IRON Stock — Disc Medicine Inc.: Cash, EV, Pipeline

What they do

We are a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of novel treatments for patients suffering from serious hematologic diseases. We have 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.

Source: 10-K FY2025 via SEC EDGAR

Share price

$78.91

Market cap

$3,503.0M

Cash

$682.8M

Enterprise value

$2,879.9M

Balance sheet

Cash	$682.8M
Debt	$59.7M
Net cash	$623.1M
Enterprise value	$2,879.9M
Basic shares	38.4M shares
Fully diluted shares	44.2M shares
Fully diluted market cap	$3,486.0M
Cash per share	$17.78
Quarterly burn	$44.2M
Cash runway	16.2 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

38.4M

Pre-funded warrants

0.4M

Options

3.7M

RSUs

1.3M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.3M

FDSO

44.2M

Cap table as of 2026-06-30.

Price history

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Next catalyst

DISC-0974 · Nov 12 - Dec 24 in 5d · Phase 2 · Inflammatory Bowel Disease (IBD); Anemia

Recently reported

Bitopertin Phase 3 Positive · 2026-10-19

APOLLO · erythropoietic protoporphyria (epp), x-linked protoporphyria (xlp)

Primary: Co-primary endpoints: reduction in whole-blood metal-free PPIX from baseline and increase in average monthly total time in light without pain during month 6 (bitopertin 60 mg QD vs placebo, n=183, EPP/XLP, age 12+) — PPIX -41.4% vs placebo (p<0.0001); average monthly total time in light without pain in month 6 +12.2 hours vs placebo (p=0.0010)

· Phototoxic reaction incidence rate reduced vs placebo (p<0.0001)

· Cumulative total time in light without pain over the 6-month treatment period increased vs placebo (p<0.0001)

· Average daily sunlight exposure time to prodrome increased vs placebo (p=0.0077, adults only)

· Patient Global Impression of Change (PGIC) score improved vs placebo (p<0.0001)

· Patient Global Impression of Severity (PGIS) score improved vs placebo (p<0.0001)

· Disc plans to resubmit an NDA to FDA by end of 2026, with an FDA decision anticipated by mid-2027

Safety: Generally well tolerated; dizziness was the most common TEAE (50%), mild or moderate and generally transient; no TEAEs above Grade 3; no new safety signals

Source release →

DISC-3405 Phase 2 Mixed · 2026-09-10

RESTORE-PV · polycythemia vera (pv)

Source release →

DISC-1459 Mixed · 2026-06-12

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Nov 12 - Dec 24 in 5d	DISC-0974	Phase 2	Inflammatory Bowel Disease (IBD); Anemia	—
Jun 12 - Jul 24 in 7 mo	DISC-0974	Phase 2	Myelofibrosis; Anemia	—
Jul 13 - Aug 24 in 8 mo	DISC-3405	Phase 1	Sickle Cell Disease	—
Jul 13 - Aug 24 in 20 mo	DISC-1459	Phase 3	Erythropoietic Protoporphyria	Q4 2026 Est. Nov 15, 2026 · quarter midpoint

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Bitopertin

Stage not disclosed · Active

Target GlyT1

Indications

Erythropoietic protoporphyria (EPP) (Stage not disclosed)
X-linked protoporphyria (XLP) (Stage not disclosed)

Status note Lead program. FDA accepted the NDA for review in November 2025 but issued a complete response letter (CRL) in February 2026; resubmission path not dated in the filing. HELIOS open-label long-term extension study ongoing in EPP/XLP patients. Awarded FDA Commissioner's National Priority Voucher (CNPV) for bitopertin in EPP/XLP in October 2025.

DISC-0974

Phase 2 · Active Modality: monoclonal antibody

Aliases selcodebart

Target hemojuvelin (HJV)

Partnerships Licensed from AbbVie Deutschland GmbH & Co ($5.0M milestone triggered in Q1 2026)

Indications

Anemia of myelofibrosis (MF) (Phase 2)

Catalysts

— second half of 2026

Status note Lead product candidate of the iron homeostasis portfolio; hepcidin-suppressing anti-HJV antibody. Evaluated in RALLY-MF, an open-label Phase 2 trial in anemia of MF. Company also plans to explore other indications.

DISC-3405

Phase 2 · Active Modality: monoclonal antibody

Target TMPRSS6

Partnerships Licensed from Mabwell Therapeutics, Inc ($5.0M Phase 1 milestone paid Q1 2026; $10.0M due on first Phase 2 administration)

Indications

Polycythemia vera (PV) (Phase 2)
Sickle cell disease (SCD) (Phase 1)
Other hematologic disorders (Stage not disclosed)

Catalysts

— third quarter of 2026
— fourth quarter of 2026

Status note Anti-TMPRSS6 antibody for therapeutic iron restriction. RESTORE-PV open-label Phase 2 in PV initiated June 2025; Phase 1b open-label trial in SCD initiated October 2025. Company plans to explore other hematologic disorders.

DISC-0998

Preclinical · Active Modality: monoclonal antibody

Target hemojuvelin (HJV)

Partnerships Licensed from AbbVie

Status note Preclinical next-generation anti-HJV monoclonal antibody designed to increase serum iron levels with extended serum half-life vs DISC-0974.

Per-asset detail extracted from the 10-Q filed 2026-07-30. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	DISC-1459
Lead indication	Erythropoietic Protoporphyria
Lead phase	Phase 3
Active trials	6

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT05883748	Phase 3	Enrolling by invitation	Sponsor	IRON	—	Erythropoietic Protoporphyria	Q4 2026 Est. Nov 15, 2026 · quarter midpoint
NCT06910358	Phase 3	Active, not recruiting	Sponsor	IRON	—	Erythropoietic Protoporphyria (EPP); X-Linked Protoporphyria (XLP)	Q4 2026 Est. Nov 15, 2026 · quarter midpoint
NCT07368972	Phase 2	Recruiting	Sponsor	IRON	—	Inflammatory Bowel Disease (IBD); Anemia	—
NCT06985147	Phase 2	Active, not recruiting	Sponsor	IRON	—	Polycythemia Vera (PV)	—
NCT05320198	Phase 2	Recruiting	Sponsor	IRON	—	Myelofibrosis; Anemia	—
NCT07187973	Phase 1	Recruiting	Sponsor	IRON	—	Sickle Cell Disease	—

Sponsor-matched active trials from ClinicalTrials.gov (6 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 6 active trials for Disc Medicine, Inc on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RA Capital Management	2,450,221	no change	1.56%	2026-08-14
Frazier Life Sciences	1,354,852	no change	2.16%	2026-08-14
BVF Partners	1,153,612	-118,700	2.16%	2026-08-14
Logos Global Management	875,000	+315,000	2.76%	2026-08-14
Deerfield Management	657,000	no change	0.50%	2026-08-14
OrbiMed Advisors	357,535	-710,015	0.50%	2026-08-14
Baker Bros. Advisors	349,657	no change	0.13%	2026-08-14
Casdin Capital	65,000	no change	0.24%	2026-08-14
Sphera Biotech	63,538	+10,000	0.66%	2026-08-14
RTW Investments	30,000	no change	0.02%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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IRON — Disc Medicine Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

IRON — Disc Medicine Inc.