Insmed is a specialty biopharmaceutical company focused on rare and serious lung diseases. Insmed's two commercial products are ARIKAYCE and BRINSUPRI, both targeting pulmonologists and sharing the same commercial infrastructure. ARIKAYCE is an inhaled antibiotic for MAC lung disease — a rare, chronic infection — that delivers amikacin directly into the lungs via a proprietary liposomal delivery system. ARIKAYCE is approved in the US, EU, and Japan, though currently only for the smaller "refractory" patient population that hasn't responded to prior treatment. Insmed is running the ENCORE Phase 3 trial to expand the label to all MAC patients, which could grow the US addressable population from roughly 30,000 to over 200,000. BRINSUPRI is an oral, once-daily pill approved in the US in 2025 for non-cystic fibrosis bronchiectasis, a chronic lung disease with no prior approved treatment. BRINSUPRI inhibits DPP1, an enzyme that triggers inflammation in white blood cells, reducing the frequency of lung exacerbations. Insmed sells both products through specialty pharmacies, with revenue driven by patient volumes, net pricing, and label breadth. Insmed outsources manufacturing to contract manufacturers and does not produce at commercial scale internally. The company is pre-profitability but expects to reach cash flow positivity on the strength of BRINSUPRI's launch and ARIKAYCE's continued growth, without additional equity raises.