Flammer Martina M.D. 4
4 · INSMED Inc · Filed May 13, 2026
Research Summary
AI-generated summary of this filing
INSMED (INSM) CMO Dr. Martina Flammer Exercises Options, Sells Shares
What Happened
Dr. Martina Flammer, Chief Medical Officer of INSMED (INSM), exercised 12,949 stock options on 2026-05-11 at $17.07 per share for a total exercise cost of $221,039, and on the same day sold all 12,949 shares in open-market transactions for aggregate proceeds of $1,300,121. The sales consisted of 12,119 shares at a weighted average price of $100.35 (proceeds $1,216,142) and 830 shares at a weighted average price of $101.18 (proceeds $83,979). The net proceeds before taxes and fees were roughly $1.08M (sales proceeds minus exercise cost).
Key Details
- Transaction date: 2026-05-11; Form 4 filed 2026-05-13 (filed within the normal 2-business-day window).
- Option exercise: 12,949 shares acquired at $17.07 each = $221,039 (transaction code M).
- Open-market sales: 12,119 shares at weighted avg $100.35 = $1,216,142 (F2); 830 shares at weighted avg $101.18 = $83,979 (F3). Total sold = 12,949 shares for $1,300,121.
- Footnotes: Sales were executed under a Rule 10b5-1 trading plan adopted Feb 27, 2025 (F1). Sales prices reported as weighted averages across price ranges; breakdown by price available on request to the SEC/issuer/holders (F2, F3). Vesting schedule for the options noted in the filing (25% after 1 year, then 12.5% every six months through year 4) (F4).
- Shares owned after transaction: not specified in the provided filing details.
Context
This sequence (exercise followed by same‑day sales of all resulting shares) is effectively a cashless exercise: the options were exercised and the shares were immediately sold. Sales were pre-arranged under a 10b5‑1 plan, which specifies trading terms established in advance and can limit interpretation of motive. All figures above are gross amounts (before taxes, fees, or withholdings).
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1]2026-05-11$17.07/sh+12,949$221,039→ 96,192 total - Sale
Common Stock
[F1][F2]2026-05-11$100.35/sh−12,119$1,216,142→ 84,073 total - Sale
Common Stock
[F1][F3]2026-05-11$101.18/sh−830$83,979→ 83,243 total - Exercise/Conversion
Stock Option (right to buy)
[F1][F4]2026-05-11−12,949→ 0 totalExercise: $17.07Exp: 2032-05-11→ Common Stock (12,949 underlying)
Footnotes (4)
- [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 12,119 shares sold at prices ranging from $100.00 to $100.96 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.
- [F3]This is the weighted average sales price representing 830 shares sold at prices ranging from $101.11 to $101.36 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]The options became exercisable based on the following vesting schedule: 25% vested on the first anniversary of the grant date and an additional 12.5% vested on each sixth month anniversary date thereafter through the fourth anniversary of the date of grant.