Disc Medicine Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update

Core Insights - Disc Medicine, Inc. reported financial results for Q4 and full year 2025, highlighting progress in its clinical programs and a strong cash position [1][5][6] Financial Performance - Cash, cash equivalents, and marketable securities totaled approximately $791 million as of December 31, 2025, up from $490 million in 2024, providing a runway into 2029 [6][11] - Research and Development (R&D) expenses increased to $170.6 million in 2025 from $96.7 million in 2024, driven by advancements in clinical studies and increased headcount [11][13] - Selling, General and Administrative (SG&A) expenses rose to $65.4 million in 2025 from $33.0 million in 2024, primarily due to increased headcount and infrastructure development [11][13] - The net loss for 2025 was $212.2 million, compared to a net loss of $109.4 million in 2024, attributed to higher operating costs [11][13] Clinical Developments - The Phase 3 APOLLO study for bitopertin is expected to complete enrollment in March 2026, with topline data anticipated in Q4 2026 [6][7] - Initial data from the Phase 2 study of DISC-0974 in patients with anemia of myelofibrosis (MF) showed meaningful overall anemia responses across all patient subgroups [6][7] - The company is progressing with the Phase 2 study of DISC-3405 in polycythemia vera and has initiated a Phase 1b study in sickle cell disease, with data expected in the second half of 2026 [6][7] Pipeline Overview - Bitopertin is a GlyT1 inhibitor aimed at treating erythropoietic protoporphyria (EPP) [3] - DISC-0974 is an anti-hemojuvelin antibody focused on hepcidin suppression [4] - DISC-3405 is an anti-TMPRSS6 antibody targeting hepcidin induction [4]