--- title: "Disc Medicine (IRON) news: offering" url: "https://aibio.space/companies/disc-medicine/" publisher: "aibio.space (Biotech Investor Relations News)" summary: "IRON offering news. Disc Medicine news for investors: Disc Medicine is a clinical-stage biotech developing drugs for blood diseases, led by bitopertin, a…" --- 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 view aibio.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](https://aibio.space/disclosures/#rank). - **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 1. 2026-10-20 Financings [Disc Medicine raises $450 million at $75 a share after phase 3 win](https://aibio.space/news/disc-medicine-raises-450-million-75-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. 2. 2026-06-25 Debt Financing [Disc Medicine draws $30,000,000 and extends Hercules loan draw periods](https://aibio.space/news/disc-medicine-draws-30-000-000-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. 3. 2025-08-26 Financings [Shattuck Labs closes private placement of up to $103 million led by OrbiMed](https://aibio.space/news/shattuck-labs-closes-private-placement-up-103-million-led-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. ## Dates **By end of 2026** Resubmit the bitopertin NDA to the FDA [Source](https://www.sec.gov/Archives/edgar/data/1816736/000119312526424649/d156263dex991.htm) **By end of 2026** Update on RESTORE-PV and first phase 1b data for DISC-3405 in sickle cell disease [Source](https://www.sec.gov/Archives/edgar/data/1816736/000119312526387351/iron-ex99_1.htm) **By end of 2026** FDA end-of-phase 2 meeting feedback and late-stage plans for selcodebart in myelofibrosis anemia [Source](https://www.sec.gov/Archives/edgar/data/1816736/000119312526387351/iron-ex99_1.htm) **Mid-2027** FDA decision on bitopertin in EPP [Source](https://www.sec.gov/Archives/edgar/data/1816736/000119312526424649/d156263dex991.htm) ## The money Preliminary estimate of about $682.8 million in cash, cash equivalents and marketable securities at Sept. 30, 2026, plus about $422.4 million of expected net proceeds from the October 2026 offering. Disc says this funds current plans and debt service into 2030, excluding any bitopertin income. [Source](https://www.sec.gov/Archives/edgar/data/1816736/000119312526429105/d457786d8k.htm) No product revenue. Disc has no approved products. [Source](https://www.sec.gov/Archives/edgar/data/1816736/000119312526325034/iron-20260630.htm) ## Risks on the record - The FDA rejected the first bitopertin application in February 2026, saying earlier trials did not link PPIX reduction to sunlight-exposure endpoints; a resubmission still needs FDA acceptance. [Source](https://www.sec.gov/Archives/edgar/data/1816736/000119312526325034/iron-20260630.htm) - Dizziness was the most common adverse event in APOLLO, in 50% of bitopertin patients. [Source](https://www.sec.gov/Archives/edgar/data/1816736/000119312526424649/d156263dex991.htm) - Disc has a Hercules loan facility with $60.0 million drawn and a minimum cash covenant. [Source](https://www.sec.gov/Archives/edgar/data/1816736/000119312526325034/iron-20260630.htm) ## 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](https://aibio.space/disclosures/#rank) ### 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](https://www.sec.gov/Archives/edgar/data/1816736/000119312526424649/d156263dex991.htm) ### 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](https://www.sec.gov/Archives/edgar/data/1816736/000119312526424649/d156263dex991.htm) ### 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](https://www.sec.gov/Archives/edgar/data/1816736/000119312526429105/d457786dex992.htm) ### 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](https://www.sec.gov/Archives/edgar/data/1816736/000119312526429105/d457786d8k.htm) ### 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](https://www.sec.gov/Archives/edgar/data/1816736/000119312526325031/iron-ex99_1.htm) ### 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](https://aibio.space/news/disc-medicine-raises-450-million-75-share-after-phase-3-win/) ### 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](https://aibio.space/news/disc-medicine-raises-450-million-75-share-after-phase-3-win/) ### 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](https://aibio.space/news/disc-medicine-raises-450-million-75-share-after-phase-3-win/) ### 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](https://aibio.space/news/disc-medicine-draws-30-000-000-extends-hercules-loan-draw-periods/) ### 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](https://aibio.space/news/disc-medicine-raises-450-million-75-share-after-phase-3-win/) ### 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 Checked against Disc Medicine filings and press releases. Allegations are allegations; nothing here is a finding of fault. Reviewed Oct 25, 2026. 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](https://www.sec.gov/Archives/edgar/data/1816736/000119312526325034/iron-20260630.htm) 1. 2026-10-20 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. [Disc Medicine 8-K filed 2026-10-22](https://www.sec.gov/Archives/edgar/data/1816736/000119312526429105/d457786d8k.htm) 2. 2026-10-19 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. [Disc Medicine 8-K filed 2026-10-19](https://www.sec.gov/Archives/edgar/data/1816736/000119312526424649/d156263d8k.htm) 3. 2026-06-25 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. [Disc Medicine 8-K filed 2026-06-30](https://www.sec.gov/Archives/edgar/data/1816736/000119312526290542/iron-20260625.htm) 4. 2026-02-13 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. [Disc Medicine 8-K filed 2026-02-13](https://www.sec.gov/Archives/edgar/data/1816736/000119312526051504/iron-20260213.htm) 5. 2025-10-20 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. [Disc Medicine 8-K filed 2025-10-22](https://www.sec.gov/Archives/edgar/data/1816736/000119312525245871/d49689d8k.htm) 6. 2025-01-22 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. [Disc Medicine 8-K filed 2025-01-24](https://www.sec.gov/Archives/edgar/data/1816736/000119312525012211/d833002d8k.htm) 7. 2025-01-10 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. [Disc Medicine 8-K filed 2025-01-10](https://www.sec.gov/Archives/edgar/data/1816736/000095017025003859/iron-20250110.htm) 8. 2024-11-06 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. [Disc Medicine 8-K filed 2024-11-08](https://www.sec.gov/Archives/edgar/data/1816736/000095017024123718/iron-20241106.htm) ## 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](https://www.sec.gov/Archives/edgar/data/1816736/000119312526424649/d156263dex991.htm) | | Selcodebart (DISC-0974) | Anemia of myelofibrosis | Phase 2 RALLY-MF; end-of-phase 2 FDA meeting expected by year-end 2026 [Source](https://www.sec.gov/Archives/edgar/data/1816736/000119312526325031/iron-ex99_1.htm) | | DISC-3405 | Polycythemia vera | Phase 2 RESTORE-PV, initial data reported Sept. 9, 2026 [Source](https://www.sec.gov/Archives/edgar/data/1816736/000119312526387351/iron-ex99_1.htm) | | DISC-3405 | Sickle cell disease | Phase 1b; initial data expected by end of 2026 [Source](https://www.sec.gov/Archives/edgar/data/1816736/000119312526387351/iron-ex99_1.htm) | | Selcodebart (DISC-0974) | Inflammatory bowel disease | Phase 2; initial data expected in 2027 [Source](https://www.sec.gov/Archives/edgar/data/1816736/000119312526325031/iron-ex99_1.htm) | ## Stock chart Price chart and quote supplied by TradingView, delayed as the exchange requires. 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[Open NASDAQ:IRON on TradingView](https://www.tradingview.com/symbols/NASDAQ-IRON/). ## 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 (8-K and 6-K are the company's own announcements) - [8-K](https://www.sec.gov/Archives/edgar/data/1816736/000119312526429105/d457786d8k.htm) filed 2026-10-22 - [424B5](https://www.sec.gov/Archives/edgar/data/1816736/000119312526427982/d190758d424b5.htm) filed 2026-10-21 - [424B5](https://www.sec.gov/Archives/edgar/data/1816736/000119312526425425/d190758d424b5.htm) filed 2026-10-20 - [8-K](https://www.sec.gov/Archives/edgar/data/1816736/000119312526424649/d156263d8k.htm) filed 2026-10-19 - [8-K](https://www.sec.gov/Archives/edgar/data/1816736/000119312526387351/iron-20260909.htm) filed 2026-09-10 - [10-Q](https://www.sec.gov/Archives/edgar/data/1816736/000119312526325034/iron-20260630.htm) filed 2026-07-30 - [8-K](https://www.sec.gov/Archives/edgar/data/1816736/000119312526325031/iron-20260730.htm) filed 2026-07-30 - [8-K](https://www.sec.gov/Archives/edgar/data/1816736/000119312526290542/iron-20260625.htm) filed 2026-06-30 Source: [SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001816736), retrieved October 23, 2026. Shares outstanding is the cover-page figure from the latest periodic report. The SEC does not publish share prices. Who manages this page **This page is managed by aibio.space.** The company does not run, edit or pay for this page. News, desk views and Investor Ranks are written and managed independently by aibio.space under our editorial and analytical judgment. Opinion only, not investment advice. [How we work](https://aibio.space/disclosures/#paid) · [Terms](https://aibio.space/terms/#news) · [Request a correction](https://aibio.space/reputation/#update) --- Source page: https://aibio.space/companies/disc-medicine/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Disc Medicine (IRON) news: offering", 2026-10-31, https://aibio.space/companies/disc-medicine/