What are the investment strengths of Insmed Inc (INSM)?

Gross margin of 77% TTM demonstrates strong unit economics; if pipeline succeeds, operating leverage is massive with 1.3B opex base already built Working capital of 1.5B provides 18+ months runway even at current burn; recent 1.2B investment activity suggests strategic deployment

What are the investment risks for Insmed Inc (INSM)?

Burning 906M FCF annually with 335M cash - dilutive financing imminent; stock issuance history (-256K) shows willingness to dilute 93x P/S requires flawless execution; any pipeline setback destroys thesis given zero margin of safety at current valuation

Insmed Inc

INSM

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Insmed Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-12

Snapshot

R&D spend of 695.9M TTM is 156% of revenue (447M) - pre-commercial biotech burning cash to advance pipeline[Research and Development TTM]
FCF of -906M TTM with only 335M cash remaining; 1.2B investment purchases suggest recent capital raise deployed[Free Cash Flow TTM]
P/S ratio of 93x vs industry median 4.1x - market pricing in massive revenue inflection from pipeline[Price to Sales Ratio]

Watch Triggers

Cash and Equivalents: Falls below 200M or new equity raise announced — Signals imminent dilution; current 335M insufficient for 12-month burn
Total Revenue TTM: Quarterly revenue exceeds 150M (600M run rate) — Validates commercial traction needed to justify valuation
Research and Development TTM: R&D/Revenue ratio drops below 100% — Indicates transition from development to commercialization phase

Bull Case

Gross margin of 77% TTM demonstrates strong unit economics; if pipeline succeeds, operating leverage is massive with 1.3B opex base already built

Gross Margin TTMOperating Expense TTM

Working capital of 1.5B provides 18+ months runway even at current burn; recent 1.2B investment activity suggests strategic deployment

Working CapitalPurchase of Investment

Bear Case

Burning 906M FCF annually with 335M cash - dilutive financing imminent; stock issuance history (-256K) shows willingness to dilute

Free Cash Flow TTMCash and Equivalents

93x P/S requires flawless execution; any pipeline setback destroys thesis given zero margin of safety at current valuation

Price to Sales RatioNet Income TTM

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

35%

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Forward Thesis

Cash runway is critical constraint - current burn rate exhausts reserves within 6 months without financing

3-12mhigh

FCF burn of -906M TTM vs 335M cash
R&D intensity at 156% of revenue
Debt/equity 0.61 limits debt capacity

Cash 335M, FCF -906M TTMLong-term debt 569M already on booksRecent 1.2B investment deployment

Revenue must inflect 5-10x to justify 42B market cap given current 447M TTM revenue base

3-5ymed

EV/Revenue of 94x requires blockbuster
Gross margin 77% supports scale leverage
Operating loss 990M needs revenue offset

Revenue 447M, EV 42BGross margin 76.5% TTMOperating income -990M TTM

Valuation Context

Caveats

Public Strategies Rankings

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INSM Fundamentals

Manufacturing → Chemical Manufacturing

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$30.89B		—
Enterprise Value	$30.97B		—
P/E Ratio	0.00		—
Total Revenue - TTM	$606.42M	+66.7%	—
Earnings Per Share (diluted) - TTM	$-6.42		—
Operating Margin - TTM	-164%	+52.2%	—
Net Margin - TTM	-211%	+40.7%	—
Free Cash Flow - TTM	$-967.58M		—
Return on Common Equity - TTM	-249%		—
Beta 5Y (Monthly)	unknown		—

INSM Dividend History

No dividends

INSM Stock Splits

2 stock splits

03/03/1110:1 split

07/31/004:1 split

INSM SEC Filings

Filing Date	Report Date	Report Type	Filing Link
02/19/26	12/31/25	Unknown	0001104506-26-000009
10/30/25	09/30/25	10-Q	0001104506-25-000053
08/07/25	06/30/25	10-Q	0001104506-25-000043
05/08/25	03/31/25	10-Q	0001104506-25-000026
02/20/25	12/31/24	Unknown	0001104506-25-000009
10/31/24	09/30/24	10-Q	0001104506-24-000033
08/08/24	06/30/24	10-Q	0001104506-24-000026
05/09/24	03/31/24	10-Q	0001104506-24-000016
02/22/24	12/31/23	10-K	0001104506-24-000008
10/26/23	09/30/23	10-Q	0001104506-23-000025
08/03/23	06/30/23	10-Q	0001104506-23-000018
05/04/23	03/31/23	10-Q	0001104506-23-000012
02/23/23	12/31/22	10-K	0001104506-23-000009
10/27/22	09/30/22	10-Q	0001104506-22-000023
08/04/22	06/30/22	10-Q	0001104506-22-000019
05/05/22	03/31/22	10-Q	0001104506-22-000014
02/17/22	12/31/21	10-K	0001104506-22-000008
10/28/21	09/30/21	10-Q	0001104506-21-000015
08/05/21	06/30/21	10-Q	0001104506-21-000012
05/06/21	03/31/21	10-Q	0001104506-21-000010
02/25/21	12/31/20	10-K	0001104506-21-000005
10/29/20	09/30/20	10-Q	0001104506-20-000019
08/06/20	06/30/20	10-Q	0001104506-20-000016
04/30/20	03/31/20	10-Q	0001104506-20-000011
02/25/20	12/31/19	10-K	0001104506-20-000007
10/30/19	09/30/19	10-Q	0001104506-19-000026
08/01/19	06/30/19	10-Q	0001104506-19-000020
05/07/19	03/31/19	10-Q	0001104506-19-000014
02/22/19	12/31/18	10-K	0001104506-19-000009
10/30/18	09/30/18	10-Q	0001104506-18-000011
08/02/18	06/30/18	10-Q	0001104506-18-000008
05/02/18	03/31/18	10-Q	0001104506-18-000004
02/23/18	12/31/17	10-K	0001104506-18-000002
11/02/17	09/30/17	10-Q	0001104506-17-000005
08/03/17	06/30/17	10-Q	0001104659-17-049121
05/03/17	03/31/17	10-Q	0001104659-17-029170
02/23/17	12/31/16	10-K	0001047469-17-000856
11/03/16	09/30/16	10-Q	0001104659-16-154364
08/04/16	06/30/16	10-Q	0001104659-16-136806
05/05/16	03/31/16	10-Q	0001104659-16-117987
02/25/16	12/31/15	10-K	0001047469-16-010395
11/06/15	09/30/15	10-Q	0001104659-15-076446
08/06/15	06/30/15	10-Q	0001104659-15-056784
05/07/15	03/31/15	10-Q	0001104659-15-035191
02/27/15	12/31/14	10-K	0001047469-15-001346
11/06/14	09/30/14	10-Q	0001104659-14-077304
08/06/14	06/30/14	10-Q	0001104659-14-057161
05/08/14	03/31/14	10-Q	0001104659-14-036103
03/06/14	12/31/13	10-K	0001047469-14-001864
11/05/13	09/30/13	10-Q	0001104659-13-080816
08/06/13	06/30/13	10-Q	0001104659-13-060111
05/07/13	03/31/13	10-Q	0001104659-13-037892
03/18/13	12/31/12	10-K	0001140361-13-012797
11/07/12	09/30/12	10-Q	0001140361-12-045934
08/07/12	06/30/12	10-Q	0001140361-12-035365
05/08/12	03/31/12	10-Q	0001140361-12-023462
03/13/12	12/31/11	10-K	0001140361-12-015075
11/09/11	09/30/11	10-Q	0001104506-11-000041
08/08/11	06/30/11	10-Q	0001104506-11-000033
05/10/11	03/31/11	10-Q	0001104506-11-000023
03/16/11	12/31/10	10-K	0001104506-11-000016
11/09/11	09/30/10	10-Q	0001104506-11-000041
08/04/10	06/30/10	10-Q	0001104506-10-000013
05/06/10	03/31/10	10-Q	0001104506-10-000008
03/16/10	12/31/09	10-K	0001104506-10-000004
11/09/09	09/30/09	10-Q	0001104506-09-000025
11/03/10	09/30/09	10-Q	0001104506-10-000017
08/13/09	06/30/09	10-Q	0001104506-09-000021
05/13/09	03/30/09	10-Q	0001104506-09-000010
03/31/09	12/31/08	10-K	0001104506-09-000004
11/05/08	09/30/08	10-Q	0001104506-08-000010
08/08/08	06/30/08	10-Q	0001193125-08-171909
05/09/08	03/30/08	Unknown	--
03/12/08	12/31/07	10-K	0001193125-08-054197
11/09/07	09/30/07	10-Q	0001193125-07-242432
08/06/07	06/30/07	10-Q	0001193125-07-172027
05/10/07	03/30/07	Unknown	--
03/16/07	12/31/06	5	0001140361-07-003430
11/08/06	09/30/06	10-Q	0001193125-06-228596
08/09/06	06/30/06	10-Q	0001193125-06-167812
05/09/06	03/30/06	Unknown	--
03/06/06	12/31/05	5	0001140361-06-002480
11/07/05	09/30/05	10-Q	0001193125-05-218371
08/09/05	06/30/05	10-Q	0001193125-05-162218
05/10/05	03/30/05	Unknown	--
03/16/05	12/31/04	5	0001140361-05-001328
11/09/04	09/30/04	10-Q	0001193125-04-191343
08/09/04	06/30/04	10-Q	0001193125-04-135509
05/10/04	03/30/04	Unknown	--
03/12/04	12/31/03	4	0001140361-04-000050
11/14/03	09/30/03	10-Q	0001193125-03-080525
08/12/03	06/30/03	10-Q	0001193125-03-034282
05/15/03	03/30/03	Unknown	--
03/28/03	12/31/02	10-K	0000916641-03-000829
11/08/02	09/30/02	10-Q	0000916641-02-001812
08/09/02	06/30/02	10-Q	0000898430-02-002915
05/14/02	03/30/02	Unknown	--
03/25/02	12/31/01	10-K405	0000950109-02-001597
11/08/01	09/30/01	10-Q	0000916641-01-501473
08/08/01	06/30/01	10-Q	0000916641-01-500837
05/03/01	03/30/01	Unknown	--
03/22/01	12/31/00	10-K	0000916641-01-000387
11/14/00	09/30/00	10-Q	0000916641-00-001687
08/14/00	06/30/00	10-Q	0000916641-00-001160
07/17/00	03/30/00	Unknown	--