# INSMED Inc (INSM) Informational only - not investment advice. CIK: 0001104506 SIC: 2834 Pharmaceutical Preparations SIC breadcrumb: [Manufacturing](/division/D/) > [Chemicals And Allied Products](/major-group/28/) > [SIC 2834 Pharmaceutical Preparations](/industry/2834/) Latest 10-K filed: 2026-02-19 SEC page: https://www.sec.gov/edgar/browse/?CIK=1104506 Filing source: https://www.sec.gov/Archives/edgar/data/1104506/000110450626000009/insm-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-19 · accession 0001104506-26-000009 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001104506.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 606,423,000 USD | 2025 | verified | | Net income | -1,276,775,000 USD | 2025 | verified | | Assets | 2,264,558,000 USD | 2025 | verified | | Free cash flow | -967,575,000 USD | 2025 | computed | | Revenue YoY | +66.73% | 2025 | computed | | ROE | -172.78% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | INSM | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Revenue growth | 66.7% | 14.7% | 76 | 127 | | FCF margin | -159.6% | -14.0% | 29 | 127 | | ROE | -172.8% | -30.7% | 6 | 171 | | ROA | -56.4% | -21.8% | 11 | 187 | | Liabilities / equity | 2.06 | 0.38 | 83 | 173 | | Current ratio | 3.83 | 4.89 | 39 | 188 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2834 Pharmaceutical Preparations, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 606423000 | USD | 2025 | 2026-02-19 | | Net income | -1276775000 | USD | 2025 | 2026-02-19 | | Assets | 2264558000 | USD | 2025 | 2026-02-19 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001104506.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2009 | 2010 | 2011 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | | 9,835,000 | 136,467,000 | 164,413,000 | 188,461,000 | 245,358,000 | 305,208,000 | 363,707,000 | 606,423,000 | | Net income | | | | -176,273,000 | -192,649,000 | -324,277,000 | -254,337,000 | -294,090,000 | -434,654,000 | -481,534,000 | -749,567,000 | -913,772,000 | -1,276,775,000 | | Operating income | | | | -173,400,000 | -188,920,000 | -307,338,000 | -235,245,000 | -265,232,000 | -375,094,000 | -457,321,000 | -709,626,000 | -878,252,000 | -1,246,769,000 | | Diluted EPS | 9.30 | -0.49 | -2.95 | | | | -3.01 | -3.01 | -3.88 | -3.91 | -5.34 | -5.57 | -6.42 | | Operating cash flow | | | | -146,708,000 | -159,617,000 | -257,977,000 | -250,649,000 | -219,348,000 | -363,302,000 | -400,439,000 | -536,247,000 | -683,882,000 | -935,014,000 | | Capital expenditures | | | | 4,200,000 | 3,001,000 | 13,090,000 | 42,268,000 | 6,240,000 | 7,289,000 | 9,878,000 | 13,288,000 | 21,923,000 | 32,561,000 | | Assets | | | | 237,956,000 | 462,047,000 | 604,556,000 | 742,299,000 | 796,155,000 | 1,243,508,000 | 1,656,435,000 | 1,329,837,000 | 2,025,231,000 | 2,264,558,000 | | Liabilities | | | | 83,473,000 | 100,988,000 | 396,290,000 | 480,625,000 | 520,271,000 | 833,040,000 | 1,568,484,000 | 1,661,760,000 | 1,739,852,000 | 1,525,582,000 | | Stockholders' equity | | | | 154,483,000 | 361,059,000 | 208,266,000 | 261,674,000 | 275,884,000 | 410,468,000 | 87,951,000 | -331,923,000 | 285,379,000 | 738,976,000 | | Cash and cash equivalents | | | | 162,591,000 | 381,165,000 | 495,072,000 | 487,429,000 | 532,756,000 | 716,782,000 | 1,074,036,000 | 482,374,000 | 555,030,000 | 510,445,000 | | Free cash flow | | | | -150,908,000 | -162,618,000 | -271,067,000 | -292,917,000 | -225,588,000 | -370,591,000 | -410,317,000 | -549,535,000 | -705,805,000 | -967,575,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2009 | 2010 | 2011 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Return on equity | | | | -114.11% | -53.36% | -155.70% | -97.20% | -106.60% | -105.89% | | | -320.20% | -172.78% | | Return on assets | | | | -74.08% | -41.69% | -53.64% | -34.26% | -36.94% | -34.95% | -29.07% | -56.37% | -45.12% | -56.38% | | Liabilities / equity | | | | 0.54 | 0.28 | 1.90 | 1.84 | 1.89 | 2.03 | 17.83 | | 6.10 | 2.06 | | Current ratio | | | | 6.02 | 8.72 | 6.51 | 6.51 | 5.24 | 6.19 | 6.69 | 4.12 | 5.45 | 3.83 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001104506.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | -1.09 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | -1.17 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | -1.78 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 79,072,000 | -158,933,000 | -1.11 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 83,693,000 | -186,061,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 75,500,000 | -157,091,000 | -1.06 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 90,340,000 | -300,609,000 | -1.94 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 93,425,000 | -220,524,000 | -1.27 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 104,442,000 | -235,548,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 92,823,000 | -256,583,000 | -1.42 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 107,415,000 | -321,686,000 | -1.70 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 142,342,000 | -370,021,000 | -1.75 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 263,843,000 | -328,485,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 305,964,000 | -163,563,000 | -0.76 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 425,486,000 | -13,242,000 | -0.06 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from INSM's latest 10-K: [/company/INSM/business/](/company/INSM/business/). ## Risk Factors Verbatim Item 1A Risk Factors from INSM's latest 10-K: [/company/INSM/risk-factors/](/company/INSM/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1104506/000110450626000041/insm-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-08-06 Report date: 2026-06-30 ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Cautionary Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. "Forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are statements that are not historical facts and involve a number of risks and uncertainties. Words herein such as "may," "will," "should," "could," "would," "expects," "plans," "anticipates," "believes," "estimates," "projects," "predicts," "intends," "potential," "continues," and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) identify forward-looking statements. Forward-looking statements are based on our current expectations and beliefs, and involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance and achievements and the timing of certain events to differ materially from the results, performance, achievements or timing discussed, projected, anticipated or indicated in any forward-looking statements. Such risks, uncertainties and other factors include, among others, the following: •failure to continue to successfully commercialize ARIKAYCE in the US, Europe or Japan (amikacin liposome inhalation suspension, Liposomal 590 mg Nebuliser Dispersion, and amikacin sulfate inhalation drug product, respectively) or failure to successfully commercialize BRINSUPRI in the US or Europe, or to maintain US, European or Japanese approval for ARIKAYCE or US or European approval for BRINSUPRI; •our inability to obtain full approval of ARIKAYCE from the FDA, or our failure to obtain regulatory approval to expand ARIKAYCE’s indication to a broader patient population; •failure to obtain, or delays in obtaining, regulatory approvals for our product candidates in the US, Europe or Japan, for ARIKAYCE outside of the US, Europe and Japan, including separate regulatory approval for Lamira in each market and for each usage, or for BRINSUPRI outside of the US and Europe; •failure to successfully commercialize our product candidates, if approved by applicable regulatory authorities, or to maintain applicable regulatory approvals for such product candidates, if approved; •uncertainties or changes in the degree of market acceptance of our marketed products or, if approved, our product candidates, by physicians, patients, third-party payors and others in the healthcare community; •our inability to obtain and maintain adequate reimbursement from government or third-party payors for our marketed products or, if approved, our product candidates, or acceptable prices for our marketed products or, if approved, our product candidates; •inaccuracies in our estimates of the size of the potential markets for our marketed products and our product candidates or in data we have used to identify physicians, expected rates of patient uptake, duration of expected treatment, or expected patient adherence or discontinuation rates; •failure of third parties on which we are dependent to manufacture sufficient quantities of our marketed products and our product candidates for commercial or clinical needs, as applicable, to conduct our clinical trials, or to comply with our agreements or laws and regulations that impact our business; •risks and uncertainties associated with, and the perceived benefits of, our senior secured loan with certain funds managed by Pharmakon and our royalty financing with OrbiMed, including our ability to maintain compliance with the covenants in the agreements for the senior secured loan and royalty financing and the impact of the restrictions on our operations under these agreements; •our inability to create or maintain an effective direct sales and marketing infrastructure or to partner with third parties that offer such an infrastructure for distribution of our marketed products or any of our product candidates that are approved in the future; •failure to successfully conduct future clinical trials for our marketed products or our product candidates and our potential inability to enroll or retain sufficient patients to conduct and complete the trials or generate data necessary for regulatory approval of our product candidates; •development of unexpected safety or efficacy concerns related to our marketed products or our product candidates; •risks that our clinical studies will be delayed, that serious side effects will be identified during drug development, or that any protocol amendments submitted will be rejected; 24 Table of Contents •failure to successfully predict the time and cost of development, regulatory approval and commercialization for novel gene therapy products; •risk that interim, topline or preliminary data from our clinical trials that we announce or publish from time to time may change as more patient data become available or may be interpreted differently if additional data are disclosed, or that blinded data will not be predictive of unblinded data; •risk that our competitors may obtain orphan drug exclusivity for a product that is essentially the same as a product we are developing for a particular indication; •our inability to attract and retain key personnel or to effectively manage our growth; •our inability to successfully integrate our acquisitions and appropriately manage the amount of management’s time and attention devoted to integration activities; •risks that our acquired technologies, products and product candidates will not be commercially successful; •inability to adapt to our highly competitive and changing environment; •inability to access, upgrade or expand our technology systems or difficulties in updating our existing technology or developing or implementing new technology; •risk that we are unable to maintain our significant customers; •risk that healthcare legislation or other government action materially adversely affects our business; •business or economic disruptions due to catastrophes or other events, including natural disasters or public health crises; •risk that our current and potential future use of AI and machine learning may not be successful; •deterioration in general economic conditions in the US, Europe, Japan and globally, including the effect of prolonged periods of inflation, affecting us, our suppliers, third-party service providers and potential partners; •risk that we could become involved in costly intellectual property disputes, be unable to adequately protect our intellectual property rights or prevent disclosure of our trade secrets and other proprietary information, and incur costs associated with litigation or other proceedings related to such matters; •restrictions or other obligations imposed on us by agreements related to our marketed products or our product candidates, including our license agreements with PARI and AstraZeneca, and failure to comply with our obligations under such agreements; •the cost and potential reputational damage resulting from litigation to which we are or may become a party, including product liability claims; •risk that our operations are subject to a material disruption in the event of a cybersecurity attack or issue; •changes in laws and regulations applicable to our business, including any pricing reform and laws that impact our ability to utilize certain third parties in the research, development or manufacture of our product candidates, and failure to comply with such laws and regulations; •our history of operating losses, and the possibility that we never achieve or maintain profitability; •goodwill impairment charges affecting our results of operations and financial condition; •inability to repay our existing indebtedness and uncertainties with respect to our ability to access future capital; and •delays in the execution of plans to build out an additional third-party manufacturing facility approved by the appropriate regulatory authorities and unexpected expenses associated with those plans. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Any forward-looking statement is based on information current as of the date of this Quarterly Report on Form 10-Q and speaks only as of the date on which such statement is made. Actual events or results may differ materially from the results, plans, intentions or expectations anticipated in these forward-looking statements as a result of a variety of factors, many of which are beyond our control. More information on factors that could cause actual results to differ materially from those anticipated is included from time to time in our reports filed with the Securities and Exchange Commission (SEC), including, but not limited to, those described in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form 10-Q and included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. We disclaim any obligation, except as specifically required by law and the rules of the SEC, to publicly update or revise any such statements to reflect any change in our expectations or in events, 25 Table of Contents conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. The following discussion should be read in conjunction with our consolidated financial statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q and the consolidated financial statements and related notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2025. OVERVIEW We are a people-first global biopharmaceutical company striving to deliver first- and best-in-class therapies to transform the lives of patients facing serious diseases. 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. For a more complete discussion of our business, strategy, products and pipeline, see Part I, Item 1, “Business,” of our Annual Report on Form 10-K for the year ended December 31, 2025. Our Marketed Products Our two commercial products, ARIKAYCE and BRINSUPRI, are both part of our Respiratory therapeutic area. ARIKAYCE is approved in the US as ARIKAYCE (amikacin liposome inhalation suspension), in Europe as ARIKAYCE Liposomal 590 mg Nebuliser Dispersion and in Japan as ARIKAYCE inhalation 590 mg (amikacin sulfate inhalation drug product). ARIKAYCE received accelerated approval in the US in September 2018 for the treatment of MAC lung disease as part of a combination antibacterial drug regimen for adult patients with limited or no alternative treatment options in a refractory setting. In October 2020, the EC approved ARIKAYCE Liposomal for the treatment of NTM lung infections caused by MAC in adults with limited treatment options who do not have CF. In March 2021, Japan's MHLW approved ARIKAYCE for the treatment of patients with NTM lung disease caused by MAC who did not sufficiently respond to prior treatment with a multidrug regimen. NTM lung disease caused by MAC (which we refer to as MAC lung disease) is a rare and often chronic infection that can cause irreversible lung damage and can be fatal. We are not aware of any other approve [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1104506/000110450626000009/insm-20251231.htm Complete FY 2025 MD&A: /company/INSM/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-19 Report date: 2025-12-31 ITEM 7.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion also should be read in conjunction with our consolidated financial statements and the notes thereto contained elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. As a result of many factors, such as those set forth under the section entitled Risk Factors, Cautionary Note Regarding Forward-Looking Statements and elsewhere herein, our actual results may differ materially from those anticipated in these forward-looking statements. EXECUTIVE OVERVIEW We are a people-first global biopharmaceutical company striving to deliver first- and best-in-class therapies to transform the lives of patients facing serious diseases. Our commercial portfolio and clinical pipeline are organized around three therapeutic areas: Respiratory, Immunology & Inflammation, and Neuro & Other Rare. Our two commercial products, ARIKAYCE and BRINSUPRI, are both part of the Respiratory therapeutic area. ARIKAYCE is approved in the US as ARIKAYCE (amikacin liposome inhalation suspension), in Europe as ARIKAYCE Liposomal 590 mg Nebuliser Dispersion and in Japan as ARIKAYCE inhalation 590 mg (amikacin sulfate inhalation drug product). ARIKAYCE was approved in the US in September 2018, in the EU in October 2020 and in Japan in March 2021. BRINSUPRI (brensocatib 25 mg and 10 mg tablets), an oral, once-daily treatment for NCFB in patients 12 years of age and older, was approved in the US in August 2025. In November 2025, the EC approved BRINSUPRI (brensocatib 25 mg tablets) for the treatment of NCFB in patients 12 years of age and older with two or more exacerbations in the prior 12 months. Our Respiratory therapeutic area also includes the clinical-stage programs TPIP and INS1148. TPIP is an inhaled dry powder formulation of the treprostinil prodrug treprostinil palmitil that may offer a differentiated product profile for PH-ILD, PAH, PPF, and IPF. INS1148 is a monoclonal antibody targeting SCF248. The clinical-stage program in our Inflammation & Immunology therapeutic area is brensocatib, a small molecule, oral, reversible inhibitor of DPP1, for the treatment of patients with HS. The clinical-stage programs in our Neuro & Other Rare therapeutic area are INS1201, an intrathecally delivered gene therapy for patients with DMD, and INS1202, an intrathecally delivered gene therapy for patients with ALS. Our pre-clinical research programs encompass a wide range of technologies and modalities, including gene therapy, AI-driven protein engineering, protein manufacturing, RNA end-joining, and synthetic rescue. Refer to Part I, Item 1. "Business" for a detailed discussion of our ongoing commercial and clinical programs. Prior to 2019, we had not generated significant revenue, and through December 31, 2025, we had an accumulated deficit of $5.6 billion. We have financed our operations primarily through the public offerings of our equity securities, debt financings and revenue interest financings. Although it is difficult to predict our future funding requirements, based upon our current operating plan, we anticipate that our cash and cash equivalents and marketable securities as of December 31, 2025 will enable us to fund our operations for at least the next 12 months. Our ability to reduce our operating loss and begin to generate positive cash flow from operations depends on the continued success in commercializing our marketed products and achieving positive results from the ARIKAYCE confirmatory clinical trial program in order to obtain full approval of ARIKAYCE in the US and potentially reach more patients. Our continued success also depends on obtaining regulatory approval for brensocatib in an additional indication, bringing additional clinical stage products, such as TPIP, INS1148, INS1201, and INS1202, to market and advancing our pre-clinical research programs. We expect to continue to incur substantial expenses related to our research and development activities as we continue the ARIKAYCE confirmatory clinical program, conduct studies to explore the potential of brensocatib in HS, conduct trials of TPIP in PH-ILD, PAH, PPF, and IPF, and fund development of our pre-clinical research programs. We also expect to continue to incur significant costs related to the commercialization of our marketed products. Our financial results may fluctuate from quarter to quarter and will depend on, among other factors, the net sales of our marketed products; the scope and progress of our research and development efforts; and the timing of certain expenses. We cannot predict whether or when new products or new indications for marketed products will receive regulatory approval or, if any such approval is received, whether we will be able to successfully commercialize such products and whether or when we may become profitable. KEY COMPONENTS OF OUR RESULTS OF OPERATIONS Product Revenues, Net Product revenues, net, consist of net sales of ARIKAYCE and BRINSUPRI. We recognize revenue for product received by our customers net of allowances for customer credits, including prompt pay discounts, service fees, estimated rebates, including government rebates, such as Medicaid rebates and Medicare Part D reimbursements in the US, and chargebacks. 72 Cost of Product Revenues (Excluding Amortization of Intangible Assets) Cost of product revenues (excluding amortization of intangible assets) consist primarily of direct and indirect costs related to the manufacturing of ARIKAYCE and BRINSUPRI sold, including third-party manufacturing costs, packaging services, freight, and allocation of overhead costs, in addition to royalty expenses. Research and Development (R&D) Expenses R&D expenses consist of salaries, benefits and other related costs, including stock-based compensation, for personnel serving in our research and development functions. R&D expenses also include other internal operating expenses, the cost of manufacturing product candidates, including the medical devices for drug delivery, for clinical study, the cost of conducting clinical studies, and the cost of conducting pre-clinical and research activities. In addition, R&D expenses include payments to third parties for the license rights to products in development (prior to marketing approval), and may include the cost of asset acquisitions. Our R&D expenses related to manufacturing our product candidates and medical devices for clinical study are primarily related to activities at CMOs that manufacture our product candidates and early-stage research activities. Our R&D expenses related to clinical trials are primarily related to activities at contract research organizations (CROs) that conduct and manage clinical trials on our behalf. These contracts with CROs set forth the scope of work to be completed at a fixed fee or billed at a per-unit cost, and increase proportionally to the volume of services rendered. Payments under these contracts with CROs primarily depend on performance criteria such as the successful enrollment of patients or the completion of clinical trial milestones as well as time-based fees. Expenses are accrued based on contracted amounts applied to the level of patient enrollment and to activity according to the clinical trial protocol. Deposits for goods or services that will be used or rendered for future research and development activities are deferred and capitalized. Such amounts are then recognized as an expense as the related goods are delivered or the services are performed. Selling, General and Administrative (SG&A) Expenses SG&A expenses consist of salaries, benefits and other related costs, including stock-based compensation, for our non-employee directors and personnel serving in our executive, finance and accounting, legal and compliance, commercial and pre-commercial, corporate development, field sales, information technology and human resource functions. SG&A expenses also include professional fees for legal services, consulting services, including commercial activities, insurance, board of director fees, tax and accounting services. Amortization of Intangible Assets Upon commercialization of each of ARIKAYCE and BRINSUPRI, the related intangible assets began to be amortized over their estimated useful lives. The fair values assigned to our intangible assets are based on estimates and assumptions we believe are reasonable based on available facts and circumstances. Unanticipated events or circumstances may occur that require us to review the assets for impairment. Change in Fair Value of Deferred and Contingent Consideration Liabilities In connection with the Business Acquisition, we recorded deferred and contingent consideration liabilities related to potential future milestone payments. Adjustments to the fair value are due to changes in the probability of achieving milestones, our stock price, or certain other estimated assumptions. The change in fair value of deferred and contingent consideration liabilities is calculated quarterly with gains and losses recorded in the consolidated statements of comprehensive loss. Our deferred consideration liabilities were fully settled in the third quarter of 2024. As of December 31, 2025 and 2024, only contingent consideration liabilities exist. Investment Income and Interest Expense Investment income consists of interest and dividend income earned on our cash and cash equivalents and marketable securities. Interest expense consists primarily of contractual interest costs, Royalty Financing Agreement non-cash interest expense and the amortization of debt issuance costs related to our debt. Debt issuance costs are amortized to interest expense using the effective interest rate method over the term of the debt. Our consolidated balance sheets reflect debt, net of the debt issuance costs paid to the lender, and other third-party costs. Change in Fair Value of Interest Rate Swap We record derivative and hedge transactions in accordance with generally accepted accounting principles in the US (GAAP). In the fourth quarter of 2022, we entered into an interest rate swap contract (the Swap Contract) with a notional value of $350.0 million to economically hedge our variable rate-based term debt for three years, effectively changing the variable rate under the term debt to a fixed interest rate. Our interest rate swap was not designated as a hedging instrument for accounting purposes. We settled and terminated the Swap Contract in October 2024. All changes in the fair value of the Swap Contract were reported as change in fair value of interest rate swap in the consolidated statements of comprehensive loss. 73 RESULTS OF OPERATIONS Comparison of the Years Ended December 31, 2025 and 2024 Product Revenues, Net Product revenues, net, consist of net sales of ARIKAYCE and BRINSUPRI. The following table summarizes revenue by product and geography for the years ended December 31, 2025 and 2024 (in thousands): [[GREPCENT_TABLE]] [["","Years Ended December 31,","","Increase (decrease)"],["","2025","","2024","","$","","%"],["ARIKAYCE"],["US","$","280,294","","","$","254,800","","","$","25,494","","","10.0","%"],["International","153,471","","","108,907","","","44,564","","40.9","%"],["Total","$","433,765","","","$","363,707","","","$","70,058","","","19.3","%"],["BRINSUPRI"],["US","$","172,658","","","$","\u2014","","","$","172,658","","","NA"],["Total","$","172,658","","","$","\u2014","","","$","172,658","","","NA"],["Total"],["US","$","452,952","","","$","254,800","","","$","198,152","","","77.8","%"],["International","153,471","","","108,907","","","44,564","","","40.9","%"],["Total product revenues, net","$","606,423","","","$","363,707","","","$","242,716","","","66.7","%"]] [[/GREPCENT_TABLE]] Product revenues, net for the year ended December 31, 2025 were $606.4 million as compared [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/INSM/mda/fy2025/ All MD&A years: /company/INSM/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/INSM/mda/fy2024/): filed 2025-02-20; accession 0001104506-25-000009 (https://www.sec.gov/Archives/edgar/data/1104506/000110450625000009/insm-20241231.htm) - [FY 2023 MD&A](/company/INSM/mda/fy2023/): filed 2024-02-22; accession 0001104506-24-000008 (https://www.sec.gov/Archives/edgar/data/1104506/000110450624000008/insm-20231231.htm) - [FY 2022 MD&A](/company/INSM/mda/fy2022/): filed 2023-02-23; accession 0001104506-23-000009 (https://www.sec.gov/Archives/edgar/data/1104506/000110450623000009/insm-20221231.htm) - [FY 2021 MD&A](/company/INSM/mda/fy2021/): filed 2022-02-17; accession 0001104506-22-000008 (https://www.sec.gov/Archives/edgar/data/1104506/000110450622000008/insm-20211231.htm) ## FDA-approved drug applications Applications listed under this company's exact-matched sponsor name. Approved applications only. | FDA-listed trade name | Active ingredient | Application | Original approval | | --- | --- | --- | --- | | BRINSUPRI | BRENSOCATIB | [NDA217673](/drug/nda-217673/) | 2025-08-12 | | ARIKAYCE KIT | AMIKACIN SULFATE | [NDA207356](/drug/nda-207356/) | 2018-09-28 | | IPLEX | MECASERMIN RINFABATE RECOMBINANT | [BLA021884](/drug/bla-021884/) | 2005-12-12 | Sponsor as listed in Drugs@FDA at retrieval (2026-08-07); FDA sponsor listings can lag ownership transfers. This list covers FDA applications whose listed sponsor name maps to this company by an exact-unique match; applications listed under sponsor names not mapped to this company (subsidiaries, name variants, joint ventures) are absent. ## Macro cross-references Indicators mapped to this company's SIC classification (industry 2834 Pharmaceutical Preparations) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/INSM.md · JSON record: /company/INSM.json · verified financials: /company/INSM/financials.json / /company/INSM/financials.csv · machine TOC for the whole site: /llms.txt