Disc Medicine, Inc.
Business
Disc Medicine is a clinical-stage biopharmaceutical company developing novel treatments for hematologic diseases by modulating fundamental biological pathways in red blood cell formation and function. The company's pipeline includes bitopertin for erythropoietic porphyrias, DISC-0974 for anemia of myelofibrosis and inflammatory bowel disease, and DISC-3405 for polycythemia vera and sickle cell disease, alongside preclinical programs targeting heme biosynthesis and iron homeostasis. Product candidates are in clinical development stages from Phase 1 to Phase 3 trials across multiple geographic markets including the United States, Europe, Canada, and Australia.
Summary from 10-K filed 2026-02-26
Financials
Consolidated Statement of Income
| Concept | Trend | 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
| Concept | Trend | 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
| Concept | Trend | 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 | — | — |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Disc Medicine, Inc.'s CIK number?
Disc Medicine, Inc.'s SEC CIK number is 0001816736 (1816736). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Disc Medicine, Inc.'s SEC filings?
All of Disc Medicine, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Disc Medicine, Inc. last report earnings?
Disc Medicine, Inc. (IRON) most recently filed an earnings 8-K with the SEC on May 5, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-205187). This is Disc Medicine, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Disc Medicine, Inc.'s most recent earnings 8-K?
Disc Medicine, Inc.'s latest earnings 8-K (Item 2.02) was filed May 5, 2026 under accession 0001193125-26-205187. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Disc Medicine, Inc.'s latest earnings 8-K →
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