COLLHIGH SIGNALOPERATIONAL10-K

COLL experienced extraordinary growth with revenue surging 273% to $780.6M, driven by significant business expansion and operational scaling.

This represents a transformational year for COLL with revenue nearly quadrupling, suggesting either major acquisitions, new product launches, or dramatic market expansion that fundamentally changed the business size and scope. The approval of generic competition for Nucynta IR and the authorized generic agreement with Hikma indicate significant shifts in the company's competitive landscape and commercialization strategy.

Comparing 2026-02-26 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

COLL delivered exceptional financial performance with revenue growing 273% to $780.6M while maintaining strong profitability metrics - gross profit increased 259% and operating income rose 189%. The company strengthened its balance sheet with cash more than tripling to $231.3M and operating cash flow growing 61% to $329.3M, while reducing share buybacks by 58%, suggesting management is prioritizing cash preservation and reinvestment during this high-growth phase. The dramatic SG&A expense increase of 324% and interest expense surge of 301% indicate substantial investments in scaling operations and potentially debt-financed growth initiatives.

FINANCIAL STATEMENT CHANGES
SG&A Expense
P&L
+324.4%
$67.1M$284.8M

SG&A up 324.4% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Interest Expense
P&L
+301.3%
$20.8M$83.3M

Interest expense surged 301.3% — significant debt increase or rising rates materially impacting earnings.

Revenue
P&L
+272.8%
$209.4M$780.6M

Strong top-line growth of 272.8% — accelerating demand or successful expansion into new markets.

Gross Profit
P&L
+258.6%
$129.2M$463.3M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Cash & Equivalents
Balance Sheet
+227.7%
$70.6M$231.3M

Cash position surged 227.7% — strong cash generation or capital raise providing significant financial cushion.

Operating Income
P&L
+189.3%
$62.1M$179.6M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+99.5%
$31.5M$62.9M

Net income grew 99.5% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+60.7%
$205.0M$329.3M

Operating cash flow surged 60.7% — exceptional cash generation, highest quality earnings signal.

Share Buybacks
Cash Flow
-58.2%
$60.0M$25.1M

Buyback activity reduced 58.2% — capital being redeployed elsewhere or cash conservation underway.

Current Assets
Balance Sheet
+43.4%
$482.3M$691.4M

Current assets grew 43.4% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-27
ADDED
As of January 31, 2026, there were 31,753,211 shares of the registrant's common stock, par value, $0.001 per share, outstanding.
We commercialize our products, consisting of Jornay PM, Belbuca, Xtampza ER, Nucynta ER and Nucynta IR (collectively the Nucynta Products ), and Symproic, in the United States.
Therefore, we plan to continue monitoring real world data characterizing the rate of abuse, misuse, and diversion of Xtampza ER.
We have entered into an authorized generic agreement with Hikma Pharmaceuticals USA Inc.
( Hikma ), pursuant to which we granted Hikma rights relating to an authorized generic version of the Nucynta Products in the United States.
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REMOVED
As of January 31, 2025, there were 31,485,523 shares of the registrant's common stock, par value, $0.001 per share, outstanding.
These and other risks are described under the heading Risk Factors in this Annual Report on Form 10-K.
We commercialize our products, consisting of Jornay PM ( Jornay ), Belbuca, Xtampza ER ( Xtampza ), Nucynta ER and Nucynta IR (collectively the Nucynta Products ), and Symproic, in the United States.
Therefore, we plan to continue monitoring real world data characterizing the rate of abuse, misuse, and diversion of Xtampza.
Nucynta Products The Nucynta Products are extended-release ( ER ) and immediate-release ( IR ) oral formulations of tapentadol, a Schedule II opioid.
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