Disc Medicine
IRONNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $84.64 Prior regular-session close from the quote source.
- $83.50–$87.51 Regular-session low and high so far today.
- 669.0K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $40.00–$99.50 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own IRON if Disc Medicine’s equity value depends on de-risking two clinical programs — bitopertin (APOLLO Phase 3) and DISC-0974 (RALLY-MF Phase 2) — whose positive pivotal/readout outcomes would unlock orphan-pricing commercial value; absent those readouts the.
IRON price history
Loading recent earnings…
Investment thesis
What must happen next
Given the accelerating cash burn, the company must secure non-dilutive partnership revenue or raise new capital before commercial launch unless APOLLO and RALLY-MF deliver de-risking readouts that materially change funding options.StrengtheningMateriality: High
cash fell from 360,382,000 (2023) to 192,434,000 (2024) to 91,145,000 (2025). If true, shareholders benefit from trial-driven de-risking or deal economics; if false (no financing and no de-risking), the company will be forced into dilutive equity raises that reduce per-share value.
Watch: A large partnership or milestone payment (partner deal for bitopertin or DISC-0974) that provides non-dilutive funding before cash exhaustion.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
cash fell from 360,382,000 (2023) to 192,434,000 (2024) to 91,145,000 (2025).
Open source ↗The company has demonstrated the operational capability to run and advance late-stage programs (APOLLO initiation May 2025; RALLY-MF Phase 2 initial data reported Dec 2025) — execution risk remains but is measurable via rising R&D spend and operating losses tied.StrengtheningMateriality: High
operating_income deteriorated from -91,125,000 (2023) to -129,720,000 (2024) to -236,022,000 (2025), consistent with ramped trial activity. Continued on-time trial execution preserves the possibility of approvals and value; operational failures (enrollment problems, protocol amendments, site dropouts) would be a leading indicator of regulatory failure and value destruction.
Watch: Significant trial delays, enrollment shortfalls, or major protocol amendments announced for APOLLO or RALLY-MF.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_income deteriorated from -91,125,000 (2023) to -129,720,000 (2024) to -236,022,000 (2025), consistent with ramped trial activity.
Open source ↗A positive RALLY-MF topline for DISC-0974 (expected H2 2026) that shows meaningful anemia responses across subgroups will materially expand Disc Medicine’s addressable market beyond rare porphyrias and make partnership or commercialization outcomes substantially more likely.HoldingMateriality: Medium
Phase 1b results for DISC-0974 showed target engagement, iron mobilization and hematologic responses. If true, DISC-0974 becomes a second high-value asset reducing single-trial binary risk and supporting a higher enterprise value; if false, the company’s growth optionality narrows and valuation depends solely on bitopertin.
Watch: RALLY-MF topline fails to show meaningful or durable anemia responses, or shows safety/tolerability limitations.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Phase 1b results for DISC-0974 showed target engagement, iron mobilization and hematologic responses.
Open source ↗
Full investment case & evidence
Loading the original research archive…
Original research
Given the accelerating cash burn, the company must secure non-dilutive partnership revenue or raise new capital before commercial launch unless APOLLO and RALLY-MF deliver de-risking readouts that materially change funding options. If true, shareholders benefit from trial-driven de-risking or deal economics; if false (no financing and no de-risking), the company will be forced into dilutive equity raises that reduce per-share value.
The company has demonstrated the operational capability to run and advance late-stage programs (APOLLO initiation May 2025; RALLY-MF Phase 2 initial data reported Dec 2025) — execution risk remains but is measurable via rising R&D spend and operating losses tied. Continued on-time trial execution preserves the possibility of approvals and value; operational failures (enrollment problems, protocol amendments, site dropouts) would be a leading indicator of regulatory failure and value destruction.
A positive RALLY-MF topline for DISC-0974 (expected H2 2026) that shows meaningful anemia responses across subgroups will materially expand Disc Medicine’s addressable market beyond rare porphyrias and make partnership or commercialization outcomes substantially more likely. If true, DISC-0974 becomes a second high-value asset reducing single-trial binary risk and supporting a higher enterprise value; if false, the company’s growth optionality narrows and valuation depends solely on bitopertin.
All standing thesis claims
Original report summary
Disc Medicine’s equity value depends on de-risking two clinical programs — bitopertin (APOLLO Phase 3) and DISC-0974 (RALLY-MF Phase 2) — whose positive pivotal/readout outcomes would unlock orphan-pricing commercial value; absent those readouts the.
Bull case and bear case
Bull case and bear case for Disc Medicine
Where the evidence on Disc Medicine stands: Holding on the latest evidence (Nov 10, 2026). Of its 3 thesis points, 2 strengthening and 1 holding.
Bull case: what the evidence supports
Given the accelerating cash burn, the company must secure non-dilutive partnership revenue or raise new capital before commercial launch unless APOLLO and RALLY-MF deliver de-risking readouts that materially change funding options.
The company has demonstrated the operational capability to run and advance late-stage programs (APOLLO initiation May 2025; RALLY-MF Phase 2 initial data reported Dec 2025) — execution risk remains but is measurable via rising R&D spend and operating losses tied.
A positive RALLY-MF topline for DISC-0974 (expected H2 2026) that shows meaningful anemia responses across subgroups will materially expand Disc Medicine’s addressable market beyond rare porphyrias and make partnership or commercialization outcomes substantially more likely.
Bear case: what would count against it
A large partnership or milestone payment (partner deal for bitopertin or DISC-0974) that provides non-dilutive funding before cash exhaustion.
Significant trial delays, enrollment shortfalls, or major protocol amendments announced for APOLLO or RALLY-MF.
RALLY-MF topline fails to show meaningful or durable anemia responses, or shows safety/tolerability limitations.
Thesis-Break Engine
Thesis-break watch · Disc Medicine
Loading the break-condition record for Disc Medicine.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
No assessed change was returned in this research window. That can reflect a quiet period or a coverage limit.
Risks / falsifiers
What could break the thesis
- A large partnership or milestone payment (partner deal for bitopertin or DISC-0974) that provides non-dilutive funding before cash exhaustion.
- Significant trial delays, enrollment shortfalls, or major protocol amendments announced for APOLLO or RALLY-MF.
- RALLY-MF topline fails to show meaningful or durable anemia responses, or shows safety/tolerability limitations.
IRON news
Loading headlines…
Financial statements
IRON income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.