INSM Stock — Insmed Incorporated: Cash, EV, Pipeline

Share price

$120.00

Market cap

$26,205.8M

Cash

$1,160.3M

Enterprise value

$25,589.0M

Balance sheet

Cash	$1,160.3M
Debt	$543.5M
Net cash	$616.8M
Enterprise value	$25,589.0M
Basic shares	218.3M shares
Fully diluted shares	229.2M shares
Fully diluted market cap	$27,507.9M
Cash per share	$5.32

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

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

Institutional holders

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
Ikarian Capital	0	-4,214	0.00%	2026-08-14

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

INSM — Insmed Incorporated

Balance sheet

Price history

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Institutional holders