Cambridge biotech tracker · Watertown
Disc Medicine
Listed on Nasdaq as IRON, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $718M
- Q2 '26 · Jun 29, 2026
- Burn per quarter
- $49.4M
- avg. operating cash flow, 4 qtrs
- Runway
- 3.6 yrs
- 3+ years
- Net loss
- $59.5M
- Q2 '26
- R&D expense
- $46.9M
- 72% of opex
- Raised, last 4 qtrs
- +$262M
- net financing cash flow
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyAbout 3.6 years of runway
Cash and investments of $718M at Q2 '26 against an average operating cash burn of $49.4M per quarter over the last four reported quarters runs out around January 2030. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position up $230M since Q3 '24
Net financing inflows of $262M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Net loss runs $15.3M above cash burn
The Q2 '26 net loss of $59.5M includes non-cash charges, including $13.9M of stock-based compensation, that do not consume cash. Burn, not net loss, is what runway is built on.
R&D is 72% of operating expenses
$46.9M of R&D against $65.1M of total operating expenses in Q2 '26, with G&A at $18.1M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Material weakness disclosed in the 10-Q filed Jul 29, 2026
Management identified a material weakness in internal control over financial reporting. Common causes at this stage are thin finance teams, manual close processes, and inadequate review of complex areas like revenue or equity. Remediation usually takes two or more quarters to demonstrate.
$59.3M of long-term debt or convertible notes
Debt in a pre-revenue biotech usually comes with liquidity covenants and, for convertibles, embedded features that need ASC 815 and ASC 470 analysis each quarter.
Accumulated deficit of $633M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net loss | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 29, 24 | $487M | −$17.4M | −$26.6M | $24.7M | $8.2M | — | $4.3M | $426K |
| Q4 '24 · Dec 30, 24 | $490M | −$27.6M | −$29.5M | $24.8M | $9.8M | — | $4.3M | $28.8M |
| Q1 '25 · Mar 30, 25 | $695M | −$41.4M | −$34.1M | $27.8M | $12.2M | — | $6.4M | $244M |
| Q2 '25 · Jun 29, 25 | $650M | −$47.9M | −$55.2M | $46.3M | $15.1M | — | $8.4M | $892K |
| Q3 '25 · Sep 29, 25 | $616M | −$47.8M | −$62.3M | $50.3M | $17.4M | — | $9.5M | $11.6M |
| Q4 '25 · Dec 30, 25 | $791M | −$43.3M | −$60.5M | $46.2M | $20.7M | — | $10.0M | $217M |
| Q1 '26 · Mar 30, 26 | $730M | −$62.2M | −$63.5M | $45.9M | $23.6M | — | $11.9M | $1.7M |
| Q2 '26 · Jun 29, 26 | $718M | −$44.2M | −$59.5M | $46.9M | $18.1M | — | $13.9M | $32.3M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.