Disc Medicine (IRON)
Develops heme and iron-homeostasis therapies for serious blood disorders.
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Develops investigational small molecules and antibodies for blood disorders linked to heme biosynthesis and iron homeostasis. The pipeline is led by bitopertin for erythropoietic protoporphyria, with selcodebart and DISC-3405 targeting anemia and disorders treated through iron restriction; revenue depends on regulatory approval or licensing.
Develops treatments for serious blood disorders by modulating heme biosynthesis and iron homeostasis. The heme program centers on bitopertin, a GlyT1 inhibitor in Phase 3 testing for erythropoietic protoporphyria. The iron-homeostasis portfolio includes selcodebart (DISC-0974), an anti-hemojuvelin antibody studied for anemia in myelofibrosis and inflammatory bowel disease, and DISC-3405, an anti-TMPRSS6 antibody studied for polycythemia vera and sickle cell disease.
Advances in-licensed small molecules and antibodies through clinical trials in the United States and abroad while preparing for eventual commercialization. All candidates remain investigational, and no product-sales revenue has been generated. Bitopertin received an FDA complete response letter, leaving its approval path dependent on the ongoing pivotal trial and further review; the broader business depends on clinical outcomes, regulatory approvals, licensed intellectual property, funding, and third-party manufacturers.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 16, 2026 | Wells Fargo | Reiterate | Rating: —Target: $75 | Target: $86 |
| Sep 10, 2026 | H.C. Wainwright | Reiterate | Rating: —Target: $70 | Target: $120 |
| Sep 10, 2026 | Jefferies | Reiterate | Rating: —Target: $89 | Target: $128 |
| Aug 17, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $85 | Target: $90 |
| Jun 15, 2026 | Morgan Stanley | Target | Target: $80 | Target: $85 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $717.7M · Total debt $60.9M · Total assets $735.1M · Shareholders' equity $644.2M
- Revenue
- $0
- Operating income
- −$65.1M
- Net income
- −$59.5M
No dividends on record.
| Institutions | ≈ 111.67% | 42.87M shares | |
|---|---|---|---|
| 233 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 3.22% | 1.24M shares | |
| 7 holders · as of Sep 16, 2026 | |||
| Strategic holders | 7.33% | 2.81M shares | |
| 1 holder · as of Oct 24, 2025 | |||
| Adds to | 122.22% | ||
38.39M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 122.22%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
FMR LLCInstitution | 12.75% | 4.89M | as of Jun 30, 2026 |
AI Dmi LLCStrategic10 percent owner | 7.33% | 2.81M | filed Oct 24, 2025 |
BlackRock, Inc.Institution | 6.43% | 2.47M | as of Jun 30, 2026 |
Ra Capital Management, L.P.Institution | 6.38% | 2.45M | as of Jun 30, 2026 |
JPMorgan Chase & CoInstitution | 4.89% | 1.88M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 11, 2026 | Kevin Bitterman | director | −27,136 | $70.11 |
| Sep 4, 2026 | Kevin Bitterman | director | −1,689 | $79.96 |
| Sep 3, 2026 | Kevin Bitterman | director | −5,203 | $79.98 |
| Sep 2, 2026 | Kevin Bitterman | director | −49,164 | $80.17 |
| Sep 1, 2026 | Kevin Bitterman | director | −129 | $79.95 |
- Protagonist Therapeutics
Late-stage PV hepcidin mimetic against DISC-3405
- Incyte
Incumbent MF and PV JAK backbone around Disc programs
- GSK (ADR)
Approved MF-anemia therapy with Ojjaara
- Silence Therapeutics (ADR)
TMPRSS6 siRNA pathway peer for DISC-3405 in PV
- Keros Therapeutics
MF-cytopenia biologic comparator for DISC-0974
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Disc Medicine | $65.62 | −4.18% | $2.63B | — | — | — | — |
| Protagonist Therapeutics | $139.21 | −4.04% | $9.33B | 140.3 | 69.5 | 33.1 | +3,749.2% |
| Incyte | $124.67 | −1.78% | $25.73B | 16.2 | 51.6 | 4.4 | +37.7% |
| GSK (ADR) | $49.97 | −1.48% | $101.62B | 16.1 | 9.2 | 2.3 | +5.3% |
| Silence Therapeutics (ADR) | $11.55 | −6.06% | $580.5M | — | — | 945.0 | −38.8% |
| Keros Therapeutics | $11.54 | −1.66% | $232.6M | — | — | 15.5 | −99.8% |
| Median | 16.2 | 51.6 | 15.5 | +5.3% |