Insmed Inc 2026年季度报告

SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549 FORM10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF1934 For the quarterly period ended March31, 2026OR ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF1934 (Registrant’s telephone number including area code) Not Applicable(Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to suchfiling requirements for the past 90 days.YesNo☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 ofRegulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).YesNo☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule12b-2 of the Exchange Act. Accelerated filerSmaller reporting company☐ Large accelerated filerNon-accelerated filerEmerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐NoAs of May1, 2026, there were 216,752,451 shares of the registrant’s common stock outstanding. INSMED INCORPORATEDFORM10-QFOR THE QUARTER ENDED MARCH31, 2026 INDEX PARTI.FINANCIALINFORMATION ITEM 1Consolidated Financial StatementsConsolidated Balance Sheets as ofMarch31, 2026(unaudited) andDecember31, 2025Consolidated Statements of ComprehensiveLoss (unaudited) for the three months endedMarch31, 2026and2025Consolidated Statements of Shareholders' Equity(unaudited) for the three months endedMarch31, 2026 and 2025Consolidated Statements of Cash Flows (unaudited) for thethree months ended March 31, 2026 and2025Notes to Consolidated Financial Statements (unaudited)ITEM 2Management’s Discussion and Analysis of Financial Condition and Results of OperationsITEM 3Quantitative and Qualitative Disclosures about Market RiskITEM 4Controls and Procedures ITEM 1Legal ProceedingsITEM 1ARisk FactorsITEM 2Unregistered Sales of Equity Securities and Use of ProceedsITEM 5Other InformationITEM 6ExhibitsSIGNATURE Unless the context otherwise indicates, references in this Form10-Q to “Insmed Incorporated” refer to Insmed Incorporated, a Virginiacorporation, and the “Company,” “Insmed,” “we,” “us” and “our” refer to Insmed Incorporated together with its consolidated subsidiaries.INSMED, PULMOVANCE, ARIKAYCE, and BRINSUPRI are trademarks of Insmed Incorporated. This Form10-Q also contains trademarksof third parties. Each trademark of another company appearing in this Form10-Q is the property of its owner. PARTI.FINANCIAL INFORMATION INSMED INCORPORATEDConsolidated Statements of Cash Flows (unaudited)(in thousands) Operating activities INSMED INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. The Company and Basis of Presentation Insmed is a people-first global biopharmaceutical company striving to deliver first- and best-in-class therapies to transform the lives ofpatients facing serious diseases. The Company's commercial portfolio and clinical pipeline are organized around three therapeutic areas:Respiratory, Immunology & Inflammation, and Neuro & Other Rare. To complement the Company's internal research and development, theCompany also actively evaluates in-licensing and acquisition opportunities for commercial products, product candidates, and technologies. The Company's first two commercial products, ARIKAYCEand BRINSUPRI , are both part of the Respiratory therapeutic area.ARIKAYCE is approved in the United States (US) as ARIKAYCE (amikacin liposome inhalation suspension), in Europe as ARIKAYCELiposomal 590 mg Nebuliser Dispersion and in Japan as ARIKAYCE inhalation 590 mg (amikacin sulfate inhalation drug product).ARIKAYCE received accelerated approval in the US in September 2018 for the treatment ofMycobacterium aviumcomplex (MAC) lungdisease as part of a combination antibacterial drug regimen for adult patients with limited or no alternative treatment options in a refractorysetting. In October 2020, the European Commission (EC) approv