Disc Medicine Files $350M Offering Terms After APOLLO Phase 3 Win
IRON sits 91% above its 52-week low of $40 on elevated volume (14× avg).
Summary
One day after positive APOLLO Phase 3 data, Disc Medicine filed terms for a $350M common stock and pre-funded warrant offering, with proceeds extending its cash runway into 2030 to fund the bitopertin NDA resubmission.
Key Events · Financing and Capital Events · IRON
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$350M Offering Filed After APOLLO Data
Disc filed a 424B5 for $350M of common stock and pre-funded warrants, with a 30-day underwriter option for up to $52.5M more. Pricing is blank pending completion; the reference is the $78.93 close on October 19, 2026.
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Runway Extended Into 2030
Estimated net proceeds of about $328M lift cash runway into 2030 from 2029, on top of roughly $682.8M of preliminary cash, equivalents and marketable securities as of September 30, 2026.
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Proceeds Fund Bitopertin NDA Resubmission
Use of proceeds covers research and clinical development, commercialization preparation for bitopertin in EPP and XLP, and general corporate purposes. Disc plans to resubmit the NDA by end-2026, with an FDA decision anticipated by mid-2027.
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Pre-Funded Warrants Carry Ownership Caps
Pre-funded warrants have a $0.0001 exercise price, no expiration, and 4.99%/9.99%/19.99%/24.99% ownership blockers plus HSR limits. No public market is expected for the warrants.
Analysis · IRON · Life Sciences
One day after its pivotal APOLLO Phase 3 trial of bitopertin hit every primary and secondary endpoint, Disc is raising $350M of common stock and pre-funded warrants. The offering is priced off a $78.93 close on October 19, 2026, so the deal is being marketed at the post-data share price rather than at a deep discount — a sign of demand, but still dilution for existing holders. With roughly $682.8M of cash at September 30, 2026, the company says the new money extends its runway into 2030 from 2029, funding the bitopertin NDA resubmission by end-2026 (FDA decision expected mid-2027) and pre-commercialization work. Near-term supply is limited by the 45-day lock-up and 30-day ATM blackout, but the $189.9M remaining on the Cantor ATM is a standing overhang.
How filings like this one have moved
In the 30 days to Oct 20, 2026, 37.4% of the 952 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.87%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, IRON was trading at $76.55 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $3B. The 52-week trading range was $40.00 to $99.50. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.