Flammer Martina M.D. 4

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.