Flammer Martina M.D. 4
4 · INSMED Inc · Filed Feb 4, 2026
Research Summary
AI-generated summary of this filing
INSMED CMO Martina Flammer Exercises Options and Sells Shares
What Happened
Martina Flammer, M.D., Chief Medical Officer of INSMED Inc. (INSM), exercised 7,982 stock options on Feb 2, 2026 at $65.72 per share (total exercise cost ~$524,577). Those shares were largely sold in open-market transactions the same day, and she sold an additional 795 shares on Feb 3, 2026. Total reported sale proceeds across the transactions were about $1,357,795. The Form 4 also shows a related derivative conversion entry for 7,982 shares (administrative reporting of the option-to-stock conversion).
Key Details
- Dates: option exercise and multiple open-market sales on Feb 2, 2026; an additional sale on Feb 3, 2026. Filing date: Feb 4, 2026 (timely).
- Option exercise: 7,982 shares exercised at $65.72 each = $524,577 (transaction code M).
- Open-market sales (proceeds shown):
- 563 shares @ $152.06 = $85,610 (weighted-price range per footnote)
- 928 shares @ $153.16 = $142,132 (weighted-price range)
- 3,349 shares @ $154.56 = $517,621 (weighted-price range)
- 3,042 shares @ $155.46 = $472,909 (weighted-price range)
- 100 shares @ $156.86 = $15,686 (sale to satisfy tax withholding on RSUs)
- 795 shares (Feb 3) @ $155.77 = $123,837
- Total shares sold reported: 8,777; total proceeds ≈ $1,357,795.
- The filing includes a derivative-disposition line showing 7,982 shares at $0 — an administrative entry related to the option conversion.
- Footnotes: some sales were executed under a pre-established Rule 10b5-1 trading plan (adopted Feb 27, 2025). Several sale line items report weighted-average price ranges and the filer offers to provide exact per-share prices on request. One 100-share sale was to satisfy tax withholding for RSU vesting.
- Shares owned after the transactions: not specified in the provided excerpt of the filing.
Context
- This sequence—exercising options then selling the resulting shares the same day—is commonly a cashless or near-cashless exercise plus disposition to realize gains and cover the exercise cost/taxes. The filing’s separate lines and $0 derivative disposal entry reflect that administrative conversion.
- Several of the sales were made under a 10b5-1 trading plan, which indicates the trades were pre-planned rather than ad hoc market timing.
- These are insider sales (liquidity events) rather than open-market purchases; purchases generally carry more interpretive weight for bullish insider sentiment.
Insider Transaction Report
Form 4
INSMED IncINSM
Flammer Martina M.D.
Chief Medical Officer
Transactions
- Exercise/Conversion
Common Stock
[F1]2026-02-02$65.72/sh+7,982$524,577→ 92,889 total - Sale
Common Stock
[F1][F2]2026-02-02$152.06/sh−563$85,610→ 92,326 total - Sale
Common Stock
[F1][F3]2026-02-02$153.16/sh−928$142,132→ 91,398 total - Sale
Common Stock
[F1][F4]2026-02-02$154.56/sh−3,349$517,621→ 88,049 total - Sale
Common Stock
[F1][F5]2026-02-02$155.46/sh−3,042$472,909→ 85,007 total - Sale
Common Stock
[F1]2026-02-02$156.86/sh−100$15,686→ 84,907 total - Sale
Common Stock
[F6]2026-02-03$155.77/sh−795$123,837→ 84,112 total - Exercise/Conversion
Stock Option (right to buy)
[F1][F7]2026-02-02−7,982→ 23,948 totalExercise: $65.72Exp: 2035-01-08→ Common Stock (7,982 underlying)
Footnotes (7)
- [F1]This transaction was effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person on February 27, 2025 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.
- [F2]This is the weighted average sales price representing 563 shares sold at prices ranging from $151.76 to $152.74 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.
- [F3]This is the weighted average sales price representing 928 shares sold at prices ranging from $152.77 to $153.31 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.
- [F4]This is the weighted average sales price representing 3,349 shares sold at prices ranging from $154.10 to $155.09 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.
- [F5]This is the weighted average sales price representing 3,042 shares sold at prices ranging from $155.10 to $155.96 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.
- [F6]Shares sold to satisfy tax withholding obligations upon the vesting of Restricted Stock Units and to cover related broker fees.
- [F7]These stock options were granted under the Company's Amended and Restated 2019 Incentive Plan, as amended. The options become exercisable based on the following vesting schedule: 25% vest on the first day of the first month following the first anniversary of the date of grant and an additional 12.5% vest every six months thereafter until fully vested.
Signature
/s/ Martina Flammer, M.D., by Michael A. Smith as Attorney-in-fact|2026-02-04