INSM insider ownership: who sold, why, and what they still hold

What stands out

Six insiders sold $63.3M with no disclosed plan: Roger Adsett ($32.0M), Leo Lee ($14.7M) and Orlov Schaeffer ($5.8M), plus 3 more. The filings don't state a reason.Roger Adsett: largest such sale, Aug 10, 2026 · Leo Lee: largest such sale, Nov 17, 2025 · Orlov Schaeffer: largest such sale, Nov 12, 2025

A share of stake is shown for 0 of the 10 officers and directors who sold. 14 are left out

Left out: William Lewis, Melvin Sharoky, Leo Lee, David Brennan, Roger Adsett, David McGirr, Martina Flammer, Elizabeth Anderson, Sara Bonstein, Clarissa Desjardins, Carol Schafer, Michael Smith, Orlov Schaeffer and Samuele Butera (share of stake is being verified).

Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Their share of stake is being verified and is not shown yet; amounts and trading plans are below.

Roger Adsett

Chief Operating Officer

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$48.3M30% planned, 4% to cover taxes 66% no plan disclosed

William Lewis

Chair and CEO, Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$32.8M86% planned, 14% to cover taxes

Martina Flammer

Chief Medical Officer

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$23.3MDisclosed plan

Orlov Schaeffer

Chief People Strategy Officer

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$21.1M72% planned 28% no plan disclosed

Leo Lee

Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$14.7MNo plan disclosed

All 10 sellers

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planTo cover taxesNo plan disclosedOne dollar scale for every month; the tallest bar is labeled

Recent activity

Past 30 days, Sep 14, 2026 to Oct 13, 2026

No officer or director trades were reported for the past 30 days. The most recent before that:

Sep 9, 2026David Brennan sold 25K shares ($3.1M) with no plan disclosed.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
David Brennan Director	25,000	$124.00	n/a	n/a	Sep 9, 2026	Sep 11, 2026

Outside holders, reported separately

Melvin Sharoky reported no open-market sales in the past 12 months. Large shareholders and the funds or companies that board members represent are not part of management, so they are left out of the figures above.

Details

Common questions

Is the INSMED Inc CEO selling stock?

Yes. William Lewis sold 237K shares ($32.8M) in the past 12 months, 86% of it under a trading plan disclosed in the filings.

Why are INSMED Inc insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 56% of sales by value ran under 10b5-1 trading plans disclosed in the filings, 6% were to cover taxes and 38% had no disclosed plan. A trading plan schedules sales in advance.

Are any INSMED Inc insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

The evidence

Who sold10 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
Roger Adsett Chief Operating Officer	$48.3M 341K shares	Not confirmed share of stake is being verified. Why	30% under a disclosed plan, 4% to cover taxes 66% no plan disclosed
William Lewis Chair and CEO, Director	$32.8M 237K shares	Not confirmed share of stake is being verified. Why	86% under a disclosed plan, 14% to cover taxes
Martina Flammer Chief Medical Officer	$23.3M 156K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Orlov Schaeffer Chief People Strategy Officer	$21.1M 117K shares	Not confirmed share of stake is being verified. Why	72% under a disclosed plan 28% no plan disclosed
Leo Lee Director	$14.7M 75K shares	Not confirmed share of stake is being verified. Why	No plan disclosed
Michael Smith Chief Legal Officer	$14.0M 90K shares	Not confirmed share of stake is being verified. Why	90% under a disclosed plan, 10% to cover taxes
Melvin Sharoky Director	$4.7M 25K shares	Not confirmed share of stake is being verified. Why	No plan disclosed
David Brennan Director	$3.1M 25K shares	Not confirmed share of stake is being verified. Why	No plan disclosed
Elizabeth Anderson Director	$3.0M 15K shares	Not confirmed share of stake is being verified. Why	No plan disclosed
Sara Bonstein Chief Financial Officer	$2.1M 16K shares	Not confirmed share of stake is being verified. Why	To cover taxes

Sold by a charitable foundation the insider reports: Sharoky Family Foundation, Inc, reported by Melvin Sharoky. A foundation's shares are not the insider's own stake, so they are left out of the figures above.

The full ownership picture0 of 14 officers and directors confirmed

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 13, 2025

Sold

Held Oct 13, 2026

Still held

William Lewis

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for William Lewis are complete.

Chair and CEO, Director

n/a

−237K

n/a

Vesting, gifts, unvested awards and holding lines for William Lewis

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for William Lewis are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
186,970	$29.13	Jan 4, 2034	$17.7M
209,320	$25.83	May 13, 2034	$20.5M
109,490	$65.72	Jan 8, 2035	$6.4M
108,380	$67.22	May 15, 2035	$6.2M
110,400	$177.12	Jan 2, 2036	$0

Estimate: options held × ($124.00 − strike price), using the most recent insider trade price on Form 4 (Sep 9, 2026), not a market close.

Melvin Sharoky

Director

n/a

−25K

n/a

Vesting, gifts, unvested awards and holding lines for Melvin Sharoky

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Melvin Sharoky are complete; balances and unit counts will be added when the check is finished.

−200gifted (net of own trusts)

Leo Lee

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Leo Lee are complete.

Director

n/a

−75K

n/a

Vesting, gifts, unvested awards and holding lines for Leo Lee

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Leo Lee are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

David Brennan

Director

n/a

−25K

n/a

Vesting, gifts, unvested awards and holding lines for David Brennan

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for David Brennan are complete; balances and unit counts will be added when the check is finished.

−6Kgifted (net of own trusts)

Roger Adsett

Chief Operating Officer

n/a

−341K

n/a

Vesting, gifts, unvested awards and holding lines for Roger Adsett

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Roger Adsett are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
63,560	$29.13	Jan 4, 2034	$6.0M
71,160	$25.83	May 13, 2034	$7.0M
31,930	$65.72	Jan 8, 2035	$1.9M
31,610	$67.22	May 15, 2035	$1.8M
31,280	$177.12	Jan 2, 2036	$0

Estimate: options held × ($124.00 − strike price), using the most recent insider trade price on Form 4 (Sep 9, 2026), not a market close.

David McGirr

Director

n/a

Vesting, gifts, unvested awards and holding lines for David McGirr

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for David McGirr are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Martina Flammer

Chief Medical Officer

n/a

−156K

n/a

Vesting, gifts, unvested awards and holding lines for Martina Flammer

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Martina Flammer are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
4,358	$19.74	Jan 5, 2033	$454K
36,555	$18.95	May 11, 2033	$3.8M
23,835	$29.13	Jan 4, 2034	$2.3M
35,580	$25.83	May 13, 2034	$3.5M
23,948	$65.72	Jan 8, 2035	$1.4M
31,610	$67.22	May 15, 2035	$1.8M
31,280	$177.12	Jan 2, 2036	$0

Estimate: options held × ($124.00 − strike price), using the most recent insider trade price on Form 4 (Sep 9, 2026), not a market close.

Elizabeth Anderson

Director

n/a

−15K

n/a

Vesting, gifts, unvested awards and holding lines for Elizabeth Anderson

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Elizabeth Anderson are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Sara Bonstein

Chief Financial Officer

n/a

−16K

n/a

Vesting, gifts, unvested awards and holding lines for Sara Bonstein

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Sara Bonstein are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
8,580	$26.46	May 12, 2031	$837K
15,710	$26.43	Jan 6, 2032	$1.5M
35,610	$17.07	May 11, 2032	$3.8M
18,880	$19.74	Jan 5, 2033	$2.0M
47,670	$29.13	Jan 4, 2034	$4.5M
71,160	$25.83	May 13, 2034	$7.0M
31,930	$65.72	Jan 8, 2035	$1.9M
31,610	$67.22	May 15, 2035	$1.8M
99,007	$18.95	May 11, 2033	$10.4M
31,280	$177.12	Jan 2, 2036	$0

Estimate: options held × ($124.00 − strike price), using the most recent insider trade price on Form 4 (Sep 9, 2026), not a market close.

Clarissa Desjardins

Director

n/a

Vesting, gifts, unvested awards and holding lines for Clarissa Desjardins

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Clarissa Desjardins are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Carol Schafer

Director

n/a

Vesting, gifts, unvested awards and holding lines for Carol Schafer

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Carol Schafer are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Michael Smith

Chief Legal Officer

n/a

−90K

n/a

Vesting, gifts, unvested awards and holding lines for Michael Smith

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Michael Smith are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
18,561	$27.89	Jul 8, 2031	$1.8M
8,633	$17.07	May 11, 2032	$923K
58,260	$29.13	Jan 4, 2034	$5.5M
65,230	$25.83	May 13, 2034	$6.4M
27,370	$65.72	Jan 8, 2035	$1.6M
27,100	$67.22	May 15, 2035	$1.5M
27,600	$177.12	Jan 2, 2036	$0

Estimate: options held × ($124.00 − strike price), using the most recent insider trade price on Form 4 (Sep 9, 2026), not a market close.

Orlov Schaeffer

Chief People Strategy Officer

n/a

−117K

n/a

Vesting, gifts, unvested awards and holding lines for Orlov Schaeffer

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Orlov Schaeffer are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
15,760	$26.46	May 12, 2031	$1.5M
58,260	$29.13	Jan 4, 2034	$5.5M
65,230	$25.83	May 13, 2034	$6.4M
27,370	$65.72	Jan 8, 2035	$1.6M
27,100	$67.22	May 15, 2035	$1.5M
27,600	$177.12	Jan 2, 2036	$0

Estimate: options held × ($124.00 − strike price), using the most recent insider trade price on Form 4 (Sep 9, 2026), not a market close.

Samuele Butera

SVP, GM, Global Respiratory

n/a

Vesting, gifts, unvested awards and holding lines for Samuele Butera

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Samuele Butera are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
12,570	$102.15	Jun 23, 2036	$275K

Estimate: options held × ($124.00 − strike price), using the most recent insider trade price on Form 4 (Sep 9, 2026), not a market close.

Holdings and share of stake for INSMED Inc are being verified, so no balances, unit counts or percentages are shown. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings.

What explains the selling$167M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $167M across 1,097,136 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

Disclosed plan · $94.1M · 56%

44%

The lighter segment is sales with no plan disclosed in the filing ($73.0M), including tax-related sales outside a plan.

No plan disclosed · $63.3M

Sales with no 10b5-1 plan and no tax reference in the filing. $32.0M of it is Roger Adsett. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Roger Adsett, Aug 10, 2026

Taxes

$11.9M of sales (7.1%) cite tax obligations in their footnotes, $2.1M of them also under a plan. Example: Michael Smith, Jun 3, 2026

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
Roger Adsett Chief Operating Officer	341K	$48.3M	30%	29%	Jan 6, 2026 to Aug 10, 2026
William Lewis Chair and CEO, Director	237K	$32.8M	86%	20%	Dec 4, 2025 to Jul 23, 2026
Martina Flammer Chief Medical Officer	156K	$23.3M	100%	14%	Nov 11, 2025 to Aug 6, 2026
Orlov Schaeffer Chief People Strategy Officer	117K	$21.1M	72%	13%	Nov 12, 2025 to Jan 2, 2026
Leo Lee Director	75K	$14.7M	0%	9%	Nov 17, 2025 to Nov 17, 2025
Michael Smith Chief Legal Officer	90K	$14.0M	90%	8%	Nov 3, 2025 to Jun 22, 2026
Melvin Sharoky Director	25K	$4.7M	0%	3%	Dec 5, 2025 to Aug 17, 2026
David Brennan Director	25K	$3.1M	0%	2%	Sep 9, 2026 to Sep 9, 2026
Elizabeth Anderson Director	15K	$3.0M	0%	2%	Nov 14, 2025 to Nov 24, 2025
Sara Bonstein Chief Financial Officer	16K	$2.1M	0%	1%	Jan 6, 2026 to Jun 3, 2026

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$0	$0	$0	$0
Nov 2025	$34.4M	$10.9M	$0	$23.5M
Dec 2025	$9.9M	$5.8M	$0	$4.1M
Jan 2026	$29.4M	$25.6M	$3.8M	$0
Feb 2026	$9.8M	$8.9M	$811K	$0
Mar 2026	$6.1M	$6.1M	$0	$0
Apr 2026	$17.8M	$17.8M	$0	$0
May 2026	$11.9M	$8.3M	$3.7M	$0
Jun 2026	$4.9M	$3.5M	$1.5M	$0
Jul 2026	$3.7M	$3.7M	$0	$0
Aug 2026	$36.1M	$3.5M	$0	$32.6M
Sep 2026	$3.1M	$0	$0	$3.1M
Oct 2026	$0	$0	$0	$0

Is this normal? Selling year by year5 earlier years to compare with

In line with the past 5 years. 10 insiders sold; the average is 7 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 13, 2026 Latest 12 months	1.10M	10	$167M
Oct 13, 2025 1 year earlier	1.86M	9	$177M
Oct 13, 2024 2 years earlier	1.26M	7	$62.5M
Oct 14, 2023 3 years earlier	121K	7	$2.3M
Oct 14, 2022 4 years earlier	620K	7	$16.3M
Oct 14, 2021 5 years earlier	730K	5	$25.4M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty14 officers and directors not confirmed

Holdings and share of stake are being verified. Balances, unit counts and every share-of-stake figure for INSMED Inc are held back until that check is finished. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings and are complete.

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology782 filings on record, 76 filed in the 12-month period, and how we read them

All 782 Forms 3, 4 and 5 on record for INSMED Inc (SEC CIK 1104506), filed from Oct 25, 2002 to Sep 11, 2026; 76 of them were filed in the 12 months this page covers, retrieved from SEC EDGAR on Oct 13, 2026. Prices are the ones reported in each filing, often weighted averages. 14 older filings exist only on paper and could not be read.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (38)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
John Wise	Feb 7, 2025	236,999 shares, last reported balance as of Feb 7, 2025
Alfred Altomari	May 15, 2024	69,495 shares, last reported balance as of May 13, 2024
Steinar Engelsen	Nov 3, 2021	587,331 shares, last reported balance as of Nov 1, 2021
John Soriano	Sep 9, 2021	35,204 shares, last reported balance as of Sep 7, 2021
Christine Pellizzari	May 18, 2021	149,985 shares, last reported balance as of May 15, 2021
John Goll	Jan 7, 2020	15,485 shares, last reported balance as of Jan 3, 2020
Donald Hayden Jr.	Apr 11, 2019	62,197 shares, last reported balance as of Apr 9, 2019
Paolo Tombesi	Jan 7, 2019	10,669 shares, last reported balance as of Jan 4, 2018
Paul Streck	Aug 9, 2018	15,996 shares, last reported balance as of Aug 8, 2018
Myrtle Potter	May 17, 2018	25,510 shares, last reported balance as of May 15, 2018
Eugene Sullivan	May 19, 2017	No balance on record
Andrew Drechsler	Mar 3, 2017	15,000 shares, last reported balance as of Mar 1, 2017
Mark Quigley	May 13, 2015	No balance on record
Randall Whitcomb	Mar 10, 2015	309,592 shares, last reported balance as of Mar 10, 2015
Peggy Berry	Feb 27, 2015	No balance on record
Matthew Pauls	Jun 4, 2014	No balance on record
Renu Gupta	Feb 4, 2014	37,014 shares, last reported balance as of Jan 31, 2014
Richard Kollender	Nov 1, 2013	17,097,587 shares, last reported balance as of Oct 31, 2013
FMR LLC	Jul 23, 2013	381,717 shares, last reported balance as of Jul 22, 2013
Andrea Drucker	Jun 5, 2013	45,000 shares, last reported balance as of Jun 3, 2013
Ayer Capital Management, LP	Oct 9, 2012	3,116,100 shares, last reported balance as of Sep 28, 2012
Timothy Whitten	Jun 4, 2012	10,000 shares, last reported balance as of Jun 1, 2012
Kevin Tully	Dec 23, 2011	377,344 shares, last reported balance as of Mar 31, 2009
Nicholas LaBella Jr.	Dec 23, 2011	100,000 shares, last reported balance as of Mar 22, 2010
Nicholas Gurreri	Feb 1, 2011	No balance on record
Kenneth Condon	Jun 11, 2010	619,117 shares, last reported balance as of Jun 9, 2010
Graham Crooke	Jun 11, 2010	288,404 shares, last reported balance as of Jun 9, 2010
Dennis Lanfear	Jun 11, 2010	168,404 shares, last reported balance as of Jun 9, 2010
Graham Crooke	Jun 11, 2010	686,990 shares, last reported balance as of May 11, 2005
Glen Kelley	Apr 10, 2009	213,712 shares, last reported balance as of Mar 31, 2009
Geoffrey Allan	Apr 2, 2009	1,715,557 shares, last reported balance as of Mar 31, 2009
Doug Farrar	Apr 2, 2009	292,055 shares, last reported balance as of Mar 31, 2009
Steve Glover	Apr 2, 2009	372,113 shares, last reported balance as of Mar 31, 2009
Ronald Gunn	Feb 14, 2007	43,461 shares, last reported balance as of Dec 31, 2006
Philip Young	Feb 14, 2007	26,732 shares, last reported balance as of Dec 31, 2006
Thomas Keuer	Feb 14, 2006	22,615 shares, last reported balance as of Dec 31, 2005
Michael Duncan	Dec 12, 2005	No balance on record
Andreas Sommer	Mar 15, 2004	6,601 shares, last reported balance as of Mar 4, 2004

Spotted something wrong on this page? Report an error. We check every report against the SEC filing and list what we fix in the corrections log.

INSMED Inc insiders sold $167M in the past 12 months. How much of their stake is that?

What stands out

Who sold, and how much of their stake

Selling by month

Recent activity

Outside holders, reported separately

Common questions

Is the INSMED Inc CEO selling stock?

Why are INSMED Inc insiders selling?

Are any INSMED Inc insiders buying?

The evidence

No plan disclosed · $63.3M

Taxes

Sales by month