Disc Medicine, Inc.
IRON · Pharmaceutical Preparations · 38.2M shares · +194%/yr ↑ dilution · EDGAR filings ↗
Reference price $72.66 · est. market cap ~$2.8B — last insider sale, 2026-06-22 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C62Cash-rich clinical-stage hematology developer whose lead drug just received an FDA Complete Response Letter, raising binary Phase 3 stakes.
Strengths
- Exceptional balance sheet: $791M cash (91st pct), current ratio 22 (95th), ~17.5 quarters runway and minimal debt
- Diversified pipeline; DISC-0974 showed meaningful anemia responses in RALLY-MF and bitopertin gave strong dose-dependent PPIX reductions
Risks
- Feb 2026 CRL for bitopertin in EPP/XLP — FDA rejected the PPIX surrogate link to clinical benefit; approval now hinges on Q4 2026 APOLLO Phase 3
- No revenue, ROE -29%, large cash burn (FCF -$181M); lead value driver materially set back
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Cash burnNegative free cash flow (-181.3M)
- Chronic dilutionShare count +194%/yr over 3y (dilution, book value/share -84%)
- Strong balance sheetStrong balance sheet — $791M cash & investments, ~18 quarters of runway
- Insider sellingInsider selling — 28 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$9M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-09 — PHASE1/PHASE2 · Myelofibrosis; Anemia
- Notable holderHeld by 5 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
Key metrics
Return on equity
-28.7%
Return on assets
-26.3%
ROIC
-24.2%
Debt / equity
0.0×
Current ratio
21.9×
Free cash flow
-$181M
EBITDA
-$236M
Tangible book value
$740M
Cash & investments
$791M
Cash runway
18q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | Yu Jonathan Yen-Wen | Sell | 9.7K | $72.66 |
| 2026-06-22 | Yu Jonathan Yen-Wen | Option exercise | 9.7K | $13.50 |
| 2026-06-18 | Khara Rahul | Sell | 1.6K | $70.73 |
| 2026-06-18 | Khara Rahul | Sell | 500 | $71.62 |
| 2026-06-18 | Quisel John D | Option exercise | 34K | $9.86 |
| 2026-06-18 | Quisel John D | Sell | 23K | $69.92 |
| 2026-06-18 | Quisel John D | Sell | 9.5K | $70.70 |
| 2026-06-18 | Khara Rahul | Sell | 5.4K | $69.94 |
| 2026-06-18 | Quisel John D | Sell | 1.6K | $71.61 |
| 2026-06-18 | Khara Rahul | Option exercise | 7.5K | $14.69 |
| 2026-06-16 | Yu Jonathan Yen-Wen | Option exercise | 5.3K | $9.86 |
| 2026-06-16 | Yu Jonathan Yen-Wen | Option exercise | 13K | $9.86 |
| 2026-06-16 | Yu Jonathan Yen-Wen | Sell | 12K | $68.76 |
| 2026-06-16 | Yu Jonathan Yen-Wen | Sell | 7.0K | $69.92 |
| 2026-04-14 | Franchi Jean M. | Sell | 6.3K | $69.24 |
| 2026-04-13 | Savage William Jacob | Sell | 2.2K | $66.81 |
| 2026-04-13 | Franchi Jean M. | Sell | 400 | $69.00 |
| 2026-04-13 | Savage William Jacob | Sell | 3.5K | $66.12 |
| 2026-03-02 | Savage William Jacob | Sell | 4.4K | $65.52 |
| 2026-03-02 | Savage William Jacob | Sell | 3.0K | $66.41 |
| 2026-02-25 | Franchi Jean M. | Sell | 353 | $69.06 |
| 2026-02-18 | Franchi Jean M. | Sell | 3.4K | $65.01 |
| 2026-02-18 | Franchi Jean M. | Sell | 3.7K | $65.89 |
| 2026-02-17 | Stephenson Pamela | Sell | 5.5K | $62.86 |
| 2026-02-17 | Franchi Jean M. | Sell | 4.1K | $62.86 |
| 2026-02-17 | Khara Rahul | Sell | 2.9K | $62.86 |
| 2026-02-17 | Savage William Jacob | Sell | 3.3K | $62.86 |
| 2026-02-17 | Yu Jonathan Yen-Wen | Sell | 3.2K | $62.86 |
| 2026-02-17 | Quisel John D | Sell | 13K | $62.86 |
| 2026-02-10 | Khara Rahul | Grant | 17K | — |
| 2026-02-10 | Stephenson Pamela | Grant | 17K | — |
| 2026-02-10 | Savage William Jacob | Grant | 17K | — |
| 2026-02-10 | Yu Jonathan Yen-Wen | Grant | 17K | — |
| 2026-02-10 | Franchi Jean M. | Grant | 19K | — |
| 2026-02-10 | Quisel John D | Grant | 55K | — |
| 2026-01-20 | Khara Rahul | Option exercise | 1.0K | $13.50 |
| 2026-01-20 | Khara Rahul | Sell | 1.0K | $69.74 |
| 2026-01-02 | Khara Rahul | Option exercise | 6.5K | $13.50 |
| 2026-01-02 | Khara Rahul | Sell | 350 | $77.67 |
| 2026-01-02 | Khara Rahul | Sell | 5.0K | $78.62 |
| 2026-01-02 | Khara Rahul | Sell | 1.2K | $79.27 |
| 2025-12-22 | Savage William Jacob | Option exercise | 2.8K | $9.86 |
| 2025-12-22 | Savage William Jacob | Option exercise | 219 | $9.86 |
| 2025-12-22 | Savage William Jacob | Option exercise | 99 | $13.50 |
| 2025-12-19 | Quisel John D | Option exercise | 12K | $1.01 |
| 2025-12-17 | Bitterman Kevin | Sell | 393 | $91.47 |
| 2025-12-17 | Bitterman Kevin | Sell | 213 | $91.47 |
| 2025-12-17 | Bitterman Kevin | Sell | 148 | $91.47 |
| 2025-12-16 | Bitterman Kevin | Sell | 14K | $91.24 |
| 2025-12-16 | Bitterman Kevin | Sell | 36K | $91.24 |
| 2025-12-16 | Bitterman Kevin | Sell | 19K | $91.24 |
| 2025-12-15 | Bitterman Kevin | Sell | 3.9K | $92.01 |
| 2025-12-15 | Savage William Jacob | Sell | 3.6K | $90.60 |
| 2025-12-15 | Savage William Jacob | Sell | 9.2K | $91.44 |
| 2025-12-15 | Savage William Jacob | Sell | 300 | $92.23 |
| 2025-12-15 | Bitterman Kevin | Sell | 29K | $91.18 |
| 2025-12-15 | Bitterman Kevin | Sell | 15K | $91.18 |
| 2025-12-15 | Bitterman Kevin | Sell | 2.0K | $92.01 |
| 2025-12-15 | Bitterman Kevin | Sell | 11K | $91.18 |
| 2025-12-15 | Bitterman Kevin | Sell | 1.6K | $92.01 |
| 2025-12-15 | Bitterman Kevin | Option exercise | 7.0K | $13.50 |
| 2025-12-15 | Bitterman Kevin | Sell | 7.0K | $91.87 |
| 2025-12-12 | Bitterman Kevin | Sell | 8.5K | $92.05 |
| 2025-12-12 | Bitterman Kevin | Sell | 1.4K | $93.80 |
| 2025-12-12 | Bitterman Kevin | Sell | 1.5K | $92.58 |
| 2025-12-12 | Bitterman Kevin | Sell | 6.6K | $92.05 |
| 2025-12-12 | Bitterman Kevin | Sell | 2.0K | $92.58 |
| 2025-12-12 | Bitterman Kevin | Sell | 1.8K | $93.80 |
| 2025-12-12 | Bitterman Kevin | Sell | 3.4K | $93.80 |
| 2025-12-12 | Bitterman Kevin | Sell | 3.9K | $92.58 |
| 2025-12-12 | Bitterman Kevin | Sell | 16K | $92.05 |
| 2025-12-11 | Quisel John D | Option exercise | 40K | $9.86 |
| 2025-12-11 | Quisel John D | Sell | 2.4K | $90.97 |
| 2025-12-11 | Quisel John D | Sell | 4.3K | $92.21 |
| 2025-12-11 | Quisel John D | Sell | 16K | $92.96 |
| 2025-12-11 | Quisel John D | Sell | 17K | $93.65 |
| 2025-11-11 | Yu Jonathan Yen-Wen | Sell | 8.0K | $85.91 |
| 2025-11-11 | Yu Jonathan Yen-Wen | Option exercise | 30K | $2.65 |
| 2025-11-11 | Yu Jonathan Yen-Wen | Sell | 8.0K | $83.15 |
| 2025-11-11 | Yu Jonathan Yen-Wen | Sell | 4.6K | $83.99 |
| 2025-11-11 | Yu Jonathan Yen-Wen | Sell | 9.4K | $85.33 |
| 2025-10-22 | AI DMI LLC | Sell | 744K | $80.47 |
| 2025-10-17 | Bitterman Kevin | Sell | 2.3K | $89.70 |
| 2025-10-17 | Bitterman Kevin | Sell | 10K | $90.66 |
| 2025-10-17 | Bitterman Kevin | Sell | 10K | $90.66 |
| 2025-10-17 | Bitterman Kevin | Sell | 13K | $88.91 |
| 2025-10-17 | Bitterman Kevin | Sell | 1.1K | $84.89 |
| 2025-10-17 | Bitterman Kevin | Sell | 1.1K | $84.89 |
| 2025-10-17 | Bitterman Kevin | Sell | 3.0K | $86.13 |
| 2025-10-17 | Bitterman Kevin | Sell | 3.0K | $86.13 |
| 2025-10-17 | Bitterman Kevin | Sell | 5.1K | $87.37 |
| 2025-10-17 | Bitterman Kevin | Sell | 5.1K | $87.37 |
| 2025-10-17 | Bitterman Kevin | Sell | 13K | $88.91 |
| 2025-10-17 | Bitterman Kevin | Sell | 2.3K | $89.70 |
| 2025-10-17 | Bitterman Kevin | Sell | 450 | $91.88 |
| 2025-10-17 | Bitterman Kevin | Sell | 450 | $91.88 |
| 2025-10-16 | Bitterman Kevin | Sell | 1.4K | $77.11 |
| 2025-10-15 | Bitterman Kevin | Sell | 2.6K | $77.76 |
| 2025-10-15 | Bitterman Kevin | Sell | 20K | $77.16 |
| 2025-10-08 | Bitterman Kevin | Sell | 13K | $71.51 |
| 2025-10-08 | Bitterman Kevin | Sell | 8.2K | $68.26 |
| 2025-10-08 | Bitterman Kevin | Sell | 12K | $69.31 |
| 2025-10-08 | Bitterman Kevin | Sell | 25K | $70.54 |
| 2025-10-08 | Bitterman Kevin | Sell | 13K | $72.39 |
| 2025-10-07 | Bitterman Kevin | Sell | 11K | $68.01 |
| 2025-10-07 | Bitterman Kevin | Sell | 6.7K | $69.01 |
| 2025-09-09 | Quisel John D | Option exercise | 10K | $1.01 |
| 2025-08-22 | Bitterman Kevin | Sell | 2.3K | $61.03 |
| 2025-08-14 | Bitterman Kevin | Sell | 7.2K | $60.99 |
| 2025-08-13 | Bitterman Kevin | Sell | 25K | $61.15 |
| 2025-08-05 | Bitterman Kevin | Sell | 395 | $60.95 |
| 2025-07-30 | Bitterman Kevin | Sell | 8.5K | $61.04 |
| 2025-07-24 | Bitterman Kevin | Sell | 13K | $61.17 |
| 2025-07-23 | Bitterman Kevin | Sell | 30K | $60.97 |
| 2025-07-18 | Bitterman Kevin | Sell | 664 | $61.13 |
| 2025-07-17 | Franchi Jean M. | Sell | 2.0K | $59.00 |
| 2025-07-10 | Franchi Jean M. | Sell | 2.0K | $57.50 |
| 2025-07-09 | Quisel John D | Option exercise | 35K | $9.86 |
| 2025-07-09 | Quisel John D | Sell | 31K | $55.23 |
| 2025-07-09 | Quisel John D | Sell | 3.6K | $56.20 |
| 2025-07-03 | Quisel John D | Option exercise | 5.2K | $9.86 |
| 2025-07-03 | Quisel John D | Sell | 5.2K | $55.09 |
| 2025-06-27 | Savage William Jacob | Option exercise | 30K | $9.86 |
| 2025-06-27 | Savage William Jacob | Option exercise | 2.4K | $9.86 |
| 2025-06-16 | Franchi Jean M. | Sell | 2.0K | $52.26 |
| 2025-06-06 | Savage William Jacob | Sell | 3.0K | $50.00 |
| 2025-05-20 | Savage William Jacob | Sell | 6.7K | $50.04 |
| 2025-05-02 | Savage William Jacob | Sell | 2.1K | $50.17 |
| 2025-04-07 | Quisel John D | Option exercise | 7.0K | $1.01 |
| 2025-03-24 | Ashiya Mona | Sell | 756 | $54.11 |
| 2025-03-24 | Ashiya Mona | Sell | 2.0K | $54.11 |
| 2025-03-24 | Ashiya Mona | Sell | 3.0K | $54.11 |
| 2025-03-24 | ORBIMED ADVISORS LLC | Sell | 2.0K | $54.11 |
| 2025-03-24 | ORBIMED ADVISORS LLC | Sell | 3.0K | $54.11 |
| 2025-03-24 | ORBIMED ADVISORS LLC | Sell | 756 | $54.11 |
| 2025-03-21 | ORBIMED ADVISORS LLC | Sell | 1.3K | $54.00 |
| 2025-03-21 | ORBIMED ADVISORS LLC | Sell | 5.3K | $54.00 |
| 2025-03-21 | ORBIMED ADVISORS LLC | Sell | 3.4K | $54.00 |
| 2025-03-21 | Ashiya Mona | Sell | 3.4K | $54.00 |
| 2025-03-21 | Ashiya Mona | Sell | 1.3K | $54.00 |
| 2025-03-21 | Ashiya Mona | Sell | 5.3K | $54.00 |
| 2025-03-20 | Ashiya Mona | Sell | 364 | $54.01 |
| 2025-03-20 | Ashiya Mona | Sell | 941 | $54.01 |
| 2025-03-20 | Ashiya Mona | Sell | 1.5K | $54.01 |
| 2025-03-20 | ORBIMED ADVISORS LLC | Sell | 941 | $54.01 |
| 2025-03-20 | ORBIMED ADVISORS LLC | Sell | 1.5K | $54.01 |
| 2025-03-20 | ORBIMED ADVISORS LLC | Sell | 364 | $54.01 |
| 2025-03-19 | Ashiya Mona | Sell | 5.2K | $54.02 |
| 2025-03-19 | Ashiya Mona | Sell | 21K | $54.02 |
| 2025-03-19 | Ashiya Mona | Sell | 14K | $54.02 |
| 2025-03-19 | ORBIMED ADVISORS LLC | Sell | 14K | $54.02 |
| 2025-03-19 | ORBIMED ADVISORS LLC | Sell | 21K | $54.02 |
| 2025-03-19 | ORBIMED ADVISORS LLC | Sell | 5.2K | $54.02 |
| 2025-03-12 | ORBIMED ADVISORS LLC | Sell | 233 | $55.05 |
| 2025-03-12 | ORBIMED ADVISORS LLC | Sell | 933 | $55.05 |
| 2025-03-12 | ORBIMED ADVISORS LLC | Sell | 603 | $55.05 |
| 2025-03-12 | Ashiya Mona | Sell | 603 | $55.05 |
| 2025-03-12 | Ashiya Mona | Sell | 933 | $55.05 |
| 2025-03-12 | Ashiya Mona | Sell | 28K | $54.44 |
| 2025-03-12 | Ashiya Mona | Sell | 233 | $55.05 |
| 2025-03-12 | Ashiya Mona | Sell | 43K | $54.44 |
| 2025-03-12 | Ashiya Mona | Sell | 11K | $54.44 |
| 2025-03-12 | ORBIMED ADVISORS LLC | Sell | 11K | $54.44 |
| 2025-03-12 | ORBIMED ADVISORS LLC | Sell | 43K | $54.44 |
| 2025-03-12 | ORBIMED ADVISORS LLC | Sell | 28K | $54.44 |
| 2025-03-11 | Ashiya Mona | Sell | 9.2K | $54.01 |
| 2025-03-11 | ORBIMED ADVISORS LLC | Sell | 14K | $54.01 |
| 2025-03-11 | ORBIMED ADVISORS LLC | Sell | 9.2K | $54.01 |
| 2025-03-11 | ORBIMED ADVISORS LLC | Sell | 3.6K | $54.01 |
| 2025-03-11 | Ashiya Mona | Sell | 14K | $54.01 |
| 2025-03-11 | Ashiya Mona | Sell | 3.6K | $54.01 |
| 2025-03-10 | ORBIMED ADVISORS LLC | Sell | 106K | $54.29 |
| 2025-03-10 | Ashiya Mona | Sell | 69K | $54.29 |
| 2025-03-10 | Ashiya Mona | Sell | 106K | $54.29 |
| 2025-03-10 | Ashiya Mona | Sell | 27K | $54.29 |
| 2025-03-10 | Ashiya Mona | Sell | 136 | $55.01 |
| 2025-03-10 | Ashiya Mona | Sell | 211 | $55.01 |
| 2025-03-10 | Ashiya Mona | Sell | 53 | $55.01 |
| 2025-03-10 | ORBIMED ADVISORS LLC | Sell | 69K | $54.29 |
| 2025-03-10 | ORBIMED ADVISORS LLC | Sell | 27K | $54.29 |
| 2025-03-10 | ORBIMED ADVISORS LLC | Sell | 136 | $55.01 |
| 2025-03-10 | ORBIMED ADVISORS LLC | Sell | 211 | $55.01 |
| 2025-03-10 | ORBIMED ADVISORS LLC | Sell | 53 | $55.01 |
| 2025-02-18 | Stephenson Pamela | Sell | 3.1K | $54.58 |
| 2025-02-18 | Savage William Jacob | Sell | 1.6K | $54.58 |
| 2025-02-18 | Yu Jonathan Yen-Wen | Sell | 1.6K | $54.58 |
| 2025-02-18 | Franchi Jean M. | Sell | 3.1K | $54.58 |
| 2025-02-18 | Quisel John D | Sell | 5.6K | $54.58 |
| 2025-02-18 | Khara Rahul | Sell | 1.2K | $54.58 |
| 2025-02-10 | Stephenson Pamela | Grant | 36K | — |
| 2025-02-10 | Savage William Jacob | Grant | 24K | — |
| 2025-02-10 | Khara Rahul | Grant | 24K | — |
| 2025-02-10 | Yu Jonathan Yen-Wen | Grant | 24K | — |
| 2025-02-10 | Franchi Jean M. | Grant | 36K | — |
| 2025-02-10 | Quisel John D | Grant | 78K | — |
| 2025-02-03 | Savage William Jacob | Option exercise | 1.5K | $2.65 |
| 2025-02-03 | Savage William Jacob | Option exercise | 4.2K | $2.65 |
| 2025-02-03 | Khara Rahul | Option exercise | 7.5K | $14.69 |
| 2025-02-03 | Khara Rahul | Sell | 5.7K | $55.40 |
| 2025-02-03 | Khara Rahul | Sell | 1.8K | $56.01 |
| 2025-01-02 | Khara Rahul | Option exercise | 7.5K | $14.69 |
| 2025-01-02 | Khara Rahul | Sell | 4.0K | $61.96 |
| 2025-01-02 | Khara Rahul | Sell | 1.4K | $62.95 |
| 2025-01-02 | Khara Rahul | Sell | 2.1K | $64.13 |
| 2024-12-31 | Quisel John D | Option exercise | 10K | $1.01 |
| 2024-12-30 | Quisel John D | Option exercise | 13K | $9.86 |
| 2024-12-30 | Quisel John D | Sell | 11K | $61.87 |
| 2024-12-30 | Quisel John D | Sell | 1.9K | $62.41 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT05883748 ↗ | HELIOS: Open-Label, Long-Term Extension Study to Investigate the Safety, Tolerability, and Efficacy of DISC-1459 (Bitopertin) in Participants With EPP or XLP Erythropoietic Protoporphyria | PHASE2/PHASE3 | Enrolling By Invitation | 2028-06-01 |
| NCT07187973 ↗ | A Phase 1b, Open-Label Study of DISC-3405 in Participants With Sickle Cell Disease (SCD) Sickle Cell Disease | PHASE1 | Recruiting | 2027-06-01 |
| NCT06985147 ↗ | A Phase 2, Open-Label Study of DISC-3405 in Participants With Polycythemia Vera (PV) Polycythemia Vera (PV) | PHASE2 | Recruiting | 2027-02-01 |
| NCT07368972 ↗ | Study of DISC-0974-201 in Participants With IBD and Anemia Inflammatory Bowel Disease (IBD), Anemia | PHASE2 | Recruiting | 2026-10-01 |
| NCT06910358 ↗ | Study of Bitopertin in Participants With EPP or XLP (APOLLO) Erythropoietic Protoporphyria (EPP), X-Linked Protoporphyria (XLP) | PHASE3 | Active Not Recruiting | 2026-09-01 |
| NCT05320198 ↗ | Study of DISC-0974 (RALLY-MF) in Participants With Myelofibrosis or Myelodysplastic Syndrome and Anemia Myelofibrosis; Anemia, Anemia | PHASE1/PHASE2 | Recruiting | 2026-09-01 |
| NCT05745883 ↗ | Study of DISC-0974 to Assess the Safety, Tolerability, PK and PD of DISC-0974 in Participants With CKD and Anemia Chronic Kidney Diseases, Anemia of Chronic Kidney Disease | PHASE1 | Completed | 2025-10-09 |
| NCT06050915 ↗ | A Study of DISC-3405 in Healthy Volunteers Healthy Volunteer | PHASE1 | Completed | 2024-07-09 |
| NCT05308472 ↗ | Study of Bitopertin to Evaluate the Safety, Tolerability, Efficacy, and PPIX Concentrations in Participants With EPP Erythropoietic Protoporphyria | PHASE2 | Completed | 2024-02-20 |
| NCT04999527 ↗ | Study to Evaluate the Safety, Tolerability, PK and PD of DISC-0974 in Healthy Subjects Healthy Volunteer | PHASE1 | Completed | 2022-06-30 |
| NCT07603401 ↗ | Expanded Access Program of Bitopertin For Participants With EPP or XLP Erythropoietic Protoporphyria (EPP), X-Linked Protoporphyria (XLP) | — | Available |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-24 | 2026-06-18 | 0001193125-26-281096 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001193125-26-205187 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0001193125-26-205192 ↗ |
| 8-K | 2026-02-27 | 2026-02-26 | 0001193125-26-082855 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001193125-26-073602 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001193125-26-073594 ↗ |
| 8-K | 2026-02-17 | 2026-02-17 | 0001193125-26-053066 ↗ |
| 8-K | 2026-02-13 | 2026-02-13 | 0001193125-26-051504 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001193125-26-009871 ↗ |
| 8-K | 2025-12-08 | 2025-12-07 | 0001193125-25-310664 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001193125-25-268196 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001193125-25-268200 ↗ |