Disc Medicine Announces Q1 2024 Financial Results and Business Update

Disc Medicine, Inc., a clinical-stage biopharmaceutical company focused on developing treatments for serious hematologic diseases, reported its financial results for the first quarter ending March 31, 2024. The company, listed on NASDAQ under the ticker IRON, has made significant strides in its research and clinical trials.

In April 2024, Disc Medicine presented top-line results from the AURORA phase 2 study of bitopertin, a GlyT1 inhibitor being evaluated for erythropoietic porphyrias (EPP). The data demonstrated that bitopertin significantly reduced toxic protoporphyrin IX (PPIX) levels in EPP patients, leading to fewer phototoxic pain reactions and an improved quality of life. These promising results bolster confidence in bitopertin's effectiveness and lay the groundwork for more detailed analyses from the AURORA and BEACON studies, expected in the second quarter of 2024.

Disc Medicine is also on track to present updated data from its phase 1b/2 study of DISC-0974, an anti-hemojuvelin antibody, for treating anemia in myelofibrosis (MF) patients. Additionally, initial single-ascending dose (SAD) data from the phase 1 study of DISC-3405 in healthy volunteers is expected in the same timeframe. 

The company's financial health remains robust, ending the first quarter of 2024 with $343 million in cash and cash equivalents, which is projected to support operations well into 2026. Research and development (R&D) expenses for Q1 2024 were $23.7 million, up from $20.2 million in Q1 2023, primarily due to the progression of Disc’s clinical portfolio and increased staffing. General and administrative (G&A) expenses rose to $7.8 million from $4.9 million year-over-year, also driven by increased headcount. Overall, the net loss for the quarter was $26.9 million, compared to $22.8 million in the same period the previous year.

Recent business highlights include the detailed outcomes from the phase 2 AURORA trial of bitopertin. The study showed significant, dose-dependent, and sustained reductions in blood PPIX levels, improvement in light tolerance measures, and fewer phototoxic pain reactions. Bitopertin was generally well-tolerated with stable hemoglobin levels across doses. Further analyses from both the AURORA and BEACON trials are anticipated in Q2 2024, with regulatory interactions to define optimal registration endpoints for EPP planned for the second half of the year.

Additionally, bitopertin received the FDA Rare Pediatric Disease Designation (RPD) in May 2024 for treating EPP. For DISC-0974, updated phase 1b/2 data in MF patients will be presented in Q2 2024, focusing on safety and changes in hepcidin, iron, and hemoglobin levels. Updated data for DISC-0974 in non-dialysis-dependent chronic kidney disease (NDD-CKD) is expected in the latter half of 2024.

Disc Medicine, which continues to build a diverse portfolio of innovative therapeutic candidates, aims to address a broad spectrum of hematologic diseases by targeting fundamental biological pathways involving red blood cells, heme biosynthesis, and iron homeostasis.

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