INSMED Inc
INSM evidence brief
What we can confirm
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 biopharmaceutical company focused on developing and commercializing therapies for serious diseases in respiratory, immunology/inflammation, and rare disease areas, with marketed products ARIKAYCE and BRINSUPRI and a pipeline including gene therapies and monoclonal antibodies.
Key risk: Clinical trial failure risk
BioSniper Score
Based on 6 of 6 signals
Market Cap
$25.89B
Cash Runway
42.9 moLead Asset
ARIKAYCE (Approved)
Next Catalyst
Phase3_Topline · Dec 31, 2026Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates · 67 clinical trials · 6 catalysts · 2 FDA decisions for INSMED Inc.
Similar companies
Insmed Inc is a biopharmaceutical company focused on developing and commercializing therapies for serious diseases in respiratory, immunology/inflammation, and rare disease areas, with marketed products ARIKAYCE and BRINSUPRI and a pipeline including gene therapies and monoclonal antibodies.
- Cash and equivalents of $544.8M as of June 30, 2026, with total revenue of $425.5M and net loss of $13.2M for the period [sec].
- Accumulated deficit of $5.8 billion as of June 30, 2026, reflecting ongoing investment in R&D and commercialization [sec_mda].
- Marketed products include ARIKAYCE (launched 2018) and BRINSUPRI (launched August 2025), with ARIKAYCE revenue growing 19% in 2024 vs 2023 [sec].
- Pipeline includes Phase 3 programs for TPIP in PAH and PH-ILD, Phase 2 for brensocatib in HS, and Phase 1 gene therapies INS1201 (DMD) and INS1202 (ALS) [sec_mda].
- Acquired global rights to INS1148, an investigational monoclonal antibody for respiratory, immunological, and inflammatory diseases in December 2025 [sec].
What works
- Two approved products (ARIKAYCE and BRINSUPRI) generating revenue, with ARIKAYCE showing 19% growth in 2024 [sec].
- Strong cash position of $544.8M plus $615.5M in marketable securities as of June 30, 2026, providing runway for at least 12 months [sec_mda].
- Diverse pipeline across multiple modalities (gene therapy, monoclonal antibodies, small molecules) targeting high-unmet-need indications [sec_mda].
What to weigh
- Accumulated deficit of $5.8 billion as of June 30, 2026, with continued operating losses expected [sec_mda].
- Brensocatib failed Phase 2 in chronic rhinosinusitis without nasal polyps, leading to program discontinuation in that indication [sec].
- Significant debt of $546.8M as of June 30, 2026, including convertible notes and royalty financing obligations [sec].
From the filings
Quoted directly from source documents.
Cash and equivalents of $544.8M as of June 30, 2026
“As of June 30, 2026, we had cash and cash equivalents of $544.8 million”
SEC MD&A · August 6, 2026
Accumulated deficit of $5.8 billion as of June 30, 2026
“through June 30, 2026, we had an accumulated deficit of $5.8 billion”
SEC MD&A · August 6, 2026
Brensocatib failed Phase 2 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
Acquired global rights to INS1148 in December 2025
“In December 2025, we acquired global rights to INS1148, an investigational monoclonal antibody”
SEC filings · April 1, 2026
Catalyst timeline
- 2026-12-31 · Phase 3 Topline: An Open-Label Extension Study to Assess the Safety, Tolerability, and Effectiveness of the Long-Term — Topline results from an open-label extension study for a pipeline candidate.
- 2028-07-31 · Phase 3 Topline: Azithromycin Treatment for Respiratory Syncytial Virus-induced Respiratory Failure in Children — Topline data from a Phase 3 study of azithromycin in RSV-induced respiratory failure.
- 2028-12-30 · Phase 3 Topline: A Phase 3, Randomized, Double-blind, Placebo-controlled, Multicenter, Parallel Group Study to Evalua — Topline results from a Phase 3 study for an undisclosed candidate.
- 2029-01-28 · Phase 3 Topline: A Phase 3, Randomized, Double-Blind, Placebo-controlled, Multicenter, Parallel-group Study to Evalua — Topline data from another Phase 3 study for an undisclosed candidate.
- 2031-01-22 · Phase 3 Topline: A Long-term Open-Label Extension Study of Treprostinil Palmitil Inhalation Powder for Treatment of P — Topline results from an open-label extension study of TPIP for pulmonary hypertension.
- 2040-02-21 · Patent/Exclusivity Expiry: BRINSUPRI — Patent or exclusivity expiry for BRINSUPRI, potentially opening to generic competition.
Risks & what to watch (3)›
Key risks
- Clinical trial failure risk — Pipeline candidates may fail in Phase 2/3 trials, as seen with brensocatib in CRSsNP [sec].
- Commercialization challenges — ARIKAYCE and BRINSUPRI may face market access or competition issues, impacting revenue growth [sec_mda].
- High debt and dilution risk — Debt of $546.8M and accumulated deficit may require additional capital, diluting shareholders [sec].
What to watch
- Phase 3 topline data for TPIP in PAH and PH-ILD, with multiple readouts expected through 2031 [catalyst_timeline].
- Regulatory decisions for ARIKAYCE in all MAC lung patients following ENCORE data [sec].
- Enrollment progress and early data for gene therapies INS1201 (DMD) and INS1202 (ALS) [sec_mda].
- Commercial uptake of BRINSUPRI in EU and potential approvals in UK and Japan [sec].
Sources: SEC filings · SEC MD&A · Generated August 29, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
42.9 months
D/E 1.78 · 0% dilution
Lead: Approved
3 candidates
6 upcoming, next in ~123d
0 buys · 61 sells (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
666
Total value held
$27.44B
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 19,284,262 | $3.15B |
| blackrock, inc. | 16,678,146 | $2.73B |
| fmr llc | 13,160,167 | $2.15B |
| vanguard portfolio management llc | 10,371,802 | $1.70B |
| baker bros. advisors lp | 7,421,111 | $1.21B |
| d. e. shaw & co., inc. | 5,642,725 | $922.7M |
| state street corp | 5,551,699 | $907.8M |
| rtw investments, lp | 4,842,880 | $791.9M |
| geode capital management, llc | 4,450,389 | $733.3M |
| ameriprise financial inc | 3,057,718 | $500.0M |
Showing top 10 of 666 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 biopharmaceutical company focused on developing and commercializing therapies for serious diseases in respiratory, immunology/inflammation, and rare disease areas, with marketed products ARIKAYCE and BRINSUPRI and a pipeline including gene therapies and monoclonal antibodies.
What is INSMED Inc's lead drug candidate?
INSMED Inc's most advanced tracked candidate is ARIKAYCE (Approved) for Bronchiectasis.
What is INSMED Inc's next catalyst?
INSMED Inc's next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: An Open-Label Extension Study to Assess the Safety, Tolerability, and Effectiveness of the Long-Term" — expected December 31, 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.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.