Every 10-Q that Insmed, Inc. (INSM) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow INSM and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full INSM filings page.
Insmed Incorporated reported a sharp ramp in commercialization for the quarter ended June 30, 2026. Product revenues, net reached $425.5 million versus $107.4 million a year earlier, driven by US and international launches of BRINSUPRI and continued growth of ARIKAYCE. Quarterly net loss narrowed to $13.2 million, and six‑month net loss was $176.8 million, with basic and diluted loss per share of $0.06 for the quarter and $0.82 year‑to‑date.
R&D expense rose to $210.0 million and SG&A to $247.5 million in the quarter as the company funded BRINSUPRI launch, the TPIP Phase 3 program, and gene‑therapy studies, partly offset by a $99.8 million non‑cash gain from lower contingent consideration. Cash and cash equivalents were $544.8 million and marketable securities $615.5 million as of June 30, 2026; operating activities used $311.6 million of cash in the first half. Management states existing cash and investments should fund operations for at least 12 months but expects continued operating losses.
Strategically, Insmed is advancing label expansion for ARIKAYCE via a US supplemental application for newly diagnosed MAC lung disease, commercializing BRINSUPRI across the US and Europe, progressing TPIP Phase 3 trials in pulmonary hypertension indications with encouraging 12‑month open‑label data, and enrolling early‑stage gene‑therapy trials in DMD and ALS.
Insmed reported sharply higher revenue but remained unprofitable in the quarter ended March 31, 2026. Product revenues, net rose to $305.964 million from $92.823 million a year earlier, driven by the US launch of BRINSUPRI, which contributed $207.854 million, while ARIKAYCE generated $98.110 million.
Net loss narrowed to $163.563 million from $256.583 million, reflecting higher sales but continued heavy investment in research, development, and commercialization. Operating expenses reached $459.284 million, including $209.485 million for research and development and $247.259 million for selling, general and administrative activities.
Insmed ended the quarter with $582.188 million in cash and cash equivalents and $641.326 million in marketable securities, supporting ongoing losses and pipeline spending. Total assets were $2.076 billion against total liabilities of $1.371 billion, including $542.215 million of long-term debt and $162.137 million related to a royalty financing agreement.
Insmed Incorporated reported Q3 2025 results with product revenues, net of $142,342, up from $93,425 a year ago. ARIKAYCE delivered $114,291 (US $73,984; International $40,307), and the newly approved BRINSUPRI contributed $28,051 in its US launch quarter. Operating expenses rose sharply, including a $104,653 increase in the fair value of contingent consideration, leading to an operating loss of $366,005 and a net loss of $370,021. Basic and diluted net loss per share was $1.75 on 211,759 thousand weighted average shares.
Liquidity and capital structure shifted meaningfully. Cash and cash equivalents were $334,764 and marketable securities were $1,345,222 as of September 30, 2025. Long-term debt declined to $539,719 from $1,103,382 as the 0.75% 2028 notes were largely converted and then redeemed, while an amended senior term loan now carries a fixed 9.6% rate and matures in 2029. Shares outstanding were 212,583,015 as of September 30, 2025.
Pipeline and commercialization updates included FDA approval of BRINSUPRI on August 12, 2025 and continued global sales of ARIKAYCE. For the nine months ended September 30, 2025, product revenues, net were $342,580 versus $259,265, while operating cash use was $687,418, reflecting heavier R&D and SG&A to support launches and development.
Insmed (INSM) Q2 2025 10-Q highlights
- Net sales up 19% to $107.4 m; six-month sales rose 21% to $200.2 m, driven by ARIKAYCE growth in Japan (+45%) and continued U.S. demand.
- Spending accelerated. R&D jumped 21% YoY to $177.2 m and SG&A 45% to $154.8 m. Total operating expenses were $420.3 m, lifting the operating loss to $312.9 m (-8% YoY).
- Wider bottom-line loss. Net loss reached $321.7 m (-$1.70/sh) versus $300.6 m (-$1.94/sh) a year ago; six-month loss deepened to $578.3 m.
- Balance-sheet reset. All $575 m 0.75% 2028 converts were converted/redemed in Q2, cutting long-term debt nearly 51% to $538.5 m (term loans only) and adding 17.9 m shares. Shareholders’ equity rose to $1.25 b from $0.29 b.
- Liquidity bolstered. Cash & cash equivalents soared to $1.28 b (vs. $0.56 b YE-24) after $823.5 m equity raise and $146 m draw of Tranche B term loan; total liquidity (cash+securities) $1.86 b.
- Cash burn rising. Operating cash outflow was -$468 m for H1 vs. -$307 m prior-year.
- Contingent consideration liability climbed to $246 m (+46% YTD) on Motus/AlgaeneX milestones.
Company says cash on hand funds operations for ≥12 months while it advances brensocatib Phase 3, TPIP, INS1201 and expands ARIKAYCE indications. No forward guidance provided.