Recent News
On June 2, 2026 the company announced updated RALLY-MF Phase 2 data presented at ASCO showing meaningful, durable anemia responses across subgroups; the company also delivered multiple portfolio presentations at EHA in mid-June and published a Q1 2026 business update and financial results in early May. On June 18, 2026 Disc Medicine held its 2026 Annual Meeting of Stockholders, and on June 25, 2026 the company amended its loan agreement with Hercules Capital to extend drawdown periods. ClinicalTrials.gov posted a DISC-0974 study update on April 22, 2026.
Technical Analysis
Directional strength lacks conviction: ADX reads 18.72, indicating no established trend, while DI+ at 21.07 decreasing and DI- at 16.27 increasing point to growing downside pressure that tempers immediate upside potential.
Momentum measures show bearish bias: MACD stands at 1.34 and trends lower beneath the signal line at 1.65, signaling weakening bullish momentum and suggesting momentum remains tilted toward sellers until MACD recovers above the signal line.
MRO registers 30.64 and is rising, indicating the current price sits above model target levels and therefore raises the probability of a corrective move toward value anchors rather than further extension from present levels.
RSI sits at 58.16 and trends down, reflecting waning upward momentum while remaining short of overbought territory; that pattern supports possible consolidation instead of a clean breakout.
Price sits at $75.58, slightly above the 200-day average of $74.52 and just below the 20-day average of $76.44. The 12-day EMA shows a dip-and-reversal pattern, suggesting short-term support has formed; immediate technical support aligns with the super trend lower at $72.87 and the lower Bollinger band near $74.26, while upside congestion appears around the 2× Bollinger upper band near $80.80.
Fundamental Analysis
Earnings and per-share metrics show improving surprises amid continued losses: reported EPS equals -$1.65 versus an estimate of -$1.73, representing a positive surprise of $0.08 or +4.62%.
Cash and liquidity dominate the balance sheet: cash and short-term investments total $730,158,000 and cash covers current liabilities at a cash ratio of 23.45, with a current ratio of 24.00, indicating substantial short-term liquidity to support operations despite negative operating cash flow of -$60,674,000 and negative free cash flow of -$62,236,000 for the period.
Leverage remains low: total debt stands at $31,061,000, yielding a debt-to-assets ratio of 4.14% and debt-to-equity of 4.51%, implying minimal financial leverage relative to the balance sheet size.
Investment in R&D stays sizable at $45,904,000, consistent with a clinical-stage biopharma profile where development spending drives value creation but sustains negative EBITDA of -$62,520,000 and negative net income of -$63,504,000.
Valuation metrics versus industry peer statistics show partial discounting: price-to-book equals 3.78, below the industry peer mean of 7.55 and below the industry peer median of 5.61; the PEG and PE ratios remain negative (PEG -22.29; PE -41.28), placing those multiples below the industry peer mean and reflecting negative earnings and growth expectations embedded in current estimates.
Quarterly and annual percentage changes: P/B moved -2.53% quarter-over-quarter and +47.10% year-over-year; PEG changed -504.29% QoQ and +89.20% YoY; PE changed -11.65% QoQ and -14.16% YoY. Free cash flow yield stands at -2.39% and improved QoQ despite remaining negative year-over-year.
WMDST values the stock as under-valued given the combination of de-risking clinical data, ample cash runway, and low leverage, offset by continued negative operating cash flow and development-stage losses; balance-sheet strength limits near-term solvency risk while fundamental drivers remain tied to upcoming clinical readouts and regulatory milestones.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-05 |
| NEXT REPORT DATE: | 2026-08-04 |
| CASH FLOW | Begin Period Cash Flow | $ 91.4 M |
| Operating Cash Flow | $ -60.67 M | |
| Capital Expenditures | — | |
| Change In Working Capital | $ -10.02 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -2.23 M | |
| End Period Cash Flow | $ 89.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | — | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 89.0 K | |
| Depreciation and Amortization | $ 89.0 K | |
| Research and Development | $ 45.9 M | |
| Total Operating Expenses | $ 69.5 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -62.52 M | |
| EBIT | $ -62.61 M | |
| Operating Income | $ -69.52 M | |
| Interest Income | $ 6.9 M | |
| Interest Expense | $ 844.0 K | |
| Net Interest Income | $ 6.0 M | |
| Income Before Tax | $ -63.45 M | |
| Tax Provision | $ 51.0 K | |
| Tax Rate | 40.0 % | |
| Net Income | $ -63.50 M | |
| Net Income From Continuing Operations | $ -63.50 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.73 | |
| EPS Actual | $ -1.65 | |
| EPS Difference | $ 0.08 | |
| EPS Surprise | 4.624 % | |
| Forward EPS | $ -1.90 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 750.2 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 688.4 M | |
| Total Current Assets | $ 747.5 M | |
| Cash and Short-Term Investments | $ 730.2 M | |
| Cash | $ 88.9 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 721.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 11.8 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 31.1 M | |
| Net Debt | — | |
| Total Debt | $ 31.1 M | |
| Total Liabilities | $ 61.8 M | |
| EQUITY | ||
| Total Equity | $ 688.4 M | |
| Retained Earnings | $ -573.69 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 18.03 | |
| Shares Outstanding | 38.190 M | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | $ 2.6 B |
| Enterprise Value | $ 1.9 B | |
| Enterprise Multiple | -30.42 | |
| Enterprise Multiple QoQ | -14.165 % | |
| Enterprise Multiple YoY | -2.588 % | |
| Enterprise Multiple IPRWA | high: 75.51 median: 27.492 mean: 7.289 IRON: -30.42 low: -128.217 |
|
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.09 | |
| Asset To Liability | 12.143 | |
| Debt To Capital | 0.043 | |
| Debt To Assets | 0.041 | |
| Debt To Assets QoQ | 7.672 % | |
| Debt To Assets YoY | -4.167 % | |
| Debt To Assets IPRWA | high: 1.112 mean: 0.168 IRON: 0.041 median: 0.031 low: 0.0 |
|
| Debt To Equity | 0.045 | |
| Debt To Equity QoQ | 7.608 % | |
| Debt To Equity YoY | -2.759 % | |
| Debt To Equity IPRWA | high: 1.864 mean: 0.194 median: 0.051 IRON: 0.045 low: -1.172 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.778 | |
| Price To Book QoQ | -2.533 % | |
| Price To Book YoY | 47.1 % | |
| Price To Book IPRWA | high: 20.93 mean: 7.552 median: 5.613 IRON: 3.778 low: -11.267 |
|
| Price To Earnings (P/E) | -41.276 | |
| Price To Earnings QoQ | -11.653 % | |
| Price To Earnings YoY | -14.16 % | |
| Price To Earnings IPRWA | high: 74.242 mean: -2.137 median: -14.301 IRON: -41.276 low: -121.28 |
|
| PE/G Ratio | -22.287 | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -36.427 | |
| Forward PE/G | -19.669 | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | — | |
| Asset Turnover Ratio QoQ | — | |
| Asset Turnover Ratio YoY | — | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 499.798 mean: 219.741 median: 208.031 IRON: 0 low: -303.652 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 717.8 M | |
| Net Invested Capital | $ 717.8 M | |
| Invested Capital | $ 717.8 M | |
| Net Tangible Assets | $ 688.4 M | |
| Net Working Capital | $ 716.3 M | |
| LIQUIDITY | ||
| Cash Ratio | 23.446 | |
| Current Ratio | 24.002 | |
| Current Ratio QoQ | 9.397 % | |
| Current Ratio YoY | -36.251 % | |
| Current Ratio IPRWA | high: 32.587 IRON: 24.002 mean: 3.919 median: 2.409 low: 0.016 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.497 | |
| Cost Of Debt | 1.631 % | |
| Interest Coverage Ratio | -74.181 | |
| Interest Coverage Ratio QoQ | 9.977 % | |
| Interest Coverage Ratio YoY | 101.217 % | |
| Interest Coverage Ratio IPRWA | high: 604.866 median: -14.753 IRON: -74.181 mean: -77.173 low: -1643.72 |
|
| Operating Cash Flow Ratio | -1.948 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -7.023 % | |
| Revenue Growth | — | |
| Revenue Growth QoQ | — | |
| Revenue Growth YoY | — | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | 1.852 % | |
| Earnings Growth QoQ | -121.853 % | |
| Earnings Growth YoY | -54.63 % | |
| Earnings Growth IPRWA | high: 215.789 % IRON: 1.852 % median: -5.682 % mean: -13.582 % low: -250.0 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -62.24 M | |
| Free Cash Flow Yield | -2.393 % | |
| Free Cash Flow Yield QoQ | 58.372 % | |
| Free Cash Flow Yield YoY | -3.896 % | |
| Free Cash Flow Yield IPRWA | high: 11.709 % median: 0.11 % mean: -0.521 % IRON: -2.393 % low: -48.369 % |
|
| Free Cash Growth | 43.666 % | |
| Free Cash Growth QoQ | -563.546 % | |
| Free Cash Growth YoY | -13.86 % | |
| Free Cash Growth IPRWA | high: 253.163 % IRON: 43.666 % mean: 4.221 % median: -16.303 % low: -249.577 % |
|
| Free Cash To Net Income | 0.98 | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | 0.955 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -8.157 % | |
| Return On Assets QoQ | -3.158 % | |
| Return On Assets YoY | 44.321 % | |
| Return On Assets IPRWA | high: 38.074 % IRON: -8.157 % median: -8.264 % mean: -13.768 % low: -67.817 % |
|
| Return On Capital Employed (ROCE) | -8.707 % | |
| Return On Equity (ROE) | -0.092 | |
| Return On Equity QoQ | 12.735 % | |
| Return On Equity YoY | 78.69 % | |
| Return On Equity IPRWA | high: 0.797 IRON: -0.092 median: -0.115 mean: -0.344 low: -1.265 |
|
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | -5.233 % | |
| Return On Invested Capital QoQ | -14.479 % | |
| Return On Invested Capital YoY | 81.701 % | |
| Return On Invested Capital IPRWA | high: 41.877 % median: 2.185 % mean: 0.262 % IRON: -5.233 % low: -51.333 % |
|