INSMED Inc

Listed Company

INSMCIK 0001104506NasdaqLarge AcceleratedPharmaceutical PreparationsVirginiaFY ends Dec 31

Period

FY 2025

Revenue

$606.42M

Net Income

$-1.28B

Total Assets

$2.26B

Equity

$738.98M

Shares Out

215.55M

Op. Cash Flow

$-935.01M

Business

INSMED Inc is a people-first global biopharmaceutical company that develops and commercializes therapies for serious diseases. Its main products and product candidates include the marketed inhaled antibiotic ARIKAYCE and clinical-stage programs brensocatib (oral DPP1 inhibitor), TPIP (inhaled treprostinil prodrug) and INS1201 (intrathecal gene therapy), plus preclinical research in gene therapy, AI-driven protein engineering and related modalities. The business operates through commercial, clinical development and preclinical R&D activities, supported by manufacturing, licensing and partnership arrangements. It sells and seeks regulatory approvals across the United States, Europe, Japan and other international markets.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Product revenues, net	606	364	305	245	188
Cost of product revenues (excluding amortization of intangible assets)	123	86	66	55	44
Research and development	771	598	571	398	273
Selling, general and administrative	701	461	345	266	—
Amortization of intangible assets	6	5	5	5	5
Change in fair value of deferred and contingent consideration	252	92	29	−21	7
Total operating expenses	1,853	1,242	1,015	703	564
Operating loss	−1,247	−878	−710	−457	−375
Investment income	61	53	42	11	174,000
Interest expense	−84	−85	−82	−26	—
Change in fair value of interest rate swap	0	−236,000	320,000	−2	0
Other (expense) income, net	−2	29,000	2	−6	−3
Loss before income taxes	−1,272	−910	−747	−480	−436
Provision for income taxes	5	4	3	1	−2
Net loss	−1,277	−914	−750	−482	−435
Basic net loss per share (in dollars per share)	−6.42	−5.57	−5.34	−3.91	−3.88
Diluted net loss per share (in dollars per share)	−6.42	−5.57	−5.34	−3.91	−3.88
Weighted average basic common shares outstanding (in shares)	199	164	140	123	112
Weighted average diluted common shares outstanding (in shares)	199	164	140	123	112
Net loss, basic	−1,277	−914	−750	−482	−435
Net loss, diluted	−1,277	−914	−750	−482	—
Foreign currency translation gains (losses)	3	−2	−2	303,000	775,000
Unrealized gain on marketable securities	444,000	311,000	713,000	−515,000	0
Total comprehensive loss	−1,273	−915	−751	−482	−434

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	510	555	482	1,074	717
Marketable securities	920	879	298	74	0
Accounts receivable	141	52	41	30	24
Inventory	132	99	83	70	67
Prepaid expenses and other current assets	91	37	24	25	29
Total current assets	1,794	1,622	929	1,273	837
Fixed assets, net	103	80	65	56	53
Finance lease right-of-use assets	16	18	21	24	9
Operating lease right-of-use assets	21	17	18	22	33
Intangibles, net	98	59	64	69	74
Goodwill	136	136	136	136	136
Other assets	97	93	97	76	51
Total assets	2,265	2,025	1,330	1,656	1,244
Accounts payable and accrued liabilities	456	285	215	182	125
Finance lease liabilities	3	3	3	1	609,000
Operating lease liabilities	9	9	8	7	10
Total current liabilities	469	298	226	190	135
Debt, long-term	541	1,103	1,155	1,125	567
Royalty financing agreement	163	161	155	148	0
Contingent consideration	314	144	85	51	76
Finance lease liabilities, long-term	21	24	27	30	14
Operating lease liabilities, long-term	12	9	11	15	21
Other long-term liabilities	6	499,000	3	9	20
Total liabilities	1,526	1,740	1,662	1,568	833
Common stock, $0.01 par value; 500,000,000 authorized shares, 214,255,853 and 179,382,635 issued and outstanding shares at December 31, 2025 and December 31, 2024, respectively	2	2	1	1	1
Additional paid-in capital	6,372	4,646	3,113	2,782	2,674
Accumulated deficit	−5,637	−4,360	−3,446	−2,697	−2,265
Accumulated other comprehensive gain (loss)	1	−2	−745,000	756,000	968,000
Total shareholders' equity	739	285	−332	88	410
Total liabilities and shareholders' equity	2,265	2,025	1,330	1,656	1,244

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	10	6	6	5	9
Stock-based compensation expense	153	97	75	58	46
Amortization of debt issuance costs	6	7	7	4	—
Paid-in-kind interest capitalized	0	19	23	4	0
Royalty financing non-cash interest expense	21	20	19	4	0
Accretion of discount on marketable securities, net	−38	−19	−9	0	—
Finance lease amortization expense	3	3	3	2	1
Non-cash operating lease expense	10	4	9	12	13
Accounts receivable	−88	−13	−12	−6	−8
Inventory	−32	−17	−14	−2	−17
Prepaid expenses and other current assets	−53	−14	2	3	−6
Other assets	−2	8	−20	−25	−24
Accounts payable and accrued liabilities	100	45	15	—	—
Other liabilities	−5	−12	−11	−13	—
Net cash used in operating activities	−935	−684	−536	−400	−363
Purchase of fixed assets	−33	−22	−13	−10	−7
Payment of AZ milestone	−30	0	0	—	—
Purchase of marketable securities	−2,100	−1,577	−589	−100	−50
Cash acquired in asset acquisition	0	0	3	0	0
Maturities of marketable securities	2,100	1,016	375	75	—
Net cash used in investing activities	−65	−583	−224	−35	−64
Proceeds from exercise of stock options and ESPP	136	113	18	20	22
Proceeds from issuance of common stock, net	823	1,084	152	292	270
Proceeds from issuance of Term Loan	0	150	0	350	0
Payments of principal of 0.75% convertible senior notes due 2028	−2	0	0	0	−225
Payment of debt issuance costs	0	−4	−1	−18	−16
Payments of finance lease principal	−3	−3	−1	−601,000	−1
Net cash provided by financing activities	954	1,341	168	793	613
Effect of exchange rates on cash and cash equivalents	931,000	−1	−250,000	−996,000	−933,000
Net (decrease) increase in cash and cash equivalents	−45	73	−592	357	184
Cash paid for interest	55	41	36	10	11
Cash paid for income taxes	4	2	2	2	2

Filings

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