INSMED (INSM) CMO Martina Flammer Exercises Options, Sells Shares

What Happened
Martina Flammer, M.D., Chief Medical Officer of INSMED Inc., exercised stock options and sold the resulting shares on August 6, 2026. She exercised 18,278 options at $18.95 (cost $346,368) and 8,895 options at $25.83 (cost $229,758), acquiring 27,173 shares for a total exercise cost of $576,126. Those shares were sold the same day in open-market transactions: 8,895 shares at $127.00 for $1,129,665 and 18,278 shares at an average of about $129.40 for $2,365,173, yielding gross sale proceeds of approximately $3,494,838.

Key Details

• Transaction date: August 6, 2026; Form 4 filed August 7, 2026 (timely).
• Exercises (acquisitions): 18,278 @ $18.95 ($346,368) and 8,895 @ $25.83 ($229,758).
• Sales (open market): 18,278 @ avg ~$129.40 ($2,365,173) and 8,895 @ $127.00 ($1,129,665); total gross proceeds ≈ $3,494,838.
• The filing shows related derivative line items at $0 reflecting conversion/cancellation of the options on exercise.
• Shares owned after the transactions: not specified in the provided filing text.
• Footnotes: sales were effected pursuant to a Rule 10b5-1 trading plan adopted Feb 27, 2025 (F1). F2 notes the 18,278-share sale price is a weighted average across $129.40–$129.41. F3/F4 describe the original option vesting schedules.

Context
Because the exercises and sales occurred on the same day, this represents a cashless-style exercise pattern (exercise followed by immediate sale), and the sales were made under a pre-established 10b5-1 plan. Sales under such plans are generally pre-planned and do not necessarily reflect a change in the insider’s view of the company. This report is factual and does not speculate on motivation.