X0202 SCHEDULE 13G/A 0000902664-24-005415 0001839209 XXXXXXXX LIVE 4 Common Stock, par value $0.01 per share 03/31/2026 0001104506 INSMED Inc 457669307 700 US HIGHWAY 202/206 BRIDGEWATER NJ 08807 Rule 13d-1(c) Darwin Global Management, Ltd. Y9 0.00 16805184.00 0.00 16805184.00 16805184.00 N 7.8 IA OO Dr. Abhishek Trehan X0 0.00 16805184.00 0.00 16805184.00 16805184.00 N 7.8 IN Darwin Global Master Fund, Ltd. E9 0.00 14182375.00 0.00 14182375.00 14182375.00 N 6.6 OO INSMED Inc 700 US HIGHWAY 202/206, BRIDGEWATER NJ 08807 This statement is filed by: (i) Darwin Global Management, Ltd., a limited company incorporated under the laws of Jersey ("Darwin Global") with respect to the shares of common stock, par value $0.01 per share ("Common Stock") of Insmed Incorporated (the "Company") directly held by (a) Master Fund (as defined below), to which Darwin Global serves as investment manager and (b) segregated accounts (the "Segregated Accounts") for which Darwin Global serves as an appointed sub-investment advisor; (ii) Dr. Abhishek Trehan ("Dr. Trehan"), the Chief Investment Officer and the controlling person of Darwin Global, with respect to the shares of Common Stock directly held by each of Master Fund and the Segregated Accounts; and (iii) Darwin Global Master Fund Ltd. ("Master Fund"), a Cayman Islands exempted company, with respect to the shares of Common Stock directly held by it. The foregoing persons are hereinafter sometimes each referred to as a "Reporting Person" and collectively referred to as the "Reporting Persons." The filing of this statement should not be construed as an admission that any Reporting Person is, for purposes of Section 13 of the Securities Exchange Act of 1934, the beneficial owner of the securities reported herein. The address of the business office of each of the Reporting Persons is Whiteley Chambers, Don Street, St. Helier, Jersey JE2 4TR. Darwin Global is a Jersey limited company. Dr. Trehan is a British citizen. Master Fund is a Cayman Islands exempted company. Y The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 215,852,149 shares of Common Stock outstanding as of March 6, 2026, as reported in the Company's Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on April 1, 2026. 7.8% The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference Y N See Item 2(a). Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Darwin Global Management, Ltd. /s/ John Legge 05/15/2026 Dr. Abhishek Trehan /s/ Dr. Abhishek Trehan 05/15/2026 Darwin Global Master Fund, Ltd. /s/ John Legge 05/15/2026