Collegium Pharmaceutical (COLL) 10-Q 11 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 06, 2016
Document and Entity Information
Entity Registrant Name	COLLEGIUM PHARMACEUTICAL, INC
Entity Central Index Key	1,267,565
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
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		23,527,454
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 134,730	$ 95,697
Prepaid expenses and other current assets	821	1,186
Total current assets	135,551	96,883
Property and equipment, net	695	738
Restricted cash	97	97
Total assets	136,343	97,718
Current liabilities:
Accounts payable	6,189	3,537
Accrued expenses	2,212	2,228
Current portion of term loan payable	2,667	2,667
Total current liabilities	11,068	8,432
Lease incentive obligation	59	68
Term loan payable, long-term	3,480	4,146
Total liabilities	$ 14,607	$ 12,646
Commitments and contingencies (See Note 7)
Shareholders’ equity (deficit):
Preferred stock, $0.001 par value; authorized shares 5,000,000 at March 31, 2016 and December 31, 2015; issued and outstanding shares - none and March 31, 2016 and December 31, 2015; liquidation preference none at March 31, 2016 and December 31, 2015
Common stock, $0.001 par value; authorized shares - 100,000,000 at March 31, 2016 and December 31, 2015; issued and outstanding shares - 23,513,105 at March 31, 2016 and 20,739,351 at December 31, 2015	$ 24	$ 21
Additional paid-in capital	266,376	214,062
Accumulated deficit	(144,661)	(129,008)
Treasury stock	(3)	(3)
Total shareholders' equity (deficit)	121,736	85,072
Total liabilities, convertible redeemable preferred stock and shareholders' equity (deficit)	$ 136,343	$ 97,718

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized shares	5,000,000	5,000,000
Preferred stock, issued shares	0	0
Preferred stock, outstanding shares	0	0
Preferred stock, liquidation preference	$ 0	$ 0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized shares	100,000,000	100,000,000
Common stock, issued shares	23,513,105	20,739,351
Common stock, outstanding shares	23,513,105	20,739,351

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating expenses:
Research and development	$ 4,062	$ 1,445
General and administrative	11,525	2,185
Total operating expenses	15,587	3,630
Loss from operations	(15,587)	(3,630)
Other expense (income):
Interest expense, net	66	155
Gain (loss) on extinguishment of debt		(91)
Total other expense, net	66	64
Net loss	$ (15,653)	$ (3,694)
Earnings (loss) per share - basic	$ (0.68)	$ 0.34
Earnings (loss) per share - diluted	$ (0.68)	$ (0.65)
Weighted-average shares - basic	23,130,153	1,001,704
Weighted-average shares - diluted	23,130,153	7,554,524

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities
Net loss	$ (15,653)	$ (3,694)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	43	46
Lease incentive	(8)	(8)
Stock-based compensation expense	1,101	113
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	365	(1,317)
Refundable PDUFA fee		2,335
Accounts payable	2,651	(28)
Accrued expenses	(15)	872
Net cash used in operating activities	(11,516)	(1,681)
Financing activities
Repayment of term note	(667)	(202)
Repayment of lease note payable		(13)
Restricted cash		(16)
Proceeds from the exercise of stock options	42	460
Net cash provided by financing activities	50,549	45,036
Net increase (decrease) in cash and cash equivalents	39,033	43,355
Cash and cash equivalents at beginning of period	95,697	1,634
Cash and cash equivalents at end of period	134,730	44,989
Supplemental disclosure of cash flow information
Cash paid for offering costs	384	165
Cash paid for interest	83	101
Supplemental disclosure of non-cash activities
Accruals of offering costs	128	641
Conversion of bridge note to preferred stock		5,000
Accruals of dividends and accretion to redemption value		1,226
Common stock
Financing activities
Proceeds from issuance of stock, net of issuance costs	$ 51,174
Series D convertible redeemable preferred stock
Financing activities
Proceeds from issuance of stock, net of issuance costs		$ 44,807

CONDENSED STATEMENTS OF CASH F6

CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Common stock
Preferred stock
Stock issuance costs	$ 526
Series D convertible redeemable preferred stock
Preferred stock
Stock issuance costs		$ 193

Nature of Business

Nature of Business	3 Months Ended
	Mar. 31, 2016
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 first product, Xtampza ER ™ , or Xtampza, is an abuse-deterrent, extended-release, oral formulation of oxycodone, a widely prescribed opioid medication. On April 26, 2016, the U.S. Food and Drug Administration (‘‘FDA’’) approved the Company’s new drug application (‘‘NDA’’) filing for Xtampza for the management of pain severe enough to require daily, around-the-clock, long-term opioid treatment and for which alternative treatment options are inadequate. 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, inability to successfully commercialize products, changing market conditions for products and product candidates, 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. The Company has an accumulated deficit of $144,700 at March 31, 2016. The Company has financed its operations primarily through private placements of its preferred stock, proceeds from borrowings, an initial public offering completed in 2015 and a follow-on offering completed in 2016. The Company expects to continue to incur significant expenses to fund the commercial launch of Xtampza and ongoing clinical research. The Company anticipates that it will continue to incur losses for the next several years, and it expects the losses to increase as it continues the development of, and seeks regulatory approvals for its product candidates, and begins to commercialize Xtampza. The Company believes that its cash, cash equivalents and marketable securities of $134,700 at March 31, 2016, together with expected cash inflows from the commercialization of Xtampza, will enable the Company to fund its operating expenses, debt service and capital expenditure requirements for at least twelve months from the filing date of this Quarterly Report on Form 10-Q.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Collegium Pharmaceutical, Inc. (a Virginia corporation) as well as the accounts of Collegium Securities Corp. (a Massachusetts corporation), incorporated in December 2015, a wholly-owned subsidiary requiring consolidation. The financial statements of 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 the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of items of a normal and recurring nature) necessary to fairly present the financial position as of March 31, 2016, the results of operations and cash flows for the three months ended March 31, 2016 and 2015. The results of operations for the three month period ended March 31, 2016 are not necessarily indicative of the results to be expected for the full year. 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. The consolidated interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report. Public Offerings of Common Stock 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 $72,029 , 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. In January 2016, the Company issued and sold in a public offering an aggregate of 2,750,000 shares of its common stock at $20.00 per share. This public offering resulted in approximately $51,174 of net proceeds, after deduction underwriting discounts and commissions and expenses payable by the Company. The significant increase in common stock outstanding in March 2016 is expected to impact the year-over-year comparability of the Company’s net loss per share calculations in future periods. Subsequent Events We consider events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date of issuance of these financial statements. Significant Accounting Policies There have been no changes to the Company’s significant accounting policies included in the Company’s Annual Report. Recent Accounting Pronouncements New accounting pronouncements are issued periodically by the Financial Accounting Standards Board (“FASB”) and are adopted by the Company as of the specified effective dates. Unless otherwise disclosed below, the Company believes that recently issued and adopted pronouncements will not have a material impact on the Company’s financial position, results of operations and cash flows or do not apply to the Company’s operations. In May 2014, FASB issued Accounting Standard Update, or ASU, 2014-09 (ASC 606), Revenue from Contracts with Customers , or ASU 2014-09, which affects any entity that either enters into contracts with customers to transfer goods and services or enters into contracts for the transfer of nonfinancial assets. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under the currently effective guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each separate performance obligation. ASU 2014-09 was initially to be effective for annual periods beginning after December 15, 2016, including interim periods within that period. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers , which delays the effective date of ASU 2014-09 by one year and allows for early adoption as of the original effective date. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations, or ASU 2016-08, which clarifies certain principal versus agent considerations. The Company does not believe the adoption of this ASU will have a material impact on the Company’s financial condition, results of operations or cash flows. In June 2014, the FASB issued ASU 2014 ‑12, Compensation — Stock Compensation (Topic 718): Accounting for Share ‑Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period . ASU 2014 ‑12 applies to all reporting entities that grant their employees share ‑based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2015 and interim periods within those annual periods. The Company adopted this standard in the first quarter of fiscal year 2016 and it did not have a material impact on our financial statements as of and for the quarter ended March 31, 2016. The Company has stock options with a performance based vesting condition, which if achieved would result in the recognition of $193 in stock compensation expense in the period vested. In August 2014, the FASB issued ASU No. 2014 ‑15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014 ‑15 requires management to evaluate, at each annual or interim reporting period, whether there are conditions or events that exist that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. ASU 2014 ‑15 is effective for annual periods ending after December 15, 2016 and earlier application is permitted. The adoption of ASU 2014 ‑15 is not expected to have a material effect on the Company’s financial statements or disclosures. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory , or ASU 2015-11. ASU 2015-11 applies to all inventory, except for inventory measured using the last-in, first-out method or the retail inventory method. The guidance allows an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments in ASU 2015-11 are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, and may be applied prospectively with earlier adoption permitted. As the Company progresses toward commercialization of Xtampza, the Company is currently evaluating its effect on the Company’s consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes (Topic 740) . ASU 2015-17 simplifies the presentation of deferred income taxes by eliminating the separate classification of deferred income tax assets and liabilities into current and noncurrent amounts in the consolidated balance sheet statement of financial position. The amendments in the update require that all deferred tax assets and liabilities be classified as noncurrent in the consolidated balance sheet. The amendments in this update are effective for annual periods beginning after December 15, 2017, and interim periods therein and may be applied either prospectively or retrospectively to all periods presented. Early adoption is permitted. The Company is currently evaluating its effect on the Company’s consolidated financial statements. In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) . The ASU requires lessees to put most leases on their balance sheets as a liability for the obligation to make lease payments and as a right-of-use asset, but recognize expenses on the income statements in a manner similar to today’s accounting. The guidance also eliminates the current real estate-specific provisions for all entities. For calendar-year public entities, the guidance becomes effective in 2019 and interim periods within that year. Early adoption is permitted for all entities. The Company has not chosen early adoption for this ASU and is currently evaluating its effect on the Company’s consolidated financial statements In March 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standard Update, or ASU, 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , or ASU 2016-09. ASU 2016-09 intends to simplify various aspects of how share-based payments are accounted for and presented in the financial statements. The main provisions include: all tax effects related to stock awards will now be recorded through the statement of operations instead of through equity, all tax-related cash flows resulting from stock awards will be reported as operating activities on the cash flow statement, and entities can make an accounting policy election to either estimate forfeitures or account for forfeitures as they occur. The amendments in ASU 2016-09 are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, and may be applied prospectively with earlier adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

Earnings (Loss) per Common Shar

Earnings (Loss) per Common Share	3 Months Ended
	Mar. 31, 2016
Earnings (Loss) per Common Share
Earnings (Loss) per Common Share	3. 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 shareholders 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. Three months ended March 31, 2016 2015 Net loss $ $ Extinguishment of preferred stock - see note 7 — Accretion of preferred stock — Earnings attributable to participating preferred stock shareholders — Loss attributable to common shareholders — basic $ $ Effect of Preferred Shares (Series A, B and C) $ — $ Earnings attributable to common stockholders $ $ Weighted-average number of common shares used in net loss per share - basic Effect of Preferred Shares — Weighted-average number of common shares used in net loss per share - diluted (Loss) earnings per share - basic $ $ (Loss) per share - diluted $ $ 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 March 31, 2016 2015 Outstanding stock options Warrants Redeemable convertible preferred stock - Unvested restricted stock

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2016
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 (unadjusted) 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 March 31, 2016 and December 31, 2015. Significant Quoted Prices other Significant in active observable unobservable markets inputs inputs Description Total (Level 1) (Level 2) (Level 3) March 31, 2016 Money market funds, included in cash equivalents $ $ $ — $ — December 31, 2015 Money market funds, included in cash equivalents $ $ $ — $ — The Company’s cash equivalents are comprised of money market funds that are measured on a recurring basis based on quoted market prices. As of March 31, 2016 and December 31, 2015, the carrying amounts of cash and cash equivalents, accounts payable, loan payable and accrued expenses approximated their estimated fair values because of the short-term nature of these financial instruments.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2016
Accrued Expenses
Accrued Expenses	5. Accrued Expenses Accrued expenses consisted of the following: March 31, 2016 December 31, 2015 Accrued bonuses $ $ Accrued payroll and related benefits Accrued development costs Accrued audit and legal Accrued marketing Accrued other Accrued interest Total accrued expenses $ $

Convertible Bridge Note with Re

Convertible Bridge Note with Related Party	3 Months Ended
	Mar. 31, 2016
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

Convertible Preferred Stock	3 Months Ended
	Mar. 31, 2016
Convertible Preferred Stock
Convertible Preferred Stock	7. Convertible Preferred Stock and Equity 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 convertible 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 adoption of the Amended Articles, the Series A, Series B, and Series C Preferred Stock 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. 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 changes in shareholders’ equity for the three-month period ended March 31, 2016 were as follows: Additional Treasury Other Accumulated Total Common Stock Paid- In Stock, Comprehensive Deficit Shareholders’ Shares Amount Capital at cost Income Equity (Deficit) Balance, January 1, 2016 $ $ $ $ — $ $ Public offering of common stock, net of issuance costs of $526 — — — Stock-based compensation - — — — — Exercise of common stock options — — — — Net loss — — — — — Balance, March 31, 2016 $ $ $ $ — $ $

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2016
Stock-based Compensation
Stock-based Compensation	8. Stock-based Compensation Restricted Stock Awards and Stock Options In May 2015, the Company adopted the Amended and Restated 2014 Stock Incentive Plan (the “Plan”), under which an aggregate of 2,700,000 shares of common stock are authorized for issuance to employees, officers, directors, consultants and advisors of the Company, plus an annual increase to be added on the first day of each fiscal year until the expiration of the Plan equal to 4% of the total number of outstanding shares of common stock on December 31st of the immediately preceding calendar year (or a lower amount as otherwise determined by the board of directors prior to January 1st). As of March 31, 2016, 1,950,276 of the shares of common stock authorized for issuance pursuant to the Plan were outstanding. 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 are also subject to 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. Restricted common stock A summary of the Company’s restricted stock award activity for the three months ended March 31, 2016 and related information is as follows: Weighted average purchase price Shares per share Unvested at December 31, 2015 $ Granted — — Vested Unvested at March 31, 2016 (1) $ (1) Excludes 52,837 shares of unvested restricted stock remaining from the early exercise of stock options as of March 31, 2016. A summary of the Company’s restricted stock units (RSUs) activity for the three months ended March 31, 2016 and related information is as follows: Shares Average grant date fair value Outstanding at December 31, 2015 — $ — Granted Settled — — Forfeited — — Outstanding at March 31, 2016 $ There was no vesting of RSU s during the three months ended March 31, 2016. As of March 31, 2016, there was approximately $633,000 of total unrecognized stock-based compensation expense related to unvested RSU s granted under the Plan. The Company expects to recognize this expense over a weighted average period of 3.8 years. Stock options A summary of the Company’s stock option activity and related information follows: Weighted- Weighted- average average remaining Aggregate exercise price contractual Intrinsic Shares per share term (years) Value Outstanding at December 31, 2015 $ $ Granted Exercised Outstanding at March 31, 2016 $ $ Exercisable at March 31, 2016 $ $ Vested and expected to vest at March 31, 2016 $ $ The fair value of each stock option is estimated on the grant date using the Black-Scholes option-pricing model using the following assumptions: Three months ended 2016 2015 Risk-free interest rate % % Volatility % % Expected term (years) Expected dividend yield - - The Company’s statements of operations included total compensation expense from stock-based payment awards for the three months ended March 31, 2016 and 2015 of $1,000 and $113 , respectively. At March 31, 2016, there was approximately $14 ,700 of unrecognized compensation expense related to unvested options and restricted stock awards under the Plan, which is expected to be recognized as expense over a weighted average period of approximately 3.4 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies
Commitments and Contingencies	9. Commitments and Contingencies From time to time the Company may face legal claims or actions in the normal course of business. Except as disclosed below, the Company is not currently a party to any litigation and, accordingly, does not have any amounts recorded for any litigation related matters. 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 had the option to sue the Company for infringement and receive a stay of up to 30 months before the FDA can issue a final regulatory approval for Xtampza, unless the stay is earlier terminated. Purdue exercised its option and elected to sue the Company for infringement in the District of Delaware in March 2015 asserting infringement of three of Purdue’s Orange Book ‑ listed patents and one non-Orange Book-listed patent. Purdue filed another case in Massachusetts asserting the same four patents as in the Delaware case. In October 2015, the Delaware case was transferred to Massachusetts. In November 2015, Purdue filed suit asserting infringement of another non-Orange Book-listed patent. On November 9, 2015, the Company filed a motion for partial judgment on the pleadings in relation to three Orange Book-listed patents asserted against the Company, which had been previously invalidated by the court in the Southern District of New York in Purdue’s suit against another company. On February 1, 2016, the Court of Appeals for the Federal Circuit affirmed the New York judgment of invalidity. On May 4, 2016, the Court of Appeals for the Federal Circuit denied Purdue’s request for rehearing and rehearing en banc review was denied. On February 9, 2016, the District Court of Massachusetts ordered judgment in favor of the Company on the three Orange Book-listed patents that were the basis of the 30 -month stay, Patent Nos. 7,674,799, 7,674,800, and 7,683,072 and dismissed the claims asserting infringement of those patents with prejudice. Upon dismissal of those claims, the 30-month stay of FDA approval was lifted. Purdue continues to assert infringement of two patents against the Company, neither of which is associated with any stay of FDA approval. At this time the Company is unable to provide meaningful quantification of how this litigation may impact its future financial condition, results of operations, or cash flows.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies
Recently Issued Accounting Pronouncements	Recent Accounting Pronouncements New accounting pronouncements are issued periodically by the Financial Accounting Standards Board (“FASB”) and are adopted by the Company as of the specified effective dates. Unless otherwise disclosed below, the Company believes that recently issued and adopted pronouncements will not have a material impact on the Company’s financial position, results of operations and cash flows or do not apply to the Company’s operations. In May 2014, FASB issued Accounting Standard Update, or ASU, 2014-09 (ASC 606), Revenue from Contracts with Customers , or ASU 2014-09, which affects any entity that either enters into contracts with customers to transfer goods and services or enters into contracts for the transfer of nonfinancial assets. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under the currently effective guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each separate performance obligation. ASU 2014-09 was initially to be effective for annual periods beginning after December 15, 2016, including interim periods within that period. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers , which delays the effective date of ASU 2014-09 by one year and allows for early adoption as of the original effective date. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations, or ASU 2016-08, which clarifies certain principal versus agent considerations. The Company does not believe the adoption of this ASU will have a material impact on the Company’s financial condition, results of operations or cash flows. In June 2014, the FASB issued ASU 2014 ‑12, Compensation — Stock Compensation (Topic 718): Accounting for Share ‑Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period . ASU 2014 ‑12 applies to all reporting entities that grant their employees share ‑based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2015 and interim periods within those annual periods. The Company adopted this standard in the first quarter of fiscal year 2016 and it did not have a material impact on our financial statements as of and for the quarter ended March 31, 2016. The Company has stock options with a performance based vesting condition, which if achieved would result in the recognition of $193 in stock compensation expense in the period vested. In August 2014, the FASB issued ASU No. 2014 ‑15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014 ‑15 requires management to evaluate, at each annual or interim reporting period, whether there are conditions or events that exist that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. ASU 2014 ‑15 is effective for annual periods ending after December 15, 2016 and earlier application is permitted. The adoption of ASU 2014 ‑15 is not expected to have a material effect on the Company’s financial statements or disclosures. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory , or ASU 2015-11. ASU 2015-11 applies to all inventory, except for inventory measured using the last-in, first-out method or the retail inventory method. The guidance allows an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments in ASU 2015-11 are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, and may be applied prospectively with earlier adoption permitted. As the Company progresses toward commercialization of Xtampza, the Company is currently evaluating its effect on the Company’s consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes (Topic 740) . ASU 2015-17 simplifies the presentation of deferred income taxes by eliminating the separate classification of deferred income tax assets and liabilities into current and noncurrent amounts in the consolidated balance sheet statement of financial position. The amendments in the update require that all deferred tax assets and liabilities be classified as noncurrent in the consolidated balance sheet. The amendments in this update are effective for annual periods beginning after December 15, 2017, and interim periods therein and may be applied either prospectively or retrospectively to all periods presented. Early adoption is permitted. The Company is currently evaluating its effect on the Company’s consolidated financial statements. In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) . The ASU requires lessees to put most leases on their balance sheets as a liability for the obligation to make lease payments and as a right-of-use asset, but recognize expenses on the income statements in a manner similar to today’s accounting. The guidance also eliminates the current real estate-specific provisions for all entities. For calendar-year public entities, the guidance becomes effective in 2019 and interim periods within that year. Early adoption is permitted for all entities. The Company has not chosen early adoption for this ASU and is currently evaluating its effect on the Company’s consolidated financial statements In March 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standard Update, or ASU, 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , or ASU 2016-09. ASU 2016-09 intends to simplify various aspects of how share-based payments are accounted for and presented in the financial statements. The main provisions include: all tax effects related to stock awards will now be recorded through the statement of operations instead of through equity, all tax-related cash flows resulting from stock awards will be reported as operating activities on the cash flow statement, and entities can make an accounting policy election to either estimate forfeitures or account for forfeitures as they occur. The amendments in ASU 2016-09 are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, and may be applied prospectively with earlier adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.
Initial Public Offering Costs	Public Offerings of Common Stock 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 $72,029 , 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. In January 2016, the Company issued and sold in a public offering an aggregate of 2,750,000 shares of its common stock at $20.00 per share. This public offering resulted in approximately $51,174 of net proceeds, after deduction underwriting discounts and commissions and expenses payable by the Company. The significant increase in common stock outstanding in March 2016 is expected to impact the year-over-year comparability of the Company’s net loss per share calculations in future periods.
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Collegium Pharmaceutical, Inc. (a Virginia corporation) as well as the accounts of Collegium Securities Corp. (a Massachusetts corporation), incorporated in December 2015, a wholly-owned subsidiary requiring consolidation. The financial statements of 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 the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of items of a normal and recurring nature) necessary to fairly present the financial position as of March 31, 2016, the results of operations and cash flows for the three months ended March 31, 2016 and 2015. The results of operations for the three month period ended March 31, 2016 are not necessarily indicative of the results to be expected for the full year. 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. The consolidated interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report.
Subsequent Events	Subsequent Events We consider events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date of issuance of these financial statements.

Earnings (Loss) per Common Sh17

Earnings (Loss) per Common Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings (Loss) per Common Share
Schedule of computations of basic and diluted net loss per share	Three months ended March 31, 2016 2015 Net loss $ $ Extinguishment of preferred stock - see note 7 — Accretion of preferred stock — Earnings attributable to participating preferred stock shareholders — Loss attributable to common shareholders — basic $ $ Effect of Preferred Shares (Series A, B and C) $ — $ Earnings attributable to common stockholders $ $ Weighted-average number of common shares used in net loss per share - basic Effect of Preferred Shares — Weighted-average number of common shares used in net loss per share - diluted (Loss) earnings per share - basic $ $ (Loss) per share - diluted $ $
Schedule of potentially dilutive securities excluded from computations of diluted weighted-average shares outstanding	Three months ended March 31, 2016 2015 Outstanding stock options Warrants Redeemable convertible preferred stock - Unvested restricted stock

Fair Value of Financial Instr18

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value of Financial Instruments
Schedule of financial instruments measured at fair value by level within fair value hierarchy	Significant Quoted Prices other Significant in active observable unobservable markets inputs inputs Description Total (Level 1) (Level 2) (Level 3) March 31, 2016 Money market funds, included in cash equivalents $ $ $ — $ — December 31, 2015 Money market funds, included in cash equivalents $ $ $ — $ —

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2016
Accrued Expenses
Schedule of components of accrued expenses	March 31, 2016 December 31, 2015 Accrued bonuses $ $ Accrued payroll and related benefits Accrued development costs Accrued audit and legal Accrued marketing Accrued other Accrued interest Total accrued expenses $ $

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Stock-based Compensation
Summary of stock option activity	Weighted- Weighted- average average remaining Aggregate exercise price contractual Intrinsic Shares per share term (years) Value Outstanding at December 31, 2015 $ $ Granted Exercised Outstanding at March 31, 2016 $ $ Exercisable at March 31, 2016 $ $ Vested and expected to vest at March 31, 2016 $ $
Summary of restricted stock awards	A summary of the Company’s restricted stock award activity for the three months ended March 31, 2016 and related information is as follows: Weighted average purchase price Shares per share Unvested at December 31, 2015 $ Granted — — Vested Unvested at March 31, 2016 (1) $ (1) Excludes 52,837 shares of unvested restricted stock remaining from the early exercise of stock options as of March 31, 2016. A summary of the Company’s restricted stock units (RSUs) activity for the three months ended March 31, 2016 and related information is as follows: Shares Average grant date fair value Outstanding at December 31, 2015 — $ — Granted Settled — — Forfeited — — Outstanding at March 31, 2016 $
Schedule of weighted-average assumptions used in Black-Scholes option-pricing model	Three months ended 2016 2015 Risk-free interest rate % % Volatility % % Expected term (years) Expected dividend yield - -

Nature of Business (Details)

Nature of Business (Details) $ / shares in Units, $ in Thousands	1 Months Ended
	Jan. 31, 2016$ / sharesshares	May. 31, 2015$ / sharesshares	Apr. 30, 2015	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Public offering of common stock, net of issuance costs of $526, shares	2,750,000
Offering price (in dollars per share) | $ / shares	$ 20
Common stock split ratio			0.144927536
Accumulated deficit
Accumulated deficit | $				$ 144,661	$ 129,008
Cash and cash equivalents | $				$ 134,730	$ 95,697	$ 44,989	$ 1,634
Initial public offering
Public offering of common stock, net of issuance costs of $526, shares		6,670,000
Offering price (in dollars per share) | $ / shares		$ 12
Underwriters over-allotment option
Public offering of common stock, net of issuance costs of $526, shares		870,000

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended
	Jan. 31, 2016	May. 31, 2015	Mar. 31, 2016
Common stock sold (in shares)	2,750,000
Offering price (in dollars per share)	$ 20
Proceeds from the offering, after deducting underwriting discounts and commissions	$ 51,174
Stock compensation expense with a performance based vesting condition			$ 193
Initial public offering
Common stock sold (in shares)		6,670,000
Offering price (in dollars per share)		$ 12
Proceeds from the offering, after deducting underwriting discounts and commissions		$ 72,029
Underwriters over-allotment option
Common stock sold (in shares)		870,000

Earnings (Loss) per Common Sh23

Earnings (Loss) per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Net loss per common share
Net loss		$ (15,653)	$ (3,694)
Extinguishment of preferred stock			31,806
Accretion of preferred stock			(23,931)
Earnings attributable to participating preferred stock shareholders			(3,839)
Loss attributable to common shareholders — basic		(15,653)	342
Effect of Preferred Shares (Series A, B and C)			(5,273)
Earnings attributable to common stockholders		$ (15,653)	$ (4,931)
Weighted-average number of common shares used in net loss per share - basic		23,130,153	1,001,704
Effect of Preferred Shares			6,552,820
Weighted-average number of common shares used in net loss per share - diluted		23,130,153	7,554,524
(Loss) earnings per share - basic		$ (0.68)	$ 0.34
(Loss) per share - diluted		$ (0.68)	$ (0.65)
Series A, Series B and Series C convertible redeemable preferred stock
Net loss per common share
Extinguishment of preferred stock	$ 31,806

Earnings (Loss) per Common Sh24

Earnings (Loss) per Common Share - Potentially Dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Stock options
Anti-dilutive securities
Potentially dilutive securities excluded from the computations of diluted weighted-average shares outstanding	1,950,276	803,565
Warrants
Anti-dilutive securities
Potentially dilutive securities excluded from the computations of diluted weighted-average shares outstanding	2,445	18,809
All series of convertible redeemable preferred stock
Anti-dilutive securities
Potentially dilutive securities excluded from the computations of diluted weighted-average shares outstanding		6,038,636
Restricted Stock Award
Anti-dilutive securities
Potentially dilutive securities excluded from the computations of diluted weighted-average shares outstanding	67,606	78,141

Fair Value of Financial Instr25

Fair Value of Financial Instruments (Details) - Estimate of fair value - Recurring - Money market funds - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Cash equivalents	$ 89,857	$ 94,912
Quoted Prices in active markets (Level 1)
Cash equivalents	$ 89,857	$ 94,912

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accrued Expenses
Accrued bonuses	$ 828	$ 1,474
Accrued payroll and related benefits	552	93
Accrued development costs	529	80
Accrued audit and legal	134	209
Accrued marketing	99	157
Accrued other	44	186
Accrued interest	26	29
Total accrued expenses	$ 2,212	$ 2,228

Convertible Bridge Note with 27

Convertible Bridge Note with Related Party (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 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 (De

Convertible Preferred Stock (Details) - USD ($) $ in Thousands	1 Months Ended			2 Months Ended	3 Months Ended
	Jan. 31, 2016	May. 31, 2015	Mar. 31, 2015	Feb. 28, 2015	Mar. 31, 2016	Mar. 31, 2015
Preferred stock
Common stock sold (in shares)	2,750,000
Aggregate consideration					$ 51,175
Principal amount converted						$ 5,000
Accruals of dividends and accretion to redemption value						1,226
Gain on extinguishment for amendment to dividend terms						$ 31,806
Number of shares of common stock into which convertible preferred stock was converted		12,591,456
6.0% Convertible promissory notes
Preferred stock
Principal amount converted			$ 5,000
Series D convertible redeemable preferred stock
Preferred stock
Common stock sold (in shares)			41,666,667
Aggregate consideration			$ 50,000
Cash consideration from issuance of preferred stock			45,000
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
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

Convertible Preferred Stock - C

Convertible Preferred Stock - Changes in Shareholders' Equity (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2016	Mar. 31, 2016	Mar. 31, 2015
Balance at beginning of period	$ 85,072	$ 85,072
Public offering of common stock, net of issuance costs of $526		51,175
Public offering of common stock, net of issuance costs of $526, shares	2,750,000
Stock-based compensation expense		1,101
Exercise of common stock options		$ 41
Exercise of common stock options, shares		23,754
Net loss		$ (15,653)	$ (3,694)
Balance at end of period		121,736
Common Stock
Balance at beginning of period	$ 21	$ 21
Balance at beginning of period, shares	20,739,351	20,739,351
Public offering of common stock, net of issuance costs of $526		$ 3
Public offering of common stock, net of issuance costs of $526, shares		2,750,000
Exercise of common stock options, shares		23,754
Balance at end of period		$ 24
Balance at end of period, shares		23,513,105
Additional Paid-In Capital
Balance at beginning of period	$ 214,062	$ 214,062
Public offering of common stock, net of issuance costs of $526		51,172
Stock-based compensation expense		1,101
Exercise of common stock options		41
Balance at end of period		266,376
Treasury Stock, at cost
Balance at beginning of period	(3)	(3)
Balance at end of period		(3)
Accumulated Deficit
Balance at beginning of period	$ (129,008)	(129,008)
Net loss		(15,653)
Balance at end of period		$ (144,661)

Stock-based Compensation - Rest

Stock-based Compensation - Restricted Stock Awards and Stock Options (Details) - shares	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Stock-based compensation
Shares of common stock authorized for issuance outstanding (in shares)	1,950,276	1,452,149
2014 Stock Incentive Plan
Stock-based compensation
Shares of common stock authorized for issuance (in shares)	2,700,000
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%
Shares of common stock authorized for issuance outstanding (in shares)	1,950,276
Vesting period	4 years
Contractual life	10 years
2014 Stock Incentive Plan | Minimum
Stock-based compensation
Period following termination date vested options are exercisable	1 month
2014 Stock Incentive Plan | Maximum
Stock-based compensation
Period following termination date vested options are exercisable	3 months

Stock-based Compensation - Re31

Stock-based Compensation - Restricted Common Stock and RSU Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Restricted Stock Award
Restricted stock awards
Balance at beginning of year (in shares) | shares	75,718
Vested (in shares) | shares	(8,112)
Balance at end of year (in shares) | shares	67,606
Weighted-average purchase price per share
Balance at beginning of year (in dollars per share) | $ / shares	$ 5.73
Vested (in dollars per share) | $ / shares	5.73
Balance at end of year (in dollars per share) | $ / shares	$ 5.73
Restricted Stock Units (RSUs)
Restricted stock awards
Balance at beginning of year (in shares) | shares
Granted (in shares) | shares	41,739
Vested (in shares) | shares
Forfeited (in shares) | shares
Balance at end of year (in shares) | shares	41,739
Weighted-average purchase price per share
Balance at beginning of year (in dollars per share) | $ / shares
Granted (in dollars per share) | $ / shares	$ 16.15
Vested (in dollars per share) | $ / shares
Forfeited | $ / shares
Balance at end of year (in dollars per share) | $ / shares	$ 16.15
Unrecognized compensation cost
Unrecognized stock-based compensation expense | $	$ 633,000
Period over which unrecognized compensation cost is expected to be recognized as expense	3 years 9 months 18 days

Stock-based Compensation - Stoc

Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Stock option activity
Outstanding at beginning of year (in shares)	1,452,149
Granted (in shares)	521,881
Exercised (in shares)	(23,754)
Outstanding at end of period (in shares)	1,950,276		1,452,149
Exercisable at end of period (in shares)	253,587
Vested and expected to vest at end of period (in shares)	1,913,954
Weighted average exercise price per share
Outstanding at beginning of year (in dollars per share)	$ 10.37
Granted (in dollars per share)	16.18
Exercised (in dollars per share)	2.06
Outstanding at end of period (in dollars per share)	12.02		$ 10.37
Exercisable at end of period (in dollars per share)	4.55
Vested and expected to vest at end of period (in dollars per share)	$ 12.05
Stock option activity, additional information
Outstanding Weighted-average remaining contractual term	9 years 1 month 6 days		10 years 4 months 24 days
Exercisable at end of period, Weighted-average remaining contractual term	8 years
Vested and expected to vest at end of period, Weighted-average remaining contractual term	9 years 1 month 6 days
Outstanding Aggregate Intrinsic Value	$ 12,282		$ 24,887
Exercisable at end of period, Aggregate Intrinsic Value	3,466
Vested and expected to vest at end of period, Aggregate Intrinsic Value	12,654
Total stock-based compensation expense	193
Stock options
Stock option activity, additional information
Unrecognized compensation cost related to outstanding options	$ 14,700
Period over which unrecognized compensation cost is expected to be recognized as expense	3 years 4 months 24 days
Total stock-based compensation expense	$ 1,000	$ 113

Stock-based Compensation - Valu

Stock-based Compensation - Valuation Assumptions (Details)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
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	1.60%	1.60%
Volatility	77.00%	77.00%
Expected term (in years)	6 years 22 days	6 years 3 months
Dividend yield

Commitments and Contingencies (

Commitments and Contingencies (Details)	3 Months Ended
	Mar. 31, 2016patent
Purdue Pharma, L. P. patent infringement suits
Contingencies
Total number of Orange Book patents asserted to have been infringed previously invalidated in a suit against another company	3
Total number of no stay patents asserted to have been infringed	2
Purdue Pharma, L. P. patent infringement suits | Maximum
Contingencies
Stay period before FDA can issue a final approval unless it is terminated	30 months
Purdue Pharma, L. P. patent infringement suit, District of Delaware
Contingencies
Total number of Orange Book patents asserted to have been infringed	3
Total number of non-Orange Book patents asserted to have been infringed	1
Purdue Pharma, L. P. patent infringement suit, District of Massachusetts
Contingencies
Total number of patents asserted to have been infringed	4