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Insmed INSM TPIP external R&D expenses — R&D

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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-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Insmed's TPIP external R&D expenses — R&D?
Insmed (INSM) reported TPIP external R&D expenses — R&D of $37.34M in Q1 2026.
How has Insmed's TPIP external R&D expenses — R&D changed year-over-year?
Insmed's TPIP external R&D expenses — R&D increased by 308.0% year-over-year, from $9.15M to $37.34M.
What is the long-term trend for Insmed's TPIP external R&D expenses — R&D?
Over 3 years (2022 to 2025), Insmed's TPIP external R&D expenses — R&D has grown at a 33.9% compound annual growth rate (CAGR), from $39.22M to $94.2M.
What does TPIP external R&D expenses — R&D mean?
This metric represents the direct, third-party costs incurred specifically for the research and development of the TPIP (treprostinil palmitil inhalation powder) program. It captures expenditures related to clinical trials, contract research organizations, and external manufacturing or development activities associated with this specific pipeline asset. Monitoring these costs provides insight into the capital intensity and progress of the company's key late-stage clinical development programs.