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Disc Medicine

IRON on Nasdaq. Pharmaceutical preparations. Market value $2.4bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

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Cash yield
past 12 months to June 2026
-8.3%low

For every $100 of what the whole company costs, it produced $-8.35 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$61.65 a share, 54% above its 1-year low

Over the past year the price has ranged from $40.00 to $99.50.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.0
-0.0
-0.1
-0.1
-0.2
-0.2
2021202220232024202512 monthsto Jun '26
Revenue
n/an/an/an/an/a
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/a0.000.060.04
Shares outstanding
0.04bn0.02bn0.03bn0.04bn0.04bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Yes
  • Debt0.04× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesYes, 11% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • A loss of $60 million, compared with a loss of $55 million a year ago.
  • Over the past 12 months it spent $198 million more cash than it brought in, compared with $136 million a year earlier.
  • 10% more shares than a year ago. Each share owns a bit less of the company.
  • It has $39 million more cash than debt, down from $99 million a year ago.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$27m
December 2024-$29m
March 2025-$34m
June 2025-$55m
September 2025-$62m
December 2025-$61m
March 2026-$64m
June 2026-$60m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
29 October 2026

Who owns it

None of the long-term investors we follow own it. 216 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

9 investors own more than 5%.

  • FMR LLC
    Passive investor
    at least 12.8%−1.3 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • AI DMI LLC
    at least 8.0%−2.8 pts
    (filed with 3 related holders)
    Since 20 October 2025
    What they said

    The disclosure in Item 4 to the Schedule is hereby supplemented by adding the following at the end thereof: On October 20, 2025, the Issuer entered into an underwriting agreement (the "Underwriting Agreement") with AI DMI LLC as a selling stockholder and Jefferies LLC, Leerink…

    Read the filing
  • Wellington Management Company LLP
    Passive investor
    6.4%
    Since 31 March 2025
  • at least 5.9%
    (filed with 3 related holders)
    Since 30 December 2025
  • ORBIMED ADVISORS LLC
    Passive investor
    at least 4.5%
    (filed with 3 related holders)
    Since 10 March 2025
    What they said

    The Reporting Persons from time to time intend to review their investment in the Issuer on the basis of various factors, including the Issuer's business, financial condition, results of operations and prospects, general economic and industry conditions, the securities markets in…

    Read the filing
  • at least 4.1%−2.7 pts
    (filed with 2 related holders)
    Since 30 June 2025
  • at least 3.5%
    (filed with 3 related holders)
    Since 31 March 2025
  • Frazier Life Sciences Public Fund, L.P.
    Passive investor
    at least 3.0%
    (filed with 12 related holders)
    Since 30 June 2025
  • Atlas Venture Fund X, L.P.
    Passive investor
    at least 2.2%−0.9 pts
    (filed with 11 related holders)
    Since 12 December 2025
  • Bain Capital Life Sciences Opportunities III, LP
    Passive investor
    Sold down below 5%
    Since 31 December 2024

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 7 sold $61m, $26m of it under preset trading plans.

  • Bitterman Kevin
    Director
    Sold
    Date
    11 September 2026
    Shares
    27,136
    Price
    $70.11
    Value
    $2m
  • Bitterman Kevin
    Director
    Sold
    under a preset trading plan
    Date
    4 September 2026
    Shares
    1,689
    Price
    $79.96
    Value
    $135,052
  • Bitterman Kevin
    Director
    Sold
    under a preset trading plan
    Date
    3 September 2026
    Shares
    5,203
    Price
    $79.98
    Value
    $416,136
  • Bitterman Kevin
    Director
    Sold
    under a preset trading plan
    Date
    2 September 2026
    Shares
    49,164
    Price
    $80.17
    Value
    $4m
  • Bitterman Kevin
    Director
    Sold
    under a preset trading plan
    Date
    1 September 2026
    Shares
    129
    Price
    $79.95
    Value
    $10,314
  • Yu Jonathan Yen-Wen
    Chief Operating Officer
    Sold
    under a preset trading plan
    Date
    25 August 2026
    Shares
    8,796
    Price
    $83.12
    Value
    $731,092
  • Yu Jonathan Yen-Wen
    Chief Operating Officer
    Sold
    under a preset trading plan
    Date
    24 August 2026
    Shares
    300
    Price
    $82.53
    Value
    $24,760
  • Quisel John D
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    17 August 2026
    Shares
    33,000
    Price
    $79.15
    Value
    $3m
  • Yu Jonathan Yen-Wen
    Chief Operating Officer
    Sold
    under a preset trading plan
    Date
    12 August 2026
    Shares
    804
    Price
    $82.64
    Value
    $66,445
  • Khara Rahul
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    6 August 2026
    Shares
    5,000
    Price
    $80.00
    Value
    $400,000

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 6 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.