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

Share price

$69.53

Market cap

$2,669.5M

Cash

$717.7M

Enterprise value

$2,011.1M

Balance sheet

Cash	$717.7M
Debt	$59.3M
Net cash	$658.4M
Enterprise value	$2,011.1M
Basic shares	38.3M shares
Fully diluted shares	42.8M shares
Fully diluted market cap	$2,977.3M
Cash per share	$18.74

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

Loading IRON daily closes…

Loading price history…

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Oct 13 - Nov 24	DISC-1459	Phase 3	Erythropoietic Protoporphyria (EPP); X-Linked Protoporphyria (XLP)	Q4 2026
Nov 12 - Dec 24	DISC-0974	Phase 2	Inflammatory Bowel Disease (IBD); Anemia; Inflammatory Bowel Disease (IBD); Anemia	—
Mar 15 - Apr 26	DISC-3405	Phase 2	Polycythemia Vera (PV)	—
Jun 12 - Jul 24	DISC-0974	Phase 2	Myelofibrosis; Anemia; Anemia; Myelofibrosis	—
Jul 13 - Aug 24	DISC-3405	Phase 1	Sickle Cell Disease	—
Jul 13 - Aug 24	DISC-1459	Phase 3	Erythropoietic Protoporphyria	Q4 2026

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	bitopertin
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
NCT06910358	Phase 3	Active, not recruiting	Sponsor	IRON	—	Erythropoietic Protoporphyria (EPP); X-Linked Protoporphyria (XLP)	Q4 2026
NCT07368972	Phase 2	Recruiting	Sponsor	IRON	—	Inflammatory Bowel Disease (IBD); Anemia; Inflammatory Bowel Disease (IBD); Anemia	—
NCT06985147	Phase 2	Active, not recruiting	Sponsor	IRON	—	Polycythemia Vera (PV)	—
NCT05320198	Phase 2	Recruiting	Sponsor	IRON	—	Myelofibrosis; Anemia; Anemia; Myelofibrosis	—
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

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
Frazier Life Sciences	1,354,852	no change	2.16%	2026-08-14
Logos Global Management	875,000	+315,000	2.76%	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
Sphera Biotech	63,538	+10,000	0.66%	2026-08-14
RTW Investments	30,000	no change	0.02%	2026-08-14

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

IRON — Disc Medicine Inc.

Balance sheet

Price history

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Institutional holders