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Disc Medicine, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $26.6 million, compared to $14.1 million in the same quarter the previous year. The increase in net loss is attributed to higher research and development expenses.
Research and development expenses for the quarter were $24.7 million, up from $14.4 million in the previous year, primarily due to increased clinical study and drug manufacturing activity for product candidates such as DISC-0974, bitopertin, and DISC-3405.
General and administrative expenses also increased to $8.2 million from $4.5 million, driven by higher personnel-related costs and stock-based compensation.
Interest income for the quarter was $6.4 million, up from $4.8 million in the previous year, due to larger cash, cash equivalents, and marketable securities balances.
Disc Medicine reported cash, cash equivalents, and marketable securities totaling $487.4 million as of September 30, 2024, indicating sufficient liquidity to fund planned operations well into 2027.
The company continues to focus on the development of its product candidates, including bitopertin for erythropoietic porphyrias and DISC-0974 for anemia of myelofibrosis and chronic kidney disease.
Disc Medicine has received orphan drug designation for bitopertin for the treatment of erythropoietic protoporphyria and X-linked protoporphyria, and fast track designation for DISC-3405 for polycythemia vera.
The company is preparing for the APOLLO clinical trial of bitopertin, with plans to initiate the trial by mid-2025, following discussions with the FDA regarding the trial's design as a confirmatory study under the Accelerated Approval Program.
Disc Medicine entered into a Loan and Security Agreement with Hercules Capital, Inc. (HTGC-0.74%), providing up to $200 million of senior secured term loans, with an initial $30 million advance funded on November 6, 2024.
The filing outlines various risk factors, including the company's dependence on successful clinical trials, regulatory approvals, and the potential impact of adverse economic conditions on its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Disc Medicine Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.