Lewis William 4

What Happened

• William Lewis, Chair and CEO of INSMED Inc (INSM), exercised a total of 10,699 option-based derivatives on Feb 19, 2026 (6,259 shares at $30.46 and 4,440 shares at $17.16), paying $190,649 and $76,190 respectively. The underlying 10,699 shares were then sold in multiple open-market transactions the same day for aggregate gross proceeds of about $1,615,257 (weighted-average prices reported across sales).
• These combined entries show an exercise of vested options followed by immediate sales of the acquired shares (effectively monetizing the option gains). Sales were executed at prices in the ~$148.51–$153.78 per-share range (weighted averages reported for each block).

Key Details

• Transaction date: Feb 19, 2026; Form 4 filed Feb 23, 2026 (timely within two business days).
• Options exercised: 6,259 @ $30.46 (cost $190,649); 4,440 @ $17.16 (cost $76,190) — total 10,699 shares.
• Shares sold: 10,699 shares in five blocks (weighted-average sale prices reported); total proceeds ≈ $1,615,257.
• Footnotes: Sales were effected pursuant to a 10b5-1 trading plan adopted Sept 4, 2025 (F1). Individual sale blocks show weighted-average price ranges and the filer will provide per-price breakdowns on request (F2–F6). Vesting schedule for the options noted (F7).
• Shares owned after transaction: not disclosed in the provided data.
• Transaction codes: M = option exercise/conversion; S = open-market sale.

Context

• This was an exercise of vested options followed by immediate open-market sales (a common way for executives to realize gains or cover exercise costs/taxes). Because the shares were sold the same day, the net economic effect was monetization rather than a new long-term purchase position.
• Transactions executed under a 10b5-1 plan indicate they were pre-arranged trading instructions rather than opportunistic intra-window trades. As always, sales by insiders are not proof of future company performance; purchases are generally considered a stronger bullish signal.