Detailed financial statements for Disc Medicine, Inc. (IRON): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Based in Watertown, Massachusetts, Disc Medicine, Inc. operates as a clinical-stage biotechnology company. Its core mission involves the discovery, development, and commercialization of novel therapeutic solutions for individuals suffering from serious hematological diseases.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $68.57, IRON has negative trailing earnings (P/E not meaningful) and an ROE of -28.68%. Market capitalisation stands at $2.6B.
Balance sheet quality for IRON: current ratio of 21.9, net cash position of $789.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $322000 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | -$322000 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $28.2M | $25.2M | $33.4M | $69.3M | $96.7M | $170.6M |
| Selling, General & Admin | $5.9M | $5.8M | $14.0M | $21.9M | $33.0M | $65.4M |
| Operating Expenses | $33.7M | $30.9M | $47.5M | $91.1M | $129.7M | $236.0M |
| Operating Income | -$34.0M | -$30.9M | -$47.5M | -$91.1M | -$129.7M | -$236.0M |
| EBITDA | -$33.7M | -$33.8M | -$46.7M | -$76.2M | -$108.3M | -$207.9M |
| Interest Expense | $6.8M | $2.2M | 0 | 0 | $572000 | $3.6M |
| Pre-tax Income | -$40.8M | -$36.0M | -$46.8M | -$76.3M | -$109.0M | -$211.8M |
| Income Tax | 0 | 0 | 0 | $99000 | $355000 | $361000 |
| Net Income | -$40.8M | -$36.0M | -$46.8M | -$76.4M | -$109.4M | -$212.2M |
| EPS | $-27.02 | $-44.88 | $-45.05 | $-3.42 | $-3.96 | $-6.01 |
| EPS (Diluted) | $-27.02 | $-44.88 | $-45.05 | $-3.42 | $-3.96 | $-6.01 |
| Shares Outstanding (Diluted) | $1.5M | $801467 | $1.0M | $22.3M | $27.6M | $35.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$67.7M | -$67.0M | -$69.5M | -$65.1M |
| EBITDA | -$61.2M | -$59.5M | -$62.5M | -$58.5M |
| Net Income | -$62.3M | -$60.5M | -$63.5M | -$59.5M |
| EPS | $-1.77 | $-1.64 | $-1.65 | $-1.54 |
| EPS (Diluted) | $-1.77 | $-1.64 | $-1.65 | $-1.54 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $4.5M | $88.0M | $194.6M | $360.4M | $192.4M | $91.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | $297.4M | $700.0M |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $5.1M | $90.5M | $198.5M | $365.7M | $493.6M | $803.9M |
| Property, Plant & Equipment | $294000 | $1.7M | $1.6M | $2.1M | $2.3M | $2.3M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $8.3M | $92.4M | $200.2M | $368.0M | $496.8M | $806.9M |
| Accounts Payable | $2.4M | $2.6M | $16.2M | $12.6M | $7.9M | $9.0M |
| Short-term Debt | $16.7M | $5.0M | 0 | 0 | 0 | $611000 |
| Total Current Liabilities | $24.9M | $13.4M | $22.6M | $21.4M | $23.3M | $36.6M |
| Long-term Debt | $5.0M | $404000 | 0 | 0 | $28.3M | $1.3M |
| Total Liabilities | $30.2M | $156.6M | $23.6M | $22.9M | $53.2M | $67.1M |
| Retained Earnings | -$112.8M | -$65.4M | -$112.2M | -$188.6M | -$298.0M | -$510.2M |
| Total Equity | -$21.9M | -$64.2M | $176.6M | $345.1M | $443.6M | $739.8M |
| Total Debt | $21.6M | $7.1M | $1.3M | $2.1M | $30.0M | $1.9M |
| Net Debt | $17.1M | -$81.0M | -$193.3M | -$358.3M | -$459.9M | -$789.3M |
| Working Capital | -$19.8M | $77.1M | $175.9M | $344.2M | $470.3M | $767.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $140.7M | $91.1M | $88.9M | $98.7M |
| Total Assets | $630.5M | $806.9M | $750.2M | $735.1M |
| Total Liabilities | $57.1M | $67.1M | $61.8M | $90.9M |
| Total Equity | $573.4M | $739.8M | $688.4M | $644.2M |
| Total Debt | $31.0M | $1.9M | $31.1M | $60.9M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$40.8M | -$36.0M | -$46.8M | -$76.4M | -$109.4M | -$212.2M |
| Depreciation & Amortization | $322000 | $32000 | $89000 | $100000 | $156000 | $281000 |
| Stock-based Compensation | $983000 | $507000 | $2.1M | $5.5M | $16.8M | $34.3M |
| Change in Working Capital | $337000 | $1.3M | $2.1M | -$3.0M | $3.2M | $3.5M |
| Operating Cash Flow | -$32.7M | -$27.5M | -$42.3M | -$73.5M | -$93.9M | -$180.4M |
| Capital Expenditure | -$22000 | -$68000 | -$151000 | -$89000 | -$505000 | -$933000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$32.7M | -$27.6M | -$42.4M | -$73.6M | -$94.4M | -$181.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$47.8M | -$43.3M | -$62.2M | -$44.2M |
| Capital Expenditure | -$26000 | -$20000 | 0 | 0 |
| Free Cash Flow | -$47.8M | -$43.3M | -$62.2M | -$44.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $9.5M | $10.0M | $11.9M | $13.9M |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | +11.9% | -30.2% | -63.2% | -43.1% | -94.0% |
| EPS Growth (YoY) | | -66.1% | -0.4% | +92.4% | -15.8% | -51.8% |
| Shares Change (YoY) | | -47.0% | +29.7% | +2046.8% | +23.7% | +27.9% |
| FCF Growth (YoY) | | +15.7% | -53.6% | -73.5% | -28.4% | -92.0% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.1% | -0.3% | -0.2% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-21.65 | $-34.44 | $-40.79 | $-3.30 | $-3.42 | $-5.14 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.5M | $801467 | $1.0M | $22.3M | $27.6M | $35.3M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -28.68% |
| Return on Invested Capital | -30.62% |
| Return on Assets | -26.30% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.09 |
| Current Ratio | 24.14 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 24.37 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -4.07 | -0.65 | -0.44 | -16.89 | -16.01 | -13.21 |
| P/B | -7.61 | -0.36 | 0.12 | 3.73 | 3.95 | 3.79 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 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% |