<SEC-DOCUMENT>0001104659-25-057367.txt : 20250606
<SEC-HEADER>0001104659-25-057367.hdr.sgml : 20250606
<ACCEPTANCE-DATETIME>20250606163237
ACCESSION NUMBER:		0001104659-25-057367
CONFORMED SUBMISSION TYPE:	S-8 POS
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20250606
DATE AS OF CHANGE:		20250606
EFFECTIVENESS DATE:		20250606

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COLLEGIUM PHARMACEUTICAL, INC
		CENTRAL INDEX KEY:			0001267565
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				000000000
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8 POS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-218767
		FILM NUMBER:		251031230

	BUSINESS ADDRESS:	
		STREET 1:		100 TECHNOLOGY CENTER DRIVE
		CITY:			STOUGHTON
		STATE:			MA
		ZIP:			02072
		BUSINESS PHONE:		781-713-3699

	MAIL ADDRESS:	
		STREET 1:		100 TECHNOLOGY CENTER DRIVE
		CITY:			STOUGHTON
		STATE:			MA
		ZIP:			02072

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COLLEGIUM PHARMACEUTICAL INC
		DATE OF NAME CHANGE:	20031020
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8 POS
<SEQUENCE>1
<FILENAME>tm2517081d2_s8pos.htm
<DESCRIPTION>S-8 POS
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on June&nbsp;6, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Post-Effective Amendment
No.&nbsp;1 to Form&nbsp;S-8 Registration Statement No.&nbsp;333-207744</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Post-Effective Amendment No.&nbsp;1 to Form&nbsp;S-8
Registration Statement No.&nbsp;333-218767</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Post-Effective Amendment No.&nbsp;1 to Form&nbsp;S-8
Registration Statement No.&nbsp;333-225498</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Post-Effective Amendment No.&nbsp;1 to Form&nbsp;S-8
Registration Statement No.&nbsp;333-233092</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Post-Effective Amendment No.&nbsp;1 to Form&nbsp;S-8
Registration Statement No.&nbsp;333-245649</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Post-Effective Amendment No.&nbsp;1 to Form&nbsp;S-8
Registration Statement No.&nbsp;333-258752</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Post-Effective Amendment No.&nbsp;1 to Form&nbsp;S-8
Registration Statement No.&nbsp;333-266778</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Post-Effective Amendment No.&nbsp;1 to Form&nbsp;S-8
Registration Statement No.&nbsp;333-273874</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Post-Effective Amendment No.&nbsp;1 to Form&nbsp;S-8
Registration Statement No.&nbsp;333-281571</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Post-Effective Amendment No.&nbsp;1 to Form&nbsp;S-8
Registration Statement No.&nbsp;333-285593</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Collegium Pharmaceutical,&nbsp;Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 33%; padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Virginia</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>100 Technology Center Drive<BR>
Stoughton, MA 02072</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 33%; padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>03-0416362</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address, including zip code, of<BR>
Principal Executive Offices)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer<BR>
Identification No.)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Collegium Pharmaceutical,&nbsp;Inc. 2014 Stock
Incentive Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Collegium Pharmaceutical,&nbsp;Inc. 2025 Equity
Incentive Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the plan)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Colleen Tupper</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Executive Vice President and Chief Financial
Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>100 Technology Center Drive<BR>
Stoughton, MA 02072</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(781) 713-3699</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address, including zip code, and telephone
number, including area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Copies to:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Jennifer L. Porter,&nbsp;Esq.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Goodwin Procter LLP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">3025 John F Kennedy Blvd</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Philadelphia, PA 19104</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(445) 207-7806</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>David Dieter,&nbsp;Esq.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Executive Vice President&nbsp;&amp; General Counsel</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">100 Technology Center Drive, Suite&nbsp;300</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Stoughton, MA 02072</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(781) 713-3699</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo;
and &ldquo;emerging growth company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="width: 58%">&nbsp;</TD>
    <TD STYLE="width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt; color: #0070c0"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act.&#8239;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Collegium Pharmaceutical Inc. (the &ldquo;Registrant&rdquo;) previously
filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) the following registration statements on Form&nbsp;S-8
(collectively, the &ldquo;Registration Statements&rdquo;) on the dates set forth below to register shares of the Registrant&rsquo;s common
stock, $0.001 par value per share (the &ldquo;Common Stock&rdquo;) under the Collegium Pharmaceutical,&nbsp;Inc. 2014 Stock Incentive
Plan (the &ldquo;2014 Plan&rdquo;), as set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>File No.&nbsp;333-207744 on November&nbsp;2, 2015 to register 2,693,830 shares of Common Stock;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>File No.&nbsp;333-218767 on June&nbsp;15, 2017 to register 2,004,138 shares of Common Stock;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>File No.&nbsp;333-225498 on June&nbsp;7, 2018 to register 1,310,827 shares of Common Stock;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>File No.&nbsp;333-233092 on August&nbsp;7, 2019 to register 1,330,625 shares of Common Stock;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>File No.&nbsp;333-245649 on August&nbsp;13, 2020 to register 1,347,154 shares of Common Stock;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>File No.&nbsp;333-258752 on August&nbsp;12, 2021 to register 1,384,482 shares of Common Stock;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>File No.&nbsp;333-266778 on August&nbsp;11, 2022 to register 1,346,216 shares of Common Stock;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>File No.&nbsp;333-273874 on August&nbsp;10, 2023 to register 1,353,957 shares of Common Stock;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>File No.&nbsp;333-281571 on August&nbsp;15, 2024 to register 1,274,742 shares of Common Stock; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>File No.&nbsp;333-285593 on March&nbsp;6, 2025 to register 1,257,606 shares of Common Stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the Registration Statements, an aggregate of 15,303,577
shares of Common Stock were registered for issuance from time to time under the 2014 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On May&nbsp;15, 2025 (the &ldquo;Effective Date&rdquo;), the Registrant&rsquo;s
shareholders approved the Collegium Pharmaceutical,&nbsp;Inc. 2025 Equity Incentive Plan (the &ldquo;2025 Plan&rdquo;). Following the
Effective Date, no future awards will be granted under the 2014 Plan and (i)&nbsp;any shares of Common Stock that remained available for
grants under the 2014 Plan (the &ldquo;Rollover Shares&rdquo;) or (ii)&nbsp;any shares any shares of Common Stock subject to outstanding
grants under the 2014 Plan that terminate, expire or are canceled, forfeited, exchanged or surrendered without having been exercised,
vested or paid under the 2014 Plan after the Effective Date shall be available for issuance under the 2025 Plan. As of the Effective Date,
there were 3,890,026 shares of Common Stock underlying existing equity awards under the 2014 Plan (&ldquo;Outstanding Shares&rdquo;, together
with the Rollover Shares, the &ldquo;Shares&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Registrant is filing this Post-Effective Amendment to the Registration
Statements (this &ldquo;Post-Effective Amendment&rdquo;) pursuant to (i)&nbsp;the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;), (ii)&nbsp;the undertaking in Item 512(a)(1)(iii)&nbsp;of Regulation S-K, which requires the Registrant to disclose a material
change in the plan of distribution as it was originally disclosed in the Registration Statements, and (iii)&nbsp;the Securities Act Forms
Compliance and Disclosure Interpretation Question 126.43, reflecting the interpretive position of the Division of Corporation Finance
of the Commission, to amend the Registration Statements to also cover the registration of (a)&nbsp;up to 1,796,314 Rollover Shares (which
reflects the number of shares of Common Stock that remained available for grants under the 2014 Plan as of the Effective Date) and (b)&nbsp;3,890,026
Outstanding Shares subject to awards outstanding as of the Effective Date under the 2014 Plan (to the extent such Outstanding Shares are,
or become no longer issuable under the 2014 Plan and instead are, or become, issuable under the 2025 Plan). No additional securities are
being registered by this Post-Effective Amendment. For the avoidance of doubt, this Post-Effective Amendment will not cause the Registration
Statements to cover the registration of any additional shares of Common Stock that may be offered under the 2025 Plan that were not previously
issuable under the 2014 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Part&nbsp;I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION&nbsp;10(a)&nbsp;PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 1.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Plan Information.*</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 2.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registrant Information and Employee Plan Annual Information.*</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* The document(s)&nbsp;containing the information specified in Part&nbsp;I
will be delivered in accordance with Rule&nbsp;428(b)(1)&nbsp;under the Securities Act. Such documents are not required to be, and are
not, filed with the Commission, either as part of this Post-Effective Amendment or as prospectuses or prospectus supplements pursuant
to Rule&nbsp;424 under the Securities Act. These documents, and the documents incorporated by reference in this Post-Effective Amendment
pursuant to Item 3 of Part&nbsp;II of this Form&nbsp;S-8, taken together, constitute a prospectus that meets the requirements of Section&nbsp;10(a)&nbsp;of
the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3. Incorporation of Documents by Reference.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following documents of the Registrant filed
with the Commission are incorporated by reference in this Registration Statement as of their respective dates:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1267565/000155837025001801/coll-20241231x10k.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registrant&rsquo;s Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2024, filed with the Commission on February&nbsp;27, 2025;</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1267565/000155837025006960/coll-20250331x10q.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registrant&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2025, filed with the Commission on May&nbsp;8, 2025;</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registrant&rsquo;s Current Reports on Form&nbsp;8-K (other than portions thereof furnished under Item 2.02 or Item 7.01 of Form&nbsp;8-K and exhibits accompanying such reports that are related to such items) filed on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1267565/000110465925009384/tm255440d1_8k.htm" STYLE="-sec-extract: exhibit">February&nbsp;5, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1267565/000155837025001799/coll-20250227x8k.htm" STYLE="-sec-extract: exhibit">February&nbsp;27, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1267565/000110465925024185/tm259415d1_8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;17, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1267565/000110465925047040/tm2514636d1_8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;12, 2025</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1267565/000110465925050435/tm2515549d1_8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;19, 2025</A>; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000110465915033193/a15-2123_58a12b.htm" STYLE="-sec-extract: exhibit">The description of the Registrant&rsquo;s Common Stock contained in the Form&nbsp;8-A filed with the Commission on May&nbsp;1, 2015 pursuant to the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), including any amendment or report filed for the purpose of further updating such description.</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All documents subsequently filed by the Registrant
pursuant to Sections 13(a), 13(c), 14 and 15(d)&nbsp;of the Exchange Act prior to the filing of a post-effective amendment which indicates
that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated
by reference into this Registration Statement and to be a part hereof from the date of filing of such documents; provided, however, that
documents or information deemed to have been furnished and not filed in accordance with Commission rules&nbsp;shall not be deemed incorporated
by reference into this Registration Statement. Any statement contained herein or in a document, all or a portion of which is incorporated
or deemed to be incorporated by reference herein, shall be deemed to be modified or superseded for purposes of this Registration Statement
to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated
by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as
so modified or amended, to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 4.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description of Securities. </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 5.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interests of Named Experts and Counsel. </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 6.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indemnification of Directors and Officers. </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a Virginia corporation. The Virginia Stock
Corporation Act, or the VSCA, permits&nbsp;indemnification of&nbsp;a corporation&rsquo;s directors and officers in a variety of circumstances,
which may include indemnification for liabilities under the&nbsp;Securities Act. Sections 13.1-697 and 13.1-702 of the VSCA generally
authorize a Virginia corporation to indemnify its directors and officers in civil or criminal actions if they acted in good faith and
believed their conduct to be in the best interests of the corporation if acting in their official capacity with the corporation or, in
all other cases, at least not opposed to its best interests, and, in the case of criminal actions, had no reasonable cause to believe
that the conduct was unlawful. Additionally, Section&nbsp;13.1-704 of the VSCA provides that a Virginia corporation has the power to make
any further indemnity to any director or officer, including in a proceeding brought by or in the right of the corporation, if authorized
by its articles of incorporation or any bylaw or resolution adopted by the shareholders, except an indemnity against his or her willful
misconduct or a knowing violation of the criminal law. Our amended and restated articles of incorporation require us to indemnify our
directors and officers to the full extent permitted by the VSCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our amended and restated articles of
incorporation also provide that, to the full extent that the VSCA permits the limitation or elimination of the liability of
directors and officers, no director or officer of the Company shall be liable in any proceeding brought by or on behalf of the
Company or its shareholders for monetary damages arising out of any transaction, occurrence or course of conduct.
Section&nbsp;13.1-692.1 of the VSCA permits the elimination of liability of directors and officers in any proceeding brought by or
in the right of a corporation or brought by or on behalf of shareholders of a corporation, except for liability resulting from such
persons having engaged in willful misconduct or a knowing violation of the criminal law or any federal or state securities law,
including, without limitation, any claim of unlawful insider trading or manipulation of the market for any security. We have entered
into indemnification agreements with each of our directors and executive officers pursuant to which we agree to indemnify, including
advancing expenses to, each of them against any liabilities that he or she may incur as a result of his or her service as a director
or officer of the Company to the fullest extent permitted by Virginia law and our amended and restated articles of
incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We carry insurance on behalf of directors, officers,
employees or agents that may cover liabilities under the&nbsp;Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 7.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exemption from Registration Claimed. </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8. Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 8%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit<BR>
Number</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 90%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000155837020009387/coll-20200630xex3d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000155837020009387/coll-20200630xex3d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third Amended and Restated Articles of Incorporation of Collegium Pharmaceutical,&nbsp;Inc. (1)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000110465917071469/a17-27884_1ex3d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000110465917071469/a17-27884_1ex3d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Bylaws of Collegium Pharmaceutical,&nbsp;Inc. (2)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2517081d2_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2517081d2_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Troutman Pepper Locke LLP</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2517081d2_ex23-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2517081d2_ex23-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Deloitte&nbsp;&amp; Touche LLP</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2517081d2_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2517081d2_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Troutman Pepper Locke LLP (included in Exhibit&nbsp;5.1)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included on the signature page)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000110465915074912/a15-22080_1ex10d1a.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000110465915074912/a15-22080_1ex10d1a.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated 2014 Stock Incentive Plan (3)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000110465915074912/a15-22080_1ex10d1b.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000110465915074912/a15-22080_1ex10d1b.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Incentive Stock Option Agreement under the Amended and Restated 2014 Stock Incentive Plan (3)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000110465915074912/a15-22080_1ex10d1c.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000110465915074912/a15-22080_1ex10d1c.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Non-Qualified Stock Option Agreement under the Amended and Restated 2014 Stock Incentive Plan (3)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000155837024001526/coll-20231231xex10d4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000155837024001526/coll-20231231xex10d4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Restricted Stock Unit Agreement under the Amended and Restated 2014 Stock Incentive Plan (4)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000155837019004446/coll-20190331ex103e59c38.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.5</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000155837019004446/coll-20190331ex103e59c38.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Performance Share Unit Agreement under the Amended and Restated 2014 Stock Incentive Plan (5)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000110465925050435/tm2515549d1_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.6</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000110465925050435/tm2515549d1_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025 Equity Incentive Plan (6)</FONT></A></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; width: 8%"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000110465925057294/tm2517081d1_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 90%"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000110465925057294/tm2517081d1_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Restricted Stock Unit Award Agreement under the 2025 Equity Inventive Plan (7)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000110465925057294/tm2517081d1_ex99-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.8</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000110465925057294/tm2517081d1_ex99-3.htm" STYLE="-sec-extract: exhibit">Form&nbsp;of Incentive Stock Option Award Agreement under the
2025 Equity Inventive Plan (7)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000110465925057294/tm2517081d1_ex99-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.9</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000110465925057294/tm2517081d1_ex99-4.htm" STYLE="-sec-extract: exhibit">Form&nbsp;of Performance-Based Restricted Stock Unit Award Agreement
under the 2025 Equity Inventive Plan (7)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000110465925057294/tm2517081d1_ex99-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.10</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1267565/000110465925057294/tm2517081d1_ex99-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Non-Qualified Stock Option Agreement for Company Employees under the 2025 Equity Inventive Plan (7)</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;Previously filed as an exhibit to the Registrant&rsquo;s Quarterly
Report on Form&nbsp;10-Q, filed with the Commission on August&nbsp;5, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;Previously filed as an exhibit to the Registrant&rsquo;s Current
Report on Form&nbsp;8-K filed with the Commission on December&nbsp;4, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;Previously filed as an exhibit to the Registrant&rsquo;s Registration
Statement on Form&nbsp;S-8 (File No.&nbsp;333-207744) filed with the Commission on November&nbsp;2, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&nbsp;Previously filed as an exhibit to the Registrant&rsquo;s Annual
Report on Form&nbsp;10-K, filed with the Commission on February&nbsp;22, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5)&nbsp;Previously filed as an exhibit to the Registrant&rsquo;s Quarterly
Report on Form&nbsp;10-Q, filed with the Commission on May&nbsp;8, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(6)&nbsp;Previously filed as an exhibit to the Registrant&rsquo;s Current
Report on Form&nbsp;8-K filed with the Commission on May&nbsp;19, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(7)&nbsp;Previously filed as an exhibit to the Registrant&rsquo;s Registration
Statement on Form&nbsp;S-8 filed with the Commission on June&nbsp;6, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 9.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Undertakings. </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;The Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;To file, during any period in which offers or sales are being
made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of
the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(ii)&nbsp;To reflect in the prospectus any facts or events arising
after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in
the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which
was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;if, in the aggregate, the changes in volume and price represent no more than
a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the Registration
Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(iii)&nbsp;To include any material information with respect to the
plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration
Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Provided,
however</I></FONT>, that paragraphs (a)(1)(i)&nbsp;and (a)(1)(ii)&nbsp;herein do not apply if the information required to be included
in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant
pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Exchange Act (15 U.S.C. 78m or 78o(d)) that are incorporated by reference
in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered
herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;The undersigned Registrant hereby undertakes that, for purposes
of determining any liability under the Securities Act, each filing of the Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a)&nbsp;or
Section&nbsp;15(d)&nbsp;of the Exchange Act (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant
to Section&nbsp;15(d)&nbsp;of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(h)&nbsp;Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions,
or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other
than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in
the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form&nbsp;S-8
and has duly caused this Post Effective Amendment to be signed on its behalf by the undersigned, thereunto duly authorized, in the Town
of Stoughton, Commonwealth of Massachusetts, on this 6<SUP>th</SUP> day of June, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COLLEGIUM PHARMACEUTICAL,&nbsp;INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 47%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Colleen Tupper</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colleen Tupper</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice President and Chief Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_001"></A><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We, the undersigned officers and directors of Collegium
Pharmaceutical,&nbsp;Inc., hereby severally constitute and appoint Vikram Karnani, Colleen Tupper and David Dieter, and each of them singly,
our true and lawful attorneys with full power to them, and each of them singly, to sign any and all amendments (including post-effective
amendments) to this Post-Effective Amendment, and generally to do all such things in our names and on our behalf in our capacities as
officers and directors to enable Collegium Pharmaceutical,&nbsp;Inc. to comply with the provisions of the Securities Act and all requirements
of the Commission, hereby ratifying and confirming our signatures as they may be signed by our said attorneys, or any of them, to said
Post-Effective Amendment and any and all amendments thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act, this Post Effective Amendment has been signed by the following persons in the capacities indicated on June&nbsp;6, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 94.5%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 49%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center"><B>Signature</B></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1pt; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 49%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center"><B>Title </B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.25pt 1pt; text-align: center">/s/ Vikram Karnani</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1pt; text-align: center">President and Chief Executive Officer (Principal Executive Officer)</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt; vertical-align: top; text-align: center">Vikram Karnani</TD>
    <TD STYLE="padding: 0.25pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.25pt 1pt; text-align: center">/s/ Colleen Tupper</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">Executive Vice President and Chief Financial Officer </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 1pt; text-align: center">Colleen Tupper</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">(Principal Financial and Accounting Officer)</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 0.25pt 1pt; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.25pt 1pt; vertical-align: top; text-align: center">/s/ Gino Santini</TD>
    <TD STYLE="padding: 0.25pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center">Chairman of the Board of Directors</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt; vertical-align: top; text-align: center">Gino Santini</TD>
    <TD STYLE="padding: 0.25pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.25pt 0.75pt; text-align: center">/s/ Rita Balice-Gordon, Ph.D.</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: center">Rita Balice-Gordon, Ph.D.</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.25pt 1pt; text-align: center">/s/ Garen G. Bohlin</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: center">Garen G. Bohlin</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.25pt 1pt; text-align: center">/s/ John A. Fallon, M.D.</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: center">John A. Fallon, M.D.</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.25pt 1pt; text-align: center">/s/ John G. Freund, M.D.</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: center">John G. Freund, M.D.</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.25pt 1pt; text-align: center">/s/ Nancy Lurker</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: center">Nancy Lurker</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">/s/ Carlos Paya, M.D., Ph.D.</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Carlos Paya, M.D., Ph.D.</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2517081d2_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Troutman Pepper Locke LLP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Troutman Pepper Building, 1001 Haxall Point</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Richmond, VA 23219</P></TD>
    <TD STYLE="text-align: right; width: 50%; font-size: 10pt"><IMG SRC="tm2517081d2_ex5-1img001.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">troutman.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: rgb(0,145,218) 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">June&nbsp;6, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Collegium Pharmaceutical,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 Technology Center Drive, Suite&nbsp;300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stoughton, MA 02072</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Re:&#8239;&#8239; <U>Post-Effective Amendment</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reference is made to the Post-Effective Amendment
No.&nbsp;1 (the &ldquo;<U>Post-Effective Amendment</U>&rdquo;) of Collegium Pharmaceutical,&nbsp;Inc., a Virginia corporation (the &ldquo;<U>Company</U>&rdquo;),
filed on the date hereof with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) under the Securities Act of
1933, as amended (the &ldquo;<U>Act</U>&rdquo;) to the Registration Statements on Form&nbsp;S-8 (File Nos. 333-207744, 333-218767, 333-225498,
333-233092, 333-245649, 333-258752, 333-266778, 333-273874, 333-281571 and 333- 285593) (collectively, the &ldquo;<U>Original Registration
Statements</U>&rdquo;) relating to the offer and sale of up to an aggregate 15,303,577 shares of the Company&rsquo;s common stock, par
value $0.001 per share (the &ldquo;<U>Common Stock</U>&rdquo;) that were previously registered under the Collegium Pharmaceutical,&nbsp;Inc.
Amended and Restated 2014 Stock Incentive Plan (the &ldquo;<U>2014 Plan</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May&nbsp;15, 2025 (the &ldquo;<U>Effective
Date</U>&rdquo;), the Company&rsquo;s shareholders approved the Collegium Pharmaceutical,&nbsp;Inc. 2025 Equity Incentive Plan (the &ldquo;<U>2025
Plan</U>&rdquo;). Following the approval of the 2025 Plan, no future awards will be granted under the 2014 Plan and (a)&nbsp;up to 1,796,314
shares of Common Stock (which reflects the number of shares of Common Stock that remained available for grants under the 2014 Plan as
of the Effective Date) and (b)&nbsp;shares of Common Stock subject to awards outstanding as of the Effective Date under the 2014 Plan
(to the extent such shares of Common Stock are, or become no longer issuable under the 2014 Plan and instead are, or become, issuable
under the 2025 Plan) (the shares described under (a)&nbsp;and (b)&nbsp;together, the &ldquo;<U>Rollover Shares</U>&rdquo;) shall be available
for issuance under the 2025 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion letter is furnished in accordance
with the requirements of Item 8(a)&nbsp;of Form&nbsp;S-8 and Item 601(b)(5)(i)&nbsp;of Regulation S-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of this opinion letter, we have examined
the Post-Effective Amendment, the Original Registration Statements, including the exhibits thereto, the originals or copies, certified
or otherwise identified to our satisfaction, of the Third Amended and Restated Articles of Incorporation (the &ldquo;<U>Articles of Incorporation</U>&rdquo;)
and the Amended and Restated Bylaws of the Company, the 2025 Plan, the 2014 Plan and such agreements, instruments and documents as we
have deemed an appropriate basis on which to render the opinions hereinafter expressed. In our examination of the aforesaid documents,
we have assumed the genuineness of all signatures, the legal competence and capacity of all natural persons, the accuracy and completeness
of all documents submitted to us, the authenticity of all original documents, and the conformity to authentic original documents of all
documents submitted to us as copies (including telecopies). As to all matters of fact, we have relied on the representations and statements
of fact made in the documents so reviewed, and we have not independently established the facts so relied on. This opinion letter is given,
and all statements herein are made, in the context of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection herewith, we have assumed that all
of the documents referred to in this opinion letter have been duly authorized by, have been duly executed and delivered by, and constitute
the valid, binding and enforceable obligations of, all of the parties to such documents, all of the signatories to such documents have
been duly authorized and all such parties are duly organized and validly existing and have the power and authority (corporate or other)
to execute, deliver and perform such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not purport to express an opinion on any
laws other than the laws of the Commonwealth of Virginia. The opinions set forth herein are made as of the date hereof and are subject
to, and may be limited by, future changes in the factual matters set forth herein, and we undertake no duty to advise you of the same.
The opinions expressed herein are based upon the law in effect (and published or otherwise generally available) on the date hereof, and
we assume no obligation to revise or supplement these opinions should such law be changed by legislative action, judicial decision or
otherwise. In rendering our opinions, we have not considered, and hereby disclaim any opinion as to, the application or impact of any
laws, cases, decisions, rules&nbsp;or regulations of any other jurisdiction, court or administrative agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0">June 6, 2025 </P>
                                                                     <P STYLE="margin-top: 0; margin-bottom: 0">Page 2</P></TD>
    <TD STYLE="text-align: right; width: 50%; font-size: 10pt"><IMG SRC="tm2517081d2_ex5-1img002.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: rgb(0,145,218) 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based upon the foregoing and in reliance thereon,
and subject to the assumptions, comments, qualifications, limitations and exceptions set forth herein, we are of the opinion that the
Rollover Shares have been duly authorized for issuance, and when issued, delivered and paid for in accordance with the 2025 Plan (assuming
that, upon any issuance of the Rollover Shares, the total number of shares of common stock issued and outstanding will not exceed the
total number of shares of common stock that the Company is then authorized to issue under its Articles of Incorporation), the Rollover
Shares will be legally issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">We do not render any opinions
except as set forth above. We hereby consent to the filing of this opinion as Exhibit&nbsp;5.1 to the Post-Effective Amendment. We also
consent to your filing copies of this opinion as an exhibit to the Post-Effective Amendment with such agencies of such states as you deem
necessary in the course of complying with the laws of such states regarding the offering and sale of the securities addressed herein.
In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section&nbsp;7 of the
Securities Act or the rules&nbsp;and regulations promulgated thereunder by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">Very truly yours,</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Troutman Pepper Locke LLP</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Troutman Pepper Locke LLP</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>tm2517081d2_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the incorporation by reference in this Registration Statement
on Form&nbsp;S-8 of our reports dated February&nbsp;27, 2025 relating to the financial statements of Collegium Pharmaceutical,&nbsp;Inc.
and the effectiveness of Collegium Pharmaceutical,&nbsp;Inc.&rsquo;s internal control over financial reporting, appearing in the Annual
Report on Form&nbsp;10-K of Collegium Pharmaceutical,&nbsp;Inc. for the year ended December&nbsp;31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Deloitte&nbsp;&amp; Touche LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Boston, Massachusetts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June&nbsp;6, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>tm2517081d2_ex5-1img001.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
