Thu, May 8, 11:00 AM (5 days ago)
**Insmed Incorporated (INSM) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue:** $92.8M, up 22.9% YoY, driven by ARIKAYCE sales growth. - **Net Loss:** $256.6M, wider than $157.1M in Q1 2024. - **Cash Position:** $403.2M in cash & $796.2M in marketable securities as of March 31, 2025. - **Operating Loss:** $248.1M, up from $145.5M in Q1 2024. - **Cash Burn:** $262.1M in net cash used in operating activities. **Profit Margins:** - **Gross Margin:** Not explicitly stated, but cost of product revenues was $21.3M (22.9% of revenue). - **Operating Margin:** Negative, with significant R&D and SG&A expenses. **Cash Flow:** - **Operating Cash Flow:** Negative $262.1M. - **Investing Cash Flow:** Positive $80.4M, mainly from maturities of marketable securities. - **Financing Cash Flow:** Positive $29.0M, from proceeds of stock options and ESPP. **Earnings Changes:** - **EPS:** Basic and diluted net loss per share of $1.42, compared to $1.06 in Q1 2024. **Quarterly Performance:** - **Revenue Growth:** Strong growth in ARIKAYCE sales across US, Japan, and Europe. - **Expense Management:** Increased R&D and SG&A expenses due to clinical trials, commercial readiness, and headcount growth. **Trends & Uncertainties:** - **Positive Trends:** Growth in ARIKAYCE sales and positive clinical trial results for brensocatib. - **Uncertainties:** Dependence on ARIKAYCE sales, regulatory approvals, and market acceptance of new products. - **Future Operations:** Continued investment in R&D, commercialization of ARIKAYCE, and preparation for potential launch of brensocatib. **Key Metrics:** - **Product Revenue:** $92.8M, up from $75.5M in Q1 2024. - **R&D Expenses:** $152.6M, up 26.0% YoY. - **SG&A Expenses:** $147.5M, up 58.5% YoY. **Future Outlook:** - Insmed expects to continue incurring operating losses while funding R&D and commercialization activities. - The company may raise additional capital to support operations and future product launches. **Ticker:** INSM