Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Disc Medicine, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Research and development
28.2
25.2
33.4
69.3
96.7
171
Selling, general and administrative
21.9
33
65.4
General and administrative
5.87
5.76
14
21.9
Operating expenses
34
30.9
47.5
91.1
130
236
Operating income
-34
-30.9
-47.5
-91.1
-130
-236
Interest expense
6.83
2.16
0
0.57
3.61
Interest income
0.04
0.01
0.71
14.8
21.3
27.8
Other non-operating income
-5.04
0.65
14.8
20.7
24.2
Pre-tax income
-46.8
-76.3
-109
-212
Income tax
0
0.1
0.36
0.36
Net income
-40.8
-36
-46.8
-76.4
-109
-212
EBITDA
-33.7
-30.9
-47.4
-91
-130
-236
EPS, basic
-62.12
-40.95
-45.05
-3.42
-3.96
-6.01
EPS, diluted
-62.12
-40.95
-45.05
-3.42
-3.96
-6.01
Shares, basic (weighted)
0.66
0.88
1.04
22.3
27.6
35.3
Shares, diluted (weighted)
0.66
0.88
1.04
22.3
27.6
35.3
Balance sheet
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
4.5
88
195
360
192
91.1
Short-term investments
0
297
700
Other current assets
0.56
2.45
3.88
5.28
3.73
12.7
Total current assets
5.07
90.5
198
366
494
804
Property, plant and equipment
0.29
0.11
0.17
0.17
0.75
1.16
Lease right-of-use assets
1.64
1.43
1.93
1.57
1.1
Other non-current assets
0.18
0.12
0.23
0.84
0.73
Total assets
8.32
92.4
200
368
497
807
Accounts payable
2.38
2.56
16.2
12.6
7.95
9.02
Accrued liabilities
0.49
4.1
6.11
6.16
8.1
15.6
Short-term debt
0
Total current liabilities
24.9
13.4
22.6
21.4
23.3
36.6
Lease liabilities
1.33
1.03
1.44
1.55
1.25
Total liabilities
30.2
14.8
23.6
22.9
53.2
67.1
Total debt
14
0
28.3
29.2
Paid-in capital
91
1.19
289
534
741
1,249
Retained earnings
-113
-65.4
-112
-189
-298
-510
Other comprehensive income
0
0.29
0.97
Shareholders' equity
-28.8
-64.2
177
345
444
740
Total equity
-28.8
-64.2
177
345
444
740
Total liabilities and equity
8.32
92.4
200
368
497
807
Shares outstanding
0.68
0.91
17.4
24.4
29.9
37.9
Cash flow statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-40.8
-36
-46.8
-76.4
-109
-212
Depreciation and amortization
0.32
0.03
0.09
0.1
0.16
0.28
Stock-based compensation
0.98
0.51
2.09
5.53
16.8
34.3
Deferred income tax
0
Change in payables
-2.41
1.32
0.53
-3.74
-4.68
1.07
Cash from operations
-32.7
-27.5
-42.3
-73.5
-93.9
-180
Capital expenditures
-0.02
-0.07
-0.15
-0.09
-0.51
-0.93
Purchases of investments
0
-387
-850
Sales and maturities of investments
0
94.8
456
Cash from investing
-0.02
-0.07
-0.15
-0.09
-292
-394
Debt issued
0
29
0
Stock issued
20.1
0
53.5
0
2.98
8.64
Cash from financing
34.2
89.9
149
239
218
473
Net change in cash
1.52
62.3
107
166
-168
-101
Free cash flow
-32.7
-27.6
-42.4
-73.6
-94.4
-181
Interest paid
0.35
0.31
0
0.2
2.8
Income taxes paid
0
0
0.1
0.3
0.35
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $65.24 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-38.2%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-33.5%
Net income / average total assets.
Return on invested capital (ROIC)
-35.2%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
66.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
61.2%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
62.4%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
59.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
149.7%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
27.9%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
223.8%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
121.8%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
24.1x
Current assets / current liabilities.
Quick ratio
23.6x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
23.6x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.09x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
8.1%
Total debt / total assets.
Liabilities / assets
12.4%
Total liabilities / total assets.
Net debt
-$658.4M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share
-$5.11
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$5.11
Cash from operations / diluted weighted shares.
Book value per share
$16.80
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
3.89x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
3.89x
Market cap / tangible book value, when positive.
FCF yield
-7.9%
Free cash flow / market cap.
Earnings yield
-9.8%
Net income / market cap (the inverse of P/E).
Was Disc Medicine, Inc. profitable in fiscal 2025?
No. It reported a net loss of $212.2M.
How much free cash flow did Disc Medicine, Inc. generate in fiscal 2025?
Cash from operations of $180.4M minus capital expenditures of $933.0K left free cash flow of -$181.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.