1.Sales and profit
See section β- Disc Medicine, Inc. lost $212M in fiscal 2025.
Disc Medicine, Inc.
IRON Nasdaq Pharmaceutical Preparations Financials FY2020βFY2025
Last close Β· Oct 23, 2026
$74.51
0.7%KIRAβs summary AI analyst
Hi! I read Disc Medicine, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
1 strength 3 to watch
2.Cash and shareholders
See section β- Free cash flow was β$181M in fiscal 2025, β of revenue.
- In the last 12 months, insiders sold $50.0M of shares on the open market and bought none.
3.Financial health
See section β- Disc Medicine, Inc. has $762M more cash than debt.
- Disc Medicine, Inc. passes 3 of 7 financial health tests (Piotroski F-score).
Disc Medicine, Inc. in 30 seconds
Good So-so Weak
Weak
Does it make a profit?
β$212M
No. It lost money last year.
Weak
How healthy are the accounts?
3 / 7
Weak. It passes 3 of 7 health tests.
For information
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
$2.9B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
β
On β$6.60 EPS (TTM)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Revenue and margins
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
FY20
Revenue β
FY21
Revenue β
FY22
Revenue β
FY23
Revenue β
FY24
Revenue β
FY25
Revenue β
Margins, % of revenue
FY20
Gross β
Operating β
Net β
FCF β
FY21
Gross β
Operating β
Net β
FCF β
FY22
Gross β
Operating β
Net β
FCF β
FY23
Gross β
Operating β
Net β
FCF β
FY24
Gross β
Operating β
Net β
FCF β
FY25
Gross β
Operating β
Net β
FCF β
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· Disc Medicine, Inc. lost $212M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
FY20
Net income β$40.8M
FY21
Net income β$36.0M
FY22
Net income β$46.8M
FY23
Net income β$76.4M
FY24
Net income β$109M
FY25
Net income β$212M
Net income
Q3 '23
Net income β$14.1M
Q4 '23
Net income β$23.6M
Q1 '24
Net income β$26.9M
Q2 '24
Net income β$26.4M
Q3 '24
Net income β$26.6M
Q4 '24
Net income β$29.5M
Q1 '25
Net income β$34.1M
Q2 '25
Net income β$55.2M
Q3 '25
Net income β$62.3M
Q4 '25
Net income β$60.5M
Q1 '26
Net income β$63.5M
Q2 '26
Net income β$59.5M
Diluted EPS
FY20
Diluted EPS β$2.70
FY21
Diluted EPS β$40.95
FY22
Diluted EPS β$45.05
FY23
Diluted EPS β$3.42
FY24
Diluted EPS β$3.96
FY25
Diluted EPS β$6.01
Diluted EPS
Q3 '23
Diluted EPS β$0.58
Q4 '23
Diluted EPS β$0.90
Q1 '24
Diluted EPS β$1.09
Q2 '24
Diluted EPS β$1.03
Q3 '24
Diluted EPS β$0.89
Q4 '24
Diluted EPS β$0.95
Q1 '25
Diluted EPS β$1.02
Q2 '25
Diluted EPS β$1.58
Q3 '25
Diluted EPS β$1.77
Q4 '25
Diluted EPS β$1.64
Q1 '26
Diluted EPS β$1.65
Q2 '26
Diluted EPS β$1.54
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
KIRA Β· Free cash flow was β$181M in fiscal 2025, β of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
FY20
Free cash flow β$32.7M
FY21
Free cash flow β$27.6M
FY22
Free cash flow β$42.4M
FY23
Free cash flow β$73.6M
FY24
Free cash flow β$94.4M
FY25
Free cash flow β$181M
Free cash flow
Q3 '23
Free cash flow β$7.5M
Q4 '23
Free cash flow β$17.8M
Q1 '24
Free cash flow β$33.7M
Q2 '24
Free cash flow β$15.4M
Q3 '24
Free cash flow β$17.4M
Q4 '24
Free cash flow β$28.0M
Q1 '25
Free cash flow β$42.2M
Q2 '25
Free cash flow β$48.0M
Q3 '25
Free cash flow β$47.8M
Q4 '25
Free cash flow β$43.3M
Q1 '26
Free cash flow β$62.2M
Q2 '26
Free cash flow β$44.2M
Cash from operations vs capital spending
FY20
Cash from operations β$32.7M
Capital spending $0.0M
FY21
Cash from operations β$27.5M
Capital spending $0.1M
FY22
Cash from operations β$42.3M
Capital spending $0.2M
FY23
Cash from operations β$73.5M
Capital spending $0.1M
FY24
Cash from operations β$93.9M
Capital spending $0.5M
FY25
Cash from operations β$180M
Capital spending $0.9M
Cash from operations
Capital spending
Cash from operations vs capital spending
Q3 '23
Cash from operations β$7.5M
Capital spending $0.0M
Q4 '23
Cash from operations β$17.8M
Capital spending $0.0M
Q1 '24
Cash from operations β$33.6M
Capital spending $0.1M
Q2 '24
Cash from operations β$15.4M
Capital spending β$0.0M
Q3 '24
Cash from operations β$17.4M
Capital spending β$0.0M
Q4 '24
Cash from operations β$27.6M
Capital spending $0.4M
Q1 '25
Cash from operations β$41.4M
Capital spending $0.9M
Q2 '25
Cash from operations β$47.9M
Capital spending $0.0M
Q3 '25
Cash from operations β$47.8M
Capital spending $0.0M
Q4 '25
Cash from operations β$43.3M
Capital spending $0.0M
Q1 '26
Cash from operations β$62.2M
Capital spending $0.0M
Q2 '26
Cash from operations β$44.2M
Capital spending $0.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
FY20
Dividends β
Buybacks β
FY21
Dividends β
Buybacks β
FY22
Dividends β
Buybacks β
FY23
Dividends β
Buybacks β
FY24
Dividends β
Buybacks β
FY25
Dividends β
Buybacks β
Dividends
Buybacks
Diluted shares outstanding (annual)
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.00B
FY22
Diluted shares 0.00B
FY23
Diluted shares 0.02B
FY24
Diluted shares 0.03B
FY25
Diluted shares 0.04B
Insider trades
KIRA Β· In the last 12 months, insiders sold $50.0M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$50.0M
7 insiders
Of sales under plans
59%
$29.4M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 21, 2026 | Kevin BittermanDirector | Sold plan | 25,519 | $80.23 | $2.0M | Form 4 |
| Oct 20, 2026 | Kevin BittermanDirector | Sold plan | 5,312 | $79.95 | $0.4M | Form 4 |
| Oct 19, 2026 | Kevin BittermanDirector | Sold plan | 10,994 | $79.97 | $0.9M | Form 4 |
| Sep 11, 2026 | Kevin BittermanDirector | Sold | 27,136 | $70.11 | $1.9M | Form 4 |
| Sep 4, 2026 | Kevin BittermanDirector | Sold plan | 1,689 | $79.96 | $0.1M | Form 4 |
| Sep 3, 2026 | Kevin BittermanDirector | Sold plan | 5,203 | $79.98 | $0.4M | Form 4 |
| Sep 2, 2026 | Kevin BittermanDirector | Sold plan | 49,164 | $80.17 | $3.9M | Form 4 |
| Sep 1, 2026 | Kevin BittermanDirector | Sold plan | 129 | $79.95 | $0.0M | Form 4 |
| Aug 25, 2026 | Jonathan Yen-Wen YuChief Operating Officer | Sold plan | 8,796 | $83.12 | $0.7M | Form 4 |
| Aug 24, 2026 | Jonathan Yen-Wen YuChief Operating Officer | Sold plan | 300 | $82.53 | $0.0M | Form 4 |
| Aug 17, 2026 | John D QuiselChief Executive Officer, Director | Sold plan | 33,000 | $79.15 | $2.6M | Form 4 |
| Aug 12, 2026 | Jonathan Yen-Wen YuChief Operating Officer | Sold plan | 804 | $82.64 | $0.1M | Form 4 |
| Aug 6, 2026 | Rahul KharaChief Legal Officer | Sold plan | 5,000 | $80.00 | $0.4M | Form 4 |
| Jul 13, 2026 | John D QuiselChief Executive Officer, Director | Sold plan | 33,000 | $74.96 | $2.5M | Form 4 |
| Jul 7, 2026 | Jonathan Yen-Wen YuChief Operating Officer | Sold plan | 100 | $82.50 | $0.0M | Form 4 |
| Jun 29, 2026 | Rahul KharaChief Legal Officer | Sold plan | 1,649 | $75.00 | $0.1M | Form 4 |
| Jun 26, 2026 | Rahul KharaChief Legal Officer | Sold plan | 851 | $75.00 | $0.1M | Form 4 |
| Jun 26, 2026 | Jonathan Yen-Wen YuChief Operating Officer | Sold plan | 300 | $72.50 | $0.0M | Form 4 |
| Jun 22, 2026 | Jonathan Yen-Wen YuChief Operating Officer | Sold plan | 9,700 | $72.66 | $0.7M | Form 4 |
| Jun 18, 2026 | Rahul KharaChief Legal Officer | Sold plan | 7,500 | $70.22 | $0.5M | Form 4 |
| Jun 18, 2026 | John D QuiselChief Executive Officer, Director | Sold plan | 34,000 | $70.22 | $2.4M | Form 4 |
| Jun 16, 2026 | Jonathan Yen-Wen YuChief Operating Officer | Sold plan | 18,612 | $69.19 | $1.3M | Form 4 |
| Apr 14, 2026 | Jean M. FranchiChief Financial Officer | Sold plan | 6,257 | $69.24 | $0.4M | Form 4 |
| Apr 13, 2026 | William Jacob SavageChief Medical Officer | Sold plan | 5,731 | $66.38 | $0.4M | Form 4 |
| Apr 13, 2026 | Jean M. FranchiChief Financial Officer | Sold plan | 400 | $69.00 | $0.0M | Form 4 |
| Mar 2, 2026 | William Jacob SavageChief Medical Officer | Sold plan | 7,378 | $65.88 | $0.5M | Form 4 |
| Feb 25, 2026 | Jean M. FranchiChief Financial Officer | Sold plan | 353 | $69.06 | $0.0M | Form 4 |
| Feb 18, 2026 | Jean M. FranchiChief Financial Officer | Sold plan | 7,081 | $65.47 | $0.5M | Form 4 |
| Feb 17, 2026 | Pamela StephensonChief Commercial Officer | Sold | 5,531 | $62.86 | $0.3M | Form 4 |
| Feb 17, 2026 | William Jacob SavageChief Medical Officer | Sold | 3,256 | $62.86 | $0.2M | Form 4 |
| Feb 17, 2026 | Rahul KharaChief Legal Officer | Sold | 2,853 | $62.86 | $0.2M | Form 4 |
| Feb 17, 2026 | Jean M. FranchiChief Financial Officer | Sold plan | 4,075 | $62.86 | $0.3M | Form 4 |
| Feb 17, 2026 | John D QuiselChief Executive Officer, Director | Sold | 13,264 | $62.86 | $0.8M | Form 4 |
| Feb 17, 2026 | Jonathan Yen-Wen YuChief Operating Officer | Sold | 3,231 | $62.86 | $0.2M | Form 4 |
| Jan 20, 2026 | Rahul KharaChief Legal Officer | Sold plan | 1,000 | $69.74 | $0.1M | Form 4 |
| Jan 2, 2026 | Rahul KharaChief Legal Officer | Sold plan | 6,500 | $78.68 | $0.5M | Form 4 |
| Dec 17, 2025 | Kevin BittermanDirector | Sold | 754 | $91.47 | $0.1M | Form 4 |
| Dec 16, 2025 | Kevin BittermanDirector | Sold | 68,923 | $91.24 | $6.3M | Form 4 |
| Dec 15, 2025 | Kevin BittermanDirector | Sold | 69,693 | $91.34 | $6.4M | Form 4 |
| Dec 15, 2025 | William Jacob SavageChief Medical Officer | Sold plan | 13,093 | $91.22 | $1.2M | Form 4 |
| Dec 12, 2025 | Kevin BittermanDirector | Sold | 45,507 | $92.39 | $4.2M | Form 4 |
| Dec 11, 2025 | John D QuiselChief Executive Officer, Director | Sold plan | 40,000 | $93.05 | $3.7M | Form 4 |
| Nov 11, 2025 | Jonathan Yen-Wen YuChief Operating Officer | Sold plan | 30,000 | $84.70 | $2.5M | Form 4 |
| Oct 22, 2025 | Ai Dmi LLC10% owner | Sold | 744,047 | $80.47 | $59.9M | Form 4 |
| Oct 17, 2025 | Kevin BittermanDirector | Sold | 50,160 | $89.11 | $4.5M | Form 4 |
| Oct 16, 2025 | Kevin BittermanDirector | Sold | 1,425 | $77.11 | $0.1M | Form 4 |
| Oct 15, 2025 | Kevin BittermanDirector | Sold | 22,160 | $77.23 | $1.7M | Form 4 |
| Oct 8, 2025 | Kevin BittermanDirector | Sold | 71,961 | $70.58 | $5.1M | Form 4 |
| Oct 7, 2025 | Kevin BittermanDirector | Sold | 18,039 | $68.38 | $1.2M | Form 4 |
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
KIRA Β· Disc Medicine, Inc. has $762M more cash than debt.
Cash, debt and the ratios that show how comfortably Disc Medicine, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
FY20
Cash $4.5M
Debt $14.0M
FY21
Cash $88.0M
Debt β
FY22
Cash $195M
Debt β
FY23
Cash $360M
Debt $0.0M
FY24
Cash $490M
Debt $28.3M
FY25
Cash $791M
Debt $29.2M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $88.0M | $195M | $360M | $490M | $791M |
| Debt incl. finance leases | β | β | $0.0M | $28.3M | $29.2M |
| Debt / equity | β | β | 0.0x | 0.1x | 0.0x |
| Interest coverage | β14.3x | β | β | β226.8x | β65.4x |
| Current ratio | 6.7x | 8.8x | 17.1x | 21.2x | 21.9x |
| Quick ratio | 6.7x | 8.8x | 17.1x | 21.2x | 21.9x |
| Total assets | $92.4M | $200M | $368M | $497M | $807M |
| Total liabilities | $14.8M | $23.6M | $22.9M | $53.2M | $67.1M |
| Shareholders' equity | β$64.2M | $177M | $345M | $444M | $740M |
| Net debt (β = net cash) | β | β | β$360M | β$462M | β$762M |
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY20
Return on capital β
Return on equity β
Return on assets β490.9%
FY21
Return on capital β
Return on equity β
Return on assets β71.4%
FY22
Return on capital β
Return on equity β83.3%
Return on assets β32.0%
FY23
Return on capital β
Return on equity β29.3%
Return on assets β26.9%
FY24
Return on capital β
Return on equity β27.7%
Return on assets β25.3%
FY25
Return on capital β
Return on equity β35.9%
Return on assets β32.6%
Return on capital
Return on equity
Return on assets
Piotroski F-score
KIRA Β· Disc Medicine, Inc. passes 3 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β |
| F-score | β / 3 | β / 6 | β / 6 | β / 6 | 2 / 7 | 3 / 7 |
| Accruals ratio | β97.7% | β16.7% | β3.1% | β1.0% | β3.6% | β4.9% |
| Altman Z'' | β88.33 | β3.65 | 10.20 | 18.64 | 11.26 | 13.80 |
All figures
Every number, year by year.
6 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Research and development | $28.2M | $25.2M | $33.4M | $69.3M | $96.7M | $171M |
| Operating income | β$34.0M | β$30.9M | β$47.5M | β$91.1M | β$130M | β$236M |
| Interest expense | $6.8M | $2.2M | β | $0.0M | $0.6M | $3.6M |
| Pretax income | β | β | β$46.8M | β$76.3M | β$109M | β$212M |
| Income tax | β | β | $0.0M | $0.1M | $0.4M | $0.4M |
| Net income | β$40.8M | β$36.0M | β$46.8M | β$76.4M | β$109M | β$212M |
| Net income to common | β | β$36.0M | β$46.8M | β$76.4M | β | β |
| Diluted EPS | β$2.70 | β$40.95 | β$45.05 | β$3.42 | β$3.96 | β$6.01 |
| Diluted shares | 0.02B | 0.00B | 0.00B | 0.02B | 0.03B | 0.04B |
| Cash flow | ||||||
| Cash from operations | β$32.7M | β$27.5M | β$42.3M | β$73.5M | β$93.9M | β$180M |
| Capital expenditure | $0.0M | $0.1M | $0.2M | $0.1M | $0.5M | $0.9M |
| Free cash flow | β$32.7M | β$27.6M | β$42.4M | β$73.6M | β$94.4M | β$181M |
| Depreciation and amortization | $0.3M | $0.0M | $0.1M | $0.1M | $0.2M | $0.3M |
| Stock-based compensation | $1.0M | $0.5M | $2.1M | $5.5M | $16.8M | $34.3M |
| Balance sheet | ||||||
| Cash and short-term investments | $4.5M | $88.0M | $195M | $360M | $490M | $791M |
| Total debt | $14.0M | β | β | $0.0M | $28.3M | $29.2M |
| Current assets | $5.1M | $90.5M | $198M | $366M | $494M | $804M |
| Current liabilities | $24.9M | $13.4M | $22.6M | $21.4M | $23.3M | $36.6M |
| Property and equipment, net | $0.3M | $0.1M | $0.2M | $0.2M | $0.8M | $1.2M |
| Total assets | $8.3M | $92.4M | $200M | $368M | $497M | $807M |
| Total liabilities | $30.2M | $14.8M | $23.6M | $22.9M | $53.2M | $67.1M |
| Preferred stock | $0.0M | $142M | β | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | β$28.8M | β$64.2M | $177M | $345M | $444M | $740M |
| Returns | ||||||
| Return on capital employed | 205.6% | β39.2% | β26.7% | β26.3% | β27.4% | β30.6% |
| Return on equity | β | β | β83.3% | β29.3% | β27.7% | β35.9% |
| Return on assets | β490.9% | β71.4% | β32.0% | β26.9% | β25.3% | β32.6% |
| Return on tangible equity | β | β | β26.5% | β22.1% | β24.7% | β28.7% |
| Growth | ||||||
| Share count change | β | β94.2% | 18.3% | 2,046.8% | 23.7% | 27.9% |
| Financial health | ||||||
| Debt / equity | β | β | β | 0.0x | 0.1x | 0.0x |
| Interest coverage | β5.0x | β14.3x | β | β | β226.8x | β65.4x |
| Current ratio | 0.2x | 6.7x | 8.8x | 17.1x | 21.2x | 21.9x |
| Quick ratio | 0.2x | 6.7x | 8.8x | 17.1x | 21.2x | 21.9x |
| Quality scores | ||||||
| Piotroski F-score | β | β | β | β | 2.0 | 3.0 |
| Altman Z'' | β88.3 | β3.7 | 10.2 | 18.6 | 11.3 | 13.8 |
| Accruals ratio | β97.7% | β16.7% | β3.1% | β1.0% | β3.6% | β4.9% |
Source: SEC EDGAR XBRL filings (CIK 0001816736). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.