aibioDisc Medicine IRON offering news
Top story · Oct 22, 2026 · Company press release
Disc Medicine Announces Proposed $350 Million Public Offering of Common Stock and Pre-Funded Warrants October 19, 2026
- Ticker
- IRON
- Listing
- NASDAQ, United States
- Next date
- By end of 2026
- Chief executive
- John Quisel, J.D., Ph.D.
Desk view · Opinion · Updated Oct 22, 2026
Disc Medicine fixed its FDA problem. Now it has to launch
Disc has turned a February rejection into a successful phase 3 trial and raised $450 million to launch. The remaining risk is regulatory and commercial: how the FDA reads the clinical benefit and how many EPP patients choose a daily pill over the one approved implant. Its hematology pipeline adds options but is early.
Read the full desk viewaibio.space Investor Rank · Opinion
7/10 Positive view
A phase 3 win answered the FDA rejection and cash runs into 2030, but one drug carries the story and a second rejection or narrow label would hit it.
- Technology
- 2/2
- Odds
- 1/2
- Balance sheet
- 2/2
- Risk
- 0/2
- Momentum
- 2/2
Opinion only. The Investor Rank is aibio.space's opinion of the company's business position, drawn from the public sources on this page. It is not a recommendation to buy, sell or hold any security and it is not investment advice. It does not consider the share price, valuation or your circumstances, and it can change at any time. Payments from companies never affect it. How the rank works.
- Technology
- Validated in phase 3. Bitopertin cut PPIX 41.4% against placebo and added 12.2 hours a month of pain-free time in light in 183 patients.
- Odds
- Regulatory path is defined. The FDA said a successful APOLLO can support the response, and Disc plans to resubmit by year-end.
- Balance sheet
- Funded into 2030. About $682.8 million at Sept. 30 plus about $422.4 million of net offering proceeds.
- Main risk
- One drug carries the story. A second rejection or a narrow label would hit the valuation, and dizziness occurred in half of treated patients.
- Watch next
- NDA resubmission. Disc plans to resubmit by year-end 2026, with an FDA decision expected by mid-2027.
Top news on Disc
- Financings
Disc Medicine raises $450 million at $75 a share after phase 3 win
The upsized offering funds a planned bitopertin launch. Disc says cash plus proceeds lasts into 2030 and had an estimated $682.8 million before the deal.
- Debt Financing
Disc Medicine draws $30,000,000 and extends Hercules loan draw periods
A First Amendment to the Hercules loan splits the remaining $50,000,000 tranche and extends later draw deadlines into 2027 and 2028.
- Financings
Shattuck Labs closes private placement of up to $103 million led by OrbiMed
Shattuck says the placement could fund operations into 2029 if all warrants are exercised. Two new directors join the board, including OrbiMed's Mona Ashiya, and four directors leave.
Questions investors ask
What is aibio.space's Investor Rank for Disc Medicine?
7 out of 10, our positive view. A phase 3 win answered the FDA rejection and cash runs into 2030, but one drug carries the story and a second rejection or narrow label would hit it. This is opinion only, not a recommendation to buy, sell or hold, and it does not consider the share price or valuation. Source
Did Disc Medicine's bitopertin pass its phase 3 trial?
Yes. Disc said APOLLO met both co-primary endpoints and all secondary endpoints in erythropoietic protoporphyria on Oct. 19, 2026. PPIX fell 41.4% versus placebo and pain-free time in light rose by 12.2 hours a month. Source
When will the FDA decide on bitopertin?
Disc plans to resubmit its NDA by the end of 2026 and anticipates an FDA decision by mid-2027. The FDA issued a complete response letter for the first application in February 2026. Source
How much money did Disc Medicine raise in October 2026?
Disc priced an upsized offering of 6,000,000 shares at $75.00 on Oct. 20, 2026, for $450 million gross and about $422.4 million net. Underwriters have an option on 900,000 more shares. Source
How long does Disc Medicine's cash last?
Disc estimated about $682.8 million of cash at Sept. 30, 2026. It says that plus the offering proceeds funds current operating plans and debt service into 2030, without counting any bitopertin revenue. Source
What other drugs does Disc Medicine have?
Selcodebart (DISC-0974) is in phase 2 for anemia in myelofibrosis, with an FDA end-of-phase 2 meeting expected by year-end 2026. DISC-3405 is in phase 2 for polycythemia vera and phase 1b for sickle cell disease. Source
What is the latest Disc Medicine (IRON) stock news?
Our latest story on Disc Medicine, dated Oct 20, 2026: "Disc Medicine raises $450 million at $75 a share after phase 3 win". The upsized offering funds a planned bitopertin launch. Disc says cash plus proceeds lasts into 2030 and had an estimated $682.8 million before the deal. Source
What is Disc Medicine's latest stock offering or financing news?
Our latest financing story, dated Oct 20, 2026: "Disc Medicine raises $450 million at $75 a share after phase 3 win". The upsized offering funds a planned bitopertin launch. Disc says cash plus proceeds lasts into 2030 and had an estimated $682.8 million before the deal. Source
Who were the underwriters or placement agents on Disc Medicine's offering?
From our story: Jefferies, Leerink Partners, Morgan Stanley and Cantor were the underwriters' representatives. Source
Does Disc Medicine have debt, a term loan or convertible notes?
Our latest debt story, dated Jun 25, 2026: "Disc Medicine draws $30,000,000 and extends Hercules loan draw periods". A First Amendment to the Hercules loan splits the remaining $50,000,000 tranche and extends later draw deadlines into 2027 and 2028. Source
How much cash does Disc Medicine have?
From our story of Oct 20, 2026: In the same 8-K, Disc gave a preliminary, unaudited estimate of $682.8 million in cash, cash equivalents and marketable securities at Sept. 30, 2026. Source
What is Disc Medicine's market cap?
We do not publish live share prices. In its annual report, Disc Medicine, Inc. put the market value of shares held by non-affiliates (public float) at $1.40 billion as of Jun 30, 2025. Source
Is Disc Medicine a smaller reporting company?
SEC records list Disc Medicine, Inc.'s filer category as: Large accelerated filer. Source
Where is Disc Medicine headquartered?
SEC records list its business address as 321 ARSENAL STREET, SUITE 101, WATERTOWN, MA, 02472. Source
When does Disc Medicine's fiscal year end?
Disc Medicine, Inc.'s fiscal year ends on December 31, per SEC records. Source
Legal and investor matters
The 10-Q filed 2026-07-30 (Note on Legal Proceedings) states that the company was not subject to any material legal proceedings during the six months ended 2026-06-30 and 2025 and, to the best of its knowledge, no material legal proceedings are currently pending or threatened. Source
- Financing
Disc Medicine prices public offering of 6 million shares at $75.00
Disc Medicine entered an underwriting agreement on 2026-10-20 for a public offering of 6,000,000 shares of common stock at $75.00 per share, all sold by the company. Underwriters have a 30-day option for up to 900,000 more shares. The company expects net proceeds of approximately $422.4 million, or about $485.9 million if the option is exercised in full, and says cash would fund plans into 2030.
- Other
Disc Medicine reports positive Phase 3 APOLLO topline results for bitopertin
On 2026-10-19 Disc Medicine announced topline results from the Phase 3 APOLLO trial of bitopertin in erythropoietic protoporphyria, including X-linked protoporphyria. The company said the trial met all its primary and secondary endpoints. APOLLO randomized 183 patients 1:1 to 60 mg of oral bitopertin or placebo daily for six months. In its 10-Q filed 2026-07-30 the company described APOLLO as a trial it initiated in May 2025.
- Financing
Disc Medicine amends Hercules loan and agrees to draw $30 million
On 2026-06-25 Disc Medicine signed a first amendment to its 2024-11-06 loan agreement with Hercules Capital, extending the periods in which future advances can be drawn. The company agreed to draw $30,000,000 of the Tranche 1-B advance. The existing $50,000,000 Tranche 1-C advance was split into two $25,000,000 loans, and the minimum cash covenant testing date was set at 2028-07-01.
- Regulatory
FDA issues complete response letter for bitopertin accelerated approval application
Disc Medicine disclosed on 2026-02-13 that it received a complete response letter from the FDA on its NDA for bitopertin in erythropoietic protoporphyria. The company's 10-Q filed 2026-07-30 describes the NDA as one for accelerated approval and says the FDA agreed that clinical data from two trials provided sufficient evidence that bitopertin lowers whole blood metal-free protoporphyrin IX, but concluded the trials did not show evidence of association between that change and sunlight exposure-based endpoints. The 10-Q says the FDA determined there is uncertainty about whether the PPIX effect is reasonably likely to predict clinical benefit, and that it indicated an additional trial, such as APOLLO, would be needed to support a potential traditional approval.
- Financing
Disc Medicine prices offering at $84.00 per share including a selling stockholder
Disc Medicine entered an underwriting agreement on 2025-10-20 for an offering of 2,619,049 company shares at $84.00 per share, pre-funded warrants for 59,523 shares, and 297,619 shares sold by selling stockholder AI DMI LLC at $84.00. The underwriters held a 30-day option on additional shares from the selling stockholder. Related-party notes say certain existing investors participated in the offering.
- Financing
Disc Medicine prices public offering at $55.00 per share
Disc Medicine entered an underwriting agreement on 2025-01-22 for an offering of 3,918,182 shares of common stock at $55.00 per share and pre-funded warrants for 181,818 shares. Underwriters exercised in full on 2025-01-23 their option for an additional 615,000 shares. The company expected net proceeds of approximately $243.3 million.
- Other
Disc Medicine says it expects to report an IT controls material weakness
In an 8-K dated 2025-01-10, Disc Medicine said it expected to report a material weakness in internal control over financial reporting in its 10-K for 2024. The weakness relates to information technology general controls over certain key financial systems. The company said it had not identified any misstatements in its financial statements to date, and its auditor had not completed its internal control audit.
- Financing
Disc Medicine signs loan agreement with Hercules for up to $200 million
On 2024-11-06 Disc Medicine and certain subsidiaries entered a loan and security agreement with Hercules Capital for up to $200.0 million of senior secured term loans in multiple tranches. An initial $30.0 million advance was funded at closing. Later tranches depend on dates, milestones and, for the last, lender investment committee approval.
Pipeline
| Program | Indication | Stage |
|---|---|---|
| Bitopertin (GlyT1 inhibitor) | Erythropoietic protoporphyria (EPP) and X-linked protoporphyria | Phase 3 APOLLO met all endpoints (Oct. 19, 2026); NDA resubmission planned by end of 2026 after a February 2026 complete response letter Source |
| Selcodebart (DISC-0974) | Anemia of myelofibrosis | Phase 2 RALLY-MF; end-of-phase 2 FDA meeting expected by year-end 2026 Source |
| DISC-3405 | Polycythemia vera | Phase 2 RESTORE-PV, initial data reported Sept. 9, 2026 Source |
| DISC-3405 | Sickle cell disease | Phase 1b; initial data expected by end of 2026 Source |
| Selcodebart (DISC-0974) | Inflammatory bowel disease | Phase 2; initial data expected in 2027 Source |
Stock chart
SEC filings and registration
- SEC name
- Disc Medicine, Inc.
- CIK
- 1816736
- Industry (SIC)
- Pharmaceutical Preparations (2834)
- US tickers
- IRON (Nasdaq)
- Fiscal year ends
- December 31
- Filer category
- Large accelerated filer
- Business address
- 321 ARSENAL STREET, SUITE 101, WATERTOWN, MA, 02472
- Phone
- (617) 674-9274
- Shares outstanding
- 38,392,844 as of 2026-07-23 (10-Q filed 2026-07-30)
- Former names
- Gemini Therapeutics, Inc. /DE; FS Development Corp.
Recent filings
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