Martina M.d. Flammer - 11 Nov 2025 Form 4 Insider Report for INSMED Inc (INSM)

Role
Chief Medical Officer
Signature
/s/ Martina Flammer, M.D., by Michael A. Smith as Attorney-in-fact
Issuer symbol
INSM
Transactions as of
11 Nov 2025
Net transactions value
-$5,355,406
Form type
4
Filing time
13 Nov 2025, 16:32:14 UTC
Previous filing
04 Sep 2025
Next filing
03 Dec 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Flammer Martina M.D. Chief Medical Officer 700 US HIGHWAY 202/206, BRIDGEWATER /s/ Martina Flammer, M.D., by Michael A. Smith as Attorney-in-fact 13 Nov 2025 0001796960

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction INSM Common Stock Options Exercise $221,039 +12,949 +16% $17.07 96,060 11 Nov 2025 Direct F1
transaction INSM Common Stock Options Exercise $346,349 +18,277 +19% $18.95 114,337 11 Nov 2025 Direct F1
transaction INSM Common Stock Sale $1,029,873 -5,467 -4.8% $188.38 108,870 11 Nov 2025 Direct F1, F2
transaction INSM Common Stock Sale $2,314,737 -12,224 -11% $189.36 96,646 11 Nov 2025 Direct F1, F3
transaction INSM Common Stock Sale $2,021,685 -10,622 -11% $190.33 86,024 11 Nov 2025 Direct F1, F4
transaction INSM Common Stock Sale $556,500 -2,913 -3.4% $191.04 83,111 11 Nov 2025 Direct F1, F5

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction INSM Stock Option (right to buy) Options Exercise $0 -12,949 -50% $0.000000 12,949 11 Nov 2025 Common Stock 12,949 $17.07 Direct F1, F6
transaction INSM Stock Option (right to buy) Options Exercise $0 -18,277 -25% $0.000000 54,833 11 Nov 2025 Common Stock 18,277 $18.95 Direct F1, F6
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id Content
F1 This transaction was effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person on February 27, 2025, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.
F2 This is the weighted average sales price representing 5,467 shares sold at prices ranging from $187.93 to $188.90 per share. The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer the number of shares sold at each price within the price range upon request.
F3 This is the weighted average sales price representing 12,224 shares sold at prices ranging from $188.90 to $189.88 per share. The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer the number of shares sold at each price within the price range upon request.
F4 This is the weighted average sales price representing 10,622 shares sold at prices ranging from $189.92 to $190.90 per share. The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer the number of shares sold at each price within the price range upon request.
F5 This is the weighted average sales price representing 2,913 shares sold at prices ranging from $190.94 to $191.14 per share. The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer the number of shares sold at each price within the price range upon request.
F6 The options become exercisable based on the following vesting schedule: 25% vest on the first anniversary of the grant date and an additional 12.5% vest on each sixth month anniversary date thereafter through the fourth anniversary of the date of grant.