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Insmed Inc (INSM) director Leo Lee sells 75,000 shares

Filing Impact
(Very High)
Filing Sentiment
(Very Negative)
Form Type
4

Rhea-AI Filing Summary

Insmed Inc director Leo Lee reported multiple sales of Insmed Common Stock on November 17, 2025, totaling 75,000 shares. Footnotes describe weighted average sale prices ranging from $193.00 to $197.78 per share. After these trades, Lee directly held 54,677 Insmed common shares.

Positive

  • None.

Negative

  • None.
Insider LEE LEO
Role Director
Sold 75,000 shs ($14.69M)
Type Security Shares Price Value
Sale Common Stock 3,212 $193.51 $622K
Sale Common Stock 17,594 $194.49 $3.42M
Sale Common Stock 14,944 $195.39 $2.92M
Sale Common Stock 24,076 $196.61 $4.73M
Sale Common Stock 15,174 $197.40 $3.00M
Holdings After Transaction: Common Stock — 54,677 shares (Direct)
Footnotes (5)
  1. F1. This is the weighted average sales price representing 3,212 shares sold at prices ranging from $193.00 to $193.99 per share. The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer the number of shares sold at each price within the price range upon request.
  2. F2. This is the weighted average sales price representing 17,594 shares sold at prices ranging from $194.00 to $194.99 per share. The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer the number of shares sold at each price within the price range upon request.
  3. F3. This is the weighted average sales price representing 14,944 shares sold at prices ranging from $195.00 to $195.99 per share. The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer the number of shares sold at each price within the price range upon request.
  4. F4. This is the weighted average sales price representing 24,076 shares sold at prices ranging from $196.00 to $196.99 per share. The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer the number of shares sold at each price within the price range upon request.
  5. F5. This is the weighted average sales price representing 15,174 shares sold at prices ranging from $197.00 to $197.78 per share. The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer the number of shares sold at each price within the price range upon request.
Total shares sold 75,000 shares Common Stock sales on November 17, 2025
Sale price range $193.00–$197.78 per share Weighted average prices across reported sales
Post-transaction holdings 54,677 shares Common Stock directly held after reported sales
weighted average sales price financial
"This is the weighted average sales price representing 3,212 shares sold at prices"
Reporting Person regulatory
"The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder"
security holder regulatory
"or a security holder of the issuer the number of shares sold at each price"

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FAQ

What insider transaction did Leo Lee report for INSM on November 17, 2025?
Leo Lee, a director of Insmed, reported selling 75,000 shares of Insmed Common Stock on November 17, 2025 in multiple transactions. The trades used weighted average prices from $193.00 to $197.78 per share, and he held 54,677 shares afterward.

How many Insmed (INSM) shares does Leo Lee hold after this Form 4?
After the reported sales, Leo Lee directly holds 54,677 shares of Insmed Common Stock. This post-transaction balance comes from the holdings section associated with the Form 4 and represents his remaining direct ownership position in INSM shares.

At what prices did Insmed director Leo Lee sell INSM shares?
The filing shows weighted average sale prices for each trade. Footnotes describe ranges: $193.00–$193.99, $194.00–$194.99, $195.00–$195.99, $196.00–$196.99, and $197.00–$197.78 per share for the reported Insmed (INSM) stock sales.

Does this Insmed (INSM) Form 4 include any derivative securities activity?
All five reported trades involve Insmed Common Stock sales. The transaction summary shows a derivativeTransactionCount of 0 and an empty derivativeSummary section, indicating that no options, warrants, or other derivative securities transactions were reported in this Form 4.

What are Leo Lee’s sale size and remaining holdings in INSM?
Leo Lee sold 75,000 shares and now directly holds 54,677 shares of Insmed (INSM) Common Stock. These figures show the absolute size of his reported trades and his remaining direct position following the November 17, 2025 transactions.
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
LEE LEO
(Last) (First) (Middle)
700 US HIGHWAY 202/206
(Street)
BRIDGEWATER NJ 08807
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
INSMED Inc [ INSM ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
11/17/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 11/17/2025 S 3,212 D $193.51(1) 126,465 D
Common Stock 11/17/2025 S 17,594 D $194.49(2) 108,871 D
Common Stock 11/17/2025 S 14,944 D $195.39(3) 93,927 D
Common Stock 11/17/2025 S 24,076 D $196.61(4) 69,851 D
Common Stock 11/17/2025 S 15,174 D $197.4(5) 54,677 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. This is the weighted average sales price representing 3,212 shares sold at prices ranging from $193.00 to $193.99 per share. The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer the number of shares sold at each price within the price range upon request.
2. This is the weighted average sales price representing 17,594 shares sold at prices ranging from $194.00 to $194.99 per share. The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer the number of shares sold at each price within the price range upon request.
3. This is the weighted average sales price representing 14,944 shares sold at prices ranging from $195.00 to $195.99 per share. The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer the number of shares sold at each price within the price range upon request.
4. This is the weighted average sales price representing 24,076 shares sold at prices ranging from $196.00 to $196.99 per share. The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer the number of shares sold at each price within the price range upon request.
5. This is the weighted average sales price representing 15,174 shares sold at prices ranging from $197.00 to $197.78 per share. The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer the number of shares sold at each price within the price range upon request.
Remarks:
Exhibit List - Exhibit 24 - Power of Attorney
/s/ Leo Lee, by Michael A. Smith as Attorney-in-fact 11/18/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR