INSM Stock — Insmed Incorporated: Cash, EV, Pipeline

What they do

Our commercial portfolio and clinical pipeline are organized around three therapeutic areas: Respiratory, Immunology & Inflammation, and Neuro & Other Rare. To complement our internal research and development, we also actively evaluate in-licensing and acquisition opportunities for commercial products, product candidates and technologies.

Source: 10-K FY2025 via SEC EDGAR

Share price

$121.02

Market cap

$26,549.4M

Cash

$1,146.6M

Enterprise value

$26,114.4M

Balance sheet

Cash	$1,146.6M
Debt	$555.1M
Royalty-sale liability	$156.5M
Net cash	$591.5M
Enterprise value	$26,114.4M
Basic shares	219.4M shares
Fully diluted shares	241.5M shares
Fully diluted market cap	$29,225.0M
Cash per share	$5.23
Quarterly burn	$88.8M
Cash runway	12.9 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-13.

Royalty-sale liability as of 2026-09-30 (10-Q); included in enterprise value.

Share structure

Common

219.4M

Pre-funded warrants

0.0M

Options

14.4M

RSUs

3.3M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

4.4M

FDSO

241.5M

Cap table as of 2026-09-30.

Price history

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Next catalyst

Treprostinil Palmitil · Feb 11 - Mar 25 in 13 wks · Phase 3 · Pulmonary Arterial Hypertension

Recently reported

brensocatib Positive · 2026-08-24

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Feb 11 - Mar 25 in 13 wks	Treprostinil Palmitil	Phase 3	Pulmonary Arterial Hypertension	—
Mar 21 - May 2 in 4 mo	Treprostinil Palmitil Inhalation Powder	Phase 1	Hepatic Impairment	—
May 3 - Jun 14 in 6 mo	INS1033	Phase 1	Healthy Volunteers	—
Feb 8 - Mar 22 in 27 mo	Treprostinil Palmitil Inhalation Powder	Phase 3	Pulmonary Arterial Hypertension	—
Feb 10 - Mar 24 in 27 mo	Treprostinil Palmitil Inhalation Powder	Phase 3	Pulmonary Hypertension; Interstitial Lung Disease	—
Oct 12 - Nov 23 in 48 mo	Treprostinil Palmitil Inhalation Powder	Phase 3	Progressive Pulmonary Fibrosis; Interstitial Lung Disease	—
Mar 5 - Apr 16 in 52 mo	Treprostinil Palmitil Inhalation Powder	Phase 3	Pulmonary Hypertension; Interstitial Lung Disease	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

TPIP

Phase 3 · Active Modality: inhaled prostanoid (dry powder)

Aliases treprostinil palmitil

Partnerships n/a; acquired via Motus Biosciences acquisition (Aug 2021); FDA orphan drug designation for PAH (Jan 2026)

Indications

Pulmonary arterial hypertension (PAH) (Phase 3)
Pulmonary hypertension with interstitial lung disease (PH-ILD) (Phase 3)
Progressive pulmonary fibrosis (PPF) (Preclinical)
Idiopathic pulmonary fibrosis (IPF) (Preclinical)

Catalysts

— second half of 2026
— second half of 2026
— first half of 2027

Status note Phase 2b in PAH complete (top-line announced Jun 2025); Phase 3 PALM-PAH initiated Apr 2026. Phase 3 PALM-ILD in PH-ILD initiated Q4 2025 and enrolling.

brensocatib

Approved · Active Modality: oral small molecule

Aliases BRINSUPRI

Target DPP1

Partnerships AstraZeneca AB (license; milestones paid on FDA and EC approvals of BRINSUPRI)

Indications

Bronchiectasis (Approved)
Hidradenitis suppurativa (HS) (Phase 2)
Chronic rhinosinusitis without nasal polyps (CRSsNP) (Phase 2)

Catalysts

— second quarter of 2026

Status note Approved as BRINSUPRI for bronchiectasis (US Aug 2025, EU Nov 2025) - marketed. Phase 2b CEDAR in HS fully enrolled. CRSsNP program discontinued after December 2025 Phase 2b results.

INS1148

Phase 1 · Active Modality: monoclonal antibody

Aliases OpSCF

Target SCF248

Partnerships Opsidio LLC: global rights acquired Dec 2025

Indications

Interstitial lung disease (initially PPF and IPF) (Preclinical)
Moderate to severe asthma (Preclinical)

Status note Phase 2-ready monoclonal antibody targeting SCF248. Phase 2 programs planned initially in ILD and moderate to severe asthma.

INS1201

Phase 1 · Active Modality: AAV gene therapy (intrathecal)

Target DMD (micro-dystrophin)

Indications

Duchenne muscular dystrophy (DMD) (Phase 1)

Status note Micro-dystrophin gene therapy; Phase 1 ASCEND study initiated and enrolling. FDA Rare Pediatric Disease Designation (May 2024).

INS1202

Phase 1 · Active Modality: AAV9 shRNA gene therapy (intrathecal, one-time)

Target SOD1

Indications

Amyotrophic lateral sclerosis (ALS) (Phase 1)

Status note shRNA construct targeting SOD1; Phase 1 ARMOR study initiated and enrolling. Being developed for ALS with and without SOD1 mutations.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Treprostinil Palmitil
Lead indication	Pulmonary Arterial Hypertension
Lead phase	Phase 3
Active trials	9
Collaborator trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT05649748	Phase 3	Active, not recruiting	Sponsor	INSM	—	Pulmonary Arterial Hypertension	—
NCT07481981	Phase 3	Recruiting	Sponsor	INSM	—	Pulmonary Arterial Hypertension	—
NCT07179380	Phase 3	Recruiting	Sponsor	INSM	—	Pulmonary Hypertension; Interstitial Lung Disease	—
NCT07805785	Phase 3	Not yet recruiting	Sponsor	INSM	—	Progressive Pulmonary Fibrosis; Interstitial Lung Disease	—
NCT07234032	Phase 3	Recruiting	Sponsor	INSM	—	Pulmonary Hypertension; Interstitial Lung Disease	—
NCT07643155	Phase 1	Recruiting	Sponsor	INSM	—	Hepatic Impairment	—
NCT07765706	Phase 1	Not yet recruiting	Sponsor	INSM	—	Healthy Volunteers	—
NCT06817382	Phase 1	Recruiting	Sponsor	INSM	—	Duchenne Muscular Dystrophy	—
NCT07290062	Phase 1	Recruiting	Sponsor	INSM	—	Amyotrophic Lateral Sclerosis	—
NCT06144996	Not disclosed	Recruiting	Collaborator	University of Calgary	—	Bronchiectasis; Non-Tuberculous Mycobacterial Pneumonia	—

Sponsor-matched active trials from ClinicalTrials.gov (9 as sponsor, 1 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 10 active trials for Insmed Incorporated on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Baker Bros. Advisors	8,796,111	+1,375,000	4.70%	2026-08-14
RTW Investments	4,842,880	no change	4.41%	2026-08-14
ADAR1 Capital Management	228,520	+193,128	1.15%	2026-08-14
Sphera Biotech	118,800	+118,800	1.81%	2026-08-14
Tang Capital Partners	100,000	-160,000	0.48%	2026-08-14
Cormorant Asset Management	75,000	-115,000	0.41%	2026-08-14
Ikarian Capital	0	-4,214	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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INSM — Insmed Incorporated ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

INSM — Insmed Incorporated