INSMED Inc
INSM evidence brief
What we can confirm
- BioSniper Score:
- 5.1 / 10
- Market Cap:
- $27.27B
- Next Catalyst:
- Phase1_Start · Oct 29, 2026
What it means
What to watch
Prepared research question
What matters most for INSM—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · INSM
Insmed Inc. is a global biopharmaceutical company focused on developing and commercializing first- and best-in-class therapies for patients with serious diseases in respiratory, immunology & inflammation, and neuro & other rare therapeutic areas.
Key risk: Dependence on commercial success
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Financial data as of Jun 30, 2026.
Tracking 70 clinical trials · 3 catalysts · 2 FDA decisions for INSMED Inc.
Insmed Inc. is a global biopharmaceutical company focused on developing and commercializing first- and best-in-class therapies for patients with serious diseases in respiratory, immunology & inflammation, and neuro & other rare therapeutic areas.
- Insmed has two marketed products: ARIKAYCE (amikacin liposome inhalation suspension) for MAC lung disease and BRINSUPRI (brensocatib) for non-cystic fibrosis bronchiectasis, with BRINSUPRI approved in the US, EU, and UK as of early 2026 [sec_mda · as of 2026-08-06].
- As of June 30, 2026, the company reported cash and cash equivalents of $544.8 million and marketable securities of $615.5 million, with an accumulated deficit of $5.8 billion [sec_mda · as of 2026-08-06].
- Insmed's pipeline includes Phase 3 studies for TPIP (treprostinil palmitil inhalation powder) in pulmonary hypertension associated with interstitial lung disease and progressive pulmonary fibrosis, and a Phase 2b study for TPIP in pulmonary arterial hypertension reported positive topline results in June 2025 [sec · filed 2026-04-01].
- The company is advancing early-stage gene therapy programs INS1201 for Duchenne muscular dystrophy and INS1202 for amyotrophic lateral sclerosis, both in Phase 1 studies [sec · filed 2026-04-01].
- In December 2025, Insmed acquired global rights to INS1148, an investigational monoclonal antibody being developed as a potential first-in-class therapy for respiratory, immunological, and inflammatory diseases [sec · filed 2026-04-01].
What works
- Insmed has two approved commercial products (ARIKAYCE and BRINSUPRI) generating revenue, with BRINSUPRI recently launched in the US and EU, providing a foundation for top-line growth [sec_mda · as of 2026-08-06].
- The company maintains a strong cash position of $544.8 million as of June 30, 2026, which management expects to fund operations for at least the next 12 months [sec_mda · as of 2026-08-06].
- Insmed's pipeline includes multiple late-stage clinical programs (Phase 2/3) in respiratory diseases with high unmet need, such as TPIP for PAH and PH-ILD, and a recently submitted sNDA for ARIKAYCE in all MAC lung patients [sec_mda · as of 2026-08-06].
What to weigh
- Insmed has an accumulated deficit of $5.8 billion as of June 30, 2026, and continues to incur operating losses, with a net loss of $13.2 million reported for the period ending that date [sec_mda · as of 2026-08-06].
- The company's ability to reduce operating losses and generate positive cash flow depends on continued commercial success of ARIKAYCE and BRINSUPRI, as well as obtaining full approval of ARIKAYCE in the US, which remains uncertain [sec_mda · as of 2026-08-06].
- A Phase 2 study of brensocatib in chronic rhinosinusitis without nasal polyps failed to meet primary or secondary efficacy endpoints, leading to program discontinuation in that indication [sec · filed 2026-04-01].
From the filings
Quoted directly from source documents.
Insmed's cash position and accumulated deficit as of June 30, 2026
“As of June 30, 2026, we had cash and cash equivalents of $544.8 million, as compared to $510.4 million as of December 31, 2025. In addition, as of June 30, 2026, we had marketable securities of $615.5 m”
SEC MD&A · August 6, 2026
Insmed's accumulated deficit as of June 30, 2026
“through June 30, 2026, we had an accumulated deficit of $5.8 billion.”
SEC MD&A · August 6, 2026
BRINSUPRI approval and regulatory status
“BRINSUPRI, was approved in the US, E U, and UK in August 2025, November 2025, and February 2026, re”
SEC MD&A · August 6, 2026
Discontinuation of brensocatib in CRSsNP
“The study did not meet its primary or secondary efficacy endpoints, and we discontinued our development program for brensocatib in CRSsNP.”
SEC filings · April 1, 2026
Catalyst timeline
- 2026-10-29 · Phase1_Start: A Phase 1, Open-Label, Fixed Sequence, Drug-Drug Interaction Study Assessing the Potential CYP3A Induction Effect of Brensocatib on the Pharmacokinetics of Midazolam in Healthy Participants — This study will evaluate whether brensocatib induces CYP3A, which could affect its drug interaction profile.
- 2026-12-01 · Phase3_Start: A Phase 3, Randomized, Double-Blind, Placebo-controlled, Multicenter, Parallel Group Study of Efficacy and Safety of Treprostinil Palmitil Inhalation Powder in Participants With Progressive Pulmonary Fibrosis (PPF)-PALM-PPF — This pivotal Phase 3 trial will assess TPIP's efficacy and safety in progressive pulmonary fibrosis, a key pipeline asset.
- 2040-02-21 · Patent_Expiry: NDA217673 — Patent expiry for brensocatib (BRINSUPRI) is far in the future, indicating long-term exclusivity if approved.
Risks & what to watch (4)›
Key risks
- Dependence on commercial success — Profitability depends on continued commercial success of ARIKAYCE and BRINSUPRI and full US approval of ARIKAYCE [sec_mda · as of 2026-08-06].
- Accumulated deficit and operating losses — Accumulated deficit of $5.8B and ongoing net losses; cash runway may require additional capital [sec_mda · as of 2026-08-06].
- Clinical trial failures — Brensocatib failed in CRSsNP; other pipeline candidates may face similar setbacks [sec · filed 2026-04-01].
- Regulatory and policy uncertainty — Evolving US policies may impact international launch timing for BRINSUPRI [sec_mda · as of 2026-08-06].
What to watch
- Regulatory decision for brensocatib (BRINSUPRI) in Japan for NCFB expected in the second half of 2026 [sec_mda · as of 2026-08-06].
- FDA review of the supplemental new drug application (sNDA) for ARIKAYCE in newly diagnosed MAC lung disease patients, submitted July 2026 [sec_mda · as of 2026-08-06].
- Phase 3 study start for TPIP in progressive pulmonary fibrosis (PALM-PPF) scheduled for December 2026 [catalyst].
- Enrollment progress and data readouts from Phase 1 studies of INS1201 (DMD) and INS1202 (ALS) [sec · filed 2026-04-01].
Sources: Catalysts · SEC filings · SEC MD&A · Generated October 13, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Pipeline inputs are unavailable for this score. It uses only the available signals shown below.
Cash runway data unavailable
D/E 1.78 · 0% dilution
No tracked pipeline phase
No tracked pipeline candidates
3 upcoming, next in ~15d
0 buys · 43 sells (180d)
Catalysts
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
665
Total value held
$33.77B
| Holder | Shares | Value |
|---|---|---|
| jpmorgan chase & co | 24,150,499 | $3.70B |
| blackrock, inc. | 16,678,146 | $2.73B |
| darwin global management, ltd. | 16,805,184 | $2.58B |
| fmr llc | 13,160,167 | $2.15B |
| vanguard portfolio management llc | 10,371,802 | $1.70B |
| vanguard capital management llc | 9,642,131 | $1.58B |
| baker bros. advisors lp | 7,421,111 | $1.21B |
| artisan partners limited partnership | 6,527,301 | $1.07B |
| d. e. shaw & co., inc. | 5,625,825 | $919.9M |
| capital international investors | 5,595,194 | $914.9M |
Showing top 10 of 665 institutional holders of INSMED Inc. Open the full 13F history after sign-in.
Short Interest
as of Apr 30, 2026- % of float
- 7.2%
- Days to cover
- 5.4
- Shares short
- 13,855,201
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
INSM short interestGovernance
Frequently asked questions
What is the AI investment thesis for INSMED Inc?
Insmed Inc. is a global biopharmaceutical company focused on developing and commercializing first- and best-in-class therapies for patients with serious diseases in respiratory, immunology & inflammation, and neuro & other rare therapeutic areas.
What is INSMED Inc's next catalyst?
INSMED Inc's next tracked catalyst is a Phase1_Start event — "Phase1_Start: A Phase 1, Open-Label, Fixed Sequence, Drug-Drug Interaction Study Assessing the Potential CYP3A Induction Effect of Brensocatib on the Pharmacokinetics of Midazolam in Healthy Participants" — expected October 29, 2026.
Who is the CEO of INSMED Inc?
Mr. William H. Lewis J.D., M.B.A. is the chief executive officer of INSMED Inc (INSM).
Where is INSMED Inc headquartered?
INSMED Inc (INSM) is headquartered in Bridgewater, NJ, United States.
What therapeutic areas does INSMED Inc focus on?
INSMED Inc develops therapies across Oncology, Rare Disease, Neurology, Immunology, Cardiovascular, Infectious Disease, Metabolic, Respiratory, Dermatology, Nephrology, Gastroenterology, Endocrinology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.