Insmed, Inc.
INSMNasdaqCIK 1104506Healthcare / Drug Manufacturersfiscal year ends December66 quarters since 2010
Latest quarter Q3 FY2026, filed October 29, 2026. Trailing figures sum the latest four quarters. Market values at the latest close, from a market data vendor.
The last 16 quarters
Q4 FY2022 to Q3 FY2026, through the filing of October 29, 2026.
Net income losses drawn in red.
Operating cash flow less capital expenditures; negative quarters in red.
Positions at each quarter end, as filed; short-term investments are not included.
Income statement
Last eight quarters, newest first, through Q3 FY2026 filed October 29, 2026.
| Millions of dollars | Q3 FY2026ended Sep 30, 2026filed Oct 29, 2026 | Q2 FY2026ended Jun 30, 2026filed Aug 6, 2026 | Q1 FY2026ended Mar 31, 2026filed May 7, 2026 | Q4 FY2025ended Dec 31, 2025filed Feb 19, 2026 | Q3 FY2025ended Sep 30, 2025filed Oct 30, 2025 | Q2 FY2025ended Jun 30, 2025filed Aug 7, 2025 | Q1 FY2025ended Mar 31, 2025filed May 8, 2025 | Q4 FY2024ended Dec 31, 2024filed Feb 20, 2025 | YoYQ3 FY2026vs Q3 FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 524 | 425 | 306 | 264 | 142 | 107 | 93 | 104 | +268.4% |
| Cost of revenue | 78 | 67 | 47 | 44 | 29 | 28 | 21 | 26 | +166.4% |
| Gross profit | — | — | — | — | — | — | — | — | — |
| Research and development | 270 | 210 | 209 | 255 | 186 | 177 | 153 | 180 | +44.8% |
| Selling, general and administrative | 253 | 247 | 247 | 212 | 186 | 155 | 148 | 143 | +35.8% |
| Operating income | (89) | (2) | (153) | (320) | (366) | (313) | (248) | (230) | +75.6% |
| Other income (expense) | 1 | (1) | (1) | (2) | (1) | 0 | 0 | 0 | +275.1% |
| Pretax income | (98) | (11) | (162) | (327) | (369) | (320) | (256) | (234) | +73.5% |
| Income tax | 3 | 2 | 1 | 2 | 1 | 1 | 1 | 1 | +102.0% |
| Net income | (100) | (13) | (164) | (328) | (370) | (322) | (257) | (236) | +72.9% |
| Diluted EPS ($) | (0.46) | (0.06) | (0.76) | — | (1.75) | (1.70) | (1.42) | — | +73.7% |
| Diluted shares (millions) | 219 | 217 | 215 | — | 212 | 189 | 181 | — | — |
Fourth quarters are the fiscal year less the first nine months when the filer reports no discrete fourth quarter, and are marked. Diluted EPS is never derived, so a derived quarter shows none. Italic figures are derived.
Balance sheet
Last eight quarters, newest first, through Q3 FY2026 filed October 29, 2026.
| Millions of dollars | Q3 FY2026ended Sep 30, 2026filed Oct 29, 2026 | Q2 FY2026ended Jun 30, 2026filed Aug 6, 2026 | Q1 FY2026ended Mar 31, 2026filed May 7, 2026 | Q4 FY2025ended Dec 31, 2025filed Feb 19, 2026 | Q3 FY2025ended Sep 30, 2025filed Oct 30, 2025 | Q2 FY2025ended Jun 30, 2025filed Aug 7, 2025 | Q1 FY2025ended Mar 31, 2025filed May 8, 2025 | Q4 FY2024ended Dec 31, 2024filed Feb 20, 2025 | YoYQ3 FY2026vs Q3 FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 397 | 545 | 582 | 510 | 335 | 1,284 | 403 | 555 | +18.5% |
| Short-term investments | 750 | 616 | 641 | 920 | 1,345 | 572 | 796 | 879 | −44.2% |
| Total current assets | 1,707 | 1,634 | 1,613 | 1,794 | 1,932 | 2,082 | 1,403 | 1,622 | −11.7% |
| Total assets | 2,226 | 2,103 | 2,076 | 2,265 | 2,361 | 2,480 | 1,803 | 2,025 | −5.7% |
| Total current liabilities | 597 | 439 | 361 | 469 | 417 | 312 | 239 | 298 | +43.0% |
| Long-term debt | 545 | 544 | 542 | 541 | 540 | 539 | 1,105 | 1,103 | +1.0% |
| Total liabilities | 1,500 | 1,345 | 1,371 | 1,526 | 1,415 | 1,230 | 1,704 | 1,740 | +6.0% |
| Stockholders’ equity | 726 | 757 | 705 | 739 | 946 | 1,250 | 99 | 285 | −23.2% |
| Shares outstanding (millions) | 219 | 218 | 217 | 216 | 213 | 211 | 182 | 181 | — |
Positions at each period end. Nothing on this statement is derived. Long-term debt is the filed noncurrent line only; no total-debt composite is constructed across filers. Italic figures are derived.
Cash flow statement
Last eight quarters, newest first, through Q3 FY2026 filed October 29, 2026.
| Millions of dollars | Q3 FY2026ended Sep 30, 2026filed Oct 29, 2026 | Q2 FY2026ended Jun 30, 2026filed Aug 6, 2026 | Q1 FY2026ended Mar 31, 2026filed May 7, 2026 | Q4 FY2025ended Dec 31, 2025filed Feb 19, 2026 | Q3 FY2025ended Sep 30, 2025filed Oct 30, 2025 | Q2 FY2025ended Jun 30, 2025filed Aug 7, 2025 | Q1 FY2025ended Mar 31, 2025filed May 8, 2025 | Q4 FY2024ended Dec 31, 2024filed Feb 20, 2025 | YoYQ3 FY2026vs Q3 FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | (36) | (89) | (223) | (248) | (220) | (206) | (262) | (196) | +83.4% |
| Capital expenditures | 6 | 6 | 3 | 17 | 2 | 3 | 10 | 7 | +132.6% |
| Free cash flow (CFO − capex) | (42) | (95) | (226) | (264) | (222) | (209) | (272) | (203) | +81.1% |
| Depreciation and amortization | — | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | — | — |
| Dividends paid | — | — | — | — | — | — | — | — | — |
10-Qs file cash flows as year-to-date totals, so quarterly figures are differenced from consecutive filings and marked. Free cash flow is operating cash flow less capital expenditures, computed from the two filed lines. Italic figures are derived.
Annual statements
Every fiscal year filed, newest first, through FY2025 filed February 19, 2026.
Income statement
| Millions of dollars | FY2025ended Dec 31, 2025filed Feb 19, 2026 | FY2024ended Dec 31, 2024filed Feb 20, 2025 | FY2023ended Dec 31, 2023filed Feb 22, 2024 | FY2022ended Dec 31, 2022filed Feb 23, 2023 | FY2021ended Dec 31, 2021filed Feb 17, 2022 | FY2020ended Dec 31, 2020filed Feb 25, 2021 | FY2019ended Dec 31, 2019filed Feb 25, 2020 | FY2018ended Dec 31, 2018filed Feb 22, 2019 | FY2017ended Dec 31, 2017filed Feb 23, 2018 | FY2016ended Dec 31, 2016filed Feb 23, 2017 | FY2015ended Dec 31, 2015filed Feb 25, 2016 | FY2014ended Dec 31, 2014filed Feb 27, 2015 | FY2013ended Dec 31, 2013filed Mar 6, 2014 | FY2012ended Dec 31, 2012filed Mar 18, 2013 | FY2011ended Dec 31, 2011filed Mar 13, 2012 | FY2010ended Dec 31, 2010filed Aug 8, 2011 | FY2009ended Dec 31, 2009filed Mar 13, 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 606 | 364 | 305 | 245 | 188 | 164 | 136 | 10 | 0 | 0 | 0 | — | 12 | 0 | 4 | 7 | 10 |
| Cost of revenue | 123 | 86 | 66 | 55 | 44 | 40 | 24 | 2 | 0 | 0 | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | 112 | 7 | 0 | — | — | — | — | — | — | — | — |
| Research and development | 771 | 598 | 571 | 398 | 273 | 181 | 132 | 145 | 110 | 123 | 74 | 56 | 44 | 30 | 29 | 5 | 9 |
| Selling, general and administrative | 701 | 461 | 345 | 266 | 234 | 204 | 211 | 168 | 79 | 51 | 43 | 31 | 22 | 13 | 12 | 10 | 10 |
| Operating income | (1,247) | (878) | (710) | (457) | (375) | (265) | (235) | (307) | (189) | (173) | (117) | (87) | (55) | (42) | (62) | (8) | (9) |
| Other income (expense) | (2) | 0 | 2 | (6) | (3) | 0 | (1) | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 1 |
| Pretax income | (1,272) | (910) | (747) | (480) | (436) | (293) | (254) | (324) | (193) | (176) | (120) | (90) | (57) | (41) | (60) | (6) | 119 |
| Income tax | 5 | 4 | 3 | 1 | (2) | 1 | 1 | 0 | 0 | 0 | (2) | (10) | (1) | 0 | 0 | 0 | 0 |
| Net income | (1,277) | (914) | (750) | (482) | (435) | (294) | (254) | (324) | (193) | (176) | (118) | (79) | (56) | (41) | (60) | (6) | 118 |
| Diluted EPS ($) | (6.42) | (5.57) | (5.34) | (3.91) | (3.88) | (3.01) | (3.01) | — | — | — | — | — | — | — | (2.95) | (0.49) | 9.30 |
| Diluted shares (millions) | 199 | 164 | 140 | 123 | 112 | 98 | 85 | 77 | 67 | 62 | 59 | 43 | 35 | 27 | 23 | 13 | 13* |
Balance sheet
| Millions of dollars | FY2025ended Dec 31, 2025filed Feb 19, 2026 | FY2024ended Dec 31, 2024filed Feb 20, 2025 | FY2023ended Dec 31, 2023filed Feb 22, 2024 | FY2022ended Dec 31, 2022filed Feb 23, 2023 | FY2021ended Dec 31, 2021filed Feb 17, 2022 | FY2020ended Dec 31, 2020filed Feb 25, 2021 | FY2019ended Dec 31, 2019filed Feb 25, 2020 | FY2018ended Dec 31, 2018filed Feb 22, 2019 | FY2017ended Dec 31, 2017filed Feb 23, 2018 | FY2016ended Dec 31, 2016filed Feb 23, 2017 | FY2015ended Dec 31, 2015filed Feb 25, 2016 | FY2014ended Dec 31, 2014filed Feb 27, 2015 | FY2013ended Dec 31, 2013filed Mar 6, 2014 | FY2012ended Dec 31, 2012filed Mar 18, 2013 | FY2011ended Dec 31, 2011filed Mar 13, 2012 | FY2010ended Dec 31, 2010filed Aug 8, 2011 | FY2009ended Dec 31, 2009filed Mar 13, 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 510 | 555 | 482 | 1,074 | 717 | 533 | 487 | 495 | 381 | 163 | 283 | 159 | 114 | 91 | 15 | 11 | — |
| Short-term investments | 920 | 879 | 298 | 74 | 0 | — | — | — | — | — | — | — | — | 0 | 61 | 97 | — |
| Total current assets | 1,794 | 1,622 | 929 | 1,273 | 837 | 623 | 555 | 519 | 389 | 168 | 288 | 165 | 116 | 94 | 77 | 109 | — |
| Total assets | 2,265 | 2,025 | 1,330 | 1,656 | 1,244 | 796 | 742 | 605 | 462 | 238 | 357 | 231 | 176 | 154 | 140 | 196 | — |
| Total current liabilities | 469 | 298 | 226 | 190 | 135 | 119 | 85 | 80 | 45 | 28 | 22 | 20 | 16 | 16 | 4 | 3 | — |
| Long-term debt | 541 | 1,103 | 1,155 | 1,125 | 567 | 356 | 336 | 317 | 56 | 55 | 22 | 25 | 16 | 16 | 0 | — | — |
| Total liabilities | 1,526 | 1,740 | 1,662 | 1,568 | 833 | 520 | 481 | 396 | 101 | 83 | 45 | 45 | 33 | 33 | 6 | 3 | — |
| Stockholders’ equity | 739 | 285 | (332) | 88 | 410 | 276 | 262 | 208 | 361 | 154 | 312 | 186 | 143 | 121 | 134 | 193 | 124 |
| Shares outstanding (millions) | 216 | 181 | 148 | 136 | 119 | 103 | 90 | 78 | 77 | 62 | 62 | 50 | 39 | 32 | 25 | — | — |
Cash flow statement
| Millions of dollars | FY2025ended Dec 31, 2025filed Feb 19, 2026 | FY2024ended Dec 31, 2024filed Feb 20, 2025 | FY2023ended Dec 31, 2023filed Feb 22, 2024 | FY2022ended Dec 31, 2022filed Feb 23, 2023 | FY2021ended Dec 31, 2021filed Feb 17, 2022 | FY2020ended Dec 31, 2020filed Feb 25, 2021 | FY2019ended Dec 31, 2019filed Feb 25, 2020 | FY2018ended Dec 31, 2018filed Feb 22, 2019 | FY2017ended Dec 31, 2017filed Feb 23, 2018 | FY2016ended Dec 31, 2016filed Feb 23, 2017 | FY2015ended Dec 31, 2015filed Feb 25, 2016 | FY2014ended Dec 31, 2014filed Feb 27, 2015 | FY2013ended Dec 31, 2013filed Mar 6, 2014 | FY2012ended Dec 31, 2012filed Mar 18, 2013 | FY2011ended Dec 31, 2011filed Mar 13, 2012 | FY2010ended Dec 31, 2010filed Aug 8, 2011 | FY2009ended Dec 31, 2009filed Mar 13, 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | (935) | (684) | (536) | (400) | (363) | (219) | (251) | (258) | (160) | (147) | (101) | — | — | (31) | (30) | (8) | (11) |
| Capital expenditures | 33 | 22 | 13 | 10 | 7 | 6 | 42 | 13 | 3 | 4 | 3 | 5 | 1 | 0 | 1 | 0 | 0 |
| Free cash flow (CFO − capex) | (968) | (706) | (550) | (410) | (371) | (226) | (293) | (271) | (163) | (151) | (104) | — | — | (31) | (31) | (8) | (11) |
| Depreciation and amortization | — | — | 6 | 5 | 9 | 9 | 5 | 4 | 3 | 2 | 2 | 1 | 1 | 1 | 0 | 0 | 1 |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Insider activity
Form 4 filings by officers, directors and 10% owners, November 1, 2024 to November 1, 2026. Only open-market purchases and sales count as buys and sells; awards, exercises, tax withholding and gifts are listed in grey and never counted.
The last 25 transactions
| Traded | Insider | Role | Transaction | Shares | Price | Value | Held after | Filed |
|---|---|---|---|---|---|---|---|---|
| Oct 19, 2026 | Koppikar Utpal | Director | award | 6,139 | — | — | 6,139 | Oct 20, 2026 |
| Oct 19, 2026 | Hudson Paul | Director | award | 6,139 | — | — | 6,139 | Oct 20, 2026 |
| Sep 9, 2026 | Brennan David R | Director | open-market sale | 25,000 | $124.00 | $3M | 39,238 | Sep 11, 2026 |
| Aug 17, 2026 | Sharoky Melvin MD | Director | open-market saleindirect | 5,000 | $127.53 | $638K | 0 | Aug 19, 2026 |
| Aug 10, 2026 | Adsett Roger | Chief Operating Officer | option exercise | 82,280 | $13.67 | $1M | 181,024 | Aug 12, 2026 |
| Aug 10, 2026 | Adsett Roger | Chief Operating Officer | option exercise | 76,600 | $17.16 | $1M | 257,624 | Aug 12, 2026 |
| Aug 10, 2026 | Adsett Roger | Chief Operating Officer | option exercise | 80,970 | $30.46 | $2M | 338,594 | Aug 12, 2026 |
| Aug 10, 2026 | Adsett Roger | Chief Operating Officer | open-market sale | 239,850 | $133.27 | $32M | 98,744 | Aug 12, 2026 |
| Aug 6, 2026 | Flammer Martina M.D. | Chief Medical Officer | option exercise | 18,278 | $18.95 | $346K | 78,764 | Aug 7, 2026 |
| Aug 6, 2026 | Flammer Martina M.D. | Chief Medical Officer | option exercise | 8,895 | $25.83 | $230K | 87,659 | Aug 7, 2026 |
| Aug 6, 2026 | Flammer Martina M.D. | Chief Medical Officer | open-market sale10b5-1 | 8,895 | $127.00 | $1M | 78,764 | Aug 7, 2026 |
| Aug 6, 2026 | Flammer Martina M.D. | Chief Medical Officer | open-market sale10b5-1 | 18,278 | $129.40 | $2M | 60,486 | Aug 7, 2026 |
| Jul 23, 2026 | Lewis William | Chair and CEO, Director | option exercise | 6,260 | $30.46 | $191K | 265,318 | Jul 24, 2026 |
| Jul 23, 2026 | Lewis William | Chair and CEO, Director | option exercise | 4,440 | $17.16 | $76K | 269,758 | Jul 24, 2026 |
| Jul 23, 2026 | Lewis William | Chair and CEO, Director | open-market sale10b5-1 | 4,828 | $105.62 | $510K | 264,930 | Jul 24, 2026 |
| Jul 23, 2026 | Lewis William | Chair and CEO, Director | open-market sale10b5-1 | 5,872 | $106.43 | $625K | 259,058 | Jul 24, 2026 |
| Jul 9, 2026 | Lewis William | Chair and CEO, Director | option exercise | 6,259 | $30.46 | $191K | 265,317 | Jul 10, 2026 |
| Jul 9, 2026 | Lewis William | Chair and CEO, Director | option exercise | 4,440 | $17.16 | $76K | 269,757 | Jul 10, 2026 |
| Jul 9, 2026 | Lewis William | Chair and CEO, Director | open-market sale10b5-1 | 5,005 | $116.55 | $583K | 264,752 | Jul 10, 2026 |
| Jul 9, 2026 | Lewis William | Chair and CEO, Director | open-market sale10b5-1 | 2,335 | $117.62 | $275K | 262,417 | Jul 10, 2026 |
| Jul 9, 2026 | Lewis William | Chair and CEO, Director | open-market sale10b5-1 | 3,359 | $118.52 | $398K | 259,058 | Jul 10, 2026 |
| Jul 6, 2026 | Flammer Martina M.D. | Chief Medical Officer | option exercise | 7,945 | $29.13 | $231K | 68,431 | Jul 8, 2026 |
| Jul 6, 2026 | Flammer Martina M.D. | Chief Medical Officer | option exercise | 4,357 | $19.74 | $86K | 72,788 | Jul 8, 2026 |
| Jul 6, 2026 | Flammer Martina M.D. | Chief Medical Officer | open-market sale10b5-1 | 4,854 | $109.02 | $529K | 67,934 | Jul 8, 2026 |
| Jul 6, 2026 | Flammer Martina M.D. | Chief Medical Officer | open-market sale10b5-1 | 7,448 | $110.60 | $824K | 60,486 | Jul 8, 2026 |
Full insider history for Insmed, Inc., or insider activity across all companies. A record of filings, not a recommendation.
Tracked funds holding it
2 of the tracked managers held INSM in their latest 13F filing, through August 14, 2026. Weight is the share of the fund’s reported portfolio. How the funds have traded INSM by quarter.
| Fund | Manager | Quarter | Value | Shares | Weight | Move |
|---|---|---|---|---|---|---|
| Duquesne Family Office | Stanley Druckenmiller | Q2 2026 | $152M | 1M | 2.92% | added +23.4% |
| Baron Capital Group | Ron Baron | Q2 2026 | $1M | 10,000 | 0.00% | trimmed −50.0% |
Sources
Fiscal year ends in month 12; periods are labeled with the issuer's own fiscal calendar. Values are as most recently filed (restatements apply; per-share values are on current split basis per the connector's split table, flagged in adjusted). Flow items flagged in `derived` were computed (Q4 = FY − nine months; quarterly cash flow differenced from year-to-date filings) rather than read from a filing. `reconciliation.repaired` lists periods where a full-year figure was filed in a quarter slot: that row was dropped and the quarter rebuilt from the annual figure. `reconciliation.quarantined` lists periods where four filed quarters do not sum to the filed year — those quarterly values are withheld, so a blank there is a withholding rather than an absence of reporting.
- Filer
- INSMED INC, CIK 1104506 on EDGAR
- Extract generated
- November 1, 2026
- Withheld
- 1 line-years whose four quarters do not sum to the filed year: other income FY2013
- Repaired
- 2 quarters where a full-year figure was filed in a quarter slot and the quarter was rebuilt: other income FY2011, other income FY2012
XBRL concepts behind each line
Income statement
RevenueFromContractWithCustomerExcludingAssessedTax, RevenuesCostOfGoodsAndServicesSoldGrossProfitResearchAndDevelopmentExpenseGeneralAndAdministrativeExpense, SellingGeneralAndAdministrativeExpenseOperatingIncomeLossInvestmentIncomeNonoperating, NonoperatingIncomeExpense, OtherNonoperatingIncomeExpenseIncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest, IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestmentsIncomeTaxExpenseBenefitNetIncomeLossEarningsPerShareDilutedWeightedAverageNumberOfDilutedSharesOutstandingBalance sheet
CashAndCashEquivalentsAtCarryingValueMarketableSecuritiesCurrent, ShortTermInvestmentsAssetsCurrentAssetsLiabilitiesCurrentLongTermDebt, LongTermDebtNoncurrentLiabilitiesStockholdersEquitydei:EntityCommonStockSharesOutstandingCash flow statement
NetCashProvidedByUsedInOperatingActivitiesPaymentsToAcquirePropertyPlantAndEquipmentDepreciationDepletionAndAmortizationThe data
The statements on this page as files, generated November 1, 2026.
- JSON file
/data/financials/INSM.json