2020 Q1 Form 10-Q Financial Statement

#000110450620000011 Filed on April 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $36.86M $21.90M
YoY Change 68.3%
Cost Of Revenue $8.438M $4.150M
YoY Change 103.33%
Gross Profit $28.42M $17.75M
YoY Change 60.11%
Gross Profit Margin 77.11% 81.05%
Selling, General & Admin $51.35M $54.81M
YoY Change -6.31% 67.87%
% of Gross Profit 180.67% 308.75%
Research & Development $36.18M $31.20M
YoY Change 15.96% 3.67%
% of Gross Profit 127.31% 175.77%
Depreciation & Amortization $2.266M $1.069M
YoY Change 111.97% 39.01%
% of Gross Profit 7.97% 6.02%
Operating Expenses $36.18M $31.20M
YoY Change 15.96% -50.27%
Operating Profit -$60.36M -$69.51M
YoY Change -13.17% 10.77%
Interest Expense $7.411M $6.726M
YoY Change 10.18% 19.21%
% of Operating Profit
Other Income/Expense, Net $36.00K -$119.0K
YoY Change -130.25% -238.37%
Pretax Income -$66.33M -$73.94M
YoY Change -10.29% 7.98%
Income Tax $0.00 $200.0K
% Of Pretax Income
Net Earnings -$66.36M -$74.15M
YoY Change -10.5% 8.21%
Net Earnings / Revenue -180.04% -338.57%
Basic Earnings Per Share
Diluted Earnings Per Share -$739.1K -$956.3K
COMMON SHARES
Basic Shares Outstanding 89.78M shares 77.54M shares
Diluted Shares Outstanding 89.78M shares 77.54M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $428.9M $420.2M
YoY Change 2.07% -38.8%
Cash & Equivalents $428.9M $420.2M
Short-Term Investments
Other Short-Term Assets $15.80M $12.40M
YoY Change 27.42% 26.53%
Inventory $30.65M $12.68M
Prepaid Expenses
Receivables $17.15M $9.347M
Other Receivables $0.00 $0.00
Total Short-Term Assets $492.5M $454.6M
YoY Change 8.33% -34.72%
LONG-TERM ASSETS
Property, Plant & Equipment $58.64M $27.93M
YoY Change 109.92% 76.61%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $21.90M $11.30M
YoY Change 93.81% 318.52%
Total Long-Term Assets $184.0M $141.3M
YoY Change 30.25% 84.11%
TOTAL ASSETS
Total Short-Term Assets $492.5M $454.6M
Total Long-Term Assets $184.0M $141.3M
Total Assets $676.5M $595.9M
YoY Change 13.53% -22.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.19M $30.22M
YoY Change -39.82% 129.38%
Accrued Expenses $32.69M $38.32M
YoY Change -14.69% 81.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.300M
YoY Change
Total Short-Term Liabilities $71.53M $94.25M
YoY Change -24.11% 170.79%
LONG-TERM LIABILITIES
Long-Term Debt $340.9M $321.3M
YoY Change 6.11% 6.15%
Other Long-Term Liabilities $10.96M $504.0K
YoY Change 2074.6% -35.8%
Total Long-Term Liabilities $351.9M $321.8M
YoY Change 9.35% 6.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $71.53M $94.25M
Total Long-Term Liabilities $351.9M $321.8M
Total Liabilities $469.8M $451.8M
YoY Change 3.99% 33.54%
SHAREHOLDERS EQUITY
Retained Earnings -$1.603B -$1.356B
YoY Change 18.18% 32.14%
Common Stock $899.0K $776.0K
YoY Change 15.85% 1.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $206.7M $144.1M
YoY Change
Total Liabilities & Shareholders Equity $676.5M $595.9M
YoY Change 13.53% -22.92%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$66.36M -$74.15M
YoY Change -10.5% 8.21%
Depreciation, Depletion And Amortization $2.266M $1.069M
YoY Change 111.97% 39.01%
Cash From Operating Activities -$57.94M -$73.85M
YoY Change -21.55% 9.54%
INVESTING ACTIVITIES
Capital Expenditures $2.679M $4.028M
YoY Change -33.49% -24.92%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.679M -$4.028M
YoY Change -33.49% -24.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $2.134M $3.049M
YoY Change -30.01% -99.19%
NET CHANGE
Cash From Operating Activities -$57.94M -$73.85M
Cash From Investing Activities -$2.679M -$4.028M
Cash From Financing Activities $2.134M $3.049M
Net Change In Cash -$58.49M -$74.84M
YoY Change -21.85% -124.5%
FREE CASH FLOW
Cash From Operating Activities -$57.94M -$73.85M
Capital Expenditures $2.679M $4.028M
Free Cash Flow -$60.61M -$77.88M
YoY Change -22.17% 7.0%

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CY2019Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q1 us-gaap Income Taxes Paid Net
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CY2020Q1 insm Fair Value Level1 Level2 Level3 Transfers Amount
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0 USD
CY2019Q1 insm Fair Value Level1 Level2 Level3 Transfers Amount
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CY2020Q1 insm Availableforsale Securities Gross Unrealized Gain Loss Numberof Securities
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CY2019Q4 insm Availableforsale Securities Gross Unrealized Gain Loss Numberof Securities
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CY2020Q1 us-gaap Net Income Loss
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CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2020Q1 us-gaap Concentration Risk Credit Risk
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<div style="text-indent:36pt;margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Concentration of Credit Risk</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">—Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash equivalents with high credit-quality financial institutions and may invest its short-term investments in US treasury securities, mutual funds and government agency bonds. The Company has established guidelines relative to credit ratings and maturities that seek to maintain safety and liquidity.</span></div><div style="text-indent:36pt;margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The Company is exposed to risks associated with extending credit to customers related to the sale of products. The Company does not require collateral to secure amounts due from its customers. The Company uses an expected loss methodology to calculate allowances for trade receivables. The Company's measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The Company does not currently have a material allowance for collectible trade receivables. The following table presents the percentage of gross product revenue represented by the </span></div><div style="margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Company's three largest customers as of the three months ended March 31, 2020 and March 31, 2019.</span></div><div style="text-align:center;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:67.836%;"><tr><td style="width:1.0%;"/><td style="width:37.008%;"/><td style="width:1.0%;"/><td style="width:1.0%;"/><td style="width:27.094%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:2.601%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:27.097%;"/><td style="width:1.0%;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="9" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><span style="font-size:10pt;font-weight:700;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Percentage of Total Gross Product Revenue</span></td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" rowspan="2" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:center;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"><span style="font-size:10pt;font-weight:700;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">March 31, 2020</span></td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:center;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"><span style="font-size:10pt;font-weight:700;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">March 31, 2019</span></td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><span style="font-size:10pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Customer A</span></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:center;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"><span style="font-size:10pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">27%</span></td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:center;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"><span style="font-size:10pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">33%</span></td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><span style="font-size:10pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Customer B</span></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><span style="font-size:10pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">26%</span></td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><span style="font-size:10pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">15%</span></td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><span style="font-size:10pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Customer C</span></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><span style="font-size:10pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">25%</span></td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><span style="font-size:10pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">31%</span></td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr></table></div><div style="text-indent:42.75pt;"><span><br/></span></div><div style="text-indent:36pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The Company relies on third-party manufacturers and suppliers for manufacturing and supply of its products. The inability of the suppliers or manufacturers to fulfill supply requirements of the Company could materially impact future operating results. A change in the relationship with the suppliers or manufacturer, or an adverse change in their business, could materially impact future operating results.</span></div>
CY2020Q1 us-gaap Inventory Raw Materials Net Of Reserves
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CY2019Q4 us-gaap Inventory Net
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CY2020Q1 us-gaap Finite Lived Intangible Asset Useful Life
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CY2020Q1 us-gaap Finance Lease Interest Payment On Liability
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CY2019Q4 insm Accrued Sales Allowancesand Related Costs
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CY2019Q4 insm Accrued Technical Operation Expenses
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CY2020Q1 insm Accrued Royalties And Milestone Payments Current
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CY2019Q4 insm Accrued Royalties And Milestone Payments Current
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3117000 USD
CY2020Q1 us-gaap Interest Payable Current
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CY2020Q1 insm Accrued Construction Liabilities Current
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CY2019Q4 insm Accrued Construction Liabilities Current
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CY2020Q1 us-gaap Other Accrued Liabilities Current
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CY2019Q4 us-gaap Other Accrued Liabilities Current
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CY2020Q1 us-gaap Accrued Liabilities Current
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CY2020Q1 us-gaap Finance Lease Right Of Use Asset Amortization
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360000 USD
CY2020Q1 us-gaap Finance Lease Interest Expense
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CY2020Q1 insm Finance Lease Cost
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CY2020Q1 us-gaap Operating Lease Cost
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CY2020Q1 us-gaap Lease Cost
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CY2020Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
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CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2020Q1 insm Lessee Operating Lease Lease Notyet Commenced Amount
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CY2020Q1 us-gaap Secured Debt
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CY2019Q4 us-gaap Secured Debt
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CY2020Q1 us-gaap Debt Instrument Unamortized Discount
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CY2019Q4 us-gaap Debt Instrument Unamortized Discount
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CY2020Q1 us-gaap Long Term Debt Noncurrent
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CY2019Q4 us-gaap Long Term Debt Noncurrent
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CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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450000000 USD
CY2020Q1 us-gaap Long Term Debt
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CY2020Q1 us-gaap Interest Expense Debt
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CY2019Q1 us-gaap Interest Expense Debt
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CY2020Q1 us-gaap Amortization Of Financing Costs
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CY2019Q1 us-gaap Amortization Of Financing Costs
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CY2020Q1 us-gaap Amortization Of Debt Discount Premium
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4650000 USD
CY2019Q1 us-gaap Amortization Of Debt Discount Premium
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CY2020Q1 insm Convertible Debt Interest Expense Total
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CY2019Q1 insm Convertible Debt Interest Expense Total
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CY2020Q1 us-gaap Finance Lease Interest Expense
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CY2019Q1 us-gaap Finance Lease Interest Expense
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CY2020Q1 us-gaap Interest Expense
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CY2019Q1 us-gaap Interest Expense
InterestExpense
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CY2020Q1 us-gaap Common Stock Shares Authorized
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CY2020Q1 us-gaap Common Stock Par Or Stated Value Per Share
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CY2020Q1 us-gaap Common Stock Shares Outstanding
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CY2020Q1 us-gaap Common Stock Shares Issued
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CY2020Q1 us-gaap Preferred Stock Shares Authorized
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200000000 shares
CY2020Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2020Q1 us-gaap Preferred Stock Shares Issued
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CY2020Q1 us-gaap Preferred Stock Shares Outstanding
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CY2020Q1 insm Share Based Compensation Arrangement By Share Based Payment Award Inducement Options Grants In Period Gross
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329260 shares
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0.0 USD
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
200000 USD
CY2020Q1 us-gaap Deferred Income Tax Expense Benefit
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0 USD
CY2019Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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0 USD
CY2020Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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0 USD
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
800000 USD
CY2019Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
800000 USD

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