Disc Medicine, Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
IRON$84.64+4.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
(In thousands)
| Year EndedDecember 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net loss | $(212,184) | $(109,357) | $(76,429) |
| Adjustments to reconcile net loss to net cash used in operations: | |||
| Depreciation and amortization | 281 | 156 | 100 |
| Stock-based compensation | 34,340 | 16,815 | 5,530 |
| Amortization/accretion of investment securities | (8,519) | (5,304) | — |
| Loss from initial consolidation of variable interest entity | 852 | — | — |
| Non-cash lease expense | 473 | 433 | 290 |
| Non-cash interest expense | 837 | 127 | — |
| Other non-cash items | 1 | (27) | — |
| Changes in operating assets and liabilities: | |||
| Prepaid expenses and other current assets | (8,922) | 1,571 | (1,166) |
| Accounts payable | 1,070 | (4,681) | (3,741) |
| Accrued external research and development expenses | 4,310 | 5,155 | 169 |
| Other accrued expenses | 6,882 | 1,681 | 1,839 |
| Operating lease liabilities | 186 | (495) | (54) |
| Net cash used in operating activities | (180,393) | (93,926) | (73,462) |
| Cash flows from investing activities | |||
| Purchases of marketable securities | (849,585) | (386,627) | — |
| Maturities of marketable securities | 456,219 | 94,800 | — |
| Purchases of property and equipment | (933) | (505) | (89) |
| Net cash used in investing activities | (394,299) | (292,332) | (89) |
| Cash flows from financing activities | |||
| Proceeds from sale of common stock in underwritten offerings, net of issuance costs paid | 440,346 | 172,512 | 199,078 |
| Proceeds from sale of pre-funded warrants in underwritten offerings, net of issuance costs paid | 14,076 | — | 37,579 |
| Proceeds from sale of common stock in at-the-market offerings, net of issuance costs paid | 9,766 | 14,790 | — |
| Proceeds from issuance of long-term debt, net of issuance costs paid | — | 28,988 | — |
| Payment of debt issuance costs | — | (1,393) | — |
| Proceeds from stock option exercises | 8,641 | 2,976 | 2,722 |
| Contributions from employee stock purchase plan | 578 | 441 | — |
| Net cash provided by financing activities | 473,407 | 218,314 | 239,379 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (101,285) | (167,944) | 165,828 |
| Cash, cash equivalents and restricted cash, beginning of period | 192,672 | 360,616 | 194,788 |
| Cash, cash equivalents and restricted cash, end of period | $91,387 | $192,672 | $360,616 |
(In thousands)
| Year EndedDecember 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Supplemental cash flow information | |||
| Cash paid for interest | $2,795 | $198 | $— |
| Cash paid for amounts included in the measurement of operating lease liabilities | $850 | $718 | $186 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.