[144] Insmed, Inc. SEC Filing

Rhea-AI Filing Summary

Insmed, Inc. (INSM) – Form 144 notice of proposed sale

The filing discloses that Michael A. Smith intends to sell 748 shares of Insmed common stock through Merrill Lynch on or about 11 July 2025. The shares carry an aggregate market value of $72,114, implying a reference price of roughly $96 per share. Insmed has 182,138,923 shares outstanding, so the planned sale represents only 0.0004 % of the float.

The form also lists insider transactions over the preceding three months: Smith sold 34,470 shares between 14 May 2025 and 5 June 2025 for gross proceeds of $2.4 million. Even these cumulative sales equal just 0.019 % of shares outstanding. All sales were made under Rule 144, which governs the resale of restricted or control securities.

No financing, earnings, or operational data accompany the filing; the document’s sole purpose is to give advance notice of this modest insider disposition and to certify that the seller is unaware of undisclosed material adverse information.

Positive

• Transparency and regulatory compliance: Filing shows the insider is following Rule 144 procedures, reinforcing good governance.
• Immaterial share volume: Planned sale equals only 0.0004 % of shares outstanding, limiting dilution or market impact.

Negative

• Continued insider selling: Cumulative 34,470 shares sold in the last three months may be perceived as diminished insider confidence, even if economically small.

Insights

Sell-Side Equity Analyst

TL;DR: Small Rule 144 sale—neutral; signals routine liquidity, not a strategic shift.

The proposed 748-share sale is de-minimis versus Insmed’s 182 million share base, and cumulative recent sales remain immaterial at ~0.02 %. Such filings are procedural for affiliates seeking liquidity after equity compensation. There is no indication of operational issues, and the certification explicitly states no undisclosed negative information. From a valuation or sentiment standpoint, the filing is neutral; volumes are far too small to influence supply–demand dynamics or imply management pessimism. Investors monitoring executive ownership trends may note continued divestiture, yet the scale does not alter the investment thesis.

Corporate Governance Specialist

TL;DR: Routine compliance disclosure; transparency positive, but insider selling can raise minor perception risk.

Form 144 demonstrates adherence to SEC resale rules and timely disclosure, a governance positive. However, ongoing insider disposals—though quantitatively trivial—can invite scrutiny over executive confidence. Because the seller affirms lack of material non-public information and volumes are immaterial, I view the governance impact as largely neutral with a slight negative optics element.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Merrill Lynch 1800 K ST NW Suite 800 Washington DC 20006	748	72114.00	182138923	07/11/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	07/08/2025	Stock Plan Activity	Issuer			748	07/08/2025	n/a

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Michael A Smith 700 US Highway 202/206 Bridgewater NJ 08807	Common	06/05/2025	1879	138050.00
Michael A Smith 700 US Highway 202/206 Bridgewater NJ 08807	Common	06/03/2025	1448	103532.00
Michael A Smith 700 US Highway 202/206 Bridgewater NJ 08807	Common	05/30/2025	26327	1833031.00
Michael A Smith 700 US Highway 202/206 Bridgewater NJ 08807	Common	05/14/2025	409	26834.00
Michael A Smith 700 US Highway 202/206 Bridgewater NJ 08807	Common	05/13/2025	4407	298838.00

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How many Insmed (INSM) shares are being sold under this Form 144?

748 common shares are scheduled for sale on or about 11 July 2025.

What is the value of the proposed INSM share sale?

The aggregate market value disclosed is $72,114.

Who is the selling insider in this INSM Form 144?

The seller is Michael A. Smith, as identified in the past-sales section.

How significant are the insider sales relative to Insmed’s share count?

The upcoming sale represents 0.0004 % of the 182,138,923 shares outstanding; past 3-month sales total 0.019 %.

Which broker will handle the transaction?

The filing names Merrill Lynch, 1800 K St NW, Washington DC as broker.