Disc Medicine Inc
IRONHealthcare|Biotechnology|USA
$76.59
-2.32 (-2.94%)
Tangible Book
$18.03
Earnings Power
$18.04
Financials
Financial Snapshot
Market Cap
$2.93B
Enterprise Value
$699.1M
Revenue (TTM)
$0.00
Net Income (TTM)
$-241.6M
Cash & Equivalents
—
Net Cash/Share
$17.50
Free Cash Flow (TTM)
$-201.3M
Operating CF (TTM)
$-201.3M
Debt/Equity
0.05
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$50.3M
Monthly Burn
$16.8M
Est. Runway
—
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $4.5M | $88.0M | $194.6M | $360.4M | $489.9M | $791.2M | $730.2M | |
| Operating Cash Flow | $-32.7M | $-27.5M | $-42.3M | $-73.5M | $-93.9M | $-180.4M | $-201.3M | |
| Free Cash Flow | $-32.7M | $-27.6M | $-42.4M | $-73.6M | $-94.4M | $-181.3M | $-201.3M | |
| Capital Expenditure | $-22.0K | $-68.0K | $-151.0K | $-89.0K | $-505.0K | $-933.0K | $-82.0K | |
| Financing Cash Flow | $34.2M | $89.9M | $149.0M | $239.4M | $218.3M | $473.4M | $230.9M |
R&D Spending
R&D (TTM)
$188.8M
R&D Intensity
—
R&D Growth YoY
+10.6%
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $28.2M | $25.2M | $33.4M | $69.3M | $96.7M | $170.6M | $188.8M | |
| R&D % of Revenue | — | — | — | — | — | — | — | |
| SG&A | $5.9M | $5.8M | $14.0M | $21.9M | $33.0M | $65.4M | $76.8M |
Income Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $28.2M | $25.2M | $33.4M | $69.3M | $96.7M | $170.6M | $188.8M | |
| SG&A | $5.9M | $5.8M | $14.0M | $21.9M | $33.0M | $65.4M | $76.8M | |
| Operating Income | $-34.0M | $-30.9M | $-47.5M | $-91.1M | $-129.7M | $-236.0M | $-265.6M | |
| Interest Expense | $-6.8M | $-2.2M | $0.00 | $0.00 | $-572.0K | $-3.6M | $-3.6M | |
| Pretax Income | $-40.8M | $-36.0M | $-46.8M | $-76.3M | $-109.0M | $-211.8M | $-241.3M | |
| Net Income | $-40.8M | $-36.0M | $-46.8M | $-76.4M | $-109.4M | $-212.2M | $-241.6M | |
| EPS (Diluted) | -9.01 | -40.95 | -45.05 | -3.42 | -3.96 | -6.01 | -6.62 | |
| EBITDA | $-33.7M | $-30.9M | $-47.4M | $-76.2M | $-108.3M | $-207.9M | $-237.4M | |
| Shares Out. (M) | 4.53 | 0.88 | 1.04 | 22.32 | 27.61 | 35.30 | 38.49 |
Balance Sheet
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.5M | $88.0M | $194.6M | $360.4M | $192.4M | $91.1M | $88.9M | |
| Marketable Securities | $0.00 | $0.00 | $0.00 | $0.00 | $297.4M | $700.0M | $641.2M | |
| Total Current Assets | $5.1M | $90.5M | $198.5M | $365.7M | $493.6M | $803.9M | $747.5M | |
| Total Assets | $8.3M | $92.4M | $200.2M | $368.0M | $496.8M | $806.9M | $750.2M | |
| Total Current Liabilities | $24.9M | $13.4M | $22.6M | $21.4M | $23.3M | $36.6M | $31.1M | |
| Long-Term Debt | $5.0M | $0.00 | $0.00 | $0.00 | $28.3M | $29.2M | $29.4M | |
| Total Liabilities | $30.2M | $156.6M | $23.6M | $22.9M | $53.2M | $67.1M | $61.8M | |
| Stockholders' Equity | $-21.9M | $-64.2M | $176.6M | $345.1M | $443.6M | $739.8M | $688.4M | |
| Retained Earnings | $-112.8M | $-65.4M | $-112.2M | $-188.6M | $-298.0M | $-510.2M | $-573.7M |
Cash Flow Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-32.7M | $-27.5M | $-42.3M | $-73.5M | $-93.9M | $-180.4M | $-201.3M | |
| Capital Expenditure | $-22.0K | $-68.0K | $-151.0K | $-89.0K | $-505.0K | $-933.0K | $-82.0K | |
| Free Cash Flow | $-32.7M | $-27.6M | $-42.4M | $-73.6M | $-94.4M | $-181.3M | $-201.3M | |
| Investing Cash Flow | $-22.0K | $-68.0K | $-151.0K | $-89.0K | $-292.3M | $-394.3M | $-63.4M | |
| Financing Cash Flow | $34.2M | $89.9M | $149.0M | $239.4M | $218.3M | $473.4M | $230.9M | |
| Issuance of Stock | $0.00 | $0.00 | $53.5M | $199.1M | $187.3M | $450.1M | $216.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $14.0M | $0.00 | $0.00 | $0.00 | $29.0M | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $-4.6M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $983.0K | $507.0K | $2.1M | $5.5M | $16.8M | $34.3M | $39.9M | |
| Net Change in Cash | $1.5M | $62.3M | $106.6M | $165.8M | $-167.9M | $-101.3M | $-33.8M |
Dilution Tracker
Shares outstanding grew 4283.9% over 5 years — significant dilution
Shares Outstanding
38M
5-Year Share Growth
+4283.9%
Stock Issuance (TTM)
$216.1M
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 4.53 | 0.88 | 1.04 | 22.32 | 27.61 | 35.30 | 38.49 | |
| YoY Change % | — | -80.6% | 18.3% | 2047.8% | 23.7% | 27.9% | 9.1% | |
| Stock Issuance | $0.00 | $0.00 | $53.5M | $199.1M | $187.3M | $450.1M | $216.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $983.0K | $507.0K | $2.1M | $5.5M | $16.8M | $34.3M | $39.9M |
Margins & Profitability
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| Net Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| EBITDA Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| FCF Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| ROE % | 0.0% | 0.0% | -83.3% | -29.3% | -27.7% | -35.9% | -36.9% | |
| ROA % | -490.9% | -71.4% | -32.0% | -26.9% | -25.3% | -32.6% | -33.9% | |
| R&D / Revenue | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S—
Historical— / — / —
Industry Med.9.49
P/B4.25
Historical— / — / 4.25
Industry Med.2.93
EV/EBITDA-9.38
Historical-9.38 / — / —
Industry Med.13.02
EV/Revenue—
Historical— / — / —
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$18.03
Net Current Assets
$17.950
Net-Net Working Capital
$17.50
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | - | - | - | - | 0.00 | |
| PB Ratio | 0.00 | 0.00 | 1.96 | 4.08 | 4.27 | 4.07 | 4.25 | |
| EV/EBITDA | 0.00 | -1.27 | -3.23 | -13.76 | -13.24 | -10.81 | -9.38 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
—
Distress
Piotroski F-Score
2
Weak
Beneish M-Score
—
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $0.00M | $32.24M | $142.22M |
| Net Income | $-280.15M | $-320.71M | $-270.79M |
| EPS | -7.21 | -7.88 | -6.11 |
| Book Value per Share | 12.31 | 8.96 | 9.01 |
| Operating Cash Flow per Share | 0.00 | 0.00 | 0.00 |
| Operating CF | $0.00M | $0.00M | $0.00M |