Disc Medicine Reports $34.1 Million Net Loss in Q1 2025, Increases Cash Reserves to $694.7 Million

Disc Medicine, Inc. reported a net loss of $34.1 million for the first quarter of 2025, compared to a net loss of $26.9 million for the same period in 2024. The company's total operating expenses increased to $39.9 million from $31.5 million year-over-year, driven primarily by higher research and development costs, which rose to $27.8 million from $23.7 million. The increase in R&D expenses was attributed to advancing clinical trials for its product candidates, particularly bitopertin and DISC-0974, as well as increased personnel-related costs. The company has not generated any revenue from product sales since its inception and does not expect to do so in the near future.

In terms of financial position, as of March 31, 2025, Disc Medicine had cash, cash equivalents, and marketable securities totaling $694.7 million, a significant increase from $493.6 million at the end of 2024. This increase was largely due to a successful underwritten offering in January 2025, which raised approximately $243.4 million in net proceeds. The company’s accumulated deficit reached $332.1 million, reflecting ongoing investments in its clinical development programs. The total number of shares outstanding increased to 34,581,222 from 29,865,030 at the end of 2024.

Strategically, Disc Medicine is advancing its clinical pipeline, which includes bitopertin for treating erythropoietic porphyrias and DISC-0974 for anemia related to myelofibrosis and chronic kidney disease. The company has initiated the APOLLO clinical trial for bitopertin, which is expected to serve as a post-marketing confirmatory trial under the FDA’s Accelerated Approval Program. Additionally, the company has received rare pediatric disease designation for bitopertin and fast track designation for both DISC-3405 and DISC-0974, which may facilitate expedited regulatory review.

Operationally, the company is focused on expanding its clinical trials and enhancing its research capabilities. As of the end of March 2025, Disc Medicine employed 94 full-time staff, reflecting its growth as it prepares for potential commercialization of its product candidates. The company is also addressing a material weakness in its internal controls over financial reporting, which it has identified and is actively working to remediate. Looking ahead, Disc Medicine anticipates continued operating losses as it invests in the development of its product candidates, with the expectation that its current cash reserves will support operations into 2028, barring any unforeseen circumstances.