizes valuation inputs based on the observable nature of those inputs. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the investments and is not a measure of the investment credit quality. The hierarchy defines three levels of valuation inputs:

Level 1 inputs	Quoted prices in active markets for identical assets or liabilities
Level 2 inputs	Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly
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 following tables present the Company’s financial instruments carried at fair value using the lowest level input applicable to each financial instrument at June 30, 2015 and December 31, 2014.

Description	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
June 30 2015
Money market funds, included in cash equivalents	$	104,911	$	104,911	$	—	$	—

December 31, 2014
Money market funds, included in cash equivalents	$	457	$	457	$	—	$	—

The Company’s cash equivalents are comprised of money market funds that are measured on a recurring basis based on quoted market prices.

- 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 + Details

Accrued Expenses

6 Months Ended

Jun. 30, 2015

Accrued Expenses

Accrued expenses

5. Accrued Expenses

Accrued expenses consisted of the following:

	June 30, 2015		December 31, 2014
Accrued compensation	$	725	$	635
Accrued development costs	647		970
Accrued audit and legal	145		249
Accrued interest	32		71
Accrued other	122		31

Total accrued expenses	$	1,671	$	1,956

Convertible Bridge Note with Related Party	6 Months Ended
Convertible Bridge Note with Related Party	Jun. 30, 2015
Convertible Bridge Note with Related Party
Convertible Bridge Note with Related Party	6. Convertible Bridge Note with Related Party In November and December 2014 the Company entered into a Note Purchase Agreement (the “Bridge Notes”) allowing for the issuance of $5,000 of convertible promissory notes to a group of investors (the “Holders”) bearing interest at a rate per annum of 6.0%. The Holders are related parties of the Company. In connection with the Series D convertible preferred stock financing (see note 7), the Bridge Notes converted into Series D convertible preferred stock. Upon the conversion, the Company recognized a gain on extinguishment of $91.

Convertible Preferred Stock	6 Months Ended
Convertible Preferred Stock	Jun. 30, 2015
Convertible Preferred Stock
Convertible Preferred Stock	7. Convertible Preferred Stock In March 2015, the Company issued and sold an aggregate of 41,666,667 shares of Series D convertible preferred stock for aggregate consideration of $50,000, comprised of $45,000 in cash and conversion of $5,000 in Bridge Notes. The accrued interest on the convertible notes was waived. Concurrently with the issuance of the Series D Preferred Stock, the Company amended and restated its Articles of Incorporation (the “Amended Articles”). The Company made certain amendments to the terms of the Series A, Series B and Series C Preferred Stock (together, the “Prior Preferred Stock”). Prior to the Amended Articles the Series A, Series B and Series C accrued dividends at a rate of 4.5%, 8.0% and 8.0% per annum, respectively, per share. All accrued and unpaid dividends on the Prior Preferred Stock were automatically cancelled and forfeited and the Prior Preferred Stock no longer accrued dividends. Prior to the cancellation and forfeiture of accrued dividends, the Prior Preferred Stock had accrued dividends of $622 during 2015. The holders of outstanding shares of Prior Preferred Stock were entitled to receive dividends, when, as and if declared by the Board of Directors. The mandatory conversion for all series of Prior Preferred Stock was modified so as to occur upon an initial public offering with gross proceeds in excess of $50,000. The amendments to the Prior Preferred Stock were treated as an extinguishment which resulted in a gain on extinguishment of $31,806. The gain on extinguishment was added to net loss to arrive at income available to common shareholders in the calculation of earnings per share. During the six months and three months ended June 30, 2015, total accrued dividends and accretion for preferred stock was $1,245 and $641, respectively. In connection with the closing of the IPO, all of the Company’s outstanding convertible preferred stock automatically converted to common stock in May 2015, resulting in an additional 12,591,456 shares of common stock of the Company becoming outstanding.

Stock-based Compensation

6 Months Ended

Jun. 30, 2015

Stock-based Compensation

Stock-based Compensation

8. Stock-based Compensation

In July 2014, the Company adopted the 2014 Stock Incentive Plan (the “Plan”), under which 525,700 shares of common stock are authorized for issuance to employees, officers, directors, consultants and advisors of the Company. In connection with the Company’s reincorporation into Virginia in July 2014, each outstanding option to purchase shares of common stock under the Company’s 2012 Stock Incentive Plan and 2002 Stock Plan, was automatically terminated and replaced with an option to purchase shares of common stock under the Plan having the same vesting terms and exercise price as the option that was replaced. The Plan provides for granting of both Internal Revenue Service qualified incentive stock options (“ISOs”) and non-qualified options (“NQs”), restricted stock awards (“RSAs”) and restricted stock units (“RSUs”). Stock options generally vest over a four year period of service; however, certain options contain performance conditions. The options generally have a ten year contractual life and, upon termination, vested options are generally exercisable between one and three months following the termination date, while unvested options are forfeited immediately.

In April 2015, the Plan was amended to increase the maximum number of shares of common stock that may be issued to 2,700,000 shares. In addition, an “evergreen provision” was added to the Plan that allows for an annual increase in the number of shares of common stock available for issuance under the Plan. The annual increase will be added on the first day of each fiscal year beginning with the fiscal year ending December 31, 2016, and on each anniversary thereof until the expiration of the Plan equal to 4% of the outstanding shares of our common stock on December 31st of the immediately preceding fiscal year (or such lesser number of shares of common stock as determined by the board of directors).

Restricted common stock

A summary of the Company’s restricted stock activity for the six months ended June 30, 2015 and related information is as follows:

	Shares		Weighted- average purchase price per share
Unvested at December 31, 2014	15,387		$	0.69
Granted	194,694		5.73
Vested	(118,005	)	5.19

Unvested at June 30, 2015 (1)	92,076		$	5.57

(1) Excludes 72,463 shares of unvested restricted stock remaining from the early exercise of stock options as of June 30, 2015.

Stock options

A summary of the Company’s stock option activity and related information follows:

	Shares		Weighted- average exercise price per share		Weighted- average remaining contractual term (years)	Aggregate intrinsic value
Outstanding at December 31, 2014	281,029		$	0.69
Granted	927,452		8.51
Exercised	(121,692	)	3.89
Canceled	—		—

Outstanding at June 30, 2015	1,086,789		$	7.01	9.3	$	11,765

Exercisable at June 30, 2015	167,639		$	2.29	7.8	$	2,606

Vested and expected to vest at June 30, 2015	1,065,883		$	7.13	9.4	$	12,294

The fair value of each stock option is estimated on the grant date using the Black-Scholes option-pricing model using the following assumptions:

	Six months ended June 30,
	2015		2014
Risk-free interest rate	1.7	%	1.8	%
Dividend yield	—		—
Volatility	77	%	77	%
Expected term (years)	6.25		6.25

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2015
Commitments and Contingencies.
Commitments and Contingencies	9. Commitments and Contingencies The Company’s NDA filing for Xtampza is a 505(b)(2) application, which allows the Company to reference data from an approved drug listed in the FDA’s Approved Drug Products with Therapeutic Equivalence Evaluations (commonly known as the ‘‘Orange Book’’), in this case OxyContin OP. In connection with the 505(b)(2) process, the Company certified to the FDA and notified Purdue Pharma, L.P. (‘‘Purdue’’), as the holder of the NDA and any other Orange Book-listed patent owners, that the Company does not infringe any of the patents listed for OxyContin OP in the Orange Book. Under the Hatch-Waxman Act of 1984 (the ‘‘Hatch-Waxman Act’’), Purdue can elect to sue the Company for infringement, and if they do, receive a stay of up to 30 months before the FDA can issue a final approval for Xtampza, unless the stay is earlier terminated. On March 24, 2015, Purdue sued the Company in the District of Delaware asserting infringement of four patents. On March 26, 2015, Purdue filed a second suit against the Company in the District of Massachusetts asserting infringement of the same four patents. On July 23, 2015, Purdue voluntarily dismissed the Massachusetts suit. On August 6, 2015, the Delaware court dismissed the suit in Delaware and issued a memorandum opinion finding the Delaware court lacks personal jurisdiction over the Company Following the dismissal in Delaware, on August 6, 2015, the Company filed a complaint in the Southern District of New York asserting an action to obtain patent certainty, and requesting that the New York court find that Xtampza will not infringe any valid patent claim of the patents asserted by Purdue in the Delaware action. Also on August 6, 2015, Purdue sued the Company in the District of Massachusetts asserting the same claims as the prior suit. On August 7, 2015, Purdue filed a motion in the Delaware court requesting reconsideration of the August 6, 2015 order that dismissed the case. In the motion requesting reconsideration, Purdue asks that the Delaware court find that it does have personal jurisdiction over the Company and then transfer the case to the District of Massachusetts. At this time the Company is unable to provide meaningful quantification of how this potential litigation may impact its future financial condition, results of operations, or cash flows. In March 2015, the Company amended its lease to include an additional 9,660 square feet of space for a total of 19,335 square feet. In addition, the lease term was extended and now terminates on the date that is 5 years following the date, which has not yet been determined, on which the landlord delivers the expansion space with certain improvements substantially completed. At the Company’s election, the lease term may be extended for an additional 5-year term.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2015
Summary of Significant Accounting Policies
Basis of presentation	Basis of presentation The accompanying unaudited condensed financial statements of Collegium Pharmaceutical, Inc. (“the Company”) have been prepared in accordance with accounting principles generally accepted in the United States (“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 financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three months ended June 30, 2015 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2015. The condensed interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Prospectus dated May 6, 2015 (“Prospectus”) filed pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, with the Securities and Exchange Commission (“SEC”) on May 7, 2015 in conjunction with the Company’s initial public offering of common stock.
Initial Public Offering	Initial Public Offering In May 2015, the Company closed an initial public offering (“IPO”) of its common stock, which resulted in the sale of 6,670,000 shares of its common stock at a public offering price of $12.00 per share, including 870,000 shares of common stock upon the exercise by the underwriters of their option to purchase additional shares at the public offering price. The Company received proceeds from the IPO of approximately $72.0 million, after deducting underwriting discounts, commissions and expenses payable by the Company. In connection with preparing for the IPO, the Company’s Board of Directors and shareholders approved a one-for-6.9 reverse stock split of the Company’s common stock. The reverse stock split became effective in April 2015. All share and per share amounts in the condensed interim financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this reverse stock split, including reclassifying an amount equal to the reduction in par value of common stock to additional paid-in capital. In connection with the closing of the IPO, all of the Company’s outstanding convertible preferred stock automatically converted to common stock in May 2015, resulting in an additional 12,591,456 shares of common stock of the Company becoming outstanding. The significant increase in common stock outstanding in May 2015 is expected to impact the year-over-year comparability of the Company’s net loss per share calculations in future periods.
Subsequent Events	Subsequent Events The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Through the date of the filing of this Form 10-Q, the Company has concluded that no subsequent events have occured that require disclosure, except as described in Note 9.
Earnings (Loss) per Common Share	Earnings (Loss) per Common Share Earnings (loss) per common share is calculated using the two-class method, which is an earnings allocation formula that determines earnings (loss) per share for the holders of the Company’s common shares and participating securities. All series of preferred stock contain participation rights in any dividend paid by the Company and are deemed to be participating securities. Earnings available to common shareholders and participating convertible redeemable preferred shares is allocated first to the preferred stock based upon the distribution criteria in the Company’s Articles of Incorporation then the remainder to the common shareholders. The participating securities do not include a contractual obligation to share in losses of the Company and are not included in the calculation of net loss per share in the periods that have a net loss. Diluted earnings per share is computed using the more dilutive of (a) the two-class method, or (b) the if-converted method. The Company allocates earnings first to preferred shareholders based on dividend rights and then to common and preferred shareholders based on ownership interests. The weighted-average number of common shares included in the computation of diluted earnings (loss) gives effect to all potentially dilutive common equivalent shares, including outstanding stock options, warrants, convertible redeemable preferred stock and the potential issuance of stock upon the conversion of the Company’s convertible notes. Common stock equivalent shares are excluded from the computation of diluted earnings (loss) per share if their effect is antidilutive.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”), issued Accounting Standards Update (“ASU”), No. 2014-09, which amends the guidance for accounting for revenue from contracts with customers. This ASU supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”), Topic 605, Revenue Recognition , and creates a new Topic 606, Revenue from Contracts with Customers. Two adoption methods are permitted: retrospectively to all prior reporting periods presented, with certain practical expedients permitted; or retrospectively with the cumulative effect of initially adopting the ASU recognized at the date of initial application. On July 9, 2015, the FASB approved a deferral of the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also approved permitting early adoption of the standard, but not before the original effective date of December 15, 2016. The Company has not yet determined which adoption method it will utilize or the effect that the adoption of this guidance will have on its financial statements.

Net Loss Per Common Share (Tables)

6 Months Ended

Jun. 30, 2015

Net Loss Per Common Share

Schedule of computations of basic and diluted net loss per share

	Three months ended, June 30,						Six months ended June 30,
	2015			2014			2015			2014
Net loss	$	(4,674	)	$	(4,117	)	$	(8,369	)	$	(7,892	)
Extinguishment of preferred stock - see note 7	—			—			31,806			—
Accretion of prior preferred stock - see note 7				(823		)	(23,327		)	(1,637		)
Accretion and dividends of series D preferred stock	(641		)	—			(1,245		)	—

Loss attributable to common shareholders—basic and diluted	$	(5,315	)	$	(4,940	)	$	(1,135	)	$	(9,529	)

Weighted-average number of common shares used in net loss per share-basic and diluted	11,791,546			926,239			6,426,431			919,465

Net loss per share-basic and diluted	$	(0.45	)	$	(5.33	)	$	(0.18	)	$	(10.36	)

Schedule of potentially dilutive securities excluded from computations of diluted weighted-average shares outstanding

	Three months ended June 30,		Six months ended June 30,
	2015	2014	2015	2014
Outstanding stock options	1,086,789	315,389	1,086,789	315,389
Warrants	2,445	6,262	2,445	6,262
Redeemable convertible preferred stock	—	6,552,820	—	6,552,820
Unvested restricted stock	164,539	41,684	164,539	41,684

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value of Financial Instruments

Schedule of financial instruments measured at fair value by level within fair value hierarchy

Description	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
June 30 2015
Money market funds, included in cash equivalents	$	104,911	$	104,911	$	—	$	—

December 31, 2014
Money market funds, included in cash equivalents	$	457	$	457	$	—	$	—

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2015

Accrued Expenses

Schedule of components of accrued expenses

	June 30, 2015		December 31, 2014
Accrued compensation	$	725	$	635
Accrued development costs	647		970
Accrued audit and legal	145		249
Accrued interest	32		71
Accrued other	122		31

Total accrued expenses	$	1,671	$	1,956

Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2015

Stock-based Compensation

Summary of restricted stock activity

	Shares		Weighted- average purchase price per share
Unvested at December 31, 2014	15,387		$	0.69
Granted	194,694		5.73
Vested	(118,005	)	5.19

Unvested at June 30, 2015 (1)	92,076		$	5.57

(1) Excludes 72,463 shares of unvested restricted stock remaining from the early exercise of stock options as of June 30, 2015.

Summary of stock option activity

	Shares		Weighted- average exercise price per share		Weighted- average remaining contractual term (years)	Aggregate intrinsic value
Outstanding at December 31, 2014	281,029		$	0.69
Granted	927,452		8.51
Exercised	(121,692	)	3.89
Canceled	—		—

Outstanding at June 30, 2015	1,086,789		$	7.01	9.3	$	11,765

Exercisable at June 30, 2015	167,639		$	2.29	7.8	$	2,606

Vested and expected to vest at June 30, 2015	1,065,883		$	7.13	9.4	$	12,294

Schedule of assumptions used in Black-Scholes option-pricing model to estimate fair value of each stock option

	Six months ended June 30,
	2015		2014
Risk-free interest rate	1.7	%	1.8	%
Dividend yield	—		—
Volatility	77	%	77	%
Expected term (years)	6.25		6.25

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Millions	1 Months Ended
	May 31, 2015 USD ($) $ / shares shares
Initial public offering
Sale of stock
Common stock sold (in shares)	6,670,000
Offering price (in dollars per share) \| $ / shares	$ 12.00
Proceeds from the offering, after deducting underwriting discounts and commissions \| $	$ 72.0
Underwriters over-allotment option
Sale of stock
Common stock sold (in shares)	870,000

Summary of Significant Accounting Policies (Details 2)	1 Months Ended
Summary of Significant Accounting Policies (Details 2)	May 31, 2015 shares	Apr. 30, 2015
Conversion of stock
Common stock split ratio		0.144927536
Conversion of redeemable convertible preferred stock into common stock \| All series of convertible redeemable preferred stock
Conversion of stock
Number of shares of common stock into which convertible preferred stock was converted	12,591,456

Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net loss per common share
Net loss		$ (4,674)	$ (4,117)	$ (8,369)	$ (7,892)
Extinguishment of preferred stock				31,806
Loss attributable to common stockholders - basic		(5,315)	(4,940)	(1,135)	(9,529)
Loss attributable to common stockholders - diluted		$ (5,315)	$ (4,940)	$ (1,135)	$ (9,529)
Weighted-average number of common shares used in net loss per share - basic and diluted		11,791,546	926,239	6,426,431	919,465
Net loss per share - basic and diluted		$ (0.45)	$ (5.33)	$ (0.18)	$ (10.36)
Series A, Series B and Series C convertible redeemable preferred stock
Net loss per common share
Extinguishment of preferred stock	$ 31,806
Accretion and dividends of preferred stock			$ (823)	$ (23,327)	$ (1,637)
Series D convertible redeemable preferred stock
Net loss per common share
Accretion and dividends of preferred stock		$ (641)		$ (1,245)

Net Loss Per Common Share (Details 2) - shares	3 Months Ended		6 Months Ended
Net Loss Per Common Share (Details 2) - shares	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stock options
Anti-dilutive securities
Potentially dilutive securities outstanding excluded from the computations of diluted weighted-average shares outstanding (in shares)	1,086,789	315,389	1,086,789	315,389
Warrants
Anti-dilutive securities
Potentially dilutive securities outstanding excluded from the computations of diluted weighted-average shares outstanding (in shares)	2,445	6,262	2,445	6,262
All series of convertible redeemable preferred stock
Anti-dilutive securities
Potentially dilutive securities outstanding excluded from the computations of diluted weighted-average shares outstanding (in shares)		6,552,820		6,552,820
Restricted stock
Anti-dilutive securities
Potentially dilutive securities outstanding excluded from the computations of diluted weighted-average shares outstanding (in shares)	164,539	41,684	164,539	41,684

Fair Value of Financial Instruments (Details) - Measured at fair value - Recurring - Money market funds - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Cash equivalents	$ 104,911	$ 457
Quoted Prices in active markets (Level 1)
Cash equivalents	$ 104,911	$ 457

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accrued Expenses
Accrued compensation	$ 725	$ 635
Accrued development costs	647	970
Accrued audit and legal	145	249
Accrued interest	32	71
Accrued other	122	31
Total accrued expenses	$ 1,671	$ 1,956

Convertible Bridge Note with Related Party (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	6 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2015
Related party transactions
Gain on extinguishment			$ 91
6.0% Convertible promissory notes
Related party transactions
Gain on extinguishment	$ 91
Bridge Notes Purchase Agreement \| Investors \| 6.0% Convertible promissory notes
Related party transactions
Amount issued		$ 5,000
Stated interest rate		6.00%

Convertible Preferred Stock (Details) - USD ($) $ in Thousands	1 Months Ended		2 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2015	Mar. 31, 2015	Feb. 28, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Preferred stock
Principal amount converted						$ 5,000
Gain on extinguishment for amendment to dividend terms						31,806
6.0% Convertible promissory notes
Preferred stock
Principal amount converted		$ 5,000
Series D convertible redeemable preferred stock
Preferred stock
Issuance of stock (in shares)		41,666,667
Aggregate consideration		$ 50,000
Cash consideration from issuance of preferred stock		45,000
Accrued dividends and accretion for preferred stock				$ 641		1,245
Series A convertible redeemable preferred stock
Preferred stock
Dividend rate (as a percent)			4.50%
Series B convertible redeemable preferred stock
Preferred stock
Dividend rate (as a percent)			8.00%
Series C convertible redeemable preferred stock
Preferred stock
Dividend rate (as a percent)			8.00%
Series A, Series B and Series C convertible redeemable preferred stock
Preferred stock
Accrued dividends			$ 622
Accrued dividends and accretion for preferred stock					$ 823	$ 23,327	$ 1,637
Gain on extinguishment for amendment to dividend terms		31,806
Series A, Series B and Series C convertible redeemable preferred stock \| Mandatory conversion, initial public offering \| Minimum
Preferred stock
Gross proceeds from sale of stock		$ 50,000
All series of convertible redeemable preferred stock \| Conversion of redeemable convertible preferred stock into common stock
Preferred stock
Number of shares of common stock into which convertible preferred stock was converted	12,591,456

Stock-based Compensation (Details) - shares	1 Months Ended	6 Months Ended
Stock-based Compensation (Details) - shares	Apr. 30, 2015	Jun. 30, 2015	Jul. 31, 2014
Stock options
Stock-based compensation
Vesting period		4 years
Contractual life		10 years
Stock options \| Minimum
Stock-based compensation
Period following termination date vested options are exercisable		1 month
Stock options \| Maximum
Stock-based compensation
Period following termination date vested options are exercisable		3 months
2014 Stock Incentive Plan
Stock-based compensation
Shares of common stock authorized for issuance	2,700,000		525,700
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%

Stock-based Compensation (Details 2) - Restricted stock	6 Months Ended
Stock-based Compensation (Details 2) - Restricted stock	Jun. 30, 2015 $ / shares shares
Restricted stock awards
Unvested at beginning of year (in shares)	15,387
Granted (in shares)	194,694
Vested (in shares)	(118,005)
Unvested at end of period (in shares)	92,076
Unvested remaining from the early exercise of stock options (in shares)	72,463
Weighted-Average Grant Date Fair Value
Unvested at beginning of year (in dollars per share) \| $ / shares	$ 0.69
Granted (in dollars per share) \| $ / shares	5.73
Vested (in dollars per share) \| $ / shares	5.19
Unvested at end of period (in dollars per share) \| $ / shares	$ 5.57

Stock-based Compensation (Details 3) - Stock options $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2015 USD ($) $ / shares shares
Stock option activity
Outstanding at beginning of year (in shares) \| shares	281,029
Granted (in shares) \| shares	927,452
Exercised (in shares) \| shares	(121,692)
Outstanding at end of period (in shares) \| shares	1,086,789
Exercisable at end of period (in shares) \| shares	167,639
Vested and expected to vest at end of period (in shares) \| shares	1,065,883
Weighted average exercise price per share
Outstanding at beginning of year (in dollars per share) \| $ / shares	$ 0.69
Granted (in dollars per share) \| $ / shares	8.51
Exercised (in dollars per share) \| $ / shares	3.89
Outstanding at end of period (in dollars per share) \| $ / shares	7.01
Exercisable at end of period (in dollars per share) \| $ / shares	2.29
Vested and expected to vest at end of period (in dollars per share) \| $ / shares	$ 7.13
Stock option activity, additional information
Outstanding at end of period, Weighted-average remaining contractual term	9 years 3 months 18 days
Exercisable at end of period, Weighted-average remaining contractual term	7 years 9 months 18 days
Vested and expected to vest at end of period, weighted-average remaining contractual term	9 years 4 months 24 days
Outstanding at end of period, Aggregate intrinsic value \| $	$ 11,765
Exercisable at end of period, Aggregate intrinsic value \| $	2,606
Vested and expected to vest at end of period, Aggregate intrinsic value \| $	$ 12,294

Stock-based Compensation (Details 4) - Stock options	6 Months Ended
Stock-based Compensation (Details 4) - Stock options	Jun. 30, 2015	Jun. 30, 2014
Weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants
Risk-free interest rate (as a percent)	1.70%	1.80%
Volatility (as a percent)	77.00%	77.00%
Expected term	6 years 3 months	6 years 3 months

Commitments and Contingencies (Details) - patent			6 Months Ended
Commitments and Contingencies (Details) - patent	Mar. 26, 2015	Mar. 24, 2015	Jun. 30, 2015
Purdue Pharma, L. P. patent infringement suit, District of Delaware
Contingencies
Number of patents asserted to have been infringed		4
Purdue Pharma, L. P., patent infringement suit, District of Massachusetts
Contingencies
Number of patents asserted to have been infringed	4
Hatch-Waxman Act of 1984 election to sue for patent infringement \| Maximum
Contingencies
Stay period before FDA can issue a final approval if patent litigation is elected			30 months

Commitments and Contingencies (Details 2)	1 Months Ended
Commitments and Contingencies (Details 2)	Mar. 31, 2015 ft²
Office and research facility operating lease, as amended
Lease
Square of feet of space	19,335
Term of lease extension option	5 years
Amendment to office and research facility operating lease
Lease
Square of feet of space	9,660
Delivery of expansion space with substantial completion of certain improvements \| Office and research facility operating lease, as amended
Lease
Lease term	5 years