Disc Medicine, Inc. Segments Disclosure
13. Segment Information
The Company manages its operations as a operating segment for the purposes of assessing performance and making operating decisions, resulting in a reportable segment. The Company has determined that its Chief Operating Decision Maker ("CODM") is its . The Company’s CODM reviews the Company’s financial information on a consolidated basis for the purpose of allocating resources and assessing financial performance.
The Company has assembled a portfolio of clinical and preclinical product candidates that aim to modify fundamental biological pathways associated with the formation and function of red blood cells, specifically heme biosynthesis and iron homeostasis. The Company has not generated any revenue since its inception. The Company primarily incurs expenses in connection with the research and development of its product candidates as well as selling, general and administrative costs consisting of salaries and related costs for personnel in executive, finance, commercial, corporate and business development, and administrative functions, as well as legal, consulting, commercial planning, market research and professional fees.
The key measure of segment profit or loss that the CODM uses to allocate resources and assess performance is the Company’s consolidated net loss, as reported on the consolidated statements of operations and comprehensive loss. In addition, the CODM is regularly provided the significant segment expense categories included in the table below, which are reviewed against budgeted expectations to assist in resource allocation decision-making. The categories reflect a change made during the first quarter of 2025 to separately present commercial expense. The prior periods have been recast to reflect this update.
|
|
Year Ended |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Bitopertin program external expense |
|
$ |
(58,827 |
) |
|
$ |
(28,105 |
) |
|
$ |
(17,271 |
) |
DISC-0974 program external expense |
|
|
(27,586 |
) |
|
|
(16,943 |
) |
|
|
(9,136 |
) |
DISC-3405 program external expense |
|
|
(17,693 |
) |
|
|
(13,934 |
) |
|
|
(20,168 |
) |
Other external research and development expense |
|
|
(13,598 |
) |
|
|
(6,879 |
) |
|
|
(4,752 |
) |
Internal and other research and development expense |
|
|
(36,947 |
) |
|
|
(23,782 |
) |
|
|
(16,170 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Commercial expense |
|
$ |
(14,879 |
) |
|
$ |
(1,904 |
) |
|
$ |
(1,007 |
) |
|
|
|
|
|
|
|
|
|
|
|||
General and administrative expense |
|
$ |
(32,152 |
) |
|
$ |
(21,358 |
) |
|
$ |
(17,091 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Stock-based compensation expense |
|
$ |
(34,340 |
) |
|
$ |
(16,815 |
) |
|
$ |
(5,530 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Other segment items* |
|
$ |
23,838 |
|
|
$ |
20,363 |
|
|
$ |
14,696 |
|
|
|
|
|
|
|
|
|
|
|
|||
Net loss |
|
$ |
(212,184 |
) |
|
$ |
(109,357 |
) |
|
$ |
(76,429 |
) |
*Other segment items include interest income, interest expense, other income (expense), and income tax expense as reported on the consolidated statements of operations and comprehensive loss.
Assets regularly provided to the CODM are consistent with those reported on the consolidated balance sheets with particular emphasis on the Company’s available liquidity, including its cash, cash equivalents and marketable securities balances. All of the Company’s tangible assets are held in the United States.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.