0000950170-25-065069 | 10-Q | XBRL Viewer

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Other Accrued Expenses - Summary of Other Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Accrued Liabilities [Abstract]
Accrued employee-related expenses	$ 1,813	$ 7,211
Accrued professional fees	1,818	531
Accrued other	507	355
Total other accrued expenses	$ 4,138	$ 8,097

Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10. Stock-Based Compensation

Equity Plans

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”) but is no longer granting awards under this plan or its 2021 Inducement Plan. 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.

Out-of-Plan Inducement Grants

From time to time, the Company grants equity awards to newly hired executives as a material inducement to enter into employment with the Company. These grants are made in accordance with Rule 5635(c)(4) of the Nasdaq Listing Rules and are issued outside the 2021 Plan, the 2021 Inducement Plan and each of the other stock incentive plans described above.

Stock-Based Compensation Expense

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


	Three Months Ended March 31,
	2025		2024
Research and development	$	2,959	$	1,543
Selling, general and administrative		3,404		2,515
Total stock-based compensation expense	$	6,363	$	4,058

Other Accrued Expenses

3 Months Ended

Mar. 31, 2025

Accrued Liabilities [Abstract]

Other Accrued Expenses

6. Other Accrued Expenses

Other accrued expenses consisted of the following (in thousands):


	March 31,		December 31,
	2025		2024
Accrued employee-related expenses	$	1,813	$	7,211
Accrued professional fees		1,818		531
Accrued other		507		355
Total other accrued expenses	$	4,138	$	8,097

Income Taxes	3 Months Ended
Mar. 31, 2025
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, 2025 and 2024. The Company recorded state income tax expense of $0.1 million and less than $0.1 million for the three months ended March 31, 2025 and 2024, 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.

Income Taxes

3 Months Ended

Mar. 31, 2025

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, 2025 and 2024. The Company recorded state income tax expense of $0.1 million and less than $0.1 million for the three months ended March 31, 2025 and 2024, 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 tax.

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+ Details

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2025 Segment
Segment Reporting [Abstract]
Number of reporting units	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The key measure of segment profit or loss that the CODM uses to allocate resources and assess performance is the Company’s consolidated net loss, as reported on the condensed consolidated statements of operations and comprehensive loss. In addition, the CODM is regularly provided the significant segment expense categories included in the table below, which are reviewed against budgeted expectations to assist in resource allocation decision-making. The categories reflect a change made during the first quarter of 2025 to separately present commercial expense. The prior period has been recast to reflect this update.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Significant Segment Expense Categories

In addition, the CODM is regularly provided the significant segment expense categories included in the table below, which are reviewed against budgeted expectations to assist in resource allocation decision-making. The categories reflect a change made during the first quarter of 2025 to separately present commercial expense. The prior period has been recast to reflect this update.


	Three Months Ended March 31,
	2025			2024
Bitopertin program external expense	$	(8,435	)	$	(6,369	)
DISC-0974 program external expense		(6,121	)		(3,771	)
DISC-3405 program external expense		(1,668	)		(4,701	)
Other external research and development expense		(1,832	)		(1,720	)
Internal and other research and development expense		(6,748	)		(5,399	)

Commercial expense	$	(1,921	)	$	(201	)

General and administrative expense	$	(6,858	)	$	(5,243	)

Stock-based compensation expense	$	(6,363	)	$	(4,058	)

Other segment items*	$	5,861		$	4,513

Net loss	$	(34,085	)	$	(26,949	)

Development and License Agreements - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended					3 Months Ended			12 Months Ended
	Jan. 31, 2025	Oct. 31, 2023	May 31, 2021	Mar. 31, 2021	Sep. 30, 2019	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2024	Dec. 29, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense						$ 27,763	$ 23,704
License and Stock Purchase Agreement [Member] \| AbbVie [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Non refundable upfront fee					$ 600
License Agreement [Member] \| AbbVie [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone payment						0
Milestone payments	$ 3,000
License Agreement [Member] \| Roche [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares issued										482,313
Future milestone payment						0
Non-refundable upfront payment			$ 4,000	$ 500
License Agreement [Member] \| Mabwell [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone payment						0
Upfront payment								$ 10,000
License Agreement [Member] \| OBB [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment received									$ 200
Future milestone recievable						$ 0
License Agreement [Member] \| OBB [Member] \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future consideration recievable on clinical									7,000
Future consideration recievable on regulatory									35,000
Future consideration recievable on sales milestones									$ 160,000
Development and Regulatory Milestone First Indication [Member] \| License Agreement [Member] \| Roche [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone payment			50,000
Development and Regulatory Milestone Second Indication [Member] \| License Agreement [Member] \| Roche [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone payment			35,000
Development and Regulatory First Indication First Milestone [Member] \| License Agreement [Member] \| Roche [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone payment			10,000
Development and Regulatory First Indication First Milestone [Member] \| License Agreement [Member] \| Mabwell [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments		$ 5,000
Development and Regulatory First Indication Second Milestone [Member] \| License Agreement [Member] \| Roche [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone payment			15,000
Development and Regulatory First Indication Second Milestone [Member] \| License Agreement [Member] \| Mabwell [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone payment								10,000
Development and Regulatory Second Indication First Milestone [Member] \| License Agreement [Member] \| Mabwell [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone payment								5,000
Development and Regulatory [Member] \| License Agreement [Member] \| Mabwell [Member] \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone payment								127,500
Development [Member] \| License and Stock Purchase Agreement [Member] \| AbbVie [Member] \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone payment					18,000
Commercialization [Member] \| License and Stock Purchase Agreement [Member] \| AbbVie [Member] \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone payment					45,000
Sales-based [Member] \| License and Stock Purchase Agreement [Member] \| AbbVie [Member] \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone payment					$ 87,500
Sales-based [Member] \| License Agreement [Member] \| Roche [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone payment			$ 120,000
Sales-based [Member] \| License Agreement [Member] \| Mabwell [Member] \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone payment								$ 275,000

Cash, Cash Equivalents and Restricted Cash (Tables)

3 Months Ended

Mar. 31, 2025

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,
	2025		2024
Cash and cash equivalents	$	122,675	$	192,434
Restricted cash		239		238
Total cash, cash equivalents and restricted cash as shown on the condensed consolidated statements of cash flows	$	122,914	$	192,672

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2025

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, 2024 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, 2024.

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, 2025 and for the three months ended March 31, 2025 and 2024 are unaudited. The financial data and other information contained in the notes hereto as of March 31, 2025 and for

the three months ended March 31, 2025 and 2024 are also unaudited. The condensed consolidated balance sheet data as of December 31, 2024 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, 2025 and the results of its operations and cash flows for the three months ended March 31, 2025 and 2024. 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, 2024, and the notes thereto, included in the Company’s Annual Report on Form 10-K.

The results for the three months ended March 31, 2025 and 2024 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 of the common stock prior to the effective date of the reverse merger with Gemini Therapeutics, Inc. ("Gemini") in December 2022; 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, cash equivalents and marketable securities. 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.

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.

Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Nov. 06, 2024	Mar. 31, 2025
Term Loan [Member]
Line Of Credit Facility [Line Items]
Debt discount and debt issuance costs		$ 1,648
Final end of term charge accrued	$ 2,000
Term Loan [Member] \| Hercules Loan Agreement [Member]
Line Of Credit Facility [Line Items]
Term loan facility	200,000
Borrowed an initial term loan facility	$ 30,000
Maturity Date	Dec. 01, 2029
Interest Rate	8.25%
Debt discount and debt issuance costs	$ 1,800
Unamortized deferred financing costs		600
Interest expense		$ 900
Term Loan [Member] \| Hercules Loan Agreement [Member] \| Prime Rate [Member]
Line Of Credit Facility [Line Items]
Interest Rate	1.75%
Term Loan [Member] \| Hercules Loan Agreement [Member] \| Minimum [Member]
Line Of Credit Facility [Line Items]
Aggregate minimum principal amount	$ 50,000
Market capitalization covenant	1,000,000
Tranche One [Member] \| Hercules Loan Agreement [Member]
Line Of Credit Facility [Line Items]
Additional term loan	80,000
Tranche Two and Three [Member] \| Term Loan [Member] \| Hercules Loan Agreement [Member]
Line Of Credit Facility [Line Items]
Additional term loan	65,000
Tranche Four [Member] \| Term Loan [Member] \| Hercules Loan Agreement [Member]
Line Of Credit Facility [Line Items]
Additional term loan	$ 25,000

Organization and Nature of the Business - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Nature Of Business [Line Items]
Cash, cash equivalents and short-term marketable securities	$ 694,700
Accumulated deficit	$ (332,087)	$ (298,002)

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

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

Summary of Stock-based Compensation Expense


	Three Months Ended March 31,
	2025		2024
Research and development	$	2,959	$	1,543
Selling, general and administrative		3,404		2,515
Total stock-based compensation expense	$	6,363	$	4,058

- 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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+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2025	Apr. 30, 2025
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2025
Document Fiscal Year Focus	2025
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	Large Accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		34,634,295
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

Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 571,439	$ 297,131
Gross Unrealized Gains	586	373
Gross Unrealized Losses	(38)	(57)
Estimated Fair Value	571,987	297,447
US Treasury Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	471,180	189,409
Gross Unrealized Gains	528	288
Gross Unrealized Losses	(17)	(34)
Estimated Fair Value	471,691	189,663
US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	100,259	107,722
Gross Unrealized Gains	58	85
Gross Unrealized Losses	(21)	(23)
Estimated Fair Value	$ 100,296	$ 107,784

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2025

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, 2025:


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
William Savage, M.D., Ph.D. Chief Medical Officer	Trading plan intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c)	Adoption (January 23, 2025)	End Date (June 6, 2025)	Up to 2,996	Sale
John Quisel, J.D., Ph.D. President, Chief Executive Officer, and Director	Trading plan intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c)	Adoption (February 13, 2025)	End Date (December 31, 2025)	Up to 80,000	Sale
Jean Franchi Chief Financial Officer	Trading plan intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c)	Adoption (March 10, 2025)	End Date (December 31, 2025)	Up to 6,031	Sale

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Rule 10b5-1 Arrangement Modified

false

Non-Rule 10b5-1 Arrangement Modified

false

John Quisel [Member]

Trading Arrangements, by Individual

Name

John Quisel

Title

President, Chief Executive Officer, and Director

Rule 10b5-1 Arrangement Adopted

true

February 13, 2025

December 31, 2025

315 days

80,000

William Savage [Member]

Trading Arrangements, by Individual

Name

William Savage

Title

Chief Medical Officer

Rule 10b5-1 Arrangement Adopted

true

January 23, 2025

June 6, 2025

134 days

2,996

Jean Franchi [Member]

Trading Arrangements, by Individual

Name

Jean Franchi

Title

Chief Financial Officer

Rule 10b5-1 Arrangement Adopted

true

March 10, 2025

December 31, 2025

290 days

6,031

Long-Term Debt - Summary of Obligations Under the Term Loan Facility (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Long-term debt, net	$ 28,529	$ 28,322
Term Loan [Member]
Debt Instrument [Line Items]
Principal term loan balance	30,000
Unamortized debt discount and issuance costs	(1,648)
Accrued end of term fee	177
Long-term debt, net	$ 28,529

- Definition

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+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Other Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2025

Accrued Liabilities [Abstract]

Summary of Other Accrued Expenses

Other accrued expenses consisted of the following (in thousands):


	March 31,		December 31,
	2025		2024
Accrued employee-related expenses	$	1,813	$	7,211
Accrued professional fees		1,818		531
Accrued other		507		355
Total other accrued expenses	$	4,138	$	8,097

Cash, Cash Equivalents and Restricted Cash - Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 122,675	$ 192,434
Restricted cash	239	238
Total cash, cash equivalents and restricted cash as shown on the condensed consolidated statements of cash flows	$ 122,914	$ 192,672	$ 342,850	$ 360,616

Marketable Securities - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($) Positions	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) Positions
Marketable Securities [Abstract]
Aggregate fair value of marketable securities in unrealized loss	$ 105,200		$ 51,000
Number of investments \| Positions	11		5
Charges for credit-related impairments	$ 0	$ 0

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Summary of Obligations Under the Term Loan Facility

The obligations under the Term Loan Facility as of March 31, 2025 consisted of the following (in thousands):


	March 31,
	2025
Principal term loan balance	$	30,000
Unamortized debt discount and issuance costs		(1,648	)
Accrued end of term fee		177
Long-term debt, net	$	28,529

Scheduled Annual Principal Payments for Term Loan

The annual principal payments due under the Term Loan Facility as of March 31, 2025 were as follows (in thousands):


Remainder of 2025	$	—
2026		—
2027		—
2028		2,203
2029		27,797
Total	$	30,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Preferred stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
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	34,581,222	29,865,030
Common stock, shares outstanding	34,581,222	29,865,030

Segment Information - Schedule of Significant Segment Expense Categories (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Research and development personnel-related expense	$ (27,763)	$ (23,704)
Stock-based compensation expense	(6,363)	(4,058)
Net loss	(34,085)	(26,949)
Significant Segment Expense Category [Member]
Segment Reporting Information [Line Items]
Commercial expense	(1,921)	(201)
General and administrative expense	(6,858)	(5,243)
Stock-based compensation expense	(6,363)	(4,058)
Other Segment Items [Member]
Segment Reporting Information [Line Items]
Other segment items	5,861	4,513
Key Measure of Segment Profit or Loss [Member]
Segment Reporting Information [Line Items]
Net loss	(34,085)	(26,949)
Bitopertin [Member] \| Significant Segment Expense Category [Member]
Segment Reporting Information [Line Items]
Research and development personnel-related expense	(8,435)	(6,369)
DISC-0974 [Member] \| Significant Segment Expense Category [Member]
Segment Reporting Information [Line Items]
Research and development personnel-related expense	(6,121)	(3,771)
DISC-3405 [Member] \| Significant Segment Expense Category [Member]
Segment Reporting Information [Line Items]
Research and development personnel-related expense	(1,668)	(4,701)
Other Research [Member] \| Significant Segment Expense Category [Member]
Segment Reporting Information [Line Items]
Research and development personnel-related expense	(1,832)	(1,720)
Internal Research and Development [Member] \| Significant Segment Expense Category [Member]
Segment Reporting Information [Line Items]
Research and development personnel-related expense	$ (6,748)	$ (5,399)

Cash, Cash Equivalents and Restricted Cash

3 Months Ended

Mar. 31, 2025

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

3. Cash, Cash Equivalents and Restricted Cash

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


	March 31,		December 31,
	2025		2024
Cash and cash equivalents	$	122,675	$	192,434
Restricted cash		239		238
Total cash, cash equivalents and restricted cash as shown on the condensed consolidated statements of cash flows	$	122,914	$	192,672

The Company's restricted cash balance, which is classified within other assets on the condensed consolidated balance sheets, consists of letters of credit related to leased and subleased office space in Watertown, Massachusetts. The Company is required to maintain a separate cash balance to secure its letters of credit.

Long-Term Debt - Scheduled Annual Principal Payments for Term Loan (Details) - Term Loan [Member] $ in Thousands	Mar. 31, 2025 USD ($)
Debt Instrument [Line Items]
Remainder of 2025	$ 0
2026	0
2027	0
2028	2,203
2029	27,797
Total	$ 30,000

- 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

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Restricted stock units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	889,724	368,714
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	3,364,505	2,948,273
Employee Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	6,925	1,919

Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

13. Segment Information

The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions, resulting in a single reportable segment. The Company has determined that its Chief Operating Decision Maker

("CODM") is its Chief Executive Officer. The Company’s CODM reviews the Company’s financial information on a consolidated basis for the purpose of allocating resources and assessing financial performance.

The key measure of segment profit or loss that the CODM uses to allocate resources and assess performance is the Company’s consolidated net loss, as reported on the condensed consolidated statements of operations and comprehensive loss. In addition, the CODM is regularly provided the significant segment expense categories included in the table below, which are reviewed against budgeted expectations to assist in resource allocation decision-making. The categories reflect a change made during the first quarter of 2025 to separately present commercial expense. The prior period has been recast to reflect this update.


	Three Months Ended March 31,
	2025			2024
Bitopertin program external expense	$	(8,435	)	$	(6,369	)
DISC-0974 program external expense		(6,121	)		(3,771	)
DISC-3405 program external expense		(1,668	)		(4,701	)
Other external research and development expense		(1,832	)		(1,720	)
Internal and other research and development expense		(6,748	)		(5,399	)

Commercial expense	$	(1,921	)	$	(201	)

General and administrative expense	$	(6,858	)	$	(5,243	)

Stock-based compensation expense	$	(6,363	)	$	(4,058	)

Other segment items*	$	5,861		$	4,513

Net loss	$	(34,085	)	$	(26,949	)

*Other segment items include interest income, interest expense, other expense, and income tax expense as reported on the condensed consolidated statements of operations and comprehensive loss.

Assets regularly provided to the CODM are consistent with those reported on the condensed consolidated balance sheets with particular emphasis on the Company’s available liquidity, including its cash, cash equivalents and marketable securities balances. All of the Company’s tangible assets are held in the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Deficit [Member]
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
Issuance of common stock under employee stock purchase plan	245		245
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
Stock-based compensation expense	4,058		4,058
Foreign currency translation adjustments	0
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
Balance at Dec. 31, 2024	443,587	$ 3	741,297	$ 289	(298,002)
Balance (in Shares) at Dec. 31, 2024		29,865,030
Issuance of common stock upon exercise of stock options	575		575
Issuance of common stock upon exercise of stock options (in Shares)		91,524
Issuance of common stock upon vesting of restricted stock units (in shares)		83,672
Issuance of common stock under employee stock purchase plan	287		287
Stock-based compensation expense	6,363		6,363
Foreign currency translation adjustments	14			14
Unrealized gain on marketable securities	232			232
Issuance of common stock under employee stock purchase plan (in shares)		7,814
Sale of common stock in underwritten offering	234,003		234,003
Sale of common stock in underwritten offering (in Shares)		4,533,182
Sale of pre-funded warrants in underwritten offering	9,386		9,386
Net Income (Loss)	(34,085)				(34,085)
Balance at Mar. 31, 2025	$ 660,362	$ 3	$ 991,911	$ 535	$ (332,087)
Balance (in Shares) at Mar. 31, 2025		34,581,222

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Liabilities, Fair Value Disclosure [Abstract]
Asset impairment charges	$ 0	$ 0

Related Party Transactions

3 Months Ended

Mar. 31, 2025

Related Party Transactions

15. Related Party Transactions

In January 2025 and June 2024, certain existing investors participated in the Company's underwritten offerings (see Note 9 - Stockholders' Equity).

- 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.

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+ Details

Segment Information - Schedule of Significant Segment Expense Categories (Parentheticals) (Details)	3 Months Ended
	Mar. 31, 2025
Segment Reporting [Abstract]
Segment Reporting, Other Segment Item, Composition, Description	Other segment items include interest income, interest expense, other expense, and income tax expense as reported on the condensed consolidated statements of operations and comprehensive loss.

Organization and Nature of the Business

3 Months Ended

Mar. 31, 2025

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”), 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 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 located 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, cash equivalents and marketable securities as of March 31, 2025 of $694.7 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, 2025, the Company had an accumulated deficit of $332.1 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, may require significant additional financing.

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2025

Marketable Securities [Abstract]

Schedule of Marketable Securities

Marketable securities as of March 31, 2025 consisted of the following (in thousands):


			Gross Unrealized
	Amortized Cost		Gains		Losses			Estimated Fair Value
Marketable securities available-for-sale:
U.S. treasury securities	$	471,180	$	528	$	(17	)	$	471,691
U.S. government agency securities		100,259		58		(21	)		100,296
Total available-for-sale securities	$	571,439	$	586	$	(38	)	$	571,987

Marketable securities as of December 31, 2024 consisted of the following (in thousands):


			Gross Unrealized
	Amortized Cost		Gains		Losses			Estimated Fair Value
Marketable securities available-for-sale:
U.S. treasury securities	$	189,409	$	288	$	(34	)	$	189,663
U.S. government agency securities		107,722		85		(23	)		107,784
Total available-for-sale securities	$	297,131	$	373	$	(57	)	$	297,447

Schedule of Contractual Maturity

The following table shows the fair value of the Company’s marketable securities, by contractual maturity, as of March 31, 2025 (in thousands):


	March 31, 2025
Due within one year	$	109,165
Due after one year through five years		462,822
Total available-for-sale securities	$	571,987

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2025
Accounting Policies [Abstract]
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”).
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 of the common stock prior to the effective date of the reverse merger with Gemini Therapeutics, Inc. ("Gemini") in December 2022; 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, cash equivalents and marketable securities. 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.
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.

Marketable Securities

3 Months Ended

Mar. 31, 2025

Marketable Securities [Abstract]

Marketable Securities

4. Marketable Securities

Marketable securities as of March 31, 2025 consisted of the following (in thousands):


			Gross Unrealized
	Amortized Cost		Gains		Losses			Estimated Fair Value
Marketable securities available-for-sale:
U.S. treasury securities	$	471,180	$	528	$	(17	)	$	471,691
U.S. government agency securities		100,259		58		(21	)		100,296
Total available-for-sale securities	$	571,439	$	586	$	(38	)	$	571,987

Marketable securities as of December 31, 2024 consisted of the following (in thousands):


			Gross Unrealized
	Amortized Cost		Gains		Losses			Estimated Fair Value
Marketable securities available-for-sale:
U.S. treasury securities	$	189,409	$	288	$	(34	)	$	189,663
U.S. government agency securities		107,722		85		(23	)		107,784
Total available-for-sale securities	$	297,131	$	373	$	(57	)	$	297,447

As of March 31, 2025, all of the Company’s marketable securities are available to the Company for use in current operations. As a result, the Company has classified all of these securities as current assets even though the stated maturity of some individual securities may be one year or more beyond the balance sheet date. The following table shows the fair value of the Company’s marketable securities, by contractual maturity, as of March 31, 2025 (in thousands):


	March 31, 2025
Due within one year	$	109,165
Due after one year through five years		462,822
Total available-for-sale securities	$	571,987

The aggregate fair value of marketable securities with unrealized losses was $105.2 million and $51.0 million as of March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025 and December 31, 2024, eleven investments and five investments were in an unrealized loss position, respectively. All such investments have been in an unrealized loss position for less than a year and these losses are considered temporary. The Company has the ability and intent to hold these investments until a recovery of their amortized cost, which may not occur until maturity. The Company expects that U.S. treasury and U.S. government agency securities are subject to minimal credit risk. As a result, the Company did not record any charges for credit-related impairments for its available-for-sale securities for three months ended March 31, 2025 and 2024.

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	$ 571,987	$ 297,447
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	54,419	88,735
Marketable securities	0	0
Total assets	54,419	88,735
Level 1 [Member] \| Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	54,419	88,735
Level 1 [Member] \| US Treasury Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Marketable securities	0	0
Level 1 [Member] \| US Government Agencies Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	52,615	91,916
Marketable securities	571,987	297,447
Total assets	624,602	389,363
Level 2 [Member] \| Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 2 [Member] \| US Treasury Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	52,615	91,916
Marketable securities	471,691	189,663
Level 2 [Member] \| US Government Agencies Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	100,296	107,784
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Marketable securities	0	0
Total assets	0	0
Level 3 [Member] \| Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 3 [Member] \| US Treasury Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Marketable securities	0	0
Level 3 [Member] \| US Government Agencies Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	$ 0	$ 0

Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share [Abstract]
Net loss	$ (34,085)	$ (26,949)
Weighted-average common shares outstanding-basic	33,324,745	24,809,869
Weighted-average common shares outstanding-diluted	33,324,745	24,809,869
Net loss per share, basic	$ (1.02)	$ (1.09)
Net loss per share, diluted	$ (1.02)	$ (1.09)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

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

+ References

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+ Details

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]
Common stock in at-the-market offerings, issuance costs		$ 518
Common stock in underwritten offering, issuance costs	$ 15,321
Pre-funded warrants in underwritten offering, issuance costs	$ 615

Stockholders' Equity

3 Months Ended

Mar. 31, 2025

Stockholders' Equity Note [Abstract]

Common Stock

9. Stockholders' Equity

Preferred Stock

The Company was authorized to issue up to 10,000,000 shares of preferred stock, $0.0001 par value per share. As of March 31, 2025, no shares of preferred stock were issued or outstanding.

Common Stock

The Company was authorized to issue up to 100,000,000 shares of common stock, $0.0001 par value per share. As of March 31, 2025, 34,581,222 shares of common stock were issued and outstanding.

Underwritten Offerings

January 2025 Offering

In January 2025, in connection with an underwriting agreement with Jeffries LLC, Leerink Partners LLC, Stifel, Nicolaus & Company, Incorporated and Cantor Fitzgerald & Co., the Company issued 4,533,182 shares of its common stock, which included the exercise in full by the underwriters of their option to purchase up to 615,000 additional shares of common stock, at a public offering price of $55.00 per share. The Company also sold pre-funded warrants to purchase an aggregate of 181,818 shares of common stock at a price of $54.9999 per pre-funded warrant. The Company received aggregate net proceeds of $243.4 million,

after deducting offering expenses of $15.9 million. As of March 31, 2025, none of the 181,818 pre-funded warrants had been exercised.

June 2024 Offering

In June 2024, the Company entered into an underwriting agreement with Leerink Partners LLC related to an underwritten offering of 4,944,000 shares of common stock of the Company, par value $0.0001 per share, at a price to the public of $36.00 per share. The Company received net proceeds of $172.5 million, after deducting the underwriting discount and offering expenses of $5.5 million.

June 2023 Offering

In June 2023, the Company issued 3,015,919 shares of its common stock upon the completion of its public follow-on offering, which included the exercise in full by the underwriters of their option to purchase up to 420,000 additional shares of common stock, at a public offering price of $49.00 per share. The Company also sold, in lieu of shares of the Company’s common stock, pre-funded warrants to purchase an aggregate of 204,081 shares of common stock at a price of $48.9999 per pre-funded warrant. As of March 31, 2025, none of the 204,081 pre-funded warrants had been exercised.

ATM Programs

Cantor Fitzgerald & Co. (“Cantor”)

On November 15, 2024, the Company entered into a Controlled Equity Offering Sales Agreement (the “Cantor ATM Agreement”) with Cantor, pursuant to which the Company may, from time to time in its sole discretion, issue and sell to or through Cantor, acting as sales agent, shares of the Company’s common stock, par value $0.0001 per share having an aggregate offering price of up to $200.0 million. This offering was made pursuant to the Company's effective registration statement on Form S-3 filed in August 2024 (the "August 2024 Shelf"). As of March 31, 2025, there been had no issuances or sales under the Cantor ATM Agreement.

Jefferies LLC ("Jefferies")

In October 2023, the Company entered into an Open Market Sale Agreement with Jefferies as sales agent (the “Jefferies 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 at-the-market ("ATM") offerings under the Company's registration statement on Form S-3 filed in January 2023. 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 entered into an amendment to the Jefferies ATM Agreement to increase the aggregate offering price of the shares of common stock that the Company may offer under the Jefferies ATM Agreement from $59.7 million to $200.0 million. The material terms and conditions of the Jefferies ATM Agreement otherwise remained unchanged. On November 15, 2024, the Company terminated the Jefferies ATM Agreement.

During the three months ended March 31, 2024, the Company sold an aggregate of 234,449 shares of common stock in Jefferies ATM offerings under the November 2023 Shelf and pursuant to the Jefferies 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.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 14
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 122,675	$ 192,434
Marketable securities	571,987	297,447
Prepaid expenses and other current assets	10,938	3,734
Total current assets	705,600	493,615
Property and equipment, net	1,370	751
Right-of-use assets, operating leases	1,457	1,569
Other assets	839	838
Total assets	709,266	496,773
Current liabilities:
Accounts payable	6,703	7,948
Accrued external research and development expenses	7,421	7,141
Other accrued expenses	4,138	8,097
Operating lease liabilities, current	479	130
Total current liabilities	18,741	23,316
Long-term debt, net	28,529	28,322
Operating lease liabilities, non-current	1,634	1,548
Total liabilities	48,904	53,186
Commitments and contingencies (Note 14)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued or outstanding as of March 31, 2025 and December 31, 2024	0	0
Common stock, $0.0001 par value; 100,000,000 shares authorized as of March 31, 2025 and December 31, 2024; 34,581,222 and 29,865,030 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	3	3
Additional paid-in capital	991,911	741,297
Accumulated other comprehensive income	535	289
Accumulated deficit	(332,087)	(298,002)
Total stockholders' equity	660,362	443,587
Total liabilities and stockholders' equity	$ 709,266	$ 496,773

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of the Company’s basic and diluted net loss per share (in thousands, except share and per share data):


	Three months ended March 31,
	2025			2024
Numerator:
Net loss	$	(34,085	)	$	(26,949	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		33,324,745			24,809,869
Net loss per share, basic and diluted	$	(1.02	)	$	(1.09	)

Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share

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


	Three months ended March 31,
	2025		2024
Restricted stock units		889,724		368,714
Options to purchase common stock		3,364,505		2,948,273
Employee stock purchase program		6,925		1,919

Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 6,363	$ 4,058
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,959	1,543
Selling, General and Administrative Expenses [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 3,404	$ 2,515

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net loss	$ (34,085)	$ (26,949)
Adjustments to reconcile net loss to net cash used in operations:
Depreciation and amortization	20	26
Stock-based compensation	6,363	4,058
Amortization/accretion of investment securities	(2,527)	0
Non-cash lease expense	112	142
Non-cash interest expense	207	0
Other non-cash items	15	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(7,230)	(4,112)
Accounts payable	(1,277)	(7,360)
Accrued external research and development expenses	280	3,763
Other accrued expenses	(3,689)	(3,092)
Operating lease liabilities	435	(75)
Net cash used in operating activities	(41,376)	(33,599)
Cash flows from investing activities:
Purchases of marketable securities	(347,250)	0
Maturities of marketable securities	75,468	0
Purchases of property and equipment	(851)	(67)
Net cash used in investing activities	(272,633)	(67)
Cash flows from financing activities:
Proceeds from sale of common stock in underwritten offering, net of issuance costs paid	234,003	0
Proceeds from sale of pre-funded warrants in underwritten offering, net of issuance costs paid	9,386	0
Proceeds from sale of common stock in at-the-market offerings, net of issuance costs paid	0	14,849
Proceeds from stock option exercises	575	806
Contributions from employee stock purchase plan	287	245
Net cash provided by financing activities	244,251	15,900
Net decrease in cash, cash equivalents and restricted cash	(69,758)	(17,766)
Cash, cash equivalents and restricted cash, beginning of period	192,672	360,616
Cash, cash equivalents and restricted cash, end of period	122,914	342,850
Supplemental cash flow information
Cash paid for interest	698	0
Supplemental disclosure of non-cash activities
Deferred issuance costs related to underwritten offering included in accounts payable and accrued expenses	$ 225	$ 0

Net Loss Per Share - Additional Information (Details) - shares	Mar. 31, 2025	Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Pre-funded warrants outstanding	385,899	204,081

Marketable Securities - Schedule of Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Marketable Securities [Abstract]
Due within one year	$ 109,165
Due after one year through five years	462,822
Total available-for-sale securities	$ 571,987	$ 297,447

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025
	Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	54,419	$	—	$	—
U.S. treasury securities		—		52,615		—
Total cash equivalents		54,419		52,615		—
Marketable securities:
U.S. treasury securities		—		471,691		—
U.S. government agency securities		—		100,296		—
Total marketable securities		—		571,987		—
Total assets	$	54,419	$	624,602	$	—


	December 31, 2024
	Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	88,735	$	—	$	—
U.S. treasury securities		—		91,916		—
Total cash equivalents		88,735		91,916		—
Marketable securities:
U.S. treasury securities		—		189,663		—
U.S. government agency securities		—		107,784		—
Total marketable securities		—		297,447		—
Total assets	$	88,735	$	389,363	$	—

Long-Term Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Long-Term Debt

8. Long-Term Debt

On November 6, 2024 (the "Closing Date"), the Company entered into a Loan and Security Agreement (the “Hercules Loan Agreement”), with the lenders party thereto (the “Lenders”) and Hercules Capital, Inc., as administrative agent and collateral agent (the “Agent”). The Hercules Loan Agreement provides for up to $200.0 million of senior secured term loans available to the Company in multiple tranches (the “Term Loan Facility”). Under the Hercules Loan Agreement, the Company borrowed an initial amount of $30.0 million on the Closing Date, and at the Company's sole option, can draw an additional $80.0 million on or prior to December 15, 2026, as well as additional term loan advances in an aggregate principal amount of up to $65.0 million during the term of the Term Loan Facility subject to achievement of specified performance milestones, and one additional term loan advance up to an aggregate principal amount of $25.0 million subject to certain terms and conditions. The Company intends to use the proceeds of the Term Loan Facility for working capital and general corporate purposes.

The Term Loan Facility will mature on December 1, 2029 (the “Maturity Date”). The outstanding principal balance of the Term Loan Facility bears cash interest at a floating annual rate equal to the greater of (i) 8.25% and (ii) the sum of the Prime Rate and 1.75%. Accrued interest is payable monthly following the funding of each term loan advance. Borrowings under the Hercules Loan Agreement are repayable in monthly interest-only payments through November 2028. At the end of the interest-only payment period, borrowings under the Hercules Loan Agreement are repayable in equal monthly payments of principal and accrued interest until the Maturity Date. At the Company's option, the Company may prepay all or a portion of the outstanding borrowings, subject to a prepayment fee of 3.0% of the principal amount if prepayment occurs during the 18 months following the Closing Date, 2.0% after 18 months following the Closing Date but prior to 36 months following the Closing Date, and 1.0% thereafter.

The obligations under the Hercules Loan Agreement are secured, subject to customary permitted liens and other agreed-upon exceptions, by a first-priority perfected security interest in all of the tangible and intangible assets of the Company, other than intellectual property. The Hercules Loan Agreement includes customary repayment and prepayment terms, events of default, affirmative and negative covenants and representations and warranties. Additionally, the Hercules Loan Agreement contains a minimum cash covenant that requires the Company to maintain certain levels of cash in accounts subject to a control agreement in favor of the Agent at all times beginning on the first day on or after January 1, 2027 (or January 1, 2028, if the Company achieves

a certain milestone) on which the aggregate principal amount of the term loan advances is then more than $50.0 million; provided, however, the minimum cash covenant will be waived during all times that the Company's market capitalization is greater than or equal to $1.0 billion. The Hercules Loan Agreement also includes a subjective acceleration clause for circumstances which could be reasonably expected to have a material adverse effect on the Company.

The Hercules Loan Agreement provides for a final payment ("End of Term Charge"), payable upon maturity or the repayment of the obligations in full or in part (on a pro rata basis), equal to 6.75% of the aggregate principal amount of term loans advanced to the Company and repaid on such date, which is being accrued on the Company's condensed consolidated balance sheets.

The Company recorded debt discount and debt issuance costs of $1.8 million upon closing of the Hercules Loan Agreement. Debt discount and unamortized debt issuance costs were recorded as a reduction of the carrying amount on the term loan and are amortized as interest expense using the effective-interest method. In addition, unamortized deferred financing costs of $0.6 million were recorded in other assets as of March 31, 2025, related to the Company's right to borrow additional amounts in the future.

Interest expense for the three months ended March 31, 2025 was $0.9 million. As of March 31, 2025, the carrying value of the Term Loan Facility approximates its fair value.

The obligations under the Term Loan Facility as of March 31, 2025 consisted of the following (in thousands):


	March 31,
	2025
Principal term loan balance	$	30,000
Unamortized debt discount and issuance costs		(1,648	)
Accrued end of term fee		177
Long-term debt, net	$	28,529

The annual principal payments due under the Term Loan Facility as of March 31, 2025 were as follows (in thousands):


Remainder of 2025	$	—
2026		—
2027		—
2028		2,203
2029		27,797
Total	$	30,000

The table of future principal payments excludes the End of Term Charge of $2.0 million, which is due upon the maturity of the loan.

Development and License Agreements

3 Months Ended

Mar. 31, 2025

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 aggregate 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.

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.

During the three months ended March 31, 2025, the Company dosed the first patient in the Phase 2 clinical trial of DISC-0974. Per the license agreement, a milestone payment of $3.0 million was paid to AbbVie on January 31, 2025. As of March 31, 2025, no additional milestones had been achieved.

License Agreement with F. Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc. (collectively “Roche”)

In connection with a license agreement with Roche, (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. Roche is also eligible to receive tiered royalties on net sales of commercialized products, at rates ranging from high single-digits to high teens. Pursuant to the terms of the Roche Agreement and in connection with the Company's reverse merger with Gemini, the Company issued 482,313 shares of the Company to Roche for no consideration.

The next potential milestone payments include $10.0 million due upon the initiation of the first Phase 3 clinical trial with a licensed product in a first indication and $15.0 million due upon regulatory approval in the United States with a licensed product in a first indication. As of March 31, 2025, none of the milestones had been achieved.

License Agreement with Mabwell Therapeutics, Inc. ("Mabwell")

In January 2023, the Company entered into an exclusive license agreement with 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 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.

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 to Mabwell. The next potential milestone payments include $10.0 million due upon the initiation of a Phase 2 clinical trial for DISC-3405 and $5.0 million due upon the initiation of a Phase 1b clinical trial with a licensed product in a second indication. As of March 31, 2025, neither of these milestones had been achieved.

License Agreement with Oak Bay Biosciences, Inc. (“OBB”)

In December 2024, the Company entered into an out-license agreement with OBB pursuant to which the Company granted an exclusive license, with the right to grant sublicenses, to certain Gemini intellectual property. Under the terms of the agreement, the Company received an upfront payment of $0.2 million with additional consideration receivable upon the achievement of certain clinical, regulatory and sales milestones up to $7.0 million, $35.0 million, and $160.0 million, respectively. As of March 31, 2025, none of the milestones had been achieved and are not considered probable of achievement.

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating expenses:
Research and development	$ 27,763	$ 23,704
Selling, general and administrative	12,183	7,758
Total operating expenses	39,946	31,462
Loss from operations	(39,946)	(31,462)
Other income (expense), net:
Interest income	6,880	4,519
Interest expense	(897)	0
Other expense	(3)	(1)
Total other income (expense), net	5,980	4,518
Loss before income taxes	(33,966)	(26,944)
Income tax expense	(119)	(5)
Net Income (Loss)	$ (34,085)	$ (26,949)
Net loss per share, basic	$ (1.02)	$ (1.09)
Net loss per share, diluted	$ (1.02)	$ (1.09)
Weighted-average common shares outstanding-basic	33,324,745	24,809,869
Weighted-average common shares outstanding-diluted	33,324,745	24,809,869
Comprehensive loss:
Net loss	$ (34,085)	$ (26,949)
Other comprehensive income:
Foreign currency translation adjustments	14	0
Unrealized gain on marketable securities	232	0
Total other comprehensive income	246	0
Comprehensive loss	$ (33,839)	$ (26,949)

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended					3 Months Ended
	Nov. 15, 2024	Dec. 05, 2023	Jan. 31, 2025	Jun. 30, 2024	Nov. 30, 2023	Oct. 31, 2023	Jun. 30, 2023	Mar. 31, 2025	Dec. 31, 2024
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
Common stock, shares authorized								100,000,000	100,000,000
Common stock, par value (in Dollars per share)								$ 0.0001	$ 0.0001
Common stock, shares issued								34,581,222	29,865,030
Common stock, shares outstanding								34,581,222	29,865,030
Termination date of ATM agreement								Nov. 15, 2024
January Two Thousand and Twenty Five Underwritten Offering [Member]
Class of Stock [Line Items]
Common stock reserved for the exercise of pre-funded warrants								181,818
Common stock, shares issued			4,533,182
Shares issued, price per share			$ 55
Offering expenses			$ 15.9
Proceeds from sale of common stock			$ 243.4
Purchase of common stock for pre-funded warrants, shares			181,818
June Two Thousand and Twenty Three Underwritten Offering [Member]
Class of Stock [Line Items]
Common stock reserved for the exercise of pre-funded warrants								204,081
Common stock, shares issued							3,015,919
Shares issued, price per share							$ 49
Purchase of common stock for pre-funded warrants, shares							204,081
June Two Thousand and Twenty Four Underwritten Offering [Member]
Class of Stock [Line Items]
Common stock, par value (in Dollars per share)				$ 0.0001
Common stock, shares issued				4,944,000
Shares issued, price per share				$ 36
Offering expenses				$ 5.5
Proceeds from sale of common stock				$ 172.5
Cantor ATM Agreement [Member]
Class of Stock [Line Items]
Common stock, par value (in Dollars per share)	$ 0.0001
Aggregate future offer, issuance and sale	$ 200.0							$ 0.0
Jefferies LLC ATM Agreement [Member]
Class of Stock [Line Items]
Sale of common stock, shares								234,449
Aggregate future offer, issuance and sale					$ 400.0	$ 59.7
Proceeds from sale of common stock								$ 15.3
Net proceeds, after deducting placement agent fees and offering expenses								$ 14.8
Minimum [Member] \| Jefferies LLC ATM Agreement [Member]
Class of Stock [Line Items]
Aggregate future offer, issuance and sale		$ 59.7
Maximum [Member] \| January Two Thousand and Twenty Five Underwritten Offering [Member]
Class of Stock [Line Items]
Option Shares Available To Purchase For Underwriter			615,000
Maximum [Member] \| June Two Thousand and Twenty Three Underwritten Offering [Member]
Class of Stock [Line Items]
Option Shares Available To Purchase For Underwriter							420,000
Maximum [Member] \| Jefferies LLC ATM Agreement [Member]
Class of Stock [Line Items]
Aggregate future offer, issuance and sale		$ 200.0

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (34,085)	$ (26,949)

- Definition

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

+ References

+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

14. 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, 2025 and 2024 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 contract research organizations ("CROs"), contract development and manufacturing organizations ("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, 2025, the Company has not recognized any amounts related to these contingencies as the amount and timing of such payments are not fixed and estimable.

Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. 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 - Summary of Significant Accounting Policies to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

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


	March 31, 2025
	Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	54,419	$	—	$	—
U.S. treasury securities		—		52,615		—
Total cash equivalents		54,419		52,615		—
Marketable securities:
U.S. treasury securities		—		471,691		—
U.S. government agency securities		—		100,296		—
Total marketable securities		—		571,987		—
Total assets	$	54,419	$	624,602	$	—


	December 31, 2024
	Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	88,735	$	—	$	—
U.S. treasury securities		—		91,916		—
Total cash equivalents		88,735		91,916		—
Marketable securities:
U.S. treasury securities		—		189,663		—
U.S. government agency securities		—		107,784		—
Total marketable securities		—		297,447		—
Total assets	$	88,735	$	389,363	$	—

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 securities with original maturities of three months or less and marketable securities consisting of U.S. treasury and U.S. government agency securities with original maturities 24 months or less, are determined through third-party pricing services. There have been no impairments of the Company’s assets measured and carried at fair value during the three months ended March 31, 2025 and 2024. 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, 2025 and 2024. The Company did not have any non-recurring fair value measurements on any assets or liabilities during the three months ended March 31, 2025 and 2024.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
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-Topic 820
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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-Topic 820
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-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 940
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Net Loss Per Share

3 Months Ended

Mar. 31, 2025

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 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 pre-funded warrants issued in connection with the Company’s January 2025 underwritten offering and June 2023 follow-on public offering. As of March 31, 2025 and March 31, 2024, 385,899 and 204,081 pre-funded warrants were outstanding, respectively.

The following table sets forth the computation of the Company’s basic and diluted net loss per share (in thousands, except share and per share data):


	Three months ended March 31,
	2025			2024
Numerator:
Net loss	$	(34,085	)	$	(26,949	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		33,324,745			24,809,869
Net loss per share, basic and diluted	$	(1.02	)	$	(1.09	)

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 potential common shares from the computation of diluted net loss per share because including them would have had an anti-dilutive effect:


	Three months ended March 31,
	2025		2024
Restricted stock units		889,724		368,714
Options to purchase common stock		3,364,505		2,948,273
Employee stock purchase program		6,925		1,919

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating Loss Carryforwards [Line Items]
State income tax expense	$ 0.1	$ 0.1
Federal income taxes	$ 0.0	$ 0.0