Flammer Martina M.D. 4
4 · INSMED Inc · Filed Jul 8, 2026
Research Summary
AI-generated summary of this filing
INSMED (INSM) CMO Martina Flammer Exercises Options, Sells Shares
What Happened
Martina Flammer, M.D., Chief Medical Officer of INSMED (INSM), exercised stock options and sold the resulting shares on July 6, 2026. She exercised 7,945 options at $29.13 each (cost $231,438) and 4,357 options at $19.74 each (cost $86,007) — acquiring 12,302 shares for a total exercise cost of $317,445. Those 12,302 shares were then sold in two open-market transactions: 4,854 shares at a weighted average of $109.02 ($529,183) and 7,448 shares at a weighted average of $110.60 ($823,749), for combined gross proceeds of about $1,352,932. The filing also shows two derivative "Disposed" lines at $0 tied to the option exercises (common in filings when shares are surrendered or net-settled).
Key Details
- Transaction date: July 6, 2026; Form 4 filed July 8, 2026 (timely).
- Options exercised: 7,945 @ $29.13 ($231,438) and 4,357 @ $19.74 ($86,007).
- Shares sold: 4,854 @ weighted avg $109.02 (range $108.90–$109.58) and 7,448 @ weighted avg $110.60 (range $110.36–$110.71). See footnotes F2 & F3 for price ranges.
- Gross sale proceeds: ~$1,352,932; exercise cost: ~$317,445; approximate net proceeds before taxes/fees: ~$1,035,487.
- Transactions effected under a 10b5-1 trading plan adopted Feb 27, 2025 (footnote F1).
- Options vest per footnote F4 (25% at 1 year, then 12.5% every 6 months through year 4).
- Shares owned after the transaction: not specified in the provided excerpt — check the full Form 4 for ending beneficial ownership.
Context
This was an option exercise followed by same-day open-market sales (effectively a cashless or immediate-sale outcome). Sales executed under a pre-established 10b5-1 plan are typically pre-planned and do not necessarily indicate a change in the insider’s view of the company. The $0 "Disposed" derivative lines in the filing are related to the exercise mechanics (e.g., net settlement or share surrender) as reported on the Form 4.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1]2026-07-06$29.13/sh+7,945$231,438→ 68,431 total - Exercise/Conversion
Common Stock
[F1]2026-07-06$19.74/sh+4,357$86,007→ 72,788 total - Sale
Common Stock
[F1][F2]2026-07-06$109.02/sh−4,854$529,183→ 67,934 total - Sale
Common Stock
[F1][F3]2026-07-06$110.60/sh−7,448$823,749→ 60,486 total - Exercise/Conversion
Stock Option (right to buy)
[F1][F4]2026-07-06−7,945→ 23,835 totalExercise: $29.13Exp: 2034-01-04→ Common Stock (7,945 underlying) - Exercise/Conversion
Stock Option (right to buy)
[F1][F4]2026-07-06−4,357→ 4,358 totalExercise: $19.74Exp: 2033-01-05→ Common Stock (4,357 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 4,854 shares sold at prices ranging from $108.90 to $109.58 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 7,448 shares sold at prices ranging from $110.36 to $110.71 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 become exercisable based on the following vesting schedule: 25% vest on the first anniversary of the grant date and an additional 12.5% vest on each sixth month anniversary date thereafter through the fourth anniversary of the date of grant.