Insmed Inc. (INSM) financial statements: income statement, balance sheet and cash flow
Insmed Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Insmed Inc. reported net income of ($1.3B) (-39.7% year on year).
Income statement
Insmed Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Product revenues, net
$606.4M
$363.7M
$305.2M
$245.4M
Cost of product revenues (excluding amortization of intangible assets)
$122.9M
$85.7M
$65.6M
$55.1M
Research and development
$771.1M
$598.4M
$571.0M
$397.5M
Selling, general and administrative
$701.2M
$461.1M
$344.5M
$265.8M
Amortization of intangible assets
$6.0M
$5.1M
$5.1M
$5.1M
Change in fair value of deferred and contingent consideration
$252.0M
$91.7M
$28.7M
($20.8M)
Total operating expenses
$1.9B
$1.2B
$1.0B
$702.7M
Operating loss
($1.2B)
($878.3M)
($709.6M)
($457.3M)
Investment income
$60.7M
$53.3M
$42.1M
$11.1M
Interest expense
($83.8M)
($84.9M)
($81.7M)
($26.4M)
Change in fair value of interest rate swap
$0
($236.0K)
$320.0K
($1.5M)
Other (expense) income, net
($1.8M)
$29.0K
$1.9M
($5.9M)
Loss before income taxes
($1.3B)
($910.1M)
($747.0M)
($480.2M)
Provision for income taxes
$5.0M
$3.7M
$2.6M
$1.4M
Net loss
($1.3B)
($913.8M)
($749.6M)
($481.5M)
Basic net loss per share (in dollars per share)
-$6.42
-$5.57
-$5.34
-$3.91
Diluted net loss per share (in dollars per share)
-$6.42
-$5.57
-$5.34
-$3.91
Weighted average basic common shares outstanding (in shares)
199.0M
164.0M
140.4M
123.0M
Weighted average diluted common shares outstanding (in shares)
199.0M
164.0M
140.4M
123.0M
Net loss, basic
($1.3B)
($913.8M)
($749.6M)
($481.5M)
Net loss, diluted
($1.3B)
($913.8M)
—
—
Foreign currency translation gains (losses)
$3.3M
($1.9M)
($2.2M)
$303.0K
Unrealized gain on marketable securities
$444.0K
$311.0K
$713.0K
($515.0K)
Total comprehensive loss
($1.3B)
($915.3M)
($751.1M)
($481.7M)
Insmed Inc. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Product revenues, net
$425.5M
$306.0M
$142.3M
$107.4M
Cost of product revenues (excluding amortization of intangible assets)
$67.2M
$47.4M
$29.4M
$28.1M
Research and development
$210.0M
$209.5M
$186.4M
$177.2M
Selling, general and administrative
$247.5M
$247.3M
$186.4M
$154.8M
Amortization of intangible assets
$2.1M
$2.1M
$1.5M
$1.3M
Change in fair value of contingent consideration
($99.8M)
($47.0M)
$104.7M
$59.0M
Total operating expenses
$427.0M
$459.3M
$508.3M
$420.3M
Operating loss
($1.5M)
($153.3M)
($366.0M)
($312.9M)
Investment income
$11.0M
$12.0M
$18.3M
$13.2M
Interest expense
($20.3M)
($20.1M)
($20.4M)
($21.2M)
Other (expense) income, net
($531.0K)
($736.0K)
($603.0K)
$453.0K
Loss before income taxes
($11.4M)
($162.1M)
($368.7M)
($320.4M)
Provision for income taxes
$1.9M
$1.5M
$1.3M
$1.2M
Net loss
($13.2M)
($163.6M)
($370.0M)
($321.7M)
Basic net loss per share (in dollars per share)
-$0.06
-$0.76
-$1.75
-$1.70
Diluted net loss per share (in dollars per share)
-$0.06
-$0.76
-$1.75
-$1.70
Weighted average basic common shares outstanding (in shares)
217.4M
215.5M
211.8M
189.3M
Weighted average diluted common shares outstanding (in shares)
217.4M
215.5M
211.8M
189.3M
Foreign currency translation (losses) gains
($2.9M)
($668.0K)
($658.0K)
$2.7M
Unrealized loss on marketable securities
($471.0K)
($789.0K)
$924.0K
($22.0K)
Total comprehensive loss
($16.6M)
($165.0M)
($369.8M)
($319.1M)
Balance sheet
Insmed Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$510.4M
$555.0M
$482.4M
$1.1B
Marketable securities
$919.6M
$878.8M
$298.1M
$74.2M
Accounts receivable
$140.9M
$52.0M
$41.2M
$29.7M
Inventory
$132.1M
$98.6M
$83.2M
$69.9M
Prepaid expenses and other current assets
$91.2M
$37.2M
$24.2M
$25.5M
Total current assets
$1.8B
$1.6B
$929.1M
$1.3B
Fixed assets, net
$102.9M
$80.1M
$65.4M
$56.5M
Finance lease right-of-use assets
$15.6M
$18.3M
$21.0M
$23.7M
Operating lease right-of-use assets
$20.7M
$17.3M
$18.0M
$21.9M
Intangibles, net
$97.7M
$58.7M
$63.7M
$68.8M
Goodwill
$136.1M
$136.1M
$136.1M
$136.1M
Other assets
$97.4M
$93.2M
$96.6M
$76.1M
Total assets
$2.3B
$2.0B
$1.3B
$1.7B
Accounts payable and accrued liabilities
$456.1M
$285.2M
$215.0M
$182.1M
Finance lease liabilities
$3.3M
$3.0M
$2.6M
$1.2M
Operating lease liabilities
$9.5M
$9.4M
$8.0M
$6.9M
Total current liabilities
$468.9M
$297.5M
$225.6M
$190.2M
Debt, long-term
$541.0M
$1.1B
$1.2B
$1.1B
Royalty financing agreement
$162.9M
$161.1M
$155.0M
$148.0M
Contingent consideration
$314.3M
$144.2M
$84.6M
$51.1M
Finance lease liabilities, long-term
$20.7M
$24.1M
$27.0M
$29.6M
Operating lease liabilities, long-term
$12.2M
$9.1M
$11.0M
$14.9M
Other long-term liabilities
$5.6M
$499.0K
$3.1M
$9.4M
Total liabilities
$1.5B
$1.7B
$1.7B
$1.6B
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
2.1M
1.8M
1.5M
1.4M
Additional paid-in capital
$6.4B
$4.6B
$3.1B
$2.8B
Accumulated deficit
($5.6B)
($4.4B)
($3.4B)
($2.7B)
Accumulated other comprehensive gain (loss)
$1.5M
($2.3M)
($745.0K)
$756.0K
Total shareholders' equity
$739.0M
$285.4M
($331.9M)
$88.0M
Total liabilities and shareholders' equity
$2.3B
$2.0B
$1.3B
$1.7B
Insmed Inc. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$544.8M
$582.2M
$334.8M
$1.3B
Marketable securities
$615.5M
$641.3M
$1.3B
$572.4M
Accounts receivable
$215.3M
$178.6M
$65.3M
$55.0M
Inventory
$142.4M
$132.9M
$121.0M
$107.6M
Prepaid expenses and other current assets
$115.9M
$78.2M
$65.6M
$62.2M
Total current assets
$1.6B
$1.6B
$1.9B
$2.1B
Fixed assets, net
$107.2M
$102.8M
$89.7M
$90.0M
Finance lease right-of-use assets
$14.2M
$14.9M
$16.2M
$16.9M
Operating lease right-of-use assets
$13.2M
$14.0M
$10.7M
$10.3M
Intangibles, net
$93.5M
$95.6M
$84.6M
$56.1M
Goodwill
$136.1M
$136.1M
$136.1M
$136.1M
Other assets
$104.4M
$99.3M
$91.6M
$88.8M
Total assets
$2.1B
$2.1B
$2.4B
$2.5B
Accounts payable and accrued liabilities
$428.9M
$352.6M
$409.8M
$305.0M
Finance lease liabilities
$3.5M
$3.4M
$3.2M
$3.1M
Operating lease liabilities
$6.3M
$5.0M
$4.1M
$3.5M
Total current liabilities
$438.7M
$361.0M
$417.2M
$311.7M
Debt, long-term
$543.5M
$542.2M
$539.7M
$538.5M
Royalty financing agreement
$159.8M
$162.1M
$163.9M
$163.5M
Contingent consideration
$170.6M
$270.3M
$259.6M
$180.5M
Finance lease liabilities, long-term
$18.9M
$19.8M
$21.6M
$22.4M
Operating lease liabilities, long-term
$7.7M
$9.8M
$7.6M
$7.9M
Other long-term liabilities
$5.9M
$5.7M
$5.6M
$5.6M
Total liabilities
$1.3B
$1.4B
$1.4B
$1.2B
Common stock, $0.01 par value; 500,000,000 authorized shares, 218,281,059 and 214,255,853 issued and outstanding shares at June 30, 2026 and December 31, 2025, respectively
2.2M
2.2M
2.1M
2.1M
Additional paid-in capital
$6.6B
$6.5B
$6.2B
$6.2B
Accumulated deficit
($5.8B)
($5.8B)
($5.3B)
($4.9B)
Accumulated other comprehensive (loss) gain
($3.4M)
$4.0K
$2.0M
$1.7M
Total shareholders’ equity
$757.5M
$704.9M
$945.6M
$1.2B
Total liabilities and shareholders’ equity
$2.1B
$2.1B
$2.4B
$2.5B
Cash flow statement
Insmed Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net loss
($1.3B)
($913.8M)
($749.6M)
($481.5M)
Depreciation
$10.4M
$6.0M
$5.5M
$5.3M
Amortization of intangible assets
$6.0M
$5.1M
$5.1M
$5.1M
Stock-based compensation expense
$152.7M
$96.8M
$74.8M
$57.7M
Amortization of debt issuance costs
$6.2M
$6.9M
$7.3M
$4.0M
Paid-in-kind interest capitalized
$0
$19.2M
$23.4M
$4.2M
Royalty financing non-cash interest expense
$20.7M
$20.0M
$18.8M
$3.7M
Accretion of discount on marketable securities, net
($38.3M)
($19.2M)
($9.4M)
—
Finance lease amortization expense
$2.7M
$2.7M
$2.7M
$0
Non-cash operating lease expense
$9.7M
$3.6M
$9.2M
$12.0M
Change in fair value of deferred and contingent consideration liabilities
$252.0M
$91.7M
$28.7M
($20.8M)
Change in fair value of interest rate swap
$0
$236.0K
($320.0K)
$1.5M
Vertuis/Adrestia acquisition
$0
$0
$86.7M
—
Accounts receivable
($88.3M)
($12.9M)
($12.0M)
($6.4M)
Inventory
($31.5M)
($17.0M)
($13.6M)
($1.7M)
Prepaid expenses and other current assets
($53.4M)
($14.2M)
$2.3M
$2.5M
Other assets
($2.1M)
$8.3M
($20.1M)
($25.2M)
Accounts payable and accrued liabilities
$100.1M
$44.6M
$15.2M
$50.0M
Other liabilities
($5.0M)
($11.9M)
($11.0M)
($12.6M)
Net cash used in operating activities
($935.0M)
($683.9M)
($536.2M)
($400.4M)
Purchase of fixed assets
($32.6M)
($21.9M)
($13.3M)
($9.9M)
Payment of AZ milestone
($30.0M)
—
—
—
Purchase of marketable securities
($2.1B)
($1.6B)
($588.7M)
($99.7M)
Cash acquired in asset acquisition
$0
$0
$3.4M
—
Maturities of marketable securities
$2.1B
$1.0B
$375.0M
$75.0M
Net cash used in investing activities
($64.6M)
($583.2M)
($223.6M)
($34.6M)
Proceeds from exercise of stock options and ESPP
$135.7M
$113.2M
$18.4M
$19.5M
Proceeds from issuance of common stock, net
$823.3M
$1.1B
$152.5M
$292.2M
Proceeds from issuance of Term Loan
$0
$150.0M
$0
$350.0M
Payments of principal of 0.75% convertible senior notes due 2028
($2.0M)
—
$0
$0
Payment of debt issuance costs
$0
($3.7M)
($1.2M)
($17.8M)
Payments of finance lease principal
($3.0M)
($2.6M)
($1.2M)
—
Net cash provided by financing activities
$954.1M
$1.3B
$168.4M
$793.3M
Effect of exchange rates on cash and cash equivalents
$931.0K
($1.3M)
($250.0K)
($996.0K)
Net (decrease) increase in cash and cash equivalents
($44.6M)
$72.7M
($591.7M)
$357.3M
Cash and cash equivalents at beginning of period
$555.0M
$482.4M
$1.1B
$716.8M
Cash and cash equivalents at end of period
$510.4M
$555.0M
$482.4M
$1.1B
Cash paid for interest
$55.4M
$40.6M
$35.8M
$10.2M
Cash paid for income taxes
$4.1M
$2.5M
$2.0M
$1.7M
Insmed Inc. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net loss
($176.8M)
($163.6M)
($948.3M)
($578.3M)
Depreciation
$6.1M
$2.9M
$6.8M
$4.4M
Amortization of intangible assets
$4.2M
$2.1M
$4.1M
$2.5M
Stock-based compensation expense
$87.0M
$45.8M
$113.7M
$82.2M
Amortization of debt issuance costs
$2.8M
$1.4M
$4.8M
$3.5M
Royalty financing non-cash interest expense
$10.2M
$5.1M
$15.3M
$10.2M
Accretion of discount on marketable securities, net
($12.0M)
($6.5M)
($28.0M)
($15.9M)
Finance lease amortization expense
$1.4M
$678.0K
$2.0M
$1.4M
Non-cash operating lease expense
$1.4M
$567.0K
$2.7M
$1.6M
Change in fair value of contingent consideration
($146.7M)
($47.0M)
$182.0M
$77.3M
Accounts receivable
($75.3M)
($38.2M)
($11.0M)
($781.0K)
Inventory
($14.9M)
($1.9M)
($19.8M)
($6.0M)
Prepaid expenses and other current assets
($25.0M)
$12.6M
($27.2M)
($23.5M)
Other assets
($7.6M)
($2.4M)
$9.7M
$12.5M
Accounts payable and accrued liabilities
$34.9M
($33.9M)
$9.7M
($35.8M)
Other liabilities
($1.2M)
($497.0K)
($4.1M)
($3.0M)
Net cash used in operating activities
($311.6M)
($222.7M)
($687.4M)
($467.7M)
Purchase of fixed assets
($9.7M)
($3.5M)
($16.0M)
($13.6M)
Payment of AZ milestone
($15.0M)
($15.0M)
—
—
Purchase of marketable securities
($399.2M)
$0
($2.1B)
($907.2M)
Maturities of marketable securities
$714.0M
$284.0M
$1.7B
$1.2B
Net cash provided by investing activities
$290.0M
$265.5M
($454.0M)
$308.2M
Proceeds from exercise of stock options and ESPP
$58.3M
$30.3M
$101.1M
$66.7M
Proceeds from issuance of common stock, net
$0
—
$823.3M
$823.5M
Payments of principal of 0.75% convertible senior notes due 2028
$0
—
($2.0M)
($2.0M)
Payments of finance lease principal
($1.6M)
($799.0K)
($2.2M)
($1.4M)
Net cash provided by financing activities
$56.7M
$29.5M
$920.2M
$886.8M
Effect of exchange rates on cash and cash equivalents