Disc Medicine
Develops heme and iron-homeostasis therapies for serious blood disorders.
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Profile
Develops investigational small molecules and antibodies for blood disorders linked to heme biosynthesis and iron homeostasis. The pipeline is led by bitopertin for erythropoietic protoporphyria, with selcodebart and DISC-3405 targeting anemia and disorders treated through iron restriction; revenue depends on regulatory approval or licensing.
Develops treatments for serious blood disorders by modulating heme biosynthesis and iron homeostasis. The heme program centers on bitopertin, a GlyT1 inhibitor in Phase 3 testing for erythropoietic protoporphyria. The iron-homeostasis portfolio includes selcodebart (DISC-0974), an anti-hemojuvelin antibody studied for anemia in myelofibrosis and inflammatory bowel disease, and DISC-3405, an anti-TMPRSS6 antibody studied for polycythemia vera and sickle cell disease.
Advances in-licensed small molecules and antibodies through clinical trials in the United States and abroad while preparing for eventual commercialization. All candidates remain investigational, and no product-sales revenue has been generated. Bitopertin received an FDA complete response letter, leaving its approval path dependent on the ongoing pivotal trial and further review; the broader business depends on clinical outcomes, regulatory approvals, licensed intellectual property, funding, and third-party manufacturers.
Company facts
Key statistics
Year to date +1.2% · Average volume (30d) 353.4K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 17, 2026 | Morgan Stanley | Reiterate | Overweight | $85 | $90 |
| Jun 15, 2026 | Morgan Stanley | Target | $80 | $85 | |
| May 14, 2026 | Morgan Stanley | Reiterate | Overweight | $75 | $80 |
| Feb 17, 2026 | Wedbush | Reiterate | Outperform | $110 | $88 |
| Feb 17, 2026 | Cantor Fitzgerald | Reiterate | Overweight | $125 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | −$1.71 | −$1.54 | +9.9% | $1.0M | — | — | +7.52% |
| May 5, 2026Q1 FY26 | −$1.55 | −$1.65 | −6.5% | $437.5K | — | — | +1.57% |
| Feb 26, 2026Q4 FY25 | −$1.69 | −$1.62 | +4.1% | $150.0K | — | — | −1.90% |
| Nov 6, 2025Q3 FY25 | −$1.48 | −$1.77 | −19.6% | — | — | — | −3.62% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | |
| Gross profit | $0 | $0 | $0 | $0 | $0 | $0 | |
| Operating income | −$39.9M | −$61.4M | −$67.7M | −$67.0M | −$69.5M | −$65.1M | |
| Net income | −$34.1M | −$55.2M | −$62.3M | −$60.5M | −$63.5M | −$59.5M | |
| Diluted EPS | −$1.02 | −$1.58 | −$1.77 | −$1.64 | −$1.65 | −$1.54 | |
| Gross margin | — | — | — | — | — | — | |
| Operating margin | — | — | — | — | — | — |
Fiscal years (4-quarter sums)FY21 $0 · FY22 $0 · FY23 $0 · FY24 $0 · FY25 $0
Balance sheet, Jun 30, 2026Cash & short-term investments $717.7M · Total debt $60.9M · Total assets $735.1M · Shareholders' equity $644.2M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 38.39M · Float 27.61M · 71.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| FMR LLC | 4.89M | 12.75% | 13F | Aug 13, 2026 |
| Access Industries Management, LLC | 3.02M | 8.00% | 13D | Oct 22, 2025 |
| AI Dmi LLC · 10 percent owner | 2.81M | 7.33% | Form 4 | Oct 24, 2025 |
| BlackRock, Inc. | 2.47M | 6.43% | 13F | Aug 7, 2026 |
| Ra Capital Management, L.P. | 2.45M | 6.38% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 25, 2026 | Jonathan Yen-Wen Yu | officer: Chief Operating Officer | −8,796 | $83.12 |
| Aug 24, 2026 | Jonathan Yen-Wen Yu | officer: Chief Operating Officer | −300 | $82.53 |
| Aug 17, 2026 | John D. Quisel | director, officer: Chief Executive Officer | −33,000 | $79.15 |
| Aug 12, 2026 | Jonathan Yen-Wen Yu | officer: Chief Operating Officer | −804 | $82.64 |
| Aug 6, 2026 | Rahul Khara | officer: Chief Legal Officer | −5,000 | $80.00 |
Peers
- Protagonist Therapeutics
Late-stage PV hepcidin mimetic against DISC-3405
- Incyte
Incumbent MF and PV JAK backbone around Disc programs
- GSK (ADR)
Approved MF-anemia therapy with Ojjaara
- Silence Therapeutics (ADR)
TMPRSS6 siRNA pathway peer for DISC-3405 in PV
- Keros Therapeutics
MF-cytopenia biologic comparator for DISC-0974
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Disc Medicine | $80.03 | −0.01% | $3.07B | — | — | — | — |
| Protagonist Therapeutics | $146.05 | +1.23% | $9.28B | 139.6 | 64.7 | 32.9 | +3,749.2% |
| Incyte | $124.37 | −0.03% | $25.21B | 15.8 | 43.0 | 4.3 | +37.7% |
| GSK (ADR) | $50.57 | −0.51% | $101.82B | 15.8 | 9.2 | 2.2 | +2.7% |
| Silence Therapeutics (ADR) | $13.42 | −0.30% | $633.9M | — | — | 1,031.9 | −38.8% |
| Keros Therapeutics | $11.03 | −0.18% | $352.9M | — | — | 23.5 | −99.8% |
| Median | 15.8 | 43.0 | 23.5 | +2.7% |