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Disc Medicine (IRON) investor relations material
Disc Medicine Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Focused on developing novel treatments for serious hematologic diseases, with a pipeline including bitopertin, DISC-0974, and DISC-3405 in various clinical stages targeting rare blood disorders.
Submitted NDA for bitopertin for EPP and XLP in September 2025, seeking accelerated approval with a shortened FDA review period due to the CNPV award.
Accelerating commercialization efforts for bitopertin, with potential US launch in late 2025 or early 2026.
Pipeline progress includes Phase 2 and 1b studies for DISC-0974 and DISC-3405 in various hematologic diseases.
Completed a $210.9 million public offering in October 2025, strengthening liquidity for operations into 2029.
Financial highlights
Cash, cash equivalents, and marketable securities totaled $615.9 million as of September 30, 2025, up from $496.8 million at year-end 2024.
Net loss was $62.3 million for Q3 2025 (vs. $26.6 million Q3 2024) and $151.7 million for the nine months ended September 30, 2025 (vs. $79.9 million in 2024).
Research and development expenses rose to $50.3 million in Q3 2025 (vs. $24.7 million Q3 2024) and $124.4 million for the nine months (vs. $71.9 million in 2024).
Selling, general and administrative expenses increased to $17.4 million in Q3 2025 (vs. $8.2 million Q3 2024) and $44.6 million for the nine months (vs. $23.3 million in 2024).
Weighted-average shares outstanding increased to 35.2 million in Q3 2025 from 29.9 million in Q3 2024.
Outlook and guidance
Cash position, including October 2025 offering, expected to fund operations and debt service into 2029, not accounting for potential product revenue.
Anticipates continued increases in R&D and SG&A expenses as clinical programs advance and commercialization activities ramp up.
Expects topline data from key clinical trials in 2026 and potential US approval and launch of bitopertin in late 2025 or early 2026.
Initial data from Phase 2 DISC-0974 in MF anemia expected at ASH conference in December; topline data in 2026.
Initial data from Phase 2 DISC-3405 in PV and Phase 1b in SCD expected in 2026; Phase 2 study in IBD anemia to begin Q1 2026.
What are the implications for DISC-0974 NDD-CKD?
Bitopertin launch readiness for accelerated approval?
Future R&D and SG&A spend trajectory
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Next Disc Medicine earnings date
Guggenheim Securities 2nd Annual Healthcare Innovation Conference10 Nov, 2025
Next Disc Medicine earnings date
Guggenheim Securities 2nd Annual Healthcare Innovation Conference10 Nov, 2025
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Frequently asked questions
Disc Medicine Inc. is a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of innovative treatments for severe hematologic disorders. Founded as Gemini Therapeutics Inc before evolving into its current form, the company has a pipeline that includes therapies aimed at erythropoietic porphyrias (including erythropoietic protoporphyria and X-linked protoporphyria), Diamond-Blackfan Anemia, anemia of myelofibrosis, chronic kidney disease, and polycythemia vera among others. Disc Medicine's preclinical programs also target anemia associated with inflammatory diseases. The company is headquartered in Watertown, Massachusetts, and its shares are listed on the NASDAQ.
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