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Brandon

Managing Director and Senior Research Analyst at Wolfe Research

Brandon L. Dobell is a Managing Director and Senior Research Analyst at Wolfe Research, specializing in internet and software research with a focus on enterprise software, cybersecurity, and internet services. He covers major companies such as Salesforce (CRM), Workday (WDAY), Palo Alto Networks (PANW), CrowdStrike (CRWD), and Snowflake (SNOW), boasting a strong performance track record with a 62% success rate on TipRanks, an average return of 18.7%, and top 5% ranking among Wall Street analysts over the past year. Dobell started his career as an equity research analyst at Prudential Equity Group in 1999, spent over a decade at William Blair & Company until 2013, then joined Wolfe Research that same year, establishing himself as a leading voice in tech research. He holds Series 7, 63, and 86 FINRA licenses, underscoring his professional credentials in securities analysis.

Brandon's questions to INSMED (INSM) leadership

Question · Q4 2025

Brandon (on behalf of Andy Chen) asked about the company's perspective on additional capital to support business development or other value creation initiatives relative to achieving cash flow positivity, and whether cash flow positivity is a near-term 2026 goal or expected in outer years.

Answer

Will Lewis, Chair and CEO, stated that there is a 'very clear path to cash flow positivity' based on current revenue assumptions for BRINSUPRI and ARIKAYCE, which includes existing program expenditures. He clarified that business development is incremental, and any decision to source additional capital would be specifically for new BD opportunities. Sara Bonstein, Chief Financial Officer, reiterated that the current cash position of $1.4 billion is sufficient to fund the base business through cash flow positivity, with BD being a separate consideration.

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