[Form 4] Toast, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insmed, Inc. (NASDAQ: INSM) – Form 144 filing dated 07/07/2025

The notice discloses that insider Sara Bonstein intends to sell 57,764 shares of Insmed common stock through Merrill Lynch (1800 K St NW, Washington DC) on or about July 7, 2025. At the indicated market price, the proposed transaction represents an aggregate value of approximately $5.54 million. Total shares outstanding are reported at 182,138,923, so the planned sale equals roughly 0.03 % of common shares outstanding.

Recent insider liquidity activity (last three months, same filer):

• 06/23/2025 – 57,765 shares sold for $5,877,431
• 06/10/2025 – 57,766 shares sold for $5,146,207
• 06/03/2025 – 1,579 shares sold for $112,898
• 05/14/2025 – 1,634 shares sold for $107,206
• 05/13/2025 – 8,870 shares sold for $601,474

Including the proposed sale, the insider will have disposed of 185,378 shares for total gross proceeds of about $17.38 million since May 2025.

No information is provided regarding the insider’s relationship to the issuer, the existence of a Rule 10b5-1 trading plan, or motivations for the transactions. The filing states that the seller attests to not possessing undisclosed material adverse information.

Positive

• None.

Negative

• Repeated sizable insider sales: 185,378 shares (~$17.4 m) sold or planned within three months may signal reduced insider confidence.
• Lack of disclosed 10b5-1 plan leaves uncertainty about whether the sales are systematic or opportunistic.

Insights

Insider-Trading Analyst

TL;DR: Form 144 shows continued large insider sales; sentiment skewed negative due to size and frequency.

The filer, Sara Bonstein, has already liquidated roughly 127.6 k shares over the past three months and now intends to dispose of another 57.8 k shares worth $5.5 m. While the stake equals only 0.03 % of shares outstanding, the repetitive pattern and cumulative $17 m proceeds can be viewed as a bearish signal on near-term share performance, especially absent offsetting insider purchases. The filing lacks mention of a Rule 10b5-1 plan, leaving uncertainty around pre-scheduled versus discretionary selling. Investors often interpret such clustered sales as waning insider confidence or forthcoming personal diversification. Impact is negative but not highly material to capital structure given Insmed’s >182 m share float.

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^*

Elworthy Brian R

(Last) (First) (Middle)

TOAST, INC.

333 SUMMER STREET

(Street)

BOSTON MA 02210

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Toast, Inc. [ TOST ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
07/02/2025

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
Class A Common Stock	07/02/2025		S(1)		5,681	D	$42.592	221,767	D
Class A Common Stock								39,368	I	By the Brian R. Elworthy Irrevocable Trust of 2019

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. Represents shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of RSUs, and does not represent a discretionary trade by the Reporting Person.

Remarks:

	/s/ Xing Yan as Attorney-in-Fact for Brian R. Elworthy	07/07/2025
	** 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.

FAQ

How many Insmed (INSM) shares are proposed for sale in the July 7 2025 Form 144?

The filing covers 57,764 common shares.

What is the estimated value of the proposed INSM share sale?

Aggregate market value is approximately $5.54 million.

Who is the insider selling Insmed shares according to the Form 144?

The seller named is Sara Bonstein.

How many INSM shares has the insider sold in the past three months?

The insider previously sold 127,614 shares for about $11.85 million.

What percentage of Insmed’s shares outstanding does the upcoming sale represent?

Roughly 0.03 % of the 182,138,923 shares outstanding.

Which brokerage firm will execute the planned sale?

The trades are to be executed through Merrill Lynch, Washington DC.