Michael A. Smith - 24 Feb 2026 Form 4 Insider Report for INSMED Inc (INSM)

Role
Chief Legal Officer
Signature
/s/ Michael A. Smith
Issuer symbol
INSM
Transactions as of
24 Feb 2026
Net transactions value
-$3,513,524
Form type
4
Filing time
25 Feb 2026, 16:04:46 UTC
Previous filing
04 Feb 2026
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Smith Michael Alexander Chief Legal Officer 700 US HIGHWAY 202/206, BRIDGEWATER /s/ Michael A. Smith 26 Feb 2026 0001870278

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction INSM Common Stock Options Exercise $345,633 +20,248 +36% $17.07 76,645 24 Feb 2026 Direct F1
transaction INSM Common Stock Sale $746,868 -4,852 -6.3% $153.93 71,793 24 Feb 2026 Direct F1, F2
transaction INSM Common Stock Sale $643,654 -4,151 -5.8% $155.06 67,642 24 Feb 2026 Direct F1, F3
transaction INSM Common Stock Sale $2,468,635 -15,771 -23% $156.53 51,871 24 Feb 2026 Direct F1, F4

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 -20,248 -59% $0.000000 14,282 24 Feb 2026 Common Stock 20,248 $17.07 Direct F1, F5
* 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 November 7, 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 4,852 shares sold at prices ranging from $153.47 to $154.46 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 4,151 shares sold at prices ranging from $154.47 to $155.45 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 15,771 shares sold at prices ranging from $156.00 to $156.86 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 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.