0000950170-24-056304 | 10-Q | XBRL Viewer

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Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	24,695,885	24,360,233
Common stock, shares outstanding	24,695,885	24,360,233

Property and Equipment, Net

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

5. Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	March 31,			December 31,
	2024			2023
Computer equipment	$	231		$	231
Furniture and fixtures		251			184
Less: Accumulated depreciation		(271	)		(245	)
Property and equipment, net	$	211		$	170

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10. Stock-Based Compensation

The Company grants stock-based awards under its 2021 Stock Option and Incentive Plan (the “2021 Plan”), which was approved by its stockholders in February 2021 and amended and restated in January 2023. The Company also has outstanding stock option awards under its 2017 Stock Option and Grant Plan (the “Private Disc Plan”), the 2017 Stock Option and Grant Plan (the “Gemini 2017 Plan”), and the 2021 Inducement Plan, but is no longer granting awards under these plans. The Company also grants awards under its 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which was approved by the Company's stockholders in July 2021 and amended and restated in January 2023. In addition, subject to approval by the Company's board of directors, the Company may grant stock-based awards outside of the 2021 Plan as an inducement to its executives.

Stock-Based Compensation Expense

Total stock-based compensation expense recorded as research and development and general and administrative expenses, respectively, for employees, directors and non-employees is as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Research and development	$	1,543	$	345
General and administrative		2,515		679
Total stock-based compensation expense	$	4,058	$	1,024

The following table summarizes unrecognized stock-based compensation expense as of March 31, 2024.


	Unrecognized Expense (In Thousands)		Weighted-Average Remaining Period of Recognition (In Years)
Restricted stock units	$	22,595		3.87
Stock options		30,753		3.37
Total unrecognized equity-based compensation expense	$	53,348

Restricted Stock Units

For purposes of calculating stock-based compensation, the Company determines the fair value of the restricted stock units based on the fair value of the Company’s common stock at the time of grant.

On February 7, 2024, the Company granted a restricted stock unit award for 36,666 shares of common stock outside of the 2021 Plan to its newly appointed Chief Financial Officer, Jean Franchi, as an inducement for entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). The restricted stock unit award vests with respect to 25% of the underlying shares on each of the first, second, third and fourth anniversaries of the vesting date as set by the Company policy, subject to Ms. Franchi’s continued employment with the Company.

On February 26, 2024, the Company granted a restricted stock unit award for 36,666 shares of common stock outside of the 2021 Plan to its newly appointed Chief Commercial Officer, Pamela Stephenson, as an inducement for entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). The restricted stock unit award vests with respect to 25% of the underlying shares on each of the first, second, third and fourth anniversaries of the vesting date as set by the Company policy, subject to Ms. Stephenson’s continued employment with the Company.

The following table summarizes restricted stock unit activity for the three months ended March 31, 2024.


	Number of Units			Weighted- Average Grant Date Fair Value
Restricted stock units as of December 31, 2023		—		$	-
Granted		371,034		$	64.14
Forfeited		(2,320	)	$	63.90
Restricted stock units as of March 31, 2024		368,714		$	64.14

Stock Options

For purposes of calculating stock-based compensation, the Company estimates the fair value of stock options on the grant date using the Black-Scholes option-pricing model. This model incorporates various assumptions, including the expected volatility, expected term, and interest rates.

On February 7, 2024, the Company granted an option to purchase 55,000 shares of common stock outside of the 2021 Plan to its newly appointed Chief Financial Officer, Jean Franchi, as an inducement for entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). The option award has a ten-year term, with 25% of the underlying shares vesting and becoming exercisable on February 7, 2025, and the balance of the option award vesting in equal monthly installments over 36 months thereafter, subject to Ms. Franchi’s continued employment with the Company, and has an exercise price of $65.25.

On February 26, 2024, the Company granted an option to purchase 55,000 shares of common stock outside of the 2021 Plan to its newly appointed Chief Commercial Officer, Pamela Stephenson, as an inducement for entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). The option award has a ten-year term, with 25% of the underlying shares vesting and becoming exercisable on February 26, 2025, and the balance of the option award vesting in equal monthly installments over 36 months thereafter, subject to Ms. Stephenson’s continued employment with the Company, and has an exercise price of $64.66.

The following table summarizes stock option activity for the three months ended March 31, 2024.


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value (In Thousands)
Outstanding at December 31, 2023		2,459,037		$	13.82		7.81	$	109,078
Granted		616,871			64.59
Exercised		(95,467	)		8.44
Forfeited		(30,924	)		50.32
Expired		(1,244	)		14.51
Outstanding at March 31, 2024		2,948,273		$	24.23		8.05	$	114,368
Exercisable at March 31, 2024		1,329,424		$	10.67		6.99	$	69,546

The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the common stock as of the end of the period. The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2024 and 2023 was $5.5 million and $0.5 million, respectively.

The weighted-average assumptions used to estimate the fair value of stock options granted were as follows:


	Three Months Ended March 31,
	2024			2023
Risk-free interest rate		4.01	%		3.86	%
Expected term (in years)		6.03			6.05
Expected volatility		58	%		62	%
Expected dividend yield		0	%		0	%
Fair value per share of common stock	$	64.59		$	23.10

The total fair value of options vested during the three months ended March 31, 2024 and 2023 was $1.5 million and $0.8 million, respectively.

Shares of Restricted Common Stock

As of March 31, 2024, the Company had issued 63,061 shares of restricted common stock to the founders of Disc Medicine, Inc. prior to the merger (now known as Disc Medicine OpCo, Inc.), pursuant to subscription agreements and to certain key employees pursuant to the Private Disc Plan at $0.0001 per share. The stock restrictions relate to the sale and transferability of the stock and lapse over the defined vesting period in the restricted stock agreement. The vesting period is generally contingent upon continued employment or consulting services being provided to the Company. In the event of termination, the Company has the right, but not the obligation to repurchase the unvested shares at the original purchase price. As of March 31, 2024, these awards of restricted common stock were fully vested.

A summary of restricted common stock activity is as follows:


	Three Months Ended March 31,
	2024		2023
Unvested at the beginning of the year		—		1,916
Vested		—		(958	)
Unvested at the end of the period		—		958

Employee Stock Purchase Plan

During the three months ended March 31, 2024 and 2023, 5,736 shares and zero shares, respectively, of common stock were issued under the 2021 ESPP.

Subsequent Events - Additional Information (Details) - shares	3 Months Ended		5 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024
ATM Program [Member]
Subsequent Event [Line Items]
Sale of common stock, shares	234,449	608,050	376,363

Cash, Cash Equivalents and Restricted Cash (Tables)

3 Months Ended

Mar. 31, 2024

Cash and Cash Equivalents [Abstract]

Summary of Reconciliation of Cash and Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash consisted of the following (in thousands):


	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	342,615	$	360,382
Restricted cash		235		234
Total cash, cash equivalents and restricted cash as shown on the condensed consolidated statements of cash flows	$	342,850	$	360,616

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cash And Cash Equivalents [Line Items]
Restricted cash, non-current	$ 235	$ 234

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stock holders

The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:


	March 31,
	2024		2023
Unvested restricted common stock		—		958
Restricted stock units		368,714		—
Options to purchase common stock		2,948,273		2,527,513
Employee stock purchase program		1,919		—

Development and License Agreements - Additional Information (Details) - USD ($)	1 Months Ended				3 Months Ended
	Oct. 31, 2023	May 31, 2021	Mar. 31, 2021	Sep. 30, 2019	Mar. 31, 2024	Mar. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense					$ 23,704,000	$ 20,180,000
License and Stock Purchase Agreement \| AbbVie
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone payment					0
Non refundable upfront fee				$ 600,000
License and Stock Purchase Agreement \| AbbVie \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future payments upon the achievement of certain development				18,000,000
Future payments upon commercialization				45,000,000
Future payments upon sales based milestones				$ 87,500,000
License Agreement \| Roche
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone payment					0
Non-refundable upfront payment		$ 4,000,000	$ 500,000
Additional consideration upon achievement of certain development and commercial milestones			120,000,000
License Agreement \| Mabwell
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone payment	$ 5,000,000
Research and development expense					0	10,000,000
Upfront payment						$ 10,000,000
License Agreement \| Mabwell \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Certain development and regulatory milestone payments					127,500,000
Certain commercial milestone payments for certain licensed antibody product net sales achievements					$ 275,000,000
Development and Regulatory Milestone First Indication \| License Agreement \| Roche
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contingent payments			50,000,000
Development and Regulatory Milestone Second Indication \| License Agreement \| Roche
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contingent payments			$ 35,000,000

Common Stock

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Common Stock

9. Common Stock

As of March 31, 2024 and December 31, 2023, the authorized capital stock of the Company included 100,000,000 shares of common stock, $0.0001 par value per share. As of March 31, 2024, the Company has 2,948,273 shares of common stock reserved for the exercise of stock options and 204,081 shares of common stock reserved for the exercise of pre-funded warrants.

ATM Program

In January 2023, the Company filed a shelf registration statement on Form S-3 with the SEC, which covered the offering, issuance and sale by the Company of up to an aggregate of $300.0 million of the Company’s common stock, preferred stock, debt securities, warrants or units (the “January 2023 Shelf”). Subsequently in January 2023, the Company entered into a Sales Agreement (the “Sales Agreement”) with SVB Securities LLC, as sales agent, to provide for the offering, issuance and sale by the Company of up to $100.0 million of the Company’s common stock from time to time in “at-the-market” (“ATM”) offerings under the January 2023 Shelf. Effective June 12, 2023, the ATM program with SVB Securities LLC was suspended. Following the date of the ATM suspension, the Company did not make any further sales of its common stock pursuant to the Sales Agreement. The Sales Agreement was terminated effective September 28, 2023. In connection with the ATM suspension, the Company recognized the remaining capitalized issuance costs of $0.3 million as general and administrative expense in the consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2023.

During the three months ended March 31, 2023, the Company sold an aggregate of 608,050 shares of common stock in ATM offerings under the January 2023 Shelf and pursuant to the Sales Agreement. Aggregate gross proceeds from the transactions were $15.0 million and the Company received $14.6 million in net proceeds, after deducting placement agent fees and offering expenses.

In October 2023, the Company entered into an Open Market Sale Agreement with Jefferies LLC as sales agent (the “ATM Agreement”) to provide for the offering, issuance and sale by the Company of up to $59.7 million of the Company’s common stock from time to time in ATM offerings under the January 2023 Shelf.

In November 2023, the Company filed a shelf registration statement on Form S-3 with the SEC, which covered the offering, issuance and sale by the Company of up to an aggregate of $400.0 million of the Company’s common stock, preferred stock, debt securities, warrants or units (the “November 2023 Shelf”). On December 5, 2023, the Company and Jefferies LLC entered into an amendment to the ATM Agreement to increase the aggregate offering price of the shares of common stock that the Company may offer under the ATM Agreement from $59.7 million to $200.0 million. The material terms and conditions of the ATM Agreement otherwise remained unchanged.

During the three months ended March 31, 2024, the Company sold an aggregate of 234,449 shares of common stock in ATM offerings under the November 2023 Shelf and pursuant to the ATM Agreement. Aggregate gross proceeds from the transactions were $15.3 million and the Company received $14.8 million in net proceeds, after deducting placement agent fees and offering expenses. As of March 31, 2024, the Company had sold an aggregate of 376,363 shares of common stock in ATM offerings under the November 2023 Shelf for aggregate net proceeds of $21.7 million.

Registered Direct Offering

In February 2023, the Company entered into a securities purchase agreement, with certain investors. Pursuant to the securities purchase agreement, the Company sold an aggregate of 1,488,166 shares of the Company’s common stock, at a purchase price of $23.00 per share, and with respect to a certain investor, in lieu of shares of the Company’s common stock, pre-funded warrants to purchase an aggregate of 1,229,224 shares of the Company’s common stock, at a purchase price of $22.9999 per pre-funded warrant, for aggregate net proceeds of $62.4 million, after deducting offering expenses of $0.1 million.

The pre-funded warrants provide that the holder will not have the right to exercise any portion of its warrants if such holder, together with its affiliates, would beneficially own in excess of 9.99% of the number of shares of the Company’s common stock outstanding immediately after giving effect to such exercise (the “Beneficial Ownership Limitation”); provided, however, that the

holder may increase or decrease the Beneficial Ownership Limitation by giving 61 days’ notice, but not to any percentage in excess of 19.99%. The investors or their affiliates are beneficial holders of more than 5% of the Company’s capital stock. The pre-funded warrants meet the condition for equity classification and were therefore recorded as a component of stockholders’ equity within additional paid-in capital at the time of their issuance. In September 2023, all of the pre-funded warrants were exercised in a cashless transaction which resulted in 1,229,221 shares of common stock being issued to the investor.

- Definition

The entire disclosure for equity.

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+ Details

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses:
Research and development expense	$ 23,704	$ 20,180
General and administrative	7,758	4,945
Total operating expenses	31,462	25,125
Loss from operations	(31,462)	(25,125)
Other income (expense), net:
Interest income	4,519	2,367
Other expense	(1)	0
Total other income (expense), net	4,518	2,367
Loss before income taxes	(26,944)	(22,758)
Income tax expense	(5)	(23)
Net loss and comprehensive loss	(26,949)	(22,781)
Net loss attributable to common stockholders-basic	(26,949)	(22,781)
Net loss attributable to common stockholders-diluted	$ (26,949)	$ (22,781)
Weighted-average common shares outstanding-basic	24,809,869	18,954,914
Weighted-average common shares outstanding-diluted	24,809,869	18,954,914
Net loss per share attributable to common stockholders-basic	$ (1.09)	$ (1.2)
Net loss per share attributable to common stockholders-diluted	$ (1.09)	$ (1.2)

Convertible Preferred Stock - Additional Information (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 3
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-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Leases - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating Leased Assets [Line Items]
Operating right-of-use assets	$ 1,788	$ 1,930

Accrued Expenses

3 Months Ended

Mar. 31, 2024

Accrued Liabilities [Abstract]

Accrued Expenses

6. Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	March 31,		December 31,
	2024		2023
Accrued research and development		5,749		1,986
Accrued employee-related expenses		2,159		5,790
Accrued professional fees		709		317
Accrued other		199		52
Total accrued expenses	$	8,816	$	8,145

Cash, Cash Equivalents and Restricted Cash - Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 342,615	$ 360,382
Restricted cash	235	234
Total cash, cash equivalents and restricted cash as shown on the consolidated statements of cash flows	$ 342,850	$ 360,616	$ 236,599	$ 194,788

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (26,949)	$ (22,781)
Adjustments to reconcile net loss to net cash used in operations:
Depreciation and amortization	26	25
Stock-based compensation	4,058	1,024
Noncash lease expense	142	84
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(4,112)	(908)
Accounts payable	(7,360)	(10,750)
Accrued expenses	671	(2,084)
Operating lease liabilities	(75)	(76)
Net cash used in operating activities	(33,599)	(35,466)
Cash flow from investing activities:
Purchases of property and equipment	(67)	(29)
Net cash used in investing activities	(67)	(29)
Cash flow from financing activities:
Proceeds from sale of common stock in offerings, net of issuance costs paid	0	34,217
Proceeds from sale of pre-funded warrants in offerings, net of issuance costs paid	0	28,262
Proceeds from sale of common stock in at-the-market offerings, net of issuance costs paid	14,849	14,605
Proceeds from stock option exercises	806	222
Contributions from employee stock purchase plan	245	0
Net cash provided by financing activities	15,900	77,306
Net increase (decrease) in cash, cash equivalents and restricted cash	(17,766)	41,811
Cash, cash equivalents and restricted cash, beginning of period	360,616	194,788
Cash, cash equivalents and restricted cash, end of period	342,850	236,599
Supplemental cash flow information
Cash paid for income taxes	0	0
Supplemental disclosure of non-cash activities
Purchases of property and equipment included in accounts payable and accrued expenses	0	8
Receivable for proceeds from stock option exercises included in other current assets	0	845
Deferred issuance costs on sale of common stock and pre-funded warrants in offerings included in accounts payable and accrued expenses	$ 0	$ 222

Stock-Based Compensation - Summary of Fair Value of Stock Option Granted (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free interest rate	4.01%	3.86%
Expected term (in years)	6 years 10 days	6 years 18 days
Expected volatility	58.00%	62.00%
Expected dividend yield	0.00%	0.00%
Fair value per share of common stock	$ 64.59	$ 23.1

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

13. Commitments and Contingencies

Indemnification Agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to its vendors, lessors, contract research organizations, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its Board that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. The Company has not incurred any material costs as a result of such indemnifications and is not currently aware of any indemnification claims.

Legal Proceedings

The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company was not subject to any material legal proceedings during the three months ended March 31, 2024 and 2023 and, to the best of its knowledge, no material legal proceedings are currently pending or threatened.

Payments Upon Termination

The Company enters into contracts in the normal course of business with CROs, CDMOs and other third parties for preclinical studies, clinical trials and manufacturing services. These contracts typically do not contain minimum purchase commitments and are generally cancelable by the Company upon written notice. Payments due upon cancellation consist of payments for services provided or expenses incurred, including noncancelable obligations of the Company’s service providers, up to the date of cancellation and, in the case of certain arrangements with CROs and CDMOs, may include noncancelable fees. Under such agreements, the exact amounts owed by the Company in the event of termination will be based on the timing of the termination and the exact terms of the agreement. As of March 31, 2024, the Company has not recognized any amounts related to these contingencies as the amount and timing of such payments are not fixed and estimable.

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2024

Accrued Liabilities [Abstract]

Summary of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	March 31,		December 31,
	2024		2023
Accrued research and development		5,749		1,986
Accrued employee-related expenses		2,159		5,790
Accrued professional fees		709		317
Accrued other		199		52
Total accrued expenses	$	8,816	$	8,145

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

The Company did not record a provision or benefit for federal income taxes during the three months ended March 31, 2024 and 2023. The Company recorded state income tax expense of less than $0.1 million and less than $0.1 million for the three months ended March 31, 2024 and 2023, respectively, due to interest income. The Company continues to maintain a full valuation allowance against all of its deferred tax assets.

The Company has evaluated the positive and negative evidence involving its ability to realize its deferred tax assets and has considered its history of cumulative net losses incurred since inception and its lack of any commercially ready products. The Company has concluded that it is more likely than not that it will not realize the benefits of its deferred tax assets. The Company reevaluates the positive and negative evidence at each reporting period.

The Company has never been examined by the Internal Revenue Service or any other jurisdiction for any tax years and, as such, all years within the applicable statutes of limitations are potentially subject to audit.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
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-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

The following table discloses any officer (as defined in Rule 16a-1(f) under the Exchange Act) or director who entered into, modified or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K) during the three months ended March 31, 2024:

      Name and Title

      Type of Trading Arrangement

      Action Taken
(Date of Action)

      Duration or End Date

      Aggregate Number of Securities to be Sold

      Description
of Trading
Arrangement

John Quisel, J.D., Ph.D.
Chief Executive Officer and Director

Trading plan intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c)

Adoption
(February 27, 2024)

End Date
(October 15, 2024)

45,623

Sale

Rahul Khara, Pharm.D., J.D.
General Counsel

Trading plan intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c)

Adoption
(February 8, 2024)

End Date
(December 31, 2024)

6,000

Sale

Rule 10b5-1 Arrangement Terminated

true

Non-Rule 10b5-1 Arrangement Terminated

true

Rule 10b5-1 Arrangement Modified

true

Non-Rule 10b5-1 Arrangement Modified

true

John Quisel [Member]

Trading Arrangements, by Individual

Name

John Quisel

Title

Chief Executive Officer and Director

Rule 10b5-1 Arrangement Adopted

true

February 27, 2024

October 15, 2024

231 days

45,623

Trading Arrangements, by Individual

Name

Rahul Khara

Title

General Counsel

Rule 10b5-1 Arrangement Adopted

true

February 8, 2024

December 31, 2024

327 days

6,000

Development and License Agreements

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Development and License Agreements

7. Development and License Agreements

License and Stock Purchase Agreement with AbbVie Deutschland GmbH & Co. KG (“AbbVie”)

In September 2019, the Company entered into an agreement with AbbVie, pursuant to which AbbVie granted the Company an exclusive license, with the right to grant sublicenses, to certain AbbVie intellectual property.

Under this agreement, the Company paid a non-refundable, non-creditable upfront fee of $0.6 million. The Company is also obligated to make future payments upon the achievement of certain development, commercialization and sales-based milestones up to $18.0 million, $45.0 million and $87.5 million, respectively on a licensed product-by-licensed product basis. In addition, the Company is also obligated to pay royalties based on net sales of the licensed products on a licensed product-by-licensed product and country-by-country basis. As of March 31, 2024, none of the milestones had been achieved.

The Company’s royalty obligation expires on a licensed product-by-licensed product and country-by-country basis upon the expiration of the last-to-expire valid claim under the licensed intellectual property rights in such country. Unless terminated earlier, the agreement expires upon the expiration of the Company’s royalty obligation for all licensed products. AbbVie can terminate the agreement if the Company fails to make any payments within a specified period after receiving written notice of such failure, or in the event of a material breach by the Company and failure to cure such breach within a certain period of time.

License Agreement with Roche

In connection with the Roche Agreement, the Company paid Roche an upfront, non-refundable exclusivity payment of $0.5 million in March 2021. Upon execution of the Roche Agreement in May 2021, the Company paid Roche an additional upfront, non-refundable payment of $4.0 million.

The Company is obligated to make contingent payments to Roche up to an aggregate of $50.0 million in development and regulatory milestone payments for development and approval in a first indication and up to an aggregate of $35.0 million in development and regulatory milestone payments for development and approval in a second indication. The Company is also obligated to make contingent payments to Roche up to an aggregate of $120.0 million based on achievement of certain thresholds for annual net sales of licensed products. As of March 31, 2024, none of the milestones had been achieved. Roche is also eligible to receive tiered royalties on net sales of commercialized products, at rates ranging from high single-digits to high teens.

License Agreement with Mabwell

In January 2023, the Company entered into an exclusive license agreement with Mabwell Therapeutics, Inc. (“Mabwell”), pursuant to which Mabwell granted the Company an exclusive and sublicensable license to certain Mabwell intellectual property.

In connection with the agreement, the Company paid Mabwell an upfront payment of $10.0 million in March 2023. In October 2023, the Company dosed the first patient in the Phase 1 clinical trial for DISC-3405, resulting in a milestone payment of $5.0 million due to Mabwell. In addition, the Company is obligated to pay certain development and regulatory milestone payments for

the licensed products, for up to three indications, up to a maximum aggregate amount of $127.5 million, as well as certain commercial milestone payments for certain licensed product net sales achievements, up to a maximum aggregate amount of $275.0 million. The Company is further obligated to pay a tiered percentage of revenue that the Company receives from its sublicensees ranging from a low third decile percentage to a low first decile percentage. In addition, the Company is obligated to pay Mabwell a royalty on annual net sales of all licensed products at a tiered rate ranging from low single-digits to high single-digits.

During the three months ended March 31, 2024 and 2023, the Company recorded research and development expense related to its arrangement with Mabwell of zero and $10.0 million, respectively.

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

14. Leases

The Company is a tenant under a lease and sublease of office space in Watertown, Massachusetts, both operating leases. There have been no material changes to the Company’s leases during the three months ended March 31, 2024 and 2023. For additional information, please refer to Note 15 to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The following tables present information about the Company’s assets and liabilities that are regularly measured and carried at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company

utilized to determine such fair value, which is described further within Note 2 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Financial assets and liabilities measured at fair value on a recurring basis are summarized as follows (in thousands):


	March 31, 2024
	Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	57,712	$	—	$	—
U.S. Treasury notes		—		264,004		—
Total	$	57,712	$	264,004	$	—


	December 31, 2023
	Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	55,001	$	—	$	—
U.S. Treasury notes		—		255,419		—
Total	$	55,001	$	255,419	$	—

The fair value of the Company’s Level 1 cash equivalents, consisting of money market funds, is based on quoted market prices in active markets with no valuation adjustment. The fair value of the Company’s Level 2 cash equivalents, consisting of U.S. Treasury notes with original maturities of three months or less, is determined through third-party pricing services. The amortized cost of the U.S. treasury notes approximates the fair value. There have been no impairments of the Company’s assets measured and carried at fair value during the three months ended March 31, 2024 and 2023. In addition, there were no changes in valuation techniques or transfers between Level 1, Level 2 and Level 3 financial assets during the three months ended March 31, 2024 and 2023. The Company did not have any non-recurring fair value measurements on any assets or liabilities during the three months ended March 31, 2024 and 2023.

On August 9, 2022, Gemini Therapeutics, Inc., a Delaware corporation (“Gemini”), Gemstone Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Gemini (“Merger Sub”), and Disc Medicine, Inc., a Delaware corporation (“Private Disc”), entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”). The merger was completed on December 29, 2022. As described in Note 1 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, in connection with the merger, the stockholders of Gemini at the effective time of the merger received a CVR to receive consideration from the Company upon its receipt of certain proceeds, resulting from a disposition of Gemini’s pre-merger assets within one year after the closing of the merger, calculated in accordance with the CVR Agreement. The disposition period ended December 29, 2023 and no dispositions of Gemini's pre-merger assets were made during the disposition period. Therefore, the CVR obligation no longer existed as of March 31, 2024 and December 31, 2023, respectively. The change in fair value of the CVR liability was de minimis for the three months ended March 31, 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Stock-Based Compensation - Summary of Unrecognized Stock-based Compensation (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized Expense	$ 53,348
Restricted stock units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized Expense	$ 22,595
Weighted-Average Remaining Period of Recognition	3 years 10 months 13 days
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized Expense	$ 30,753
Weighted-Average Remaining Period of Recognition	3 years 4 months 13 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property and Equipment, Net - Schedule of Property Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Less: Accumulated depreciation	$ (271)	$ (245)
Property and equipment, net	211	170
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment	231	231
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment	$ 251	$ 184

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Outstanding at December 31, 2023	2,459,037
Granted	616,871
Exercised	(95,467)
Forfeited	(30,924)
Expired	(1,244)
Outstanding at March 31, 2024	2,948,273	2,459,037
Exercisable at March 31, 2024	1,329,424
Outstanding at December 31, 2023	$ 13.82
Granted	64.59
Exercised	8.44
Forfeited	50.32
Expired	14.51
Outstanding at March 31, 2024	24.23	$ 13.82
Exercisable at March 31, 2024	$ 10.67
Weighted-Average Remaining Contractual Term, Outstanding	8 years 18 days	7 years 9 months 21 days
Exercisable at March 31, 2024	6 years 11 months 26 days
Aggregate intrinsic value, Outstanding	$ 114,368	$ 109,078
Exercisable at March 31, 2024	$ 69,546

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property Plant and Equipment

Property and equipment, net consisted of the following (in thousands):


	March 31,			December 31,
	2024			2023
Computer equipment	$	231		$	231
Furniture and fixtures		251			184
Less: Accumulated depreciation		(271	)		(245	)
Property and equipment, net	$	211		$	170

Related Party Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions

15. Related Party Transactions

In February 2023, certain existing investors participated in the Company’s registered direct offering (see Note 9).

In March 2023, the Company executed a promissory note for an aggregate principal amount of $0.5 million from an existing investor. The Company did not use these funds and repaid the note four days later, recording a de minimis amount of interest expense based on the then Federal funds rate for short term loans of 4.5% per annum.

In June 2023, an existing investor participated in the Company’s follow-on offering. For a description of the follow-on public offering, please refer to Note 10 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

12. Net Loss Per Share

Basic and diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding. The weighted-average common shares outstanding used in the basic and diluted net loss per share calculation includes the pre-funded warrants issued in connection with the Company’s follow-on public offering in June 2023 of 204,081 and registered direct offering in February 2023 of 1,229,224, as the pre-funded warrants are exercisable for nominal cash consideration. In September 2023, 1,229,224 of the pre-funded warrants were exercised in a cashless transaction which resulted in 1,229,221 shares of common stock being issued to the investor. As of March 31, 2024, 204,081 pre-funded warrants were outstanding.

The Company has generated a net loss in all periods presented, so the basic and diluted net loss per share are the same, as the inclusion of the potentially dilutive securities would be anti-dilutive. The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:


	March 31,
	2024		2023
Unvested restricted common stock		—		958
Restricted stock units		368,714		—
Options to purchase common stock		2,948,273		2,527,513
Employee stock purchase program		1,919		—

Cash, Cash Equivalents and Restricted Cash

3 Months Ended

Mar. 31, 2024

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

4. Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash consisted of the following (in thousands):


	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	342,615	$	360,382
Restricted cash		235		234
Total cash, cash equivalents and restricted cash as shown on the condensed consolidated statements of cash flows	$	342,850	$	360,616

Common Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended				3 Months Ended		5 Months Ended	9 Months Ended
	Dec. 05, 2023	Nov. 30, 2023	Oct. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Sep. 30, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Common stock, shares authorized						100,000,000		100,000,000		100,000,000
Common stock, par value (in Dollars per share)						$ 0.0001		$ 0.0001		$ 0.0001
Common stock reserved for the exercise of stock options						2,948,273		2,948,273
Common stock reserved for the exercise of pre-funded warrants						204,081		204,081
Common stock, shares issued						24,695,885		24,695,885		24,360,233
ATM Program [Member]
Class of Stock [Line Items]
Sale of common stock, shares						234,449	608,050	376,363
Aggregate future offer, issuance and sale		$ 400.0	$ 59.7		$ 300.0
Offering expenses									$ 0.3
Proceeds from sale of common stock						$ 15.3	$ 15.0
Net proceeds, after deducting placement agent fees and offering expenses						$ 14.8	$ 14.6	$ 21.7
Registered Direct Offering [Member]
Class of Stock [Line Items]
Common stock, shares issued									1,229,221
Sale of common stock, shares				1,488,166
Sale of common stock, price per share				$ 23
Purchase of common stock for pre-funded warrants, shares				1,229,224
Sale of pre-funded warrant, price per warrant				$ 22.9999
Sale of pre funded warrant and common stock net proceeds				$ 62.4
Net proceeds after deducting offering expenses				$ 0.1
Minimum [Member] \| ATM Program [Member]
Class of Stock [Line Items]
Aggregate future offer, issuance and sale	$ 59.7
Minimum [Member] \| Registered Direct Offering [Member]
Class of Stock [Line Items]
Pre-funded warrant, beneficiary ownership limitation percentage				9.99%
Maximum [Member] \| ATM Program [Member]
Class of Stock [Line Items]
Aggregate future offer, issuance and sale	$ 200.0				$ 100.0
Maximum [Member] \| Registered Direct Offering [Member]
Class of Stock [Line Items]
Pre-funded warrant, beneficiary ownership limitation percentage				19.99%
Investors Or Affiliates [Member] \| Registered Direct Offering [Member]
Class of Stock [Line Items]
Ownership of investors in company's capital stock				5.00%

Organization and Nature of the Business - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Nature Of Business [Line Items]
Cash and cash equivalents for operations	$ 342,615	$ 360,382
Accumulated deficit	$ (215,594)	$ (188,645)

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (26,949)	$ (22,781)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

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-Section 50
-Paragraph 7
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
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-Name Accounting Standards Codification
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
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+ Details

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

The significant accounting policies used in preparation of the condensed consolidated financial statements are described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2023 and the notes thereto, which are included in the Company’s Annual Report on Form 10-K. There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Basis of Presentation and Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

The Company’s condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative accounting principles generally accepted in the United States as found in the Accounting Standard Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Unaudited Interim Condensed Consolidated Financial Information

The accompanying condensed consolidated financial statements as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 are unaudited. The financial data and other information contained in the notes hereto as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 are also unaudited. The condensed consolidated balance sheet data as of December 31, 2023 was derived from the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K.

The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements, and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of March 31, 2024 and the results of its operations and cash flows for the three months ended March 31, 2024 and 2023. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2023, and the notes thereto, included in the Company’s Annual Report on Form 10-K.

The results for the three months ended March 31, 2024 and 2023 are not necessarily indicative of results to be expected for the full years, or any other interim periods, or any future year or period.

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to accrued research and development expenses; stock-based compensation expense; the fair value determinations for instruments accounted for at fair value including contingent amounts payable to third parties upon the consummation of specified transactions; the fair value of the contingent value right (“CVR”) (see Note 3); the incremental borrowing rate for determining lease liabilities and right-of-use assets and income taxes. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it has concluded to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ materially from those estimates or assumptions.

Concentration of Credit Risk and of Significant Suppliers

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and limits its exposure to cash risk by placing its cash with high credit quality accredited financial institutions. The Company has concluded that it is not subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

The Company relies, and expects to continue to rely, on a small number of vendors to manufacture supplies and to process its product candidates for its development programs. These programs could be adversely affected by a significant interruption in the manufacturing process or supply chain.

Deferred Transaction Costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred transaction costs until such financings are consummated. After consummation of an equity financing, these costs are recorded as a reduction of the proceeds from the transaction, either as a reduction of the carrying value of the preferred stock or in stockholders’ equity (deficit) as a reduction of additional paid-in capital generated as a result of the transaction. Should the in-process equity financing be abandoned, the deferred transaction costs would be expensed immediately as a charge to operating expenses in the consolidated statements of operations and comprehensive loss.

Recently Issued Accounting Pronouncements Not Yet Adopted

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s condensed consolidated financial statements upon adoption.

Consolidated Statements of Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Common stock in registered direct offering, net of issuance costs		$ 80
Pre-funded warrants in registered direct offering, net of issuance costs		66
Common stock in at-the-market offerings, net of issuance costs	$ 518	$ 408

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The significant accounting policies used in preparation of the condensed consolidated financial statements are described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2023 and the notes thereto, which are included in the Company’s Annual Report on Form 10-K. There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company’s condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative accounting principles generally accepted in the United States as found in the Accounting Standard Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Unaudited Interim Condensed Consolidated Financial Information	Unaudited Interim Condensed Consolidated Financial Information The accompanying condensed consolidated financial statements as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 are unaudited. The financial data and other information contained in the notes hereto as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 are also unaudited. The condensed consolidated balance sheet data as of December 31, 2023 was derived from the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements, and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of March 31, 2024 and the results of its operations and cash flows for the three months ended March 31, 2024 and 2023. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2023, and the notes thereto, included in the Company’s Annual Report on Form 10-K. The results for the three months ended March 31, 2024 and 2023 are not necessarily indicative of results to be expected for the full years, or any other interim periods, or any future year or period.
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to accrued research and development expenses; stock-based compensation expense; the fair value determinations for instruments accounted for at fair value including contingent amounts payable to third parties upon the consummation of specified transactions; the fair value of the contingent value right (“CVR”) (see Note 3); the incremental borrowing rate for determining lease liabilities and right-of-use assets and income taxes. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it has concluded to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ materially from those estimates or assumptions.
Concentration of Credit Risk and of Significant Suppliers	Concentration of Credit Risk and of Significant Suppliers Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and limits its exposure to cash risk by placing its cash with high credit quality accredited financial institutions. The Company has concluded that it is not subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company relies, and expects to continue to rely, on a small number of vendors to manufacture supplies and to process its product candidates for its development programs. These programs could be adversely affected by a significant interruption in the manufacturing process or supply chain.
Deferred Transaction Costs	Deferred Transaction Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred transaction costs until such financings are consummated. After consummation of an equity financing, these costs are recorded as a reduction of the proceeds from the transaction, either as a reduction of the carrying value of the preferred stock or in stockholders’ equity (deficit) as a reduction of additional paid-in capital generated as a result of the transaction. Should the in-process equity financing be abandoned, the deferred transaction costs would be expensed immediately as a charge to operating expenses in the consolidated statements of operations and comprehensive loss.
Recently Adopted and Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Not Yet Adopted Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s condensed consolidated financial statements upon adoption.

Fair Value Measurements (Table)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis are summarized as follows (in thousands):


	March 31, 2024
	Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	57,712	$	—	$	—
U.S. Treasury notes		—		264,004		—
Total	$	57,712	$	264,004	$	—


	December 31, 2023
	Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	55,001	$	—	$	—
U.S. Treasury notes		—		255,419		—
Total	$	55,001	$	255,419	$	—

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 57,712	$ 55,001
Level 1 [Member] \| Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	57,712	55,001
Level 1 [Member] \| U.S. Treasury notes [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	0	0
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	264,004	255,419
Level 2 [Member] \| Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	0	0
Level 2 [Member] \| U.S. Treasury notes [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	264,004	255,419
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	0	0
Level 3 [Member] \| Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	0	0
Level 3 [Member] \| U.S. Treasury notes [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 0	$ 0

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Liabilities [Abstract]
Accrued research and development	$ 5,749	$ 1,986
Accrued employee-related expenses	2,159	5,790
Accrued professional fees	709	317
Accrued other	199	52
Total accrued expenses	$ 8,816	$ 8,145

Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]
Balance at Dec. 31, 2022	$ 176,600	$ 2	$ 288,814	$ (112,216)
Balance (in Shares) at Dec. 31, 2022		17,403,315
Issuance of common stock upon exercise of stock options	1,067		1,067
Issuance of common stock upon exercise of stock options (in Shares)		74,753
Vesting of restricted common stock (in Shares)		958
Stock-based compensation expense	1,024		1,024
Sale of common stock in registered direct offering	34,148		34,148
Sale of common stock in registered direct offering, (in shares)		1,488,166
Sale of pre-funded warrants in registered direct offering	28,206		28,206
Sale of common stock in at-the-market offerings	14,591		14,591
Sale of common stock in at-the-market offerings, (in shares)		608,050
Net Income (Loss)	(22,781)			(22,781)
Balance at Mar. 31, 2023	232,855	$ 2	367,850	(134,997)
Balance (in Shares) at Mar. 31, 2023		19,575,242
Balance at Dec. 31, 2023	345,121	$ 2	533,764	(188,645)
Balance (in Shares) at Dec. 31, 2023		24,360,233
Issuance of common stock upon exercise of stock options	$ 806		806
Issuance of common stock upon exercise of stock options (in Shares)	95,467	95,467
Stock-based compensation expense	$ 4,058		4,058
Sale of common stock in at-the-market offerings	14,790		14,790
Sale of common stock in at-the-market offerings, (in shares)		234,449
Issuance of common stock under employee stock purchase plan	245		245
Issuance of common stock under employee stock purchase plan (in shares)		5,736
Net Income (Loss)	(26,949)			(26,949)
Balance at Mar. 31, 2024	$ 338,071	$ 2	$ 553,663	$ (215,594)
Balance (in Shares) at Mar. 31, 2024		24,695,885

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock-based Compensation Expense


	Three Months Ended March 31,
	2024		2023
Research and development	$	1,543	$	345
General and administrative		2,515		679
Total stock-based compensation expense	$	4,058	$	1,024

Summary of Unrecognized Stock-based Compensation

The following table summarizes unrecognized stock-based compensation expense as of March 31, 2024.


	Unrecognized Expense (In Thousands)		Weighted-Average Remaining Period of Recognition (In Years)
Restricted stock units	$	22,595		3.87
Stock options		30,753		3.37
Total unrecognized equity-based compensation expense	$	53,348

Schedule of Restricted Stock Unit Activity

A summary of restricted common stock activity is as follows:


	Three Months Ended March 31,
	2024		2023
Unvested at the beginning of the year		—		1,916
Vested		—		(958	)
Unvested at the end of the period		—		958

Schedule of Stock Option Activity

The following table summarizes stock option activity for the three months ended March 31, 2024.


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value (In Thousands)
Outstanding at December 31, 2023		2,459,037		$	13.82		7.81	$	109,078
Granted		616,871			64.59
Exercised		(95,467	)		8.44
Forfeited		(30,924	)		50.32
Expired		(1,244	)		14.51
Outstanding at March 31, 2024		2,948,273		$	24.23		8.05	$	114,368
Exercisable at March 31, 2024		1,329,424		$	10.67		6.99	$	69,546

Summary of Fair Value of Stock Option Granted

The weighted-average assumptions used to estimate the fair value of stock options granted were as follows:


	Three Months Ended March 31,
	2024			2023
Risk-free interest rate		4.01	%		3.86	%
Expected term (in years)		6.03			6.05
Expected volatility		58	%		62	%
Expected dividend yield		0	%		0	%
Fair value per share of common stock	$	64.59		$	23.10

Restricted stock units [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Restricted Stock Unit Activity

The following table summarizes restricted stock unit activity for the three months ended March 31, 2024.


	Number of Units			Weighted- Average Grant Date Fair Value
Restricted stock units as of December 31, 2023		—		$	-
Granted		371,034		$	64.14
Forfeited		(2,320	)	$	63.90
Restricted stock units as of March 31, 2024		368,714		$	64.14

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Convertible Preferred Stock

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Convertible Preferred Stock

8. Convertible Preferred Stock

As of March 31, 2024 and December 31, 2023, the Company was authorized to issue up to 10,000,000 shares of preferred stock at a par value of $0.0001, with no shares issued or outstanding.

Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 4,058	$ 1,024
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,543	345
General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 2,515	$ 679

Organization and Nature of the Business

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Nature of the Business

1. Organization and Nature of the Business

Disc Medicine, Inc. (together with its subsidiaries, the “Company”) is a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of novel treatments for patients suffering from serious hematologic diseases. The Company has assembled a portfolio of clinical and preclinical product candidates that aim to modify fundamental biological pathways associated with the formation and function of red blood cells, specifically heme biosynthesis and iron homeostasis. The Company’s current pipeline includes, bitopertin for the treatment of erythropoietic porphyrias (“EPs”) including erythropoietic protoporphyria (“EPP”), and X-linked protoporphyria (“XLP”), and Diamond-Blackfan Anemia (“DBA”); DISC-0974 for the treatment of anemia of myelofibrosis (“MF”), and anemia of chronic kidney disease (“CKD”); and DISC-3405 for the treatment of polycythemia vera (“PV”), and other hematologic disorders. In addition, the Company’s preclinical programs also include DISC-0998, for the treatment of anemia associated with inflammatory diseases. The Company’s approach to product candidate development leverages well-understood molecular mechanisms that have been validated in humans. The Company believes that each of its product candidates, if approved, has the potential to improve the lives of patients suffering from hematologic diseases. The Company was founded in October 2017. The Company’s principal offices are in Watertown, Massachusetts.

The Company is subject to a number of risks and uncertainties common to development stage companies in the biotechnology industry, including, but not limited to, risks associated with completing preclinical studies and clinical trials, receiving regulatory approvals for product candidates, development by competitors of new biopharmaceutical products, dependence on key personnel, reliance on third-party organizations, protection of proprietary technology, compliance with government regulations, the impact of public health crises such as pandemics and the ability to secure additional capital to fund operations. The Company’s research and development programs will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales.

Liquidity and Capital Resources

The Company’s condensed consolidated financial statements have been prepared on the basis of the Company continuing as a going concern. The Company expects that its existing cash and cash equivalents as of March 31, 2024 of $342.6 million will enable the Company to fund its planned operating expense and capital expenditure requirements for at least twelve months from the date of issuance of these condensed consolidated financial statements. The Company has incurred recurring losses and negative cash flows from operations since inception. As of March 31, 2024, the Company had an accumulated deficit of $215.6 million. The Company expects its operating losses and negative operating cash flows to continue into the foreseeable future. The future viability of the Company is dependent on its ability to generate cash from operating activities or to raise additional capital to finance its operations. There can be no assurance that the Company will ever earn revenues or achieve profitability, or if achieved, that the revenues or profitability will be sustained on a continuing basis. In addition, the Company’s preclinical and clinical development activities, manufacturing and commercialization of the Company’s product candidates, if approved, will require significant additional financing.

Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

The Company has completed an evaluation of all subsequent events after the unaudited condensed consolidated balance sheet date of March 31, 2024 through the date these condensed consolidated financial statements were issued to ensure that these condensed consolidated financial statements include appropriate disclosure of events both recognized in the condensed consolidated financial statements as of March 31, 2024, and events which occurred subsequently but were not recognized in the condensed consolidated financial statements. The Company had no non-recognizable subsequent events.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 06, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Trading Symbol	IRON
Entity Registrant Name	Disc Medicine, Inc.
Entity Central Index Key	0001816736
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		24,721,666
Entity File Number	001-39438
Entity Tax Identification Number	85-1612845
Entity Address, Address Line One	321 Arsenal Street, Suite 101
Entity Address, City or Town	Watertown
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02472
City Area Code	617
Local Phone Number	674-9274
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock, $0.0001 Par Value
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Loss Carryforwards [Line Items]
State income tax expense	$ 100,000	$ 100,000
Federal income taxes	$ 0	$ 0

Net Loss Per Share - Additional Information (Details) - shares	1 Months Ended		3 Months Ended		9 Months Ended
	Jun. 30, 2023	Feb. 28, 2023	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average common shares outstanding-basic			24,809,869	18,954,914
Weighted-average common shares outstanding-diluted			24,809,869	18,954,914
Exercise of pre-funded warrants shares					1,229,224
Shares issued upon exercise of warrants					1,229,221
Pre-funded warrants outstanding			204,081
Public Offering [Member] \| Prefunded Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average common shares outstanding-basic	204,081
Weighted-average common shares outstanding-diluted	204,081
Registered Direct Offerings [Member] \| Prefunded Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average common shares outstanding-basic		1,229,224
Weighted-average common shares outstanding-diluted		1,229,224

Related Party Transactions - Additional Information (Details) $ in Millions	Mar. 31, 2024 USD ($)
Related Party Transaction [Line Items]
Debt Instrument, Face Amount	$ 0.5
Short Term Bank Loans And NotesPayable Percentage	4.50%

Stock-Based Compensation - Schedule of Restricted Stock Unit Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning period, December 31, 2023	0	1,916
Vested	0	(958)
Ending period, March 31, 2024	0	958
Restricted stock units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning period, December 31, 2023	0
Granted	371,034
Forfeited	(2,320)
Ending period, March 31, 2024	368,714
Beginning period, December 31, 2023	$ 0
Granted	64.14
Forfeited	63.9
Ending period, March 31, 2024	$ 64.14

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Feb. 26, 2024	Feb. 07, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value			$ 5,500	$ 500
Share-based compensation arrangement exercise price			$ 24.23		$ 13.82
Common Stock, Par or Stated Value Per Share			$ 0.0001		$ 0.0001
Aggregate fair value of restricted stock			$ 1,500	$ 800
Common stock shares issued			24,695,885		24,360,233
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount			$ 53,348
2021 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares issued			5,736	0
Restricted Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares issued			63,061
Restricted Common Stock [Member] \| Founders And Certain Employees [Member] \| Disc Medicine Inc [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common Stock, Par or Stated Value Per Share			$ 0.0001
Restricted stock units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for options grant	36,666	36,666
Share-based compensation arrangement option award percentage	25.00%	25.00%
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount			$ 22,595
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			3 years 10 months 13 days
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for options grant	55,000	55,000
Share-based compensation arrangement option award period	10 years	10 years
Share-based compensation arrangement vesting period	36 months	36 months
Share-based compensation arrangement option award percentage	25.00%	25.00%
Share-based compensation arrangement exercise price	$ 64.66	$ 65.25
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount			$ 30,753
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			3 years 4 months 13 days

Reverse Merger with Gemini - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash and cash equivalents	$ 342,615		$ 360,382
Stock-based compensation	$ 4,058	$ 1,024

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stock holders (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Unvested Restricted Common Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	0	958
Restricted stock units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	368,714	0
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	2,948,273	2,527,513
Employee Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	1,919	0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 342,615	$ 360,382
Prepaid expenses and other current assets	9,333	5,280
Total current assets	351,948	365,662
Property and equipment, net	211	170
Right-of-use assets, operating leases	1,788	1,930
Other assets	235	234
Total assets	354,182	367,996
Current liabilities:
Accounts payable	5,269	12,629
Accrued expenses	8,816	8,145
Operating lease liabilities, current	767	665
Total current liabilities	14,852	21,439
Operating lease liabilities, non-current	1,259	1,436
Total liabilities	16,111	22,875
Commitments and contingencies (Note 13)
Stockholders' equity:
Common stock, $0.0001 par value; 100,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 24,695,885 and 24,360,233 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	2	2
Additional paid-in capital	553,663	533,764
Accumulated deficit	(215,594)	(188,645)
Total stockholders' equity	338,071	345,121
Total liabilities and stockholders equity	$ 354,182	$ 367,996