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北京时间·🕒 发布 19:00:00时区推断·⟳ 抓取 19:00:23回填·⚡ 决策 07-16 19:04:13·102.9 天前

Insmed公布TPIP治疗PAH的12个月开放标签延长期积极数据

TPIP 12个月OLE数据支持安全性和疗效持续性,但这是非安慰剂对照延长期数据,核心随机Phase 2b阳性结果已在2025年6月披露并推动市场重定价。

📄 原文INSM↗ 原文
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不做 Insmed(INSM.US)
不做:12个月OLE数据方向正面但非对照、非注册性,核心Phase 2b阳性早已在2025年6月披露并推动预期,当前盘前价格未确认新增重定价,等投资者电话或Phase 3关键进展再由新信号接手。
不做 United Therapeutics(UTHR.US)
不做:TPIP长期数据对Tyvaso是远期竞争压力,但不是明确强空催化,且未满足做空红线;可作为降低相关多头敞口的风险提示。
不做 Liquidia(LQDA.US)
不做:同类PAH吸入疗法竞争叙事受压,但本次Insmed OLE数据不足以直接改变Liquidia短期基本面或形成可执行同向交易。
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研究档案

🔎 新鲜度:最早出现 2026-07-16 · 扩散 low · price-in 风险 medium ↗ ↗

消息传播链

  1. 2025-06-10 07:00 ET首发Insmed IR一手源原文 ↗
    Insmed已披露TPIP的随机双盲Phase 2b阳性结果,并说明OLE将继续评估长期安全性和疗效,因此今天的OLE更新不是首次验证性催化。
    市场反应:媒体报道当时称INSM因Phase 2b结果大涨。
  2. 2026-01-28行业媒体转载Insmed IR / PRNewswire一手源原文 ↗
    公司此前已持续披露TPIP在PAH、PH-ILD等适应症开发进展,Phase 3设计和Phase 2b数据已进入会议传播。
  3. 2026-07-16 07:00 ET官方确认/否认Insmed IR一手源原文 ↗
    公司一手发布12个月OLE数据:6MWD、NT-proBNP、WHO功能分级和REVEAL Lite 2.0均维持改善,安全性未见新增信号。
    市场反应:INSM最新价109.81美元,较前收110.11美元跌0.27%,未见盘前强反应。

关键理由

  • TPIP 12个月OLE数据支持安全性和疗效持续性,但这是非安慰剂对照延长期数据,核心随机Phase 2b阳性结果已在2025年6月披露并推动市场重定价。
  • 商业化量级上,PAH吸入曲前列尼尔市场有真实大单品参照:United Therapeutics的Tyvaso 2025年单季收入约4.7亿美元、全年预期约19亿美元;若TPIP Phase 3成功可成为Insmed现有约6亿美元年收入之外的重大管线,但本次不是注册性读出。
  • 行情上INSM盘前/最新价较前收微跌,未显示市场把这条OLE更新当成新的强重定价催化。

主要风险

  • 若8:00 ET投资者电话给出超预期Phase 3设计、监管沟通或商业化时间表,可能需要由新信号重新评估。
  • TPIP仍需Phase 3 PALM-PAH验证,且PAH/PH-ILD市场已有Tyvaso DPI、Liquidia等竞争与专利/准入不确定性。

反向证据

  • 做多前查反向 · 来源 web · 日期 2026-07-16 · 影响 weakens
    反向约束主要是本次为开放标签、非安慰剂对照延长期数据,真正商业化仍取决于Phase 3结果和竞争格局。
    检索:Insmed TPIP risks Phase 3 PAH competition Tyvaso Liquidia 原文 ↗
  • 做空前查反向 · 来源 web · 日期 2025-07-30 · 影响 invalidates
    Tyvaso仍在增长且United Therapeutics基本面强,TPIP OLE不足以构成对UTHR的明确强空催化。
    检索:United Therapeutics Tyvaso revenue 2025 TPIP competition 原文 ↗
  • 做多前查反向 · 来源 kb_search · 影响 none
    内部KB未命中与本次TPIP 12个月OLE直接相关的旧闻或付费研报,未发现可把本次升级为强交易催化的额外数字。
    检索:Insmed TPIP PAH 12-month OLE treprostinil palmitil
工具调用 · 历史记录,结果未知(2 种)
  • stock_quote · 结果未知
  • kb_search · 结果未知

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Press Releases

Insmed Announces Positive 12-Month Data from the Ongoing Open-Label Extension Study of Treprostinil Palmitil Inhalation Powder (TPIP) in Patients with Pulmonary Arterial Hypertension

– 12-Month Data Demonstrated Sustained Improvement with TPIP Across All Secondary Efficacy Measures Including Reduction in Mortality Risk Status by REVEAL Lite 2.0–
–Placebo Crossed Group Demonstrated Treatment Response on TPIP, Achieving Similar Outcomes to the TPIP Continued Group by Month 12–
–TPIP Was Safe and Well-tolerated with No Newly Identified Safety Signals through Month 12; Doses Up to 1,280 µg Once Daily Were Permitted in the OLE Study–
– These OLE Data, Combined with Once-Daily Inhaled Administration, Reinforce TPIP's Potential to Become the Prostanoid of Choice for Patients with PAH –
– Insmed to Host Investor Call Thursday, July 16, 2026,   at 8:00 a.m. ET –
BRIDGEWATER, N.J. , July 16, 2026 / PRNewswire / -- Insmed Incorporated (Nasdaq: INSM), a people-first global biopharmaceutical company striving to deliver first- and best-in-class therapies to transform the lives of patients facing serious diseases, today announced positive 12-Month data from the ongoing open-label extension (OLE) study evaluating treprostinil palmitil inhalation powder (TPIP), administered once daily in patients with pulmonary arterial hypertension (PAH, World Health Organization Group 1). The OLE study is a non-placebo-controlled trial and was designed to evaluate the long-term safety, tolerability, and effectiveness of TPIP over 24 months in patients who completed the lead-in TPIP PAH studies.
"These data from our ongoing OLE study with TPIP represent an important milestone in our efforts to fully harness the potential of treprostinil and provide meaningful benefit to patients with pulmonary arterial hypertension," said Gene Sullivan, M.D., Chief Product Strategy Officer of Insmed. "In this analysis, TPIP demonstrated sustained improvement across all efficacy endpoints and was well tolerated with no newly identified safety signals, and notably, patients who switched from placebo to TPIP in the OLE study achieved similar clinical benefit. These data, coupled with the statistically significant and clinically meaningful results from our Phase 2b randomized study, demonstrate TPIP's potential to become the prostanoid of choice for PAH patients, and we remain excited to be advancing our Phase 3 PALM-PAH study."
12-Month Results from the Ongoing OLE Study with TPIP in Patients with PAH
Results for secondary efficacy endpoints demonstrated sustained improvement with TPIP in six-minute walk distance (6MWD), N-terminal fragment pro-B-type natriuretic peptide (NT-proBNP) concentration, and World Health Organization (WHO) Functional Class, as well as a clinically meaningful improvement in REVEAL Lite 2.0 score at Month 12. Patients in the Placebo Crossed group (N=31) showed similar outcomes to patients in the TPIP Continued group (N=60) across all efficacy measures at Month 12.
The results at Month 12 were as follows:
Mean improvement from baseline for 6MWD was +55.7 meters for the TPIP Continued group and +54.1 meters for the Placebo Crossed group.
NT-proBNP concentration was reduced by approximately 60% in both groups with geometric mean ratios [GMR] to baseline of 0.40 and 0.41 in TPIP Continued and Placebo Crossed, respectively.
WHO Functional Class I or II was achieved in 78.3% of TPIP Continued group and 80.6% of Placebo Crossed group patients, and more than 25% of patients across both groups achieved WHO Functional Class I.
Mean REVEAL Lite 2.0 score improved 2.0-points from baseline for the TPIP Continued group and 1.4-points from baseline for the Placebo Crossed group. Approximately 65% of all patients achieved Refined Low Risk status, which is associated with a less than 5% estimated risk of mortality at three years and an approximately 7% risk of clinical worsening at one year.
"Pulmonary arterial hypertension is one of the most devastating diseases we face as clinicians, and these results from the ongoing TPIP OLE study give us genuine reason for optimism," said Dr. Raymond Benza, M.D., F.A.C.C., FAHA, FACP, Phase 2b PAH study Steering Committee Member, George M. and Linda H. Kaufman Academic Chair of Cardiology, Sentara Health. "The REVEAL Lite 2.0 risk score provides a powerful, non-invasive way to track disease trajectory. Previous REVEAL Lite 2.0 validation showed that a 1-point score improvement reduces risk of mortality by 23% and reduces the risk of clinical worsening by 21%. Here we saw that patients on TPIP averaged a greater than 1-point improvement from baseline, which is really meaningful for patients. Sustained improvements of this magnitude, alongside gains in exercise capacity and Functional Class, provide a strong clinical rationale to advance this therapy into Phase 3 development."
Results for the primary endpoint of safety & tolerability showed that once-daily TPIP therapy was generally well tolerated with no newly identified safety signals at doses up to 1,280 µg through Month 12. Of the 91 patients in the study, treatment-emergent adverse events (TEAEs) occurred in 89.0% of patients; serious TEAEs were observed in 18.7% of patients; and severe TEAEs were observed in 16.5% of patients in the study. TEAEs leading to study discontinuation were experienced by 7.7% of patients. There were four deaths, none of which were considered related to TPIP treatment. The most common TEAEs through Month 12 occurring in 5.0% or more of all patients were headache (28.6%), cough (15.4%), nasopharyngitis (14.3%), diarrhea (11.0%), upper respiratory tract infection (9.9%), bronchitis (7.7%), dizziness (6.6%), epistaxis (6.6%), nausea (6.6%), anemia (5.5%), influenza (5.5%), and pneumonia (5.5%).
The 12-Month OLE findings support the continued clinical development of TPIP and the recent initiation of PALM-PAH, a Phase 3, randomized, double-blind, placebo-controlled trial evaluating once-daily TPIP in patients with PAH over 24 weeks. The primary endpoint of PALM-PAH is change in 6MWD, with additional assessments of safety, tolerability, and overall efficacy. Insmed plans to publish the 12-Month results from this OLE study in the future. Topline results from the Phase 2b study of TPIP in patients with PAH were previously reported in June 2025.
Conference Call Information
Insmed management will host a conference call for investors beginning at 8:00 a.m. ET on Thursday, July 16, 2026, to discuss the TPIP OLE study results. Shareholders and other interested parties may participate in the conference call by dialing (800) 715-9871 (U.S.) or +1 (646) 307-1963 (International) and referencing access code 2033335. The call will also be webcast live on the Company's website at www.insmed.com .
A replay of the conference call will be accessible approximately one hour after its completion through July 23, 2026, by dialing (800) 770-2030 (U.S. and Canada) or +1 (609) 800-9909 (Internation

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