Disc Medicine (IRON) Q4 2025 earnings summary

Executive summary

• Advanced bitopertin program for EPP, with Phase 3 APOLLO study enrollment to complete in March 2026 and topline data expected Q4 2026.

• Initial Phase 2 data for DISC-0974 in myelofibrosis anemia showed meaningful responses across all patient subgroups.

• Progressed Phase 2 study of DISC-3405 in polycythemia vera and initiated Phase 1b in sickle cell disease, with data from both expected in 2H 2026.

Financial highlights

• Ended Q4 2025 with $791.2 million in cash, cash equivalents, and marketable securities, up from $489.9 million at end of 2024.

• Net loss for 2025 was $212.2 million, compared to $109.4 million in 2024, driven by higher operating costs.

• R&D expenses rose to $170.6 million in 2025 from $96.7 million in 2024, reflecting portfolio progression and milestone payments.

• SG&A expenses increased to $65.4 million in 2025 from $33.0 million in 2024, mainly due to increased headcount and commercialization infrastructure.

Outlook and guidance

• Cash runway expected to fund operations into 2029.

• Topline data from APOLLO Phase 3 for bitopertin expected Q4 2026; FDA decision anticipated by mid-2027.

• Initial data from DISC-3405 studies in PV and SCD expected in 2H 2026.

• Initial data from Phase 2 study of DISC-0974 in IBD and anemia expected in 2027.