IRON · Disc Medicine, Inc.

Disc Medicine reported a significant increase in operating expenses for the first quarter of 2026, resulting in a net loss of $63.5 million, compared to $34.1 million in the prior year period. The 65% year-over-year increase in Research and Development expenses to $45.9 million reflects the advancement of the company's clinical portfolio, specifically the progression of bitopertin clinical studies, drug manufacturing, and the ongoing development of the DISC-0974 and DISC-3405 programs. Selling, General and Administrative expenses nearly doubled to $23.6 million, primarily attributed to increased headcount and the establishment of infrastructure to support potential commercialization activities.

Operationally, the company achieved a critical milestone by completing enrollment in its Phase 3 APOLLO clinical trial of bitopertin for erythropoietic protoporphyria (EPP), expanding the study size to 183 patients. Topline data is anticipated in Q4 2026. Management also highlighted the selection of Phase 2 data for DISC-0974 for an oral presentation at the ASCO Annual Meeting in June. The company maintains a robust financial position with $730.2 million in cash, cash equivalents, and marketable securities as of March 31, 2026, which is expected to fund operational plans into 2029. This liquidity provides substantial runway to execute on multiple upcoming clinical catalysts, including data readouts for DISC-0974 and DISC-3405 expected in the fourth quarter of 2026.