Disc Medicine, Inc.

Listed Company

IRONCIK 0001816736NasdaqLarge AcceleratedPharmaceutical PreparationsFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-212.18M

Total Assets

$806.88M

Equity

$739.83M

Shares Out

38.16M

Op. Cash Flow

$-180.39M

Business

Disc Medicine, Inc. is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel treatments for serious hematologic diseases. It develops product candidates that modulate heme biosynthesis (bitopertin) and iron homeostasis (DISC-0974, DISC-0998, DISC-3405) to address erythropoietic porphyrias, Diamond-Blackfan anemia, anemia of myelofibrosis and chronic kidney disease, polycythemia vera and other red blood cell disorders. Its key business areas comprise heme biosynthesis modulation and iron homeostasis portfolios spanning clinical-stage and preclinical programs and in-licensed assets. The company conducts global clinical trials, licenses technology, and relies on third-party CDMOs for manufacturing and distribution through clinical sites and planned commercial channels.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	171	97	69	33	25
Selling, general and administrative	65	33	22	—	—
Total operating expenses	236	130	91	47	31
Loss from operations	−236	−130	−91	−47	−31
Interest income	28	21	15	709,000	14,000
Interest expense	−4	−572,000	0	—	—
Other income (expense)	45,000	−2,000	−2,000	0	−13,000
Total other income (expense), net	24	21	15	648,000	−5
Loss before income taxes	−212	−109	−76	−47	—
Income tax expense	−361,000	−355,000	−99,000	0	—
Net loss	−212	−109	−76	−47	−36
Net loss per share, basic	−6.01	−3.96	−3.42	−45.05	−40.95
Net loss per share, diluted	−6.01	−3.96	−3.42	−45.05	−40.95
Weighted-average common shares outstanding-basic	35	28	22	1	878,407
Weighted-average common shares outstanding-diluted	35	28	22	1	878,407
Foreign currency translation adjustments	−1,000	−27,000	0	—	—
Unrealized gain on marketable securities	677,000	316,000	0	—	—
Total other comprehensive income	676,000	289,000	0	—	—
Comprehensive loss	−212	−109	−76	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-06-30	FY 2022 2022-12-31
Cash and cash equivalents	91	192	360	—	195
Marketable securities	700	297	0	—	—
Prepaid expenses and other current assets	13	4	5	—	—
Total current assets	804	494	366	—	198
Property and equipment, net	1	751,000	170,000	—	168,000
Right-of-use assets, operating leases	1	2	2	200,000	1
Other assets	726,000	838,000	234,000	—	116,000
Total assets	807	497	368	—	200
Accounts payable	9	8	13	—	16
Accrued external research and development expenses	11	7	2	—	—
Other accrued expenses	16	8	6	—	6
Operating lease liabilities, current	611,000	130,000	665,000	—	307,000
Total current liabilities	37	23	21	—	23
Long-term debt, net	29	28	0	—	—
Operating lease liabilities, non-current	1	2	1	—	1
Total liabilities	67	53	23	—	24
Commitments and contingencies (Note 14)	—	—	—	—	—
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued or outstanding as of December 31, 2025 and December 31, 2024	0	0	0	—	—
Common stock, $0.0001 par value; 100,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 37,890,616 and 29,865,030 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	4,000	3,000	2,000	—	2,000
Additional paid-in capital	1,249	741	534	—	289
Accumulated other comprehensive income	965,000	289,000	0	—	—
Accumulated deficit	−510	−298	−189	—	−112
Total stockholders' equity	740	444	345	—	177
Total liabilities and stockholders' equity	807	497	368	—	200

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	281,000	156,000	100,000	89,000	32,000
Stock-based compensation	34	17	6	2	507,000
Amortization/accretion of investment securities	−9	−5	0	—	—
Loss from initial consolidation of variable interest entity	852,000	0	0	—	—
Non-cash lease expense	473,000	433,000	290,000	211,000	160,000
Non-cash interest expense	837,000	127,000	0	—	—
Other non-cash items	1,000	−27,000	0	—	—
Prepaid expenses and other current assets	−9	2	−1	352,000	−1
Accounts payable	1	−5	−4	526,000	1
Accrued external research and development expenses	4	5	169,000	—	—
Other accrued expenses	7	2	2	—	—
Operating lease liabilities	186,000	−495,000	−54,000	−319,000	−141,000
Net cash used in operating activities	−180	−94	−73	−42	−28
Purchases of marketable securities	−850	−387	0	—	—
Maturities of marketable securities	456	95	0	—	—
Purchases of property and equipment	−933,000	−505,000	−89,000	−151,000	−68,000
Net cash used in investing activities	−394	−292	−89,000	−151,000	−68,000
Proceeds from sale of common stock in underwritten offerings, net of issuance costs paid	440	173	199	—	—
Proceeds from sale of pre-funded warrants in underwritten offerings, net of issuance costs paid	14	0	38	—	—
Proceeds from sale of common stock in at-the-market offerings, net of issuance costs paid	10	15	0	—	—
Proceeds from issuance of long-term debt, net of issuance costs paid	0	29	0	—	—
Payment of debt issuance costs	0	−1	0	—	—
Proceeds from stock option exercises	9	3	3	219,000	68,000
Contributions from employee stock purchase plan	578,000	441,000	0	—	—
Net cash provided by financing activities	473	218	239	149	90
Net (decrease) increase in cash, cash equivalents and restricted cash	−101	−168	166	107	62
Cash paid for interest	3	198,000	0	—	307,000
Cash paid for amounts included in the measurement of operating lease liabilities	850,000	718,000	186,000	—	—

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