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Insmed INSM INS1148 — R&D

Other product segments

TPIP external R&D expenses
$37.34M+308%
Other external R&D expenses
$32.68M+16.4%
Brensocatib external R&D expenses
$18.48M-10.5%
ARIKAYCE external R&D expenses
$8.62M-28.9%

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$7.26M+19.6%

Other financials

Income statement

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Revenue$306.0M+230%
Gross profit$258.5M+261%
Operating income-$153.3M+38.2%
Net income-$163.6M+36.3%
EPS (diluted)-$0.76+46.5%

Balance sheet

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Cash & equivalents$582.2M+44.4%
Total debt$580.3M-49.2%
Total equity$704.9M+611%
Total assets$2.1B+15.2%

Cash flow

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Operating cash flow-$222.7M+15.0%
CapEx$3.5M-65.4%
Free cash flow-$226.2M+16.9%

Valuation

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Market cap$23.18B+19.9%
Enterprise value$23.17B+24.5%
P/S28.3×-20.3×

Profitability

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Gross margin81.8%+5.3pp
Operating margin-140.6%-43.9pp
Net margin-144.4%-45.3pp
FCF margin-112.5%-35.3pp

Returns & leverage

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Return on equity-294.5%
Debt / equity0.8×-10.7×
Current ratio4.5×-1.4×

Where this comes from

Reported directly by Insmed in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

The official record: Insmed’s 10-K, filed February 19, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Insmed's INS1148 — R&D?
Insmed (INSM) reported INS1148 — R&D of $10M in Q4 2025.
What does INS1148 — R&D mean?
This metric represents the direct operating expenses allocated to the research and development activities specifically associated with the INS1148 program. It captures the costs of clinical trials, preclinical studies, regulatory filings, and manufacturing process development required to advance this specific therapeutic candidate toward commercialization. Tracking this spend provides insight into the company's capital allocation strategy and the progression of its pipeline assets.