Disc Medicine, Inc. (NASDAQ:IRON) has reported its financial results for the fourth quarter and full year ended December 31, 2023, as well as provided an update on recent program and corporate developments.
The company ended 2023 with approximately $360 million in cash and cash equivalents, a significant increase from the $194.6 million reported as of December 31, 2022. This increase was primarily due to the completion of a registered direct offering in February 2023 and a publicly marketed follow-on offering in June 2023.
Research and development expenses for the full year ended December 31, 2023, were $69.3 million, compared to $33.4 million for the same period in 2022. This increase was driven by the progression of Disc's portfolio, including ongoing phase 2 clinical studies for bitopertin, drug manufacturing, phase 1 study initiation for disc-3405, and increased headcount.
General and administrative expenses for the full year ended December 31, 2023, were $21.9 million, compared to $14.0 million for the full year ended December 31, 2022. The increase in G&A expenses was primarily due to increased headcount and higher costs as a public company.
The net loss for the full year ended December 31, 2023, was $76.4 million, compared to $46.8 million for the full year ended December 31, 2022. This increase was primarily attributed to higher operating costs in the current period to support the continued advancement of Disc's pipeline.
Disc Medicine also announced key appointments in its leadership team with the addition of Jean Franchi as Chief Financial Officer and Pamela Stephenson as Chief Commercial Officer, as well as the promotion of Jonathan Yu to Chief Operating Officer.
Looking ahead, Disc Medicine is on track to deliver multiple readouts in 2024, including updated results from the phase 1b/2 study of Disc-0974 in anemia of myelofibrosis (MF) and initial data for Disc-3405 in healthy volunteers in the first half of this year. The company also anticipates top-line results from Aurora, the placebo-controlled phase 2 study of bitopertin in erythropoietic porphyrias (EPP), to be announced in March/April 2024.
Disc Medicine's achievements in 2023 have positioned the company well for 2024, which is expected to be another transformational year. The company expressed gratitude to its team for their determination and hard work and looks forward to sharing upcoming data and milestones with the market. Following these announcements, the company's shares moved 1.9%, and are now trading at a price of $67.64. If you want to know more, read the company's complete 8-K report here.
