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Insmed

INSM Rare disease Lead: Approved 5 Biotech Distilled articles ↓ 27 filings & releases ↓ Cash $397M (Sep 30, 2026) ↓ 5 verdicts ↓ 2 timing quotes ↓
CardiovascularImmunologyInfectious DiseaseNeurologyRespiratory Gene TherapyProteinSmall Molecule

Market cap $25.1B 219.4M shares (10-Q, Oct 23, 2026) × $114.41 close Nov 6, 2026

Most recent annual filing: 2026-02-19

Catalyst timeline

8 trackedQuarter catalyst calendar →
  1. ARIKAYCE Japan filing2H 2026ARIKAYCE Japan filing, 2H 2026, notable
  2. TPIP PPF Ph3 start2H 2026TPIP PPF Ph3 start, 2H 2026, routine
  3. TPIP IPF Ph3 start1H 2027TPIP IPF Ph3 start, 1H 2027, routine
  4. Insmed corporate update2027Insmed corporate update, 2027, routine
  5. ARIKAYCE FDA approvalJan 28, 2027ARIKAYCE FDA approval, Jan 28, 2027, thesis-defining
  6. TPIP Ph3 topline~2028TPIP Ph3 topline, ~2028, major
  7. Pharmakon debt corporate updateJan 3, 2028Pharmakon debt corporate update, Jan 3, 2028, routine
  8. OrbiMed royalty financing corporate updateMar 31, 2028OrbiMed royalty financing corporate update, Mar 31, 2028, routine

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (15 active programs)

Technology platforms

PULMOVANCE

Liposomal drug delivery technology enabling inhaled delivery of amikacin directly to the lungs via macrophage uptake, limiting systemic exposure; used in ARIKAYCE for MAC lung disease

Discontinued (2)

Capital (as filed)

Cash
$397M cash and cash equivalents · Sep 30, 2026 (10-Q)
Short-term investments
$750M Sep 30, 2026
Operating cash flow
−$36.5M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$1.15B cash, runway 2027 per the update of Oct 29, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (5)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (5 calls)

Every verdict Biotech Distilled has published on Insmed, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-08-13 Watch Insmed Incorporated (INSM) — Scientific Deep Dive for BRINSUPRI, ARIKAYCE, TPIP and Pipeline Products Elite BRINSUPRI launch is already priced at 15–17x forward revenue, with the market paying for a $6B TPIP franchise that has no Phase 3 data, no readout inside 18 months, and a dry-powder competitor already commercializing the identical pitch.
  2. 2026-08-24 Watch UPDATE: Insmed (INSM) - Japan Says Yes Japan approval is a clean de-risking of a known catalyst but not a re-rating event; the TPIP problem and persistence question remain unresolved at the same multiple.
  3. 2026-09-22 Watch UPDATE: Insmed (INSM) - The Clock Moves Up Six Months ARIKAYCE Priority Review pulls the PDUFA to January 28, 2027, stacking a binary event alongside the Q4 2026 print, but the TPIP multiple problem and persistence question remain unchanged.
  4. 2026-10-06 Watch UPDATE: Insmed (INSM) - The CFO Walks Before the Print CFO departure before the Q4 cohort data and no Q3 pre-announcement raises uncertainty, but the multiple compression to ~12–13x starts to approach the entry profile described in the Buy Thesis; waiting for the October 29 print is prudent.
  5. 2026-10-30 Watch UPDATE: Insmed (INSM) - The Print Passes, the Question Survives Q3 beat validates the launch curve and collapses the financing bear case, but net-versus-gross patient adds remain undisclosed and TPIP data has drifted later, so the upgrade trigger has not yet fired.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (2 quotes from 2 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (27)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Aug 24, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

8 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)