Adsett Roger 4

What Happened
Roger Adsett, Chief Operating Officer of INSMED Inc. (INSM), exercised 88,060 stock options at an exercise price of $14.56 (cost $1,282,154) on April 1, 2026, and sold 88,060 shares in three open‑market blocks the same day for aggregate gross proceeds of approximately $14,497,651. The filing also reports a derivative conversion/settlement of 88,060 shares (reported at $0.00) associated with the exercise. These were sales (not purchases), so they represent liquidation of holdings rather than an additional insider purchase.

Key Details

• Transaction date: April 1, 2026; Form 4 filed April 3, 2026 (appears timely).
• Option exercise: 88,060 shares acquired at $14.56 each = $1,282,154.
• Open‑market sales (three blocks):
  • 6,715 shares at a weighted average $163.18 = $1,095,754 (prices ranged $162.52–$163.51).
  • 19,001 shares at a weighted average $164.11 = $3,118,254 (prices ranged $163.52–$164.51).
  • 62,344 shares at a weighted average $164.95 = $10,283,643 (prices ranged $164.52–$165.45).
• Total shares sold: 88,060; total gross proceeds from sales ≈ $14,497,651. Net proceeds after the exercise cost are roughly $13.2M before taxes/fees.
• Shares owned after the transaction: not disclosed in the filing.
• Notable footnotes: sales were effected under a Rule 10b5‑1 trading plan adopted Dec 3, 2025 (F1). Sale price entries are weighted averages with reported price ranges (F2–F4). Option vesting schedule noted in the filing (F5).

Context

• This was an option exercise followed by immediate open‑market sales (a common way for insiders to realize value from vested options). The filed entries and the matching number of exercised and sold shares are consistent with a cashless/offsetting sale pattern (exercise + sale), though the filing should be reviewed for exact mechanics.
• Because these are insider sales (not purchases), they are often routine (e.g., planned sales under a 10b5‑1 plan) and do not by themselves imply management sentiment about the company’s prospects.