Disc Medicine (IRON -3.27%), a clinical-stage biopharmaceutical company advancing treatments for hematologic diseases, released its second quarter 2025 earnings on August 7, 2025. Reflecting investments in critical clinical programs, the period showed progress on pipeline milestones but highlighted accelerating losses associated with ramping up for late-stage trials and potential commercialization.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (GAAP) | $(1.58) | ($1.13) | ($1.03) | (53.4%) |
| Revenue (GAAP) | N/A | $0.0 | N/A | n/a |
| Research and Development Expenses | $46.3 million | $23.5 million | 97.2% | |
| Selling, General and Administrative Expenses | $15.1 million | $7.4 million | 104.1% | |
| Net Loss | $55.2 million | $26.4 million | 109.1% | |
| Cash, Cash Equivalents, and Marketable Securities | $650.0 million(as of June 30, 2025) | $489.9 million(as of December 31, 2024) | 32.7% |
Source: Analyst estimates for the quarter provided by FactSet.
Overview of Disc Medicine's Business and Key Focus Areas
Disc Medicine is focused on discovering and developing therapies for patients suffering from serious blood disorders. The company does not yet sell any commercial products; instead, it invests heavily in the clinical testing of new molecules.
The business strategy centers on advancing bitopertin, a glycine transporter 1 inhibitor for erythropoietic protoporphyria (a genetic disorder that causes severe light sensitivity and potential liver complications), and other early pipeline programs like DISC-0974 and DISC-3405, which target distinct blood diseases. Key success factors include the ability to move molecules through regulatory milestones and to prepare for future commercial launch, especially as pipeline programs reach late-stage trials.
Quarterly Highlights: Financial, Clinical, and Strategic Developments
The company reported a net loss of $55.2 million (GAAP), up from $26.4 million (GAAP) in the prior year period. This loss was significantly affected by higher spending. Research and development expenses increased from $23.5 million to $46.3 million for the three months ended June 30, 2025, primarily because of expanded clinical activities. The increase also included a $10 million milestone payment linked to the APOLLO phase 3 trial for bitopertin, as well as higher headcount and costs related to clinical drug manufacturing. Selling, general and administrative expenses (GAAP) rose to $15.1 million for the three months ended June 30, 2025, compared to $7.4 million in the prior year period, reflecting increased hiring in preparation for future product commercialization efforts.
Disc made significant pipeline progress during the period. It remained on track to submit a new drug application (NDA) for bitopertin in erythropoietic protoporphyria by October 2025, following a positive pre-NDA meeting with the U.S. Food and Drug Administration (FDA). The ongoing HELIOS open-label study of bitopertin presented new data showing sustained reduction in protoporphyrin IX (a toxic substance in EPP patients) and improvements in both quality of life and liver health markers. Preclinical studies also suggested potential liver-protective effects. The company’s second key asset, DISC-0974 (an anti-hemojuvelin antibody for anemia in myelofibrosis), advanced with the phase 2 RALLY-MF study enrolling an exploratory cohort.
Additional pipeline momentum came from DISC-3405, an antibody against a protein called TMPRSS6. Data from an initial study in healthy volunteers was shared at a major medical conference, and a phase 2 trial in polycythemia vera (a red blood cell disorder) began during the quarter. First results from this trial are expected in 2026. Disc also strengthened its board with the appointment of Nadim Ahmed, the current CEO of Cullinan Therapeutics (clinical-stage oncology).
Consistent with the company’s stage, The cash position was $650.0 million (GAAP) as of June 30, 2025, compared to $489.9 million (GAAP) as of December 31, 2024. This cash is expected to fund operating needs and late-stage research programs through 2028. The company did not announce any one-time material financial gains or losses, beyond the $10 million milestone payment reported in research and development expenses.
Outlook and What to Watch Going Forward
Disc medicine leadership did not issue financial guidance for the next quarter or the remainder of fiscal 2025. It cited expectations to fund operating plans into 2028.
IRON does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
