Full Press Release Details
Disc Medicine Reports Third Quarter 2024 Financial Results and Provides Business Update
WATERTOWN, Mass. (November 12, 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 third quarter ended September 30, 2024.
This is an exciting time for Disc as we have made significant progress in advancing our pipeline in recent months and remain keenly focused on execution
as we prepare for multiple upcoming catalysts. We now have clarity on the path forward for bitopertin in EPP, with the potential for accelerated approval, and added to the data set supporting the potential of DISC-0974 in treating anemias of
inflammation with positive SAD data in NDD-CKD, said John Quisel, J.D., Ph.D., Chief Executive Officer and President of Disc. Additionally, with the recent completion of a debt financing with
Hercules Capital, we have further solidified our strong financial position, enabling us to achieve our upcoming catalysts and to continue to work toward our goal of developing therapies with the potential to address a range of hematologic
Recent Highlights and Anticipated Milestones:
Bitopertin: GlyTI Inhibitor (Heme Synthesis Modulator)
DISC-0974: Anti-Hemojuvelin Antibody (Hepcidin Suppression)
DISC-3405: Anti-TMPRSS6 Antibody (Hepcidin Induction)
Third 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 anticipated use of net proceeds from the debt financing; the potential for accelerated approval and conducting a confirmatory trial for bitopertin; and future product development
plans and projected timelines for the initiation and completion of preclinical and clinical trials and other activities. 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 offering may not be completed on the timeline expected or at all; 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; and the other risks and uncertainties described in Disc s filings with the SEC, including in the
Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2023, and in subsequent Quarterly Reports on Form 10-Q. 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 24,685 | $ | 14,419 | $ | 71,874 | $ | 46,699 | ||||||||
| General and administrative | 8,171 | 4,539 | 23,296 | 14,712 | ||||||||||||
| Total operating expenses | 32,856 | 18,958 | 95,170 | 61,411 | ||||||||||||
| Loss from operations | (32,856 | ) | (18,958 | ) | (95,170 | ) | (61,411 | ) | ||||||||
| Other income (expense), net | 6,371 | 4,856 | 15,449 | 8,628 | ||||||||||||
| Income tax expense | (114 | ) | (20 | ) | (179 | ) | (67 | ) | ||||||||
| Net loss | $ | (26,599 | ) | $ | (14,122 | ) | $ | (79,900 | ) | $ | (52,850 | ) | ||||
| Weighted-average common shares outstanding-basic and diluted | 29,935,551 | 24,316,817 | 26,809,605 | 21,605,202 | ||||||||||||
| Net loss per share-basic and diluted | $ | (0.89 | ) | $ | (0.58 | ) | $ | (2.98 | ) | $ | (2.45 | ) |
CONDENSED CONSOLIDATED BALANCE SHEETS
| September 30, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Cash, cash equivalents, and marketable securities | $ | 487,363 | $ | 360,382 | ||||
| Other current assets | 5,789 | 5,280 | ||||||
| Total current assets | 493,152 | 365,662 | ||||||
| Non-current assets | 1,993 | 2,334 | ||||||
| Total assets | $ | 495,145 | $ | 367,996 | ||||
| Liabilities and Stockholders Equity | ||||||||
| Current liabilities | $ | 25,473 | $ | 21,439 | ||||
| Non-current liabilities | 1,712 | 1,436 | ||||||
| Total liabilities | 27,185 | 22,875 | ||||||
| Total stockholders equity | 467,960 | 345,121 | ||||||
| Total liabilities and stockholders equity | $ | 495,145 | $ | 367,996 |
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