Phase Space AI

Catalyst Calendar

Insmed [INSM]

Insmed [INSM] — Catalyst Calendar

Every entry carries its source. Where no date is disclosed the entry says so. No date on this page is inferred, rounded or invented.

Forward — the tradeable window

Date Event Source
NOT DISCLOSED Q2 2026 earnings release. No company announcement located as of 2026-07-30. Historical pattern only: Q2 filings landed 2025-08-07 and 2024-08-08, so early August is likely — but this is a pattern, not a date, and is not asserted as one. EDGAR filing history
Q3 2026 TPIP Phase 2b open-label-extension data in PAH. Tightened from "second half of 2026" in the FY2025 10-K. Q1'26 10-Q, Item 2
2H 2026 ARIKAYCE all-MAC US sNDA submission. The single most consequential filed event: would expand ARIKAYCE from refractory MAC (12,000–17,000 US patients) to all MAC lung disease (95,000–115,000) and convert the 2018 accelerated approval to full approval. Supported by positive Phase 3b ENCORE topline in March 2026. Q1'26 10-Q, Item 2
2H 2026 ARIKAYCE data review with Japan's PMDA to support label expansion. Q1'26 10-Q, Item 2
2H 2026 TPIP Phase 3 initiation in progressive pulmonary fibrosis (PPF). Q1'26 10-Q, Item 2
2026 — no month disclosed Brensocatib NCFB regulatory decision, Japan. Company language is "We anticipate a regulatory decision for brensocatib for the treatment of NCFB in Japan in 2026." No PDUFA-equivalent date is disclosed and none is invented here. Q1'26 10-Q, Item 2
1H 2027 TPIP Phase 3 initiation in IPF. SLIPPED ~2 quarters: the FY2025 10-K (2026-02-19) said "PPF and IPF in the second half of 2026"; the Q1'26 10-Q (2026-05-07) moved IPF to 1H 2027. Q1'26 10-Q Item 2 vs FY2025 10-K Item 1
NOT DISCLOSED INS1201 (DMD) Phase 1 ASCEND and INS1202 (ALS) Phase 1 ARMOR data. Both described only as "we continue to enroll patients." No readout timing has ever been disclosed. Combined transcript mentions across seven quarters: INS1201 = 1, INS1202 = 0. Q1'26 10-Q, Item 2; transcript census
NOT DISCLOSED INS1148 Phase 2 initiation in PPF/IPF. "We plan to advance a Phase 2 development program." No date. Q1'26 10-Q, Item 2

The capital-structure calendar — the part nobody puts on a catalyst page

Date Event Source
2028-01-03 First term-loan amortisation payment. Eight equal quarterly payments begin; $341.731m of principal falls due in FY2028. Q1'26 10-Q, Note 10
2028-02-01 Accelerated maturity date for the term loans on the occurrence of certain prespecified events. Q1'26 10-Q, Note 10
2028-03-31 OrbiMed minimum-guarantee test. If aggregate Revenue Interest Payments are below $150.0m, a one-time top-up is owed and the ARIKAYCE royalty rate steps up. Estimated shortfall $25–75m — this estimate is ours; the amount is not disclosed. Q1'26 10-Q, Note 11
2029-09-30 Term-loan final maturity; $205.039m of principal due in FY2029. Q1'26 10-Q, Note 10

Backward — the dated record the forward view rests on

Date Event Source
September 2018 ARIKAYCE US accelerated approval, refractory MAC lung disease FY2025 10-K, Item 1
2022-10-19 Pharmakon $350.0m Tranche A term loan Q1'26 10-Q, Note 10
October 2022 OrbiMed Royalty Financing Agreement, $150.0m Q1'26 10-Q, Note 11
October 2024 (amended 2025-07-10) A&R Loan Agreement: +$150.0m Tranche B, rate fixed at 9.6%, maturity extended to 2029-09-30 Q1'26 10-Q, Note 10
2024-11-18 $500.0m ATM programme terminated FY2025 10-K, liquidity section
June 2025 Underwritten offering, 8,984,375 shares at $96.00, $823.3m net FY2025 10-K, liquidity section
2025-08-12 BRINSUPRI FDA approval, US, NCFB 12+ FY2025 10-K MD&A: "All product costs for BRINSUPRI incurred prior to FDA approval on August 12, 2025 were expensed as R&D expenses"
Q3 2025 BRINSUPRI US commercial launch Q1'26 10-Q and FY2025 10-K: "We launched BRINSUPRI in the US in the third quarter of 2025"
Q4 2025 PALM-ILD Phase 3 of TPIP in PH-ILD initiated Q1'26 10-Q, Item 2
November 2025 BRINSUPRI European Commission approval — label restricted to patients with 2+ exacerbations in the prior 12 months Q1'26 10-Q, Item 2; FY2025 10-K, Item 1
December 2025 Phase 2b BiRCh (brensocatib in CRSsNP) completed: missed primary AND secondary endpoints. Programme DISCONTINUED. FY2025 10-K, Item 1
December 2025 INS1148 acquired (Phase 2-ready anti-SCF248 mAb), $40.0m Q1'26 10-Q Item 2; FY2025 10-K cash-flow discussion
January 2026 FDA orphan drug designation, treprostinil palmitil in PAH Q1'26 10-Q, Item 2
February 2026 BRINSUPRI UK MHRA marketing authorisation — label restricted to 2+ flare-ups in the past 12 months Q1'26 10-Q, Item 2
2026-02-19 FY2025 10-K filed EDGAR 0001104506-26-000009
March 2026 Phase 3b ENCORE topline (ARIKAYCE, all MAC): POSITIVE — met primary and all multiplicity-controlled secondary culture-conversion endpoints Q1'26 10-Q, Item 2
April 2026 PALM-PAH Phase 3 of TPIP in PAH initiated Q1'26 10-Q, Item 2
April 2026 Phase 2b CEDAR (brensocatib in HS) completed: missed primary AND secondary endpoints. Programme DISCONTINUED. Q1'26 10-Q, business description
2026-05-07 Q1 2026 10-Q filed EDGAR 0001104506-26-000032

Not fabricated, and worth stating explicitly: there is no disclosed PDUFA date for the Japan brensocatib decision, no disclosed Q2 2026 earnings date, and no disclosed readout timing for INS1201, INS1202 or INS1148. Four dates that a catalyst page would normally carry are absent from the company's own disclosure, and are left absent here.