10-K · February 26, 2026
Disc Medicine is a clinical‑stage hematology-focused biotech advancing three clinical programs (bitopertin, DISC-0974, DISC-3405) and preclinical DISC-0998. The company submitted an NDA for bitopertin (accepted Nov…
Earnings analysis · 10-Q
IRON earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
Disc Medicine reported a significant net loss of $63.5 million for Q1 2026, highlighting a continued upward trend in operating losses compared to the previous year. The company ended the quarter with a strong cash…
Read full summary
Disc Medicine reported a significant net loss of $63.5 million for Q1 2026, highlighting a continued upward trend in operating losses compared to the previous year. The company ended the quarter with a strong cash position of $730.2 million, allowing for operational stability into 2029 despite ongoing high R&D expenditures.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.69
What stood out
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Q1 2026 Net Loss Widens to $63.5M
The company reported a net loss of $63.5 million, up $29.4 million from Q1 2025's loss of $34.1 million.
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R&D Expenses Increased 65% Year-over-Year
Q1 R&D expenses totaled $45.9 million, a significant increase from $27.8 million in Q1 2025.
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Cash Position Remains Strong
Ending cash, cash equivalents, and marketable securities stood at $730.2 million.
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Management Optimistic Despite Losses
Management believes current cash resources will sustain operations into 2029.
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Investments in New Trials
Initiatives include the AVENGER and APOLLO trials, aiming for faster regulatory pathways.
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Orphan Drug Designation Received
Bitopertin received orphan drug designation, enhancing its market position for rare diseases.
What to watch
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Ongoing Operating Losses
Continued high operating losses could jeopardize future funding and operational growth.
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Regulatory Approval Uncertainty
Bitopertin's recent CRL from the FDA raises concerns about future approvals and timelines.
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Dependence on Third-Party Suppliers
Reliance on third-party contractors for clinical trials presents risks if they fail to comply with regulations.
Management's outlook
Outlook deferred to earnings press release / call. The company expects ongoing losses until successful product approvals.
Earlier filings 4
10-Q · November 6, 2025
Disc Medicine reported a materially wider quarterly loss: net loss of $62,321,000 (net loss per share $1.77) for the three months ended September 30, 2025 versus $26,599,000 (net loss per share $0.89) in the year-ago…
10-Q · August 8, 2024
Disc Medicine reported a Q2 net loss of $26.4M (GAAP net loss per share $1.03) as R&D and G&A increased, while completing a registered direct offering that, together with cash and marketable securities, leaves the…
10-Q · May 6, 2022
Gemini Therapeutics reported a narrower first-quarter loss with operating expenses down to $15,177 thousand and net loss improving to $15,231 thousand (EPS $(0.35)) for the three months ended March 31, 2022 versus…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.