Flammer Martina M.D. 4

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).