INSM earnings analysis
What we found in INSM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Insmed's Q1 2026 report indicates a significant increase in total revenue driven by new product BRINSUPRI, which resulted in overall revenue growth of 229.6% compared to Q1 2025. However, the company continues to experience substantial net losses, leading to further cash burn and elevated operating expenses, particularly in R&D and SG&A, indicating ongoing challenges despite the revenue boost.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Skyrockets 229% YoY
- Total revenue reached $306 million, up from $93 million in Q1 2025, largely due to BRINSUPRI's $207 million sales.
- Improved Gross Margin
- Gross margin improved to 84.5% from 75.0% in Q1 2025, benefiting from lower-cost BRINSUPRI sales.
- Increase in Cash Holdings
- Cash and cash equivalents rose to $582.2 million from $510.4 million at year-end 2025.
- Continued R&D Expansion
- R&D expenses increased to $209.5 million, up by 37.3% YoY, driven by high developmental activities.
- Significant SG&A Increase
- SG&A expenses surged 67.6% to $247.3 million, reflecting costs associated with the launch of BRINSUPRI.
- Substantial Product Process Savings Expected
- Cost of revenues decreased as a percentage of total revenue to 15.5% from 22.9% due to lower manufacturing costs for BRINSUPRI.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Continued Operating Losses
- Insmed reported a $222.7 million net cash used in operating activities, highlighting continued financial strain.
- Rising R&D Costs
- R&D expenses increased significantly, reaching $209.5 million, which may strain future finances if revenues don't scale effectively.
- Market Competition and Efficacy Concerns
- Negative trial results from the CEDAR study of brensocatib could limit market acceptance and revenue from pipeline drugs.
What they reported.
What the company itself reported, taken out of the document.
- Gross margin
- 84.5%
- Segment
- ARIKAYCE
- Segment
- BRINSUPRI
What they said about what is next.
The company did not provide numeric guidance, focusing instead on operational trends and pipeline progress.
The filing reads worse than the one before it.
What came before.
- 10-K · February 19, 2026
- Insmed’s 2025 10-K highlights a step-change in commercialization: product revenues rose to $606.4M (up 66.7% YoY) driven by BRINSUPRI US sales of $172.7M after FDA approval and 19.3% ARIKAYCE growth. At the same time…
- 10-Q · October 30, 2025
- Insmed reported Q3 revenue of $142,342,000, materially above the consensus of $115,151,678, driven by commercial launches and product sales. Gross margin expanded to 79.4% but the company remains unprofitable with…
- 10-Q · August 7, 2025
- Insmed reported revenue of $107,415,000 in Q2 2025 (a $14.4M increase vs Q1 2025 and a $17.4M increase vs Q2 2024) and beat the revenue consensus by 3.33%, but reported a larger-than-expected loss per share of $(1.70)…
- 10-Q · May 8, 2025
- Insmed reported Q1 revenue of $92.823M and diluted EPS of -$1.42, slightly beating revenue consensus but missing EPS. Gross margin expanded to 77.1% while operating margin deteriorated to -267.3% and free cash flow…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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