Disc Medicine (IRON) Q2 2026 earnings summary

Executive summary

• Entered into a First Amendment to the Loan and Security Agreement with Hercules Capital, Inc. on June 25, 2026, modifying terms of the original agreement dated November 6, 2024.

• Completed a Type A meeting with the FDA, aligning that the Phase 3 APOLLO study of bitopertin, if successful, can serve as the basis for a CRL response, with topline data expected in Q4 2026.

• Launched an Expanded Access Program for bitopertin for eligible EPP patients and presented positive clinical data from ongoing trials.

• Completed enrollment for the RESTORE-PV Phase 2 study of DISC-3405 in polycythemia vera, with initial data expected in Q3 2026.

• Strong financial position with approximately $718 million in cash, cash equivalents, and marketable securities, providing runway into 2029.

Capital allocation and financing

• The amendment provides for an additional $30 million term loan advance, increasing the total drawn to $60 million, with up to $200 million available in multiple tranches subject to milestones.

• The Term Loan Facility matures on December 1, 2029, with interest-only payments through November 2028, followed by principal and interest payments until maturity.

• Interest is at a floating annual rate, the greater of 8.25% or Prime Rate plus 1.75%.

• The company may prepay the loan, subject to a prepayment fee (3% in the first 18 months, 2% in the next 18 months, 1% thereafter).

• Cash position expected to fund operations into 2029.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $717.7 million as of June 30, 2026.

• Research and development expenses were $46.9 million for Q2 2026, up from $46.3 million in Q2 2025, mainly due to portfolio progression and increased headcount.

• Selling, general, and administrative expenses were $18.1 million for Q2 2026, up from $15.1 million in Q2 2025, primarily due to increased headcount.

• Net loss was $59.5 million for Q2 2026, compared to $55.2 million for Q2 2025, reflecting higher operating costs.

• Net loss per share, basic and diluted, was $(1.54) for Q2 2026, compared to $(1.58) for Q2 2025.