INSMED (INSM) COO Roger Adsett Sells 239,850 Shares After Exercising Options

What Happened
Roger Adsett, Chief Operating Officer of INSMED Inc. (INSM), exercised stock options on August 10, 2026 to acquire a total of 239,850 shares (three option tranches) and immediately sold those 239,850 shares in an open-market transaction. The exercises involved: 82,280 shares at $13.67 (cash paid $1,124,768), 76,600 shares at $17.16 (cash paid $1,314,456), and 80,970 shares at $30.46 (cash paid $2,466,346) — total cash to exercise ≈ $4.90M. The sale was reported as 239,850 shares disposed at a weighted average price of $133.27, totaling $31,964,810.

Key Details

• Transaction date: August 10, 2026; Form 4 filed August 12, 2026 (no lateness indicated in the filing).
• Options exercised: 82,280 @ $13.67; 76,600 @ $17.16; 80,970 @ $30.46. Total exercised = 239,850 shares. Total exercise cost ≈ $4,905,570.
• Sale: 239,850 shares sold in the open market at a weighted average price $133.27 (price range $133.00–$133.51), proceeds $31,964,810. The filer will provide the per‑price breakdown on request (Footnote F2).
• The Form shows corresponding derivative instruments were disposed at $0.00 — standard reporting for options converted into shares on exercise.
• Footnotes: F1 notes 141 shares from the 2018 ESPP are included in the filing totals; F3 describes the original option vesting schedule (25% at one year, then 12.5% every six months to year 4).
• Shares owned after the transactions are not specified in the provided summary of the filing.

Context
This was an exercise of vested options followed by an immediate open‑market sale of the resulting shares (a common pattern often used to cover exercise cost and tax obligations). The zero‑price "disposed" lines relate to the cancellation/conversion of the derivative awards upon exercise. The filing is factual disclosure of the transaction and does not itself explain the insider’s motives.