UNITED STATES
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FORM
CURRENT REPORT
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Item 2.05 Costs Associated with Exit or Disposal Activities
On November 12, 2021, Collegium Pharmaceutical, Inc. (the “Company”) announced a corporate restructuring (the “Restructuring”) to support the growth and profitability of its product portfolio while maximizing shareholder value. In connection with the Restructuring, the Company is reducing headcount by approximately 20%, which reduction is expected to be completed by the end of 2021. The Company estimates that it will incur expenses and record a one-time pre-tax charge of approximately $4.0 million to $5.0 million related to the Restructuring, substantially all of which will be cash expenditures for severance and other costs relating to the reduction in headcount and will be incurred in the fourth quarter of 2021. These estimates are subject to a number of assumptions, and actual results may differ. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the Restructuring.
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The Company may, in some cases, use terms such as “predicts,” “forecasts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “should” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Examples of forward-looking statements contained in this Current Report on Form 8-K include, among others, statements regarding the Company’s planned Restructuring, including the expected expenses to be incurred therewith, and whether the proposed Restructuring will optimize the Company’s commercial and corporate infrastructure, support the growth and profitability of its product portfolio or maximize shareholder value. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results, performance, or achievements to differ materially from the Company's current expectations. If the underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the Company. Such risks and uncertainties include, but are not limited to, the Company’s ability to execute the planned Restructuring and achieve the results anticipated therefrom. A further list and descriptions of these risks, uncertainties and other factors can be found in the Company’s most recently filed Quarterly Report on Form 10-Q and in the Company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov. Forward-looking statements included herein speak only as of the date hereof and the Company undertakes no obligation to revise or update such statements to reflect the occurrence of events or circumstances after the date hereof.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: November 12, 2021 | Collegium Pharmaceutical, Inc. | |
| By: | /s/ Colleen Tupper | |
| Name: Colleen Tupper | ||
| Title: Executive Vice President and Chief Financial Officer | ||