INSMED Inc

For the period ended Sep 30, 2024. Filed Oct 31, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Oct 31, 2024

INSM$116.10+1.5%Stored close · as of Nov 9, 2026

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Contents

Consolidated Financial Statements Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31,

Consolidated Balance Sheets

(in thousands, except par value and share data)

	As of	As of
	September 30, 2024	December 31, 2023
(unaudited)
Assets
Current assets:
Cash and cash equivalents	$461,451	$482,374
Marketable securities	1,006,457	298,073
Accounts receivable	42,317	41,189
Inventory	98,470	83,248
Prepaid expenses and other current assets	41,150	24,179
Total current assets	1,649,845	929,063
Fixed assets, net	75,265	65,384
Finance lease right-of-use assets	18,951	20,985
Operating lease right-of-use assets	16,030	18,017
Intangibles, net	59,915	63,704
Goodwill	136,110	136,110
Other assets	96,856	96,574
Total assets	$2,052,972	$1,329,837
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable and accrued liabilities	$248,684	$214,987
Finance lease liabilities	2,871	2,610
Operating lease liabilities	7,633	8,032
Total current liabilities	259,188	225,629
Debt, long-term	954,831	1,155,313
Royalty financing agreement	160,049	155,034
Contingent consideration	157,600	84,600
Finance lease liabilities, long-term	24,841	27,026
Operating lease liabilities, long-term	9,692	11,013
Other long-term liabilities	3,356	3,145
Total liabilities	1,569,557	1,661,760
Shareholders’ equity:
Common stock, $0.01 par value; 500,000,000 authorized shares, 178,846,991 and 147,977,960 issued and outstanding shares at September 30, 2024 and December 31, 2023, respectively	1,788	1,480
Additional paid-in capital	4,605,449	3,113,487
Accumulated deficit	(4,124,369)	(3,446,145)
Accumulated other comprehensive income (loss)	547	(745)
Total shareholders’ equity (deficit)	483,415	(331,923)
Total liabilities and shareholders’ equity (deficit)	$2,052,972	$1,329,837

Consolidated Statements of Comprehensive Loss (unaudited)

(in thousands, except per share data)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Product revenues, net	$93,425	$79,072	$259,265	$221,515
Operating expenses:
Cost of product revenues (excluding amortization of intangible assets)	21,170	16,706	59,591	47,130
Research and development	150,809	109,148	418,640	433,982
Selling, general and administrative	118,930	90,626	318,601	254,971
Amortization of intangible assets	1,263	1,263	3,789	3,789
Change in fair value of deferred and contingent consideration liabilities	14,682	8,997	106,482	12,997
Total operating expenses	306,854	226,740	907,103	752,869
Operating loss	(213,429)	(147,668)	(647,838)	(531,354)
Investment income	16,982	10,583	36,050	32,279
Interest expense	(21,054)	(20,288)	(63,363)	(60,910)
Change in fair value of interest rate swap	(3,852)	(1,301)	(1,106)	(1,650)
Other income (expense), net	1,843	285	474	(314)
Loss before income taxes	(219,510)	(158,389)	(675,783)	(561,949)
Provision for income taxes	1,014	544	2,441	1,557
Net loss	$(220,524)	$(158,933)	$(678,224)	$(563,506)
Basic and diluted net loss per share	$(1.27)	$(1.11)	$(4.27)	$(4.06)
Weighted average basic and diluted common shares outstanding	173,721	142,899	159,013	138,960
Net loss	$(220,524)	$(158,933)	$(678,224)	$(563,506)
Other comprehensive income (loss):
Foreign currency translation gains (losses)	2,872	(1,075)	823	(3,448)
Unrealized gain on marketable securities	505	248	469	614
Total comprehensive loss	$(217,147)	$(159,760)	$(676,932)	$(566,340)

Consolidated Statements of Shareholders' Equity (Deficit) (unaudited)

Common Stock · AdditionalPaid-inCapital · Accumulated Deficit · AccumulatedOtherComprehensiveIncome (Loss) · Total
Shares	Amount
Balance at June 30, 2023	142,750			$1,428		$2,945,229		$(3,101,151)		$(1,251)	$(155,745)
Comprehensive loss:
Net loss					(158,933)		(158,933)
Other comprehensive loss						(827)	(827)
Exercise of stock options and ESPP shares	121		—		2,258				2,258
Issuance of common stock for vesting of RSUs	1		—					—
Deferred payments for Business Acquisition	177	2		3,895			3,897
Stock-based compensation expense				19,993			19,993
Balance at September 30, 2023	143,049			$1,430		$2,971,375		$(3,260,084)		$(2,078)	$(289,357)
Balance at June 30, 2024	166,667			$1,667		$3,943,826		$(3,903,845)		$(2,830)	$38,818
Comprehensive loss:
Net loss					(220,524)		(220,524)
Other comprehensive loss						3,377	3,377
Exercise of stock options and ESPP shares	1,219		12		26,868				26,880
Net proceeds from issuance of common stock	5,022		50		370,928				370,978
Issuance of common stock for vesting of RSUs	1		—					—
Deferred payments for Business Acquisition and Vertuis Bio, Inc.	197		2		14,080				14,082
Issuance of common stock upon conversion of convertible notes	5,741		57		224,202				224,259
Stock-based compensation expense				25,545			25,545
Balance at September 30, 2024	178,847			$1,788		$4,605,449		$(4,124,369)		$547	$483,415

Consolidated Statements of Shareholders' Equity (Deficit) (unaudited)

Common Stock · AdditionalPaid-inCapital · Accumulated Deficit · AccumulatedOtherComprehensiveIncome (Loss) · Total
Shares	Amount
Balance at December 31, 2022	135,654		$1,357			$2,782,416		$(2,696,578)		$756	$87,951
Comprehensive loss:
Net loss					(563,506)		(563,506)
Other comprehensive loss						(2,834)	(2,834)
Exercise of stock options and ESPP shares	716	7			10,674				10,681
Net proceeds from issuance of common stock	2,028	20			37,994				38,014
Issuance of common stock for vesting of RSUs	543	5						5
Deferred payments for Business Acquisition	177	2			3,895				3,897
Issuance of common stock for asset acquisitions	3,931	39		81,601				81,640
Stock-based compensation expense			54,795				54,795
Balance at September 30, 2023	143,049		$1,430			$2,971,375		$(3,260,084)		$(2,078)	$(289,357)
Balance at December 31, 2023	147,978		$1,480			$3,113,487		$(3,446,145)		$(745)	$(331,923)
Comprehensive loss:
Net loss					(678,224)		(678,224)
Other comprehensive loss						1,292	1,292
Exercise of stock options and ESPP shares issuance	4,498	45			99,458				99,503
Net proceeds from issuance of common stock	19,537	195			1,083,941				1,084,136
Issuance of common stock for vesting of RSUs	896	9						9
Deferred payments for Business Acquisition and Vertuis Bio, Inc.	197	2			14,080				14,082
Issuance of common stock upon conversion of convertible notes	5,741	57			224,202				224,259
Stock-based compensation expense			70,281				70,281
Balance at September 30, 2024	178,847		$1,788			$4,605,449		$(4,124,369)		$547	$483,415

ContentsView on SEC.gov

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