Flammer Martina M.D. 4

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.