INSMED Inc — Director's Dealing 2026

Jan 6, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INSMED Inc (INSM)
CIK: 0001104506
Period of Report: 2026-01-02

Reporting Person: Schaeffer Orlov S Nicole (Chief People Strategy Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-01-02	Common Stock	A	5293	—	Acquired	41754	Direct
2026-01-02	Common Stock	M	87290	$13.91	Acquired	129044	Direct
2026-01-02	Common Stock	S	31030	$174.28	Disposed	98014	Direct
2026-01-02	Common Stock	S	34103	$175.17	Disposed	63911	Direct
2026-01-02	Common Stock	S	12832	$176.08	Disposed	51079	Direct
2026-01-02	Common Stock	S	9125	$177.17	Disposed	41954	Direct
2026-01-02	Common Stock	S	200	$177.78	Disposed	41754	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-01-02	Stock Option (right to buy)	$177.12	A	27600	Acquired	2036-01-02	Common Stock (27600)	Direct
2026-01-02	Stock Option (right to buy)	$13.91	M	87290	Disposed	2029-01-03	Common Stock (87290)	Direct

Footnotes

F1: Represents Restricted Stock Units (RSUs), each representing a contingent right to receive one share of Common Stock, granted pursuant to the Company's Amended and Restated 2019 Incentive Plan, as amended. The RSUs vest as follows: 25% on the first day of the first month following the first anniversary of the date of grant (the Initial Vesting Date) and 25% on each anniversary of the Initial Vesting Date until fully vested.

F2: Each RSU was granted on January 2, 2026 for no consideration.

F3: This transaction was effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person on August 29, 2025 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

F4: This is the weighted average sales price representing 31,030 shares sold at prices ranging from $173.67 to $174.66 per share. The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer the number of shares sold at each price within the price range upon request.

F5: This is the weighted average sales price representing 34,103 shares sold at prices ranging from $174.67 to $175.65 per share. The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer the number of shares sold at each price within the price range upon request.

F6: This is the weighted average sales price representing 12,832 shares sold at prices ranging from $175.67 to $176.62 per share. The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer the number of shares sold at each price within the price range upon request.

F7: This is the weighted average sales price representing 9,125 shares sold at prices ranging from $176.68 to $177.67 per share. The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer the number of shares sold at each price within the price range upon request.

F8: This is the weighted average sales price representing 200 shares sold at prices ranging from $177.72 to $177.84 per share. The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer the number of shares sold at each price within the price range upon request.

F9: These stock options were granted under the Company's Amended and Restated 2019 Incentive Plan, as amended. The options become exercisable based on the following vesting schedule: 25% vest on the Initial Vesting Date and an additional 12.5% vest every six months thereafter until fully vested.

F10: The options became exercisable based on the following vesting schedule: 25% vested on the first anniversary of the grant date and an additional 12.5% vested on each sixth month anniversary date thereafter through the fourth anniversary of the date of grant.