Recent Updates — IRON

Disc Medicine priced an upsized underwritten public offering of 6,000,000 shares of common stock at $75.00 per share, generating gross proceeds of approximately $450 million before deducting underwriting discounts and commissions. The company granted the underwriters a 30-day option to purchase up to an additional 900,000 shares. Net proceeds are expected to be approximately $422.4 million, or roughly $485.9 million if the over-allotment is exercised in full. The offering closed on October 22, 2026, and funds will support clinical development of product candidates like bitopertin for hematologic diseases as well as working capital needs.

Disc Medicine announced positive topline results from the pivotal Phase 3 APOLLO trial of bitopertin in adults and adolescents with erythropoietic protoporphyria (EPP) and X-linked protoporphyria (XLP). The study enrolled 183 patients and met all primary and secondary endpoints. Bitopertin achieved a statistically significant reduction in whole-blood metal-free protoporphyrin IX of 41.4% versus placebo and increased average monthly total time in light without pain by 12.2 hours during month 6. The drug also significantly reduced the incidence rate of phototoxic reactions and improved patient-reported quality-of-life scores. Bitopertin was generally well-tolerated with no new safety signals. Based on these results, Disc plans to resubmit a New Drug Application to the FDA by the end of 2026, with an agency decision anticipated by mid-2027. Disc Medicine is a clinical-stage biopharmaceutical company focused on discovering and developing novel treatments for serious hematologic diseases.

Disc Medicine announced initial results from the RESTORE-PV Phase 2 clinical trial of DISC-3405 in patients with polycythemia vera. The open-label study enrolled 40 participants, with efficacy data presented for Cohort A (n=13 completed 26 weeks). Treatment significantly reduced mean phlebotomy events from 4.0 to 0.6 per 26 weeks (p<0.0001), and 61.5% of patients remained entirely phlebotomy-free through week 26. DISC-3405 maintained hematocrit stably below 45% and was generally well-tolerated with mild injection site reactions. The company plans to provide updates on RESTORE-PV and a Phase 1b trial in sickle cell disease by the end of 2026, alongside FDA feedback for selcodebart in myelofibrosis. Disc Medicine is a clinical-stage biopharmaceutical company focused on discovering and developing novel treatments for serious hematologic diseases.

Disc Medicine reported second quarter 2026 financial results with a net loss of $59.5 million and R&D expenses of $46.9 million. The company ended the period with approximately $718 million in cash, providing operational runway into 2029. Clinically, Disc Medicine completed enrollment for the Phase 2 RESTORE-PV study of DISC-3405 in polycythemia vera and launched an Expanded Access Program for bitopertin in erythropoietic protoporphyria (EPP). The company aligned with the FDA that a successful Phase 3 APOLLO trial could support regulatory approval, with topline data expected in Q4 2026. Disc Medicine operates as a clinical-stage biopharmaceutical company focused on discovering and developing treatments for serious hematologic diseases.

Disc Medicine, Inc. entered into a First Amendment to its Loan and Security Agreement with Hercules Capital, Inc. to extend drawing periods for future Advances. The Company agreed to draw down $30,000,000 of the Tranche 1-B Advance, restructured the existing $50,000,000 Tranche 1-C Advance into two $25,000,000 portions, and extended the drawing periods for Tranche 2 and Tranche 3 Advances to December 15, 2027, and June 30, 2028, respectively. The amendment also modified minimum cash covenant testing to an initial date of July 1, 2028. Disc Medicine, Inc. is a biotechnology company focused on developing medical treatments for rare diseases.