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    Lena Times

    Vice President and Equity Research Analyst at RBC Capital Markets

    Lena Times is a Vice President and Equity Research Analyst at RBC Capital Markets, specializing in coverage of the North American technology and internet sectors. She focuses on key publicly traded companies such as Shopify, Lightspeed Commerce, and OpenText, delivering research and investment recommendations that have contributed to a Top 25 ranking among Canadian equity analysts on independent platforms based on one-year stock return performance. Lena began her finance career in 2013 with a boutique investment research firm before joining RBC Capital Markets as an Associate Analyst in 2016 and advancing to her current role in 2022. She holds a CFA charter, is FINRA Series 7 and 63 licensed, and has appeared as a panelist at industry conferences recognized for her incisive analysis and achievement in sector stock selection.

    Lena Times's questions to INSMED (INSM) leadership

    Lena Times's questions to INSMED (INSM) leadership • Q1 2025

    Question

    Lena Times of RBC asked about the Brensocatib trial in hidradenitis suppurativa (HS), inquiring about the success bar for the upcoming futility analysis and the drug's potential positioning relative to existing biologics.

    Answer

    CMO Martina Flammer explained the futility analysis for the first 100 patients will look for an efficacy signal, not a p-value, based on the total abscess and nodule (AN) count. She later clarified the Phase II trial is powered to show a 40% reduction in AN count versus placebo. CEO William Lewis added that the analysis will be done by an external committee, yielding a simple 'go/no-go' decision for the company.

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    Lena Times's questions to INSMED (INSM) leadership • Q1 2025

    Question

    An analyst from RBC asked about the specific bar for the futility analysis in the hidradenitis suppurativa (HS) trial and what efficacy the company hopes to show relative to existing biologics.

    Answer

    CMO Martina Flammer explained the futility analysis for the first 100 patients will look for efficacy signals, not a p-value, with the study powered to show a 40% reduction in AN count versus placebo. CEO William Lewis added that the analysis will be conducted by an external committee, and Insmed will only receive a 'go/no-go' recommendation, emphasizing the goal is to see if Brensocatib can be a complementary therapy.

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