Insmed Incorporated (NASDAQ:INSM) Q3 2022 Earnings Conference Call October 27, 2022 8:30 AM ET

Company Participants

Will Lewis - Chair & CEO

Sara Bonstein - CFO

Eleanor Barisser - IR

Conference Call Participants

Jeff Hung - Morgan Stanley

Andrea Tan - Goldman Sachs

Judah Frommer - Credit Suisse

Joseph Schwartz - SVB Securities

Liisa Bayko - Evercore ISI

Jennifer Kim - Cantor Fitzgerald

Operator

Good morning, and afternoon, and evening. My name is Darius, and I will be your conference operator today. At this time, I would like to welcome everyone to the Insmed Third Quarter 2022 Financial Results Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator instructions]

I now have the pleasure of handing over to your host, Eleanor Barisser from Investor Relations. You may begin your conference.

Eleanor Barisser

Thank you, Darius. Good morning, and welcome to today's conference call to discuss our third quarter financial results for 2022, and to provide a business update. Before we start, let me remind you that today's call will include forward-looking statements based on current expectations. Such statements represent our judgment as of today, and may involve risks and uncertainties that may cause actual results to differ materially from the results discussed in the forward-looking statements. Please refer to our filings with the Securities and Exchange Commission, which are available through the SEC's website at www.sec.gov, or from our website for information concerning the risk factors that could affect the company. The information on today's call is not intended for promotional purposes, and it is not sufficient for prescribing decisions.

Joining me on today's call are members of the Insmed executive management team, including Will Lewis, Chair and Chief Executive Officer, and Sara Bonstein, Chief Financial Officer. Insmed's business is currently comprised of four pillars, ARIKAYCE, Brensocatib, TPIP, and Translational Medicine. Let me now turn the call over to Will Lewis for prepared remarks. Upon completion of those remarks, we will open the call up for your questions.

Will Lewis

Thank you, Eleanor, and good morning, everyone. The third quarter of 2022 marked a major turning point for Insmed, as we advanced revenue growth, clinical trial enrollment, and secured meaningful financing. With approximately $1.3 billion in capital, we are now fully resourced to realize numerous clinical trial readouts from each of our four strategic pillars. Specifically, data from the frontline NTM program, Brensocatib in bronchiectasis, Phase 2 data from TPIP, in addition to anticipated IND filings, and preclinical and clinical data from our fourth pillar. Collectively, we believe these readouts will transform our company. Before providing detailed updates on our four pillars, I want to take a moment to discuss the recent financing. As I said last week when we announced the transactions, we have never been in a stronger position as a company. The strategic rationale of the financing was to raise needed capital to achieve our ambitious objectives, to mitigate some of the macroeconomic and geopolitical risks that continue to weigh on the markets, and to protect ourselves strategically as we advance our four pillars. This financing does not change our underlying strategy in any way. Rather, it places us in an enviable position against the backdrop of one of the more difficult market environments in recent history. Our aim was to catapult us past these concerns, and place us in a strong financial position in the future when we have what we hope will be positive results from each of our four pillars. We feel very good about the future of this company and the meaningful catalyst this financing will support, and that should be the takeaway message of these transactions. We look forward to updating you on our progress from here.