Disc Medicine Announces Q2 2024 Financial Results and Business Update
Disc Medicine, Inc., a clinical-stage biopharmaceutical company, reported positive developments and financial results for the second quarter ending June 30, 2024. The company, which focuses on discovering and developing treatments for serious hematologic diseases, showcased encouraging data for its three key programs at the European Hematology Association (EHA) 2024 Congress.
The company presented promising data for bitopertin in erythropoietic protoporphyria (EPP), DISC-0974 in anemia associated with myelofibrosis (MF), and evidence of mechanism for DISC-3405 in a Phase 1 study. Disc Medicine plans to update on regulatory interactions for bitopertin in EPP and DISC-0974 in anemia of MF in the latter half of 2024.
Disc Medicine bolstered its financial position through an underwritten offering of common stock, raising $178 million in gross proceeds. This influx of capital leaves the company with $501 million in cash, cash equivalents, and marketable securities, expected to fund operations well into 2027.
John Quisel, CEO of Disc Medicine, highlighted the significance of the data presented at the EHA Congress, noting that it supports the therapeutic potential of the company's portfolio. The successful financing round, backed by prestigious investors, provides financial runway for key readouts across their programs over the next few years.
Recent Business Highlights and Upcoming Milestones
Bitopertin: GlyT1 Inhibitor (Heme Synthesis Modulator)
Disc Medicine presented updated results from their AURORA study, which demonstrated bitopertin's meaningful impact on key aspects of EPP. The company expects to hold an End of Phase 2 meeting in the second half of 2024 to discuss optimal registrational endpoints for EPP.
DISC-0974: Anti-Hemojuvelin Antibody (Hepcidin Suppression)
Updated Phase 1b data from DISC-0974 showed a durable hemoglobin response in MF patients and a reduction in transfusion burden across a variety of participants. Disc Medicine plans regulatory interactions in the second half of 2024 to determine the optimal design for a Phase 2 study in MF. Additionally, updated Phase 1b data from DISC-0974 in anemia for non-dialysis-dependent chronic kidney disease (NDD-CKD) is anticipated in the latter half of 2024.
DISC-3405: Anti-TMPRSS6 Antibody (Hepcidin Induction)
Initial data from the single-ascending dose (SAD) cohorts of the ongoing Phase 1 study in healthy volunteers indicated proof of mechanism with significant hepcidin level increases and sustained serum iron reductions. These results support monthly subcutaneous dosing and show a positive impact on hematologic parameters at the highest dose. Data from the multiple ascending dose (MAD) cohorts are expected in the second half of 2024.
Corporate Developments
Disc Medicine completed a public offering of common stock in June 2024, generating $178 million in gross proceeds.
Second Quarter 2024 Financial Results
- Cash Position: As of June 30, 2024, the company had $500.9 million in cash, cash equivalents, and marketable securities, expected to fund operations into 2027.
- Research and Development Expenses: R&D expenses for the quarter were $23.5 million, up from $12.1 million in the same quarter of 2023. This increase was driven by the advancement of clinical studies and drug manufacturing for bitopertin, as well as the progression of DISC-0974 and DISC-3405 programs.
- General and Administrative Expenses: G&A expenses rose to $7.4 million from $5.2 million in Q2 2023, primarily due to increased headcount.
- Net Loss: The net loss for Q2 2024 was $26.4 million, compared to $15.9 million in Q2 2023.
About Disc Medicine
Disc Medicine is dedicated to developing and commercializing treatments for serious hematologic diseases. The company is building a portfolio of innovative therapeutic candidates targeting fundamental biological pathways of red blood cell biology, specifically heme biosynthesis and iron homeostasis.
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