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Disc Medicine, Inc. reported full-year 2025 results on 26 February 2026, with net loss rising to US$212.18 million and basic and diluted loss per share from continuing operations increasing to US$6.01 from US$3.96 a year earlier.
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On the same day, the company filed a US$108.71 million shelf registration for 1,625,179 common shares tied to its employee stock plans, underscoring ongoing funding needs as it advances multiple hematology programs through the clinic.
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We will now examine how Disc Medicine’s widening losses alongside the new shelf registration shape the company’s investment narrative for investors.
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To own Disc Medicine today, you have to be comfortable backing a cash‑consuming, clinical‑stage story where everything revolves around bitopertin in EPP and the broader hematology pipeline. The latest results put the full‑year net loss at US$212.18 million, highlighting how expensive it is to run multiple mid‑ to late‑stage trials without any revenue. At the same time, the new US$108.71 million shelf registration tied to employee stock plans signals that equity remains a core financing tool, which can matter for dilution if shares are issued at lower prices. Near term, the key catalyst still sits with the APOLLO Phase 3 readout and the company’s response to the FDA’s Complete Response Letter, but the step up in losses raises the bar on execution risk and reinforces how dependent the story is on successful data and regulatory dialogue.
However, rising losses and ongoing equity issuance are risks investors should understand in detail. Disc Medicine’s shares have been on the rise but are still potentially undervalued. Find out how large the opportunity might be.
Two Simply Wall St Community fair value views range from about US$9.94 to US$99.36 per share, underlining how differently people assess Disc’s widening losses, dilution risk and dependence on bitopertin milestones.
Explore 2 other fair value estimates on Disc Medicine – why the stock might be worth as much as 49% more than the current price!
Disagree with this assessment? Extraordinary investment returns rarely come from following the herd, so go with your instincts.