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Biopharma & Life Sciences

Collegium Pharmaceutical Executive Compensation (FY25)

COLL · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Vikram Karnani
Median of the other named officers
$3,041,212
5 officers, excluding the chief executive
Latest say-on-pay support
=
May 14, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of November 5, 2026Latest filing (8-K): May 15, 2026
11 filings cited on this page
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347 figures on this page: 339 cited to the filing that reported them, 8 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Vikram Karnani: $10,780,125 → $1,715,846 (84.1% lower)
CEO pay ratio: 54:1 → 8:1 (85.2% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Collegium Pharmaceutical's chief executive and what were they paid?
Vikram Karnani was paid $1,715,846 in total compensation as President and Chief Executive Officer for fiscal 2025. Karnani's total moved 84.1% lower from the $10,780,125 reported for fiscal 2024.
What was Collegium Pharmaceutical's say-on-pay result?
For fiscal 2025, the say-on-pay proposal drew 96.0% support at the meeting held May 14, 2026.
Which companies are in Collegium Pharmaceutical's peer group?
Companies named in the disclosed peer group include ACADIA Pharmaceuticals, Inc., Amicus Therapeutics, Inc., Amphastar Pharmaceuticals, Inc., ANI Pharmaceuticals, Inc. and BioCryst Pharmaceuticals, Inc., among others.
What is Collegium Pharmaceutical's chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 8:1, against median employee compensation of $221,391.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Joseph Ciaffoni
Former President and Chief Executive Officer
◇—◇—◇—◇◇
Shirley Kuhlmann
Former Executive Vice President, Chief Administrative Officer, General Counsel and Secretary
◇—◇—◇—◇◇
Colleen Tupper
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Scott Dreyer
Executive Vice President and Chief Commercial Officer
◇—◇—◇—◇◇
Thomas Smith
Executive Vice President and Chief Medical Officer
◇———◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Joseph Ciaffoni
Former President and Chief Executive Officer
◇—◇—◇—◇◇
Shirley Kuhlmann
Former Executive Vice President, Chief Administrative Officer, General Counsel and Secretary
◇—◇—◇—◇◇
Colleen Tupper
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Scott Dreyer
Executive Vice President and Chief Commercial Officer
◇—◇—◇—◇◇
Thomas Smith
Executive Vice President and Chief Medical Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Vikram Karnani
President and Chief Executive Officer
◇◇◇◇◇—◇◇
Joseph Ciaffoni
Former President and Chief Executive Officer (8)
Departed during or after this year
◇—◇———◇◇
Shirley Kuhlmann
Former Executive Vice President, Chief Administrative Officer, General Counsel and Secretary (10)
Departed during or after this year
◇◇◇—◇—◇◇
Colleen Tupper
Executive Vice President and Chief Financial Officer
◇◇◇—◇—◇◇
Scott Dreyer
Executive Vice President and Chief Commercial Officer
◇◇◇—◇—◇◇
Thomas Smith
Executive Vice President and Chief Medical Officer
◇◇◇—◇—◇◇
R.Ph. Michael Heffernan
Chairman
◇—◇———◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Dieter
Executive Vice President and General Counsel
◇—◇—◇—◇◇
Colleen Tupper
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Scott Dreyer
Executive Vice President and Chief Commercial Officer
◇—◇—◇—◇◇
Shirley Kuhlmann
Former Executive Vice President, Chief Administrative Officer, General Counsel and Secretary
Departed during or after this year
◇—◇———◇◇
Thomas Smith
Executive Vice President and Chief Medical Officer
◇—◇—◇—◇◇
Vikram Karnani
President and Chief Executive Officer
◇———◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Colleen TupperPSU◇◇◇—◇—◇
Colleen TupperPSU◇◇◇—◇—◇
Colleen TupperPSU◇◇◇—◇—◇
Colleen TupperPSU◇◇◇—◇—◇
Colleen TupperRSU◇——◇——◇
David DieterPSU◇◇◇—◇—◇
David DieterPSU◇◇◇—◇—◇
David DieterPSU◇◇◇—◇—◇
David DieterRSU◇——◇——◇
David DieterPSU◇◇◇—◇—◇
Scott DreyerPSU◇◇◇—◇—◇
Scott DreyerRSU◇——◇——◇
Scott DreyerPSU◇◇◇—◇—◇
Scott DreyerPSU◇◇◇—◇—◇
Scott DreyerPSU◇◇◇—◇—◇
Shirley KuhlmannPSU◇◇◇—◇—◇
Shirley KuhlmannPSU◇◇◇—◇—◇
Shirley KuhlmannPSU◇◇◇—◇—◇
Shirley KuhlmannRSU◇——◇——◇
Shirley KuhlmannPSU◇◇◇—◇—◇
Thomas SmithPSU◇◇◇—◇—◇
Thomas SmithPSU◇◇◇—◇—◇
Thomas SmithPSU◇◇◇—◇—◇
Thomas SmithPSU◇◇◇—◇—◇
Thomas SmithRSU◇——◇——◇
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Vikram KarnaniPSU◇◇——
RSU◇◇——
Option◇—◇11/12/2034
David DieterRSU◇◇——
PSU◇◇——
Colleen TupperRSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
Scott DreyerRSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
Thomas SmithRSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Nancy Lurker
◇◇————◇
Carlos Paya
◇◇————◇
Gino Santini
Board chair
◇◇————◇
John Freund
◇◇————◇
Garen Bohlin
◇◇————◇
John Fallon
◇◇————◇
Rita Balice-Gordon
◇◇————◇
Michael Heffernan
◇◇————◇
Gwen Melincoff
◇—————◇
Vikram Karnani and Michael Donovan served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • ACADIA Pharmaceuticals, Inc. ACAD
  • Amicus Therapeutics, Inc. FOLD
  • Amphastar Pharmaceuticals, Inc. AMPH
  • ANI Pharmaceuticals, Inc. ANIP
  • BioCryst Pharmaceuticals, Inc. BCRX
  • Catalyst Pharmaceuticals, Inc. CPRX

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 14, 2026=◇◇◇
2024May 15, 2025=◇◇◇
2023May 16, 2024=◇◇◇
2022May 18, 2023=◇◇◇
2021May 23, 2022=◇◇◇
2020May 20, 2021=◇◇◇
2019May 20, 2020=◇◇◇
2018April 25, 2019=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”
- Vikram Karnani (President and Chief Executive Officer), FY2025 total compensation $1,715,846 (base salary $875,000) [exec_comp, SEC accession 0001628280-26-024063, filed 2026-04-07]

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What this page does not include

Everything above is a fact Collegium Pharmaceutical disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Collegium Pharmaceutical sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $500
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Adviser switching and vote outcomes
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
347 figures on this page: 339 cited to the filing that reported them, 8 calculated from figures it prints.
339 cited to the filing
8 calculated from the filing

Documents cited

  1. 0001104659-26-062536
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001628280-26-024063
    2025 Non-Employee Director Compensation · CEO Pay Ratio · Outstanding Equity Awards at Fiscal Year-End · Summary Compensation Table
  3. 0001104659-25-050435
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001558370-25-003983
    EXECUTIVE COMPENSATION TABLES
  5. 0001104659-24-063396
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001558370-24-004778
    EXECUTIVE COMPENSATION TABLES
  7. 0001104659-23-062681
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001104659-22-063841
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001104659-21-071141
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001104659-20-065356
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001104659-19-025274
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “Collegium Pharmaceutical executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/COLL (accessed 2026).
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11 filings cited on this page
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Biopharma & Life Sciences rankings

Chief executive pay — Biopharma & Life SciencesCEO pay ratio — Biopharma & Life SciencesSay-on-pay support — Biopharma & Life Sciences

Peers Collegium Pharmaceutical discloses

The companies named in COLL's own disclosed peer group.

ACADIA Pharmaceuticals, Inc.Amicus Therapeutics, Inc.Amphastar Pharmaceuticals, Inc.ANI Pharmaceuticals, Inc.BioCryst Pharmaceuticals, Inc.Catalyst Pharmaceuticals, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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