Full Press Release Details
Disc Medicine Reports Second Quarter 2024 Financial Results and Provides Business Update
WATERTOWN, Mass. (August 8, 2024) Disc Medicine, Inc. (NASDAQ:IRON), a clinical-stage biopharmaceutical company focused on the discovery, development,
and commercialization of novel treatments for patients suffering from serious hematologic diseases, today reported financial results for the second quarter ended June 30, 2024.
The data we presented at EHA this past quarter were highly encouraging and supportive of the therapeutic potential of our entire portfolio, said
John Quisel, J.D., Ph.D., President and Chief Executive Officer of Disc. These data catalyzed the successful completion of a financing supported by a prestigious group of investors, which provides runway through key readouts across our
programs over the next few years. We continue to make great progress and look forward to sharing updates on our regulatory interactions around bitopertin and DISC-0974 in the second half of the year.
Recent Business Highlights and Upcoming Milestones:
Bitopertin: GlyT1 Inhibitor (Heme Synthesis Modulator)
DISC-0974: Anti-Hemojuvelin Antibody (Hepcidin Suppression)
DISC-3405: Anti-TMPRSS6 Antibody (Hepcidin Induction)
Second Quarter 2024 Financial Results:
Disc Medicine (NASDAQ:IRON) is a clinical-stage biopharmaceutical company committed to discovering, developing, and commercializing novel treatments for
patients who suffer from serious hematologic diseases. We are building a portfolio of innovative, potentially first-in-class therapeutic candidates that aim to address a
wide spectrum of hematologic diseases by targeting fundamental biological pathways of red blood cell biology, specifically heme biosynthesis and iron homeostasis. For more information, please visit www.discmedicine.com.
Available Information
Disc announces material
information to the public about the Company, its products and services, and other matters through a variety of means, including filings with the U.S. Securities and Exchange Commission (SEC), press releases, public conference calls, webcasts and the
investor relations section of the Company website at ir.discmedicine.com in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations
under Regulation FD.
Disc Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but
not limited to, express or implied statements regarding Disc s expectations with respect to its AURORA Phase 2 and BEACON Phase 2 clinical trials of bitopertin and the results thereof, its Phase 1b/2 clinical trial of DISC-0974 in patients with
MF and NDD-CKD patients with anemia, its initial SAD data in its Phase 1 clinical trial of DISC-3405 in healthy volunteers; and projected timelines for the initiation and completion of its clinical trials,
anticipated timing of release of data, and other clinical activities; and Disc s belief about operating expenses and that it will have capital to fund Disc well into 2027. The use of words such as, but not limited to, believe,
expect, estimate, project, intend, future, potential, continue, may, might, plan, will, should,
seek, anticipate, or could or the negative of these terms and other similar words or expressions that are
intended to identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on Disc s current
beliefs, expectations and assumptions regarding the future of Disc s business, future plans and strategies, clinical results and other future conditions. New risks and uncertainties may emerge from time to time, and it is not possible to
predict all risks and uncertainties. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.
Disc may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and investors should not place undue
reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements as a result of a number of material risks and uncertainties
including but not limited to: the adequacy of Disc s capital to support its future operations and its ability to successfully initiate and complete clinical trials; the nature, strategy and focus of Disc; the difficulty in predicting the time
and cost of development of Disc s product candidates; Disc s plans to research, develop and commercialize its current and future product candidates; the timing of initiation of Disc s planned preclinical studies and clinical trials;
the timing of the availability of data from Disc s clinical trials; Disc s ability to identify additional product candidates with significant commercial potential and to expand its pipeline in hematological diseases; the timing and
anticipated results of Disc s preclinical studies and clinical trials and the risk that the results of Disc s preclinical studies and clinical trials may not be predictive of future results in connection with future studies or clinical
trials and may not support further development and marketing approval; the other risks and uncertainties described in the Risk Factors section of our Annual Report on Form 10-K for the year ended
December 31 2023, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024, and other documents filed by Disc from time to time with the Securities and Exchange
Commission (SEC), as well as discussions of potential risks, uncertainties, and other important factors in Disc s subsequent filings with the SEC. Any forward-looking statement speaks only as of the date on which it was made. None of Disc, nor
its affiliates, advisors or representatives, undertake any obligation to publicly update or revise any forward-looking statement, whether as result of new information, future events or otherwise, except as required by law.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 23,485 | $ | 12,100 | $ | 47,189 | $ | 32,280 | ||||||||
| General and administrative | 7,367 | 5,228 | 15,125 | 10,173 | ||||||||||||
| Total operating expenses | 30,852 | 17,328 | 62,314 | 42,453 | ||||||||||||
| Loss from operations | (30,852 | ) | (17,328 | ) | (62,314 | ) | (42,453 | ) | ||||||||
| Other income (expense), net | 4,560 | 1,405 | 9,078 | 3,772 | ||||||||||||
| Income tax expense | (60 | ) | (24 | ) | (65 | ) | (47 | ) | ||||||||
| Net loss | $ | (26,352 | ) | $ | (15,947 | ) | $ | (53,301 | ) | $ | (38,728 | ) | ||||
| Weighted-average common shares outstanding-basic and diluted | 25,649,043 | 21,484,955 | 25,229,456 | 20,226,923 | ||||||||||||
| Net loss per share-basic and diluted | $ | (1.03 | ) | $ | (0.74 | ) | $ | (2.11 | ) | $ | (1.91 | ) |
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Cash, cash equivalents, and marketable securities | $ | 500,945 | $ | 360,382 | ||||
| Other current assets | 7,296 | 5,280 | ||||||
| Total current assets | 508,241 | 365,662 | ||||||
| Non-current assets | 1,976 | 2,334 | ||||||
| Total assets | $ | 510,217 | $ | 367,996 | ||||
| Liabilities and Stockholders Equity | ||||||||
| Current liabilities | $ | 20,310 | $ | 21,439 | ||||
| Non-current liabilities | 1,078 | 1,436 | ||||||
| Total liabilities | 21,388 | 22,875 | ||||||
| Total stockholders equity | 488,829 | 345,121 | ||||||
| Total liabilities and stockholders equity | $ | 510,217 | $ | 367,996 |
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