Disc Medicine Prices $450 Million Stock Sale At $75 A Share, Below Its $79.48 Close
The 6 million new shares equal 13.5% of the stock outstanding after the offering, and the money is meant for trials and a possible bitopertin launch.
Disc Medicine priced an underwritten offering of 6,000,000 common shares at $75.00 each, or $450,000,000 in gross proceeds, according to its prospectus supplement dated October 20, 2026. The price sits below the $79.48 close of Disc's stock on the Nasdaq Global Market on October 20, 2026.
The size, the price and the share count
After underwriting discounts of $4.50 a share, or $27,000,000 in total, Disc keeps $70.50 a share, or $423,000,000, before other expenses. The shares are being sold by the company itself, so the proceeds go to Disc.
The prospectus says 44,345,666 shares will be outstanding after the offering, or 45,245,666 if the underwriters use their full option. The new shares equal 13.5% of the first figure. That count is built on 38,345,666 shares outstanding as of June 30, 2026.
Underwriters hold a 30-day option on up to 900,000 more shares at the offering price less discounts. Delivery is expected on or about October 22, 2026. Jefferies, Leerink Partners, Morgan Stanley and Cantor are joint book-running managers.
Buyers at $75.00 face immediate dilution of $50.95 a share against net tangible book value, based on June 30, 2026 figures.
What the money is for
Disc says it plans to use the net proceeds, along with existing cash, to "fund research and clinical development of our current or additional product candidates." It also lists support for the potential commercialization of bitopertin in EPP and XLP, two rare light-sensitivity disorders, plus pre-commercialization work on other candidates. The remainder is for working capital and other general corporate purposes.
The company may also use some of it to in-license, buy or invest in complementary businesses or technologies. The prospectus adds that management has broad discretion over how the money is spent.
The trial result behind the sale
On October 19, 2026, Disc announced positive topline results from APOLLO, its late-stage trial of bitopertin against a placebo. The prospectus says the trial met all its primary and secondary endpoints. It enrolled 183 patients.
The FDA issued a complete response letter, a rejection that leaves the door open to resubmission, on Disc's earlier application in February 2026. Disc plans to resubmit by the end of 2026 and anticipates an FDA decision by mid-2027.
The company also estimated about $682.8 million in cash, cash equivalents and marketable securities as of September 30, 2026. That figure is preliminary and has not been reviewed by its auditor.
The sale is expected to settle on or about Thursday, October 22, and the underwriters' 30-day option on 900,000 shares stays open after that.
Sources
- Form 424B5 — Disc Medicine, Inc. (IRON) — SEC EDGAR
- 424B5 — sec.gov
- Disc Medicine launches $350M public offering of common stock and pre-funded warrants (IRON:NASDAQ) | Seeking Alpha — seekingalpha.com
- Disc Medicine Announces Pricing of $450 Million Upsized — globenewswire.com
- Disc Medicine Announces Pricing of $450 Million Upsized Public Offering of Common Stock – Company Announcement - FT.com — Financial Times
- Disc Medicine Announces Pricing of $450 Million Upsized — rss.globenewswire.com
