XML 50 R2.htm IDEA: XBRL DOCUMENT v3.26.1
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Total Shareholder Return (Value of
Initial Fixed $100 Investment)
Year
Summary Compensation Table
Total for PEO 1 (Karnani)(1) ($)
Compensation Actually Paid to PEO 1
(Karnani)(2) ($)
Summary Compensation Table
Total for PEO 2 (Heffernan)(2) ($)
Compensation Actually Paid to
PEO 2 (Heffernan)(4) ($)
Summary Compensation Table
Total for PEO 3 (Ciaffoni)(3) ($)
Compensation Actually Paid to
PEO 3 (Ciaffoni)(4) ($)
Average Summary Compensation
Table Total for Non-PEO NEOs(3)($)
Average Compensation Actually
Paid to Non-PEO NEOs(2) ($)
COLL TSR (4) ($)
Peer Group TSR
(5) ($)
Net Income (millions)(6) ($)
Adjusted EBITDA (millions)
(7) ($)
20251,715,846 7,861,691 — — — — 3,131,190 4,767,188 224.98 157.71 63 460 
202410,780,125 9,583,786 466,455 460,835 10,689,852 36,476 2,945,682 2,448,310 139.21 118.20 69 401 
2023— — 9,142,924 15,001,055 2,566,547 3,732,025 149.56 118.87 48 367 
2022— — 6,917,530 10,486,100 1,846,402 1,984,482 112.73 113.65 (25)266 
2021— — 7,314,335 5,084,054 2,179,351 462,642 90.77 126.45 72 118 
       
Company Selected Measure Name Adjusted EBITDA        
Named Executive Officers, Footnote
(1)Amounts represent the total compensation reported for Mr. Karnani (our current Chief Executive Officer), Mr. Heffernan (our former interim President and Chief Executive Officer from May 24 to November 12, 2024), and Mr. Ciaffoni (our former President and Chief Executive Officer until May 24, 2024) for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to “Executive Compensation – Executive Compensation Tables – Summary Compensation Table.”
(3)Amounts represent the average of the amounts reported for the Company’s Non-PEO NEOs as a group (i.e., excluding the appliable PEOs) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the Non-PEO NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2025, Ms. Tupper, Mr. Dieter, Mr. Dreyer, Dr. Smith, and Ms. Kuhlmann; (ii) for 2024, Ms. Tupper, Ms. Kuhlmann, Mr. Dreyer, and Dr. Smith; (iii) for 2023, Ms. Tupper, Ms. Kuhlmann, Mr. Dreyer, and Dr. Smith; (iv) for 2022, Ms. Tupper, Ms. Kuhlmann, Mr. Dreyer, Dr. Smith, and Dr. Malamut (our former Chief Medical Officer); and (iv) for 2021, Ms. Tupper, Ms. Kuhlmann, Mr. Dreyer, Dr. Malamut, Mr. Brannelly (our former Executive Vice President and Chief Financial Officer), and Dr. Fleming (our former Executive Vice President and Chief Technology Officer).
       
Peer Group Issuers, Footnote
(5)Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the Nasdaq Biotechnology Index.
       
PEO Total Compensation Amount $ 1,715,846   $ 9,142,924 $ 6,917,530 $ 7,314,335
PEO Actually Paid Compensation Amount $ 7,861,691   15,001,055 10,486,100 5,084,054
Adjustment To PEO Compensation, Footnote The Summary Compensation Table totals reported for each PEO and the average of the Summary Compensation Table totals reported for the Non-PEO NEOs for each year were subject to the following adjustments per Item 402(v)(2)(iii) of Regulation S-K to calculate “compensation actually paid” and do not reflect the actual amount of compensation earned by the PEO and Non-PEO NEOs during the applicable year:
20252024202320222021
PEO ($)Average for Other NEOs ($)Karnani ($)Heffernan ($)Ciaffoni ($)Average for Other NEOs ($)PEO ($)Average for Other NEOs ($)PEO ($)Average for Other NEOs ($)PEO ($)Average for Other NEOs ($)
Summary Compensation Table "Total"1,715,846 3,131,190 10,780,125 466,455 10,689,852 2,945,682 9,142,924 2,566,547 6,917,530 1,846,402 7,314,335 2,179,351 
Adjustments:
Deduction for amounts reported under the “Stock Awards” and “Option Awards” columns (if applicable) of the Summary Compensation Table— (2,284,204)(10,051,694)(259,023)(9,372,916)(1,985,342)(7,691,315)(1,827,070)(5,231,750)(1,111,785)(6,214,320)(1,682,609)
Increase/(decrease) for the Inclusion of Rule 402(v) Equity Values:
Fair value as of the end of the covered fiscal year of all awards granted during the covered fiscal year that are outstanding and unvested as of the end of the covered fiscal year— 2,933,825 8,855,355 220,404 — 1,603,235 9,008,809 2,126,738 7,137,019 1,220,089 4,465,202 819,304 
Change as of the end of the covered fiscal year from the end of the prior fiscal year in fair value of any awards granted in any prior fiscal year that are outstanding and unvested as of the end of the covered fiscal year5,273,482 1,028,134 — — — (283,364)3,730,190 725,566 1,856,809 243,592 (1,079,877)(122,874)
Fair value as of the vesting date for awards that are granted and vest in the same year— 99,254 — — 2,583,401 — — — — 51,914 — — 
Change as of the vesting date from the end of the prior fiscal year in fair value of any awards granted in any prior fiscal year for which all applicable vesting conditions were satisfied at the end of or during the covered fiscal year872,363 87,683 — 32,999 2,147,255 168,100 810,447 140,244 (193,508)(17,831)598,714 139,828 
Fair value at the end of the prior fiscal year for any awards granted in any prior fiscal year that fail to meet the applicable vesting conditions during the covered fiscal year— (228,694)— — (6,011,116)— — — — (247,898)— (870,358)
Compensation Actually Paid7,861,691 4,767,188 9,583,786 460,835 36,476 2,448,310 15,001,055 3,732,025 10,486,100 1,984,482 5,084,054 462,642 
       
Non-PEO NEO Average Total Compensation Amount $ 3,131,190 $ 2,945,682 2,566,547 1,846,402 2,179,351
Non-PEO NEO Average Compensation Actually Paid Amount $ 4,767,188 2,448,310 3,732,025 1,984,482 462,642
Adjustment to Non-PEO NEO Compensation Footnote The Summary Compensation Table totals reported for each PEO and the average of the Summary Compensation Table totals reported for the Non-PEO NEOs for each year were subject to the following adjustments per Item 402(v)(2)(iii) of Regulation S-K to calculate “compensation actually paid” and do not reflect the actual amount of compensation earned by the PEO and Non-PEO NEOs during the applicable year:
20252024202320222021
PEO ($)Average for Other NEOs ($)Karnani ($)Heffernan ($)Ciaffoni ($)Average for Other NEOs ($)PEO ($)Average for Other NEOs ($)PEO ($)Average for Other NEOs ($)PEO ($)Average for Other NEOs ($)
Summary Compensation Table "Total"1,715,846 3,131,190 10,780,125 466,455 10,689,852 2,945,682 9,142,924 2,566,547 6,917,530 1,846,402 7,314,335 2,179,351 
Adjustments:
Deduction for amounts reported under the “Stock Awards” and “Option Awards” columns (if applicable) of the Summary Compensation Table— (2,284,204)(10,051,694)(259,023)(9,372,916)(1,985,342)(7,691,315)(1,827,070)(5,231,750)(1,111,785)(6,214,320)(1,682,609)
Increase/(decrease) for the Inclusion of Rule 402(v) Equity Values:
Fair value as of the end of the covered fiscal year of all awards granted during the covered fiscal year that are outstanding and unvested as of the end of the covered fiscal year— 2,933,825 8,855,355 220,404 — 1,603,235 9,008,809 2,126,738 7,137,019 1,220,089 4,465,202 819,304 
Change as of the end of the covered fiscal year from the end of the prior fiscal year in fair value of any awards granted in any prior fiscal year that are outstanding and unvested as of the end of the covered fiscal year5,273,482 1,028,134 — — — (283,364)3,730,190 725,566 1,856,809 243,592 (1,079,877)(122,874)
Fair value as of the vesting date for awards that are granted and vest in the same year— 99,254 — — 2,583,401 — — — — 51,914 — — 
Change as of the vesting date from the end of the prior fiscal year in fair value of any awards granted in any prior fiscal year for which all applicable vesting conditions were satisfied at the end of or during the covered fiscal year872,363 87,683 — 32,999 2,147,255 168,100 810,447 140,244 (193,508)(17,831)598,714 139,828 
Fair value at the end of the prior fiscal year for any awards granted in any prior fiscal year that fail to meet the applicable vesting conditions during the covered fiscal year— (228,694)— — (6,011,116)— — — — (247,898)— (870,358)
Compensation Actually Paid7,861,691 4,767,188 9,583,786 460,835 36,476 2,448,310 15,001,055 3,732,025 10,486,100 1,984,482 5,084,054 462,642 
       
Compensation Actually Paid vs. Total Shareholder Return
Compensation Actually Paid and Cumulative TSR
As demonstrated by the following graph, the amount of compensation actually paid to our PEO and the average amount of compensation actually paid to the Company’s NEOs as a group (excluding our PEO) is aligned with the Company’s cumulative TSR over the five years presented in the table. The alignment of compensation actually paid with the Company’s cumulative TSR over the period presented is primarily related to our use of long-term equity incentives in our compensation program. As described in more detail in the section “Executive Compensation – Compensation Discussion and Analysis,” we generally target that approximately 70% of the value of total compensation awarded to the NEOs is comprised of long-term equity incentives comprising of a mix of RSUs and PSUs.
CAP v TSR.jpg
       
Compensation Actually Paid vs. Net Income
Compensation Actually Paid and Net Income
As demonstrated by the following graph, the amount of compensation actually paid to our PEO and the average amount of compensation actually paid to the Company’s NEOs as a group (excluding our PEO) is generally not aligned with our net income over the five years presented in the table. We do not use net income as a performance measure in our overall executive compensation program because it includes several adjustments that occur in our business but that we believe do not represent ongoing operations. Instead, we use Adjusted EBITDA and Total Net Revenue, as described in the section “Executive Compensation – Compensation Discussion and Analysis,” as performance metrics in our cash incentive compensation program.
CAP v NI.jpg
       
Compensation Actually Paid vs. Company Selected Measure
Compensation Actually Paid and Adjusted EBITDA
As demonstrated by the following graph, the amount of compensation actually paid to our PEO and the average amount of compensation actually paid to the Company’s NEOs as a group (excluding our PEO) is generally aligned with the Company’s Adjusted EBITDA over the five years presented in the table. As described above, Adjusted EBITDA represents GAAP net income (loss) adjusted to exclude interest expense, interest income, the benefit from or provision for income taxes, depreciation, amortization, stock-based compensation, and other adjustments to reflect changes that occur in our business but do not represent ongoing operations. While we use numerous financial and non-financial performance measures for the purpose of evaluating performance for the Company’s compensation programs, we have determined that Adjusted EBITDA is the financial performance measure that, in our assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used in our compensation program to link compensation actually paid to our NEOs, for the most recently completed fiscal year to Company performance. We utilize Adjusted EBITDA as a performance metric in our annual cash incentive compensation program.
CAP v Adj EBITDA.jpg
       
Total Shareholder Return Vs Peer Group
Cumulative TSR of the Company and Cumulative TSR of the Peer Group
As demonstrated by the following graph, at the end of the five year period presented in the table the Company’s cumulative TSR exceeded the cumulative TSR of the peer group, the Nasdaq Biotechnology Index. As described in more detail in the section “Executive Compensation – Compensation Discussion and Analysis,” we use relative TSR as compared to the S&P Pharmaceutical Select Industry Index as a performance measure in connection with the PSU component of our long-term equity incentives.
Picture4.jpg
       
Tabular List, Table Total net revenue;
Adjusted EBITDA; and
Relative TSR (our TSR compared to the TSR for the S&P Pharmaceutical Select Industry Index).
       
Total Shareholder Return Amount $ 224.98 139.21 149.56 112.73 90.77
Peer Group Total Shareholder Return Amount 157.71 118.20 118.87 113.65 126.45
Net Income (Loss) $ 63,000,000 $ 69,000,000 $ 48,000,000 $ (25,000,000) $ 72,000,000
Company Selected Measure Amount 460,000,000 401,000,000 367,000,000 266,000,000 118,000,000
PEO Name Mr. Karnani        
Additional 402(v) Disclosure Cumulative TSR is calculated by dividing the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period. The measurement period is determined in accordance with the requirements of Item 402(v)(2)(iv) of Regulation S-K.The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable year.        
Measure:: 1          
Pay vs Performance Disclosure          
Name Total net revenue        
Measure:: 2          
Pay vs Performance Disclosure          
Name Adjusted EBITDA        
Non-GAAP Measure Description
(7)Adjusted EBITDA represents GAAP net income (loss) adjusted to exclude interest expense, interest income, the benefit from or provision for income taxes, depreciation, amortization, stock-based compensation, and other adjustments to reflect changes that occur in our business but do not represent ongoing operations. While the Company uses numerous financial and non-financial performance measures for the purpose of evaluating performance for the Company’s compensation programs, the Company has determined that Adjusted EBITDA is the financial performance measure that, in the Company’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link compensation actually paid to the company’s NEOs, for the most recently completed fiscal year, to company performance.
       
Measure:: 3          
Pay vs Performance Disclosure          
Name Relative TSR (our TSR compared to the TSR for the S&P Pharmaceutical Select Industry Index)        
Karnani [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount $ 1,715,846 $ 10,780,125      
PEO Actually Paid Compensation Amount 7,861,691 9,583,786      
Heffernan [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount   466,455      
PEO Actually Paid Compensation Amount   460,835      
Ciaffoni [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount   10,689,852 $ 9,142,924 $ 6,917,530 $ 7,314,335
PEO Actually Paid Compensation Amount   36,476 15,001,055 10,486,100 5,084,054
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0   (7,691,315) (5,231,750) (6,214,320)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0   9,008,809 7,137,019 4,465,202
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 5,273,482   3,730,190 1,856,809 (1,079,877)
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0   0 0 0
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 872,363   810,447 (193,508) 598,714
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0   0 0 0
PEO | Karnani [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   (10,051,694)      
PEO | Karnani [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   8,855,355      
PEO | Karnani [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   0      
PEO | Karnani [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   0      
PEO | Karnani [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   0      
PEO | Karnani [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   0      
PEO | Heffernan [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   (259,023)      
PEO | Heffernan [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   220,404      
PEO | Heffernan [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   0      
PEO | Heffernan [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   0      
PEO | Heffernan [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   32,999      
PEO | Heffernan [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   0      
PEO | Ciaffoni [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   (9,372,916)      
PEO | Ciaffoni [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   0      
PEO | Ciaffoni [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   0      
PEO | Ciaffoni [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   2,583,401      
PEO | Ciaffoni [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   2,147,255      
PEO | Ciaffoni [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   (6,011,116)      
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,284,204) (1,985,342) (1,827,070) (1,111,785) (1,682,609)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,933,825 1,603,235 2,126,738 1,220,089 819,304
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,028,134 (283,364) 725,566 243,592 (122,874)
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 99,254 0 0 51,914 0
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 87,683 168,100 140,244 (17,831) 139,828
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (228,694) $ 0 $ 0 $ (247,898) $ (870,358)