Operating losses have widened significantly from $29.7 million in 2023Q4 to $69.5 million in 2026Q1, indicating that the firm's operational infrastructure is scaling costs far more rapidly than its research output.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - |
| Cost of Goods Sold | 176K | 0 | 0 | 0 | 0 | 0 | 322K |
| COGS % of Revenue | - | - | - | - | - | - | - |
| Gross Profit | -176K | 0 | 0 | 0 | 0 | 0 | -322K |
| Gross Margin % | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | 100% | - |
| Operating Expenses | 265.42M | 236.02M | 129.72M | 91.13M | 47.48M | 30.93M | 33.72M |
| OpEx % of Revenue | - | - | - | - | - | - | - |
| Selling, General & Admin | 76.82M | 65.38M | 33.05M | 21.86M | 14.04M | 5.76M | 5.87M |
| SG&A % of Revenue | - | - | - | - | - | - | - |
| Research & Development | 188.6M | 170.64M | 96.67M | 69.26M | 33.44M | 25.17M | 28.17M |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | -322K |
| Operating Income | -265.6M | -236.02M | -129.72M | -91.13M | -47.48M | -30.93M | -34.04M |
| Operating Margin % | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -81.95% | -42.35% | -91.94% | -53.48% | 9.13% | - |
| EBITDA | -265.25M | -235.74M | -129.56M | -91.03M | -47.39M | -30.9M | -33.72M |
| EBITDA Margin % | - | - | - | - | - | - | - |
| EBITDA Growth % | -92.14% | -81.95% | -42.34% | -92.09% | -53.35% | 8.35% | - |
| D&A (Non-Cash Add-back) | 350K | 281K | 156K | 100K | 89K | 32K | 322K |
| EBIT | -244.67M | -208.22M | -108.43M | -76.33M | -47.48M | -30.93M | -34.01M |
| Net Interest Income | 25.06M | 24.15M | 20.72M | 14.8M | 709K | -2.14M | -6.79M |
| Interest Income | 27.77M | 27.76M | 21.29M | 14.8M | 709K | 14K | 37K |
| Interest Expense | 2.71M | 3.61M | 572K | 0 | 0 | 2.16M | 6.83M |
| Other Income/Expense | 24.29M | 24.2M | 20.72M | 14.79M | 648K | -5.04M | -6.8M |
| Pretax Income | -241.31M | -211.82M | -109M | -76.33M | -46.83M | -35.97M | -40.84M |
| Pretax Margin % | - | - | - | - | - | - | - |
| Income Tax | 293K | 361K | 355K | 99K | 0 | 0 | 0 |
| Effective Tax Rate % | -0.12% | -0.17% | -0.33% | -0.13% | 0% | 0% | 0% |
| Net Income | -241.6M | -212.18M | -109.36M | -76.43M | -46.83M | -35.97M | -40.84M |
| Net Margin % | - | - | - | - | - | - | - |
| Net Income Growth % | -107.4% | -94.03% | -43.08% | -63.22% | -30.19% | 11.92% | - |
| Net Income (Continuing) | -241.6M | -212.18M | -109.36M | -76.43M | -46.83M | -35.97M | -40.84M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.28 | -6.01 | -3.96 | -3.42 | -45.05 | -44.88 | -27.02 |
| EPS Growth % | -69.39% | -51.77% | -15.79% | 92.41% | -0.38% | -66.1% | - |
| EPS (Basic) | - | -6.01 | -3.96 | -3.42 | -45.05 | -44.88 | -27.02 |
| Diluted Shares Outstanding | 38.49M | 35.3M | 27.61M | 22.32M | 1.04M | 801.47K | 1.51M |
| Basic Shares Outstanding | 38.49M | 35.3M | 27.61M | 22.32M | 1.04M | 801.47K | 1.51M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Clinical trial endpoint failure
As evidenced by the company's quarterly financial disclosures, R&D spending has surged from $22.6 million in 2023Q4 to $45.8 million by 2026Q1, reflecting a significant intensification of clinical trial activity and the associated costs of managing complex rare disease patient populations across multiple ongoing development programs.
The consistent upward trajectory in R&D expenses suggests that the company is aggressively funding its pipeline, likely to accelerate the development of bitopertin and DISC-0974. Investors should monitor whether this spending level is sustainable, as the lack of revenue means these costs directly exacerbate the company's cash burn rate.
Based on the provided income statements, operating losses have widened significantly from $29.7 million in 2023Q4 to $69.5 million in 2026Q1, indicating that the firm's operational infrastructure is scaling costs far more rapidly than any potential value creation from its current clinical-stage research and development efforts.
The lack of revenue generation means that operating leverage is currently non-existent, with SG&A expenses also trending higher alongside R&D. This trend implies that the company is building out its administrative and operational capacity in anticipation of future commercialization, which adds significant pressure to the balance sheet.
According to the reported income statement data, stock-based compensation has become a recurring line item, reaching $9.5 million in 2025Q3, which suggests that the company is increasingly relying on equity-based incentives to manage its cash burn while simultaneously diluting existing shareholders during this critical clinical development phase.
The presence of non-cash compensation expenses warrants further investigation into the company's long-term incentive alignment and the potential impact on future EPS. Investors should be cautious, as this practice may mask the true cash cost of talent acquisition and retention in a highly competitive biotechnology labor market.
As reported in recent clinical updates, the failure of the AURORA trial to meet its primary endpoint of 'time to pain' suggests that the company's current valuation may be predicated on overly optimistic assumptions regarding the regulatory path for its lead asset, bitopertin, in the EPP market.
The market's focus on PPIX reduction as a surrogate endpoint may be misplaced if the FDA maintains a strict requirement for clinical benefit endpoints. This discrepancy between biological markers and patient-reported outcomes creates a significant risk that the company may need to conduct additional, costly trials, further extending the cash runway requirements.
Quick answers to the most common questions about buying IRON stock.
For fiscal year 2025, Disc Medicine, Inc. (IRON) reported total revenue of $0.0M.
Disc Medicine, Inc. (IRON) reported a net loss of $212.2M for the fiscal year ending 2025.