0001193125-26-073602 | 10-K | XBRL Viewer

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Income Taxes - Schedule of Reconciliation of the Statutory Federal Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Federal statutory income tax rate, Amount	$ (44,483)
State and local income taxes, net of federal income tax effect, Amount	286
Other foreign jurisdictions, Amount	(69)
Research and development tax credits	(13,029)
Changes in valuation allowances Amount	54,693
Section 162(m) limitation	5,222
Stock-based compensation	(2,676)
Other, Amount	417
Effective income tax rate	$ 361	$ 355	$ 99
Federal statutory income tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	(0.10%)	6.40%	8.00%
Other foreign jurisdictions	0.00%
Research and development tax credits	6.10%	12.10%	4.00%
Stock-based compensation, Percentage	1.30%	1.30%	1.30%
Section 162(m) limitation	(2.50%)	(1.60%)	(0.80%)
Other	(0.20%)	(0.10%)	0.10%
Change in deferred tax asset valuation allowance	(25.80%)	(39.40%)	(33.60%)
Effective income tax rate	(0.20%)	(0.30%)	0.00%

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

The Company’s 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”).

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of the Company’s 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 consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these 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 merger; 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.

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 is its Chief Executive Officer. The Company’s chief operating decision maker reviews the Company’s financial information on a consolidated basis for purposes of allocating resources and assessing financial performance. All of the Company’s tangible assets are held in the United States. See Note 13 - Segment Information for additional details.

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.

Comprehensive Income (Loss)

Comprehensive income (loss) is the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Comprehensive income (loss) includes net income (loss) and the change in accumulated other comprehensive income (loss) for the period. Accumulated other comprehensive income (loss) consisted of foreign currency translation adjustments and unrealized gains (losses) on available-for-sale marketable securities during the years ended years ended December 31, 2025, 2024 and 2023.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents include cash in readily available checking and money market accounts and U.S. treasury

and corporate debt securities with original maturities of three months or less at the date of purchase. Cash equivalents are reflected at fair value based on quoted market prices as further described in Note 5 - Fair Value Measurements.

Marketable Securities

The Company classifies its marketable securities as available-for-sale. All of the Company’s marketable securities are available to the Company for use in current operations. As a result, the Company 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. Marketable securities are maintained by an investment manager and consist of U.S. treasury, US government agency, and corporate debt securities. Marketable securities are carried at fair value with the unrealized gains and losses included in accumulated other comprehensive income (loss) as a component of stockholders’ equity until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income and/or expense over the life of the underlying marketable security. Although these marketable securities are available to be sold to meet operating needs or otherwise, they are generally held through maturity. The cost of securities sold is determined on a specific identification basis, and realized gains and losses are included in other income (expense), net within the consolidated statements of operations and comprehensive loss. The Company reviews its portfolio of available-for-sale securities, using both quantitative and qualitative factors, to determine if declines in fair value below cost have resulted from a credit loss or other factors. If the decline in fair value is due to credit loss factors, a loss is recognized. To date, the Company has not experienced any credit losses and does not expect it is exposed to any significant credit risk on these investments.

Deferred Transaction Costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred transaction costs until such financings are consummated. After consummation of an equity financing, these costs are recorded as a reduction of the proceeds from the transaction, either as a reduction of the carrying value of the preferred stock or in stockholders’ equity as a reduction of additional paid-in capital generated as a result of the transaction. Should the in-process equity financing be abandoned, the deferred transaction costs would be expensed immediately as a charge to operating expenses in the consolidated statements of operations and comprehensive loss.

Fair Value Measurements

The Company categorizes its assets and liabilities measured at fair value in accordance with the provisions of ASC Topic 820, Fair Value Measurements and Disclosures, which establishes a consistent framework for measuring fair value and expands disclosures for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

•

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;

•

Level 2: Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and

•

Level 3: Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing.

The fair value of the Company’s cash equivalents and marketable securities are determined according to the fair value hierarchy described above (see Note 5 - Fair Value Measurements). The carrying values of the Company’s prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets.


		Estimated Useful Life
Leasehold improvements		Shorter of useful life or remaining life of lease
Computer equipment		3.0 years
Furniture and fixtures		3.0 years

Costs for capital assets not yet placed into service are capitalized as construction-in-progress and depreciated in accordance with the above guidelines once placed into service. Upon retirement or sale, the cost of assets disposed and the related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is included in loss from operations. Expenditures for repairs and maintenance are expensed as incurred.

The Company capitalizes internal costs incurred to develop software for internal use during the application development stage. The Company includes capitalized internally developed software subject to a cloud computing arrangement within other assets. Amortization of capitalized internally developed software costs is recorded within depreciation expense over the estimated useful life of the related asset, which is typically three years.

Impairment of Long-lived Assets

The Company accounts for the impairment and disposition of long-lived assets in accordance with ASC Topic 360, Property, Plant, and Equipment. Long-lived assets, such as property and equipment and right-of-use ("ROU") assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. The recoverability of assets or asset groups to be held and used is measured by a comparison of the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset or asset group exceeds the estimated fair value of the asset or asset group. There were no impairment losses recorded for the years ended December 31, 2025, 2024 and 2023.

Leases

The Company accounts for its leases under ASC Topic 842, Leases. Upon adoption, the Company elected to combine lease and non-lease components when calculating minimum lease payments on new leases for all asset classes. The Company has also elected an accounting policy to forgo the recognition of lease assets or liabilities for short-term leases. Short-term leases are defined, in accordance with the standard, as those with terms of one year or less and do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise.

The Company determines if an arrangement is or contains a lease at contract inception. The Company accounts for a contract as a lease when it has the right to direct the use of the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines the initial classification and measurement of right-of-use assets and lease liabilities at the lease commencement date and thereafter at the modification date, if modified.

Right-of-use assets represent the Company's right to control the underlying assets under lease, and the lease liability is the Company's obligation to make the lease payments related to the underlying assets under lease, over the contractual term. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of future minimum fixed lease payments to be made over the lease term. The Company uses the non-cancellable lease term unless it is reasonably certain that a renewal or termination option will be exercised. When available, the Company uses the rate implicit in the lease to discount lease payments to present value. As most leases do not provide an implicit rate, the Company estimates the incremental borrowing rate to discount the lease payments. The Company estimates the incremental borrowing rate based on the rates of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis, over a similar term, and in a similar economic environment. The right-of-use asset also includes any lease prepayments and initial direct costs, offset by lease incentives.

Certain lease agreements contain variable lease payments which are not included in the measurement of the lease liability. Variable lease payments relate to taxes, insurance, utilities, and common area maintenance ("CAM"). These variable lease payments are recognized in the consolidated statements of operations and comprehensive loss in the period in which the obligation for those payments is incurred.

Research and Development Expenses

Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred in performing research and development activities, including salaries and bonuses, stock-based compensation, employee benefits, facilities costs, depreciation, external costs of vendors engaged to conduct preclinical development activities and clinical trials, manufacturing expenses, as well as the costs of licensing technology.

Nonrefundable prepayments for goods or services that will be used or rendered for future research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed, or when it is no longer expected that the goods will be delivered or the services rendered.

If the Company acquires an asset or group of assets under an in-licensing arrangement that does not meet the definition of a business under ASC Topic 805, Business Combinations, and the acquired in-process research and development does not have an alternative future use, any related upfront license payment is expensed as incurred in accordance with guidance in ASC Topic 730, Research and Development. Where contingent milestone payments are due to third parties under license or other agreements, the milestone payment obligations are recognized as expense when achievement of the contingent milestone is probable, which is generally upon achievement of the milestone event. Any contingent payments that qualify as a derivative liability are recognized at fair value on the Company’s consolidated balance sheets. Annual maintenance fees under license agreements are expensed in the period in which they are incurred. Contingent payments for assets acquired are expensed as incurred or capitalized and amortized based on the nature

of the associated asset at the date the payment is recognized. Milestone payments made to third parties subsequent to regulatory approval are capitalized as intangible assets and amortized over the estimated remaining useful life of the related product. Royalties owed on sales of the products licensed pursuant to license agreements are expensed in the period the related revenues are recognized.

The Company has entered into various research, development and manufacturing contracts with research institutions and other companies primarily in the United States, including contracts with third-party contract research organizations and contract development and manufacturing organizations. These agreements are generally cancelable, and related costs are recorded as research and development expenses as incurred. The Company records accrued liabilities for estimated ongoing research, development and manufacturing costs and prepaid expenses for payments made in advance of work performed. When billing terms under these contracts do not coincide with the timing of when the work is performed, the Company is required to make estimates of outstanding obligations to those third parties as of period end. Any accrual estimates are based on a number of factors, including the Company’s knowledge of the progress towards completion of the research, development and manufacturing activities, invoicing to date under the contracts, communication from the research institutions and other companies of any actual costs incurred during the period that have not yet been invoiced and the costs included in the contracts. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results may differ from the estimates made by the Company.

Amortization of Debt Discount and Issuance Costs

Long-term debt is initially recorded as the proceeds received by the Company, net of debt issuance costs and discounts. Debt is subsequently stated at amortized cost. Debt issuance costs and discounts and are amortized to interest expense using the effective interest method, over the term of the debt. Debt issuance costs and discounts related to a recognized debt liability are presented in the consolidated balance sheets as a direct deduction from the carrying amount of that debt liability. For tranches not yet drawn, the related debt issuance costs are deferred and recorded as an asset. In the consolidated statements of cash flows, debt issuance costs paid to lenders are netted against the proceeds from the related long-term debt while debt issuance costs paid to third parties, are presented separately within financing activities.

Patent Costs

The Company expenses all costs as incurred in connection with patent applications, including direct application fees, and the legal and consulting expenses related to making such applications due to the uncertainty about the recovery of the expenditure. These costs are included in selling, general and administrative expenses within the Company’s consolidated statements of operations and comprehensive loss.

Stock-Based Compensation

The Company accounts for all stock-based awards granted to employees and non-employees as stock-based compensation expense at fair value in accordance with ASC Topic 718, Compensation - Stock Compensation. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model, which requires inputs based on certain subjective assumptions, including the fair value of the Company’s common stock on the date of grant, the expected stock price volatility, the expected term of the option, the risk-free interest rate for a period that approximates the expected term of the option and the Company’s expected dividend yield. Due to the lack of company-specific historical and implied volatility data, the Company determines the volatility for awards granted based on an analysis of reported data for a group of guideline companies that issued options with substantially similar terms. The expected volatility has been determined using a weighted-average of the historical volatility measures of this group of guideline companies. The Company expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options granted to employees has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. The Company has not paid, and does not anticipate paying, cash dividends on its common stock; therefore, the expected dividend yield is assumed to be zero. The grant date fair value of restricted stock units and shares of restricted stock granted is based on the fair value of the underlying common stock on the date of grant.

The Company recognizes compensation expense for employees and non-employees over the requisite service period, which is generally the vesting period of the respective award, based on the grant date fair value of the award. For awards that include performance-based vesting conditions expense is recognized using the accelerated attribution method when the performance condition is deemed to be probable. The Company accounts for forfeitures as they occur.

The Company classifies stock-based compensation expense in the consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified. See Note 10 - Stock-Based Compensation for a summary of the stock-based award activity under the Company’s stock-based compensation plans.

Determination of Fair Value of Common Stock on Grant Dates

Prior to the merger, due to the absence of an active market for Private Disc’s common stock, Private Disc and its Board were required to determine the fair value of Private Disc’s common stock at the time of each grant of a stock-based award. Private Disc estimated the fair value of its common stock utilizing methodologies in accordance with the framework of the American Institute of Certified Public Accountants’ Technical Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation. In determining the exercise prices for options granted, Private Disc considered the estimated fair value of the common stock as of the measurement date. The estimated fair value of the common stock has been determined at each grant date based upon a variety of factors, including prices paid for Private Disc’s convertible preferred stock and the rights, preferences, and privileges of Private Disc’s Preferred Stock and common stock; Private Disc’s stage of development and status of technological developments within Private Disc’s research; the illiquid nature of securities in a private company; the prospects of a liquidity event; and the current business climate in the marketplace. Significant changes to the key assumptions underlying the factors used could result in different fair values of common stock at each valuation date.

Private Disc’s common stock valuations were prepared using either an option pricing method (“OPM”), or a hybrid method, both of which used market approaches to estimate our enterprise value. The OPM treats common stock and convertible preferred stock as call options on the total equity value of a company, with exercise prices based on the value thresholds at which the allocation among the various holders of a company’s securities changes. Under this method, the common stock has value only if the funds available for distribution to stockholders exceeds the value of the convertible preferred stock liquidation preferences at the time of the liquidity event, such as a strategic sale or a merger. A discount for lack of marketability of the common stock is then applied to arrive at an indication of value for the common stock.

The hybrid method is a probability-weighted expected return method (“PWERM”), by which the equity value in one or more scenarios is calculated using an OPM. The PWERM is a scenario-based methodology that estimates the fair value of common stock based upon an analysis of future values for the company, assuming various outcomes. The common stock value is based on the probability-weighted present value of expected future investment returns considering each of the possible outcomes available as well as the rights of each class of stock. The future value of the common stock under each outcome is discounted back to the valuation date at an appropriate risk-adjusted discount rate and probability weighted to arrive at an indication of value for the common stock. In addition to a scenario using the OPM, the hybrid method also considers an initial public offering scenario in which the shares of convertible preferred stock are assumed to convert to common stock. The future value of the common stock in the initial public offering scenario was discounted back to the valuation date at an appropriate risk adjusted discount rate. In the hybrid method, the present value indicated for each scenario was probability weighted to arrive at an indication of value for the Private Disc’s common stock. Private Disc utilized significant estimates and assumptions in determining the fair value of its equity and equity-based awards.

Substantially all of the awards granted by the Company are either new hire grants or routine annual grants. Management evaluates its award grants and modifications contemporaneously and if any are determined to be spring-loaded, the Company will adjust the fair value.

Income Taxes

Income taxes have been accounted for using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates applicable to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. A valuation allowance against deferred tax assets is recorded if, based upon the weight of all available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Since the Company has generated operating losses and expects to continue to incur future losses, the net deferred tax assets have been fully offset by a valuation allowance.

The Company accounts for income taxes in accordance with authoritative accounting guidance which states the impact of an uncertain income tax position is recognized at the largest amount that is “more likely than not” to be sustained upon audit by the relevant taxing authority. There are no unrecognized tax benefits included in the Company’s consolidated balance sheets as of December 31, 2025 or December 31, 2024. The Company’s practice is to recognize interest and penalties related to income tax matters in income tax expense. The Company has not recognized interest or penalties related to income tax matters in its consolidated statements of operations and comprehensive loss since inception.

The Company files federal income tax returns in the United States, the Netherlands and Australia and state income tax returns in Massachusetts and various other state jurisdictions. The Company’s income tax returns are subject to review and tax assessment from an income tax examination. As of December 31, 2025, the Company was not under examination by the Internal Revenue Service or other jurisdictions for any tax year.

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 the pre-funded warrants issued in connection with the Company’s underwritten offerings in October 2025, January 2025, and June 2023 as the pre-funded warrants are exercisable for nominal cash consideration. In periods in which the Company reports a net loss, diluted net loss per share is generally the same as basic net loss per share since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

Recently Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires enhanced disclosures related to the rate reconciliation and income taxes paid, among other changes. The Company adopted the standard effective January 1, 2025, on a prospective basis. The adoption of ASU 2023-09 did not have a material impact on the Company’s consolidated financial statements, but did result in expanded income tax disclosures as required by the amended guidance. Refer to Note 11 - Income Taxes for additional details.

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 consolidated financial statements upon adoption.

Organization and Nature of the Business

12 Months Ended

Dec. 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"), and X-linked protoporphyria ("XLP"); DISC-0974 for the treatment of anemia of myelofibrosis ("MF"), and anemia of inflammatory bowel disease ("IBD"); and DISC-3405 for the treatment of polycythemia vera ("PV"), sickle cell disease ("SCD"), 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 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 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 and the ability to secure additional capital to fund operations. The Company’s research and development programs 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.

Reverse Merger with Gemini

On August 9, 2022, Gemini Therapeutics, Inc., a Delaware corporation (“Gemini”), Gemstone Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Gemini (“Merger Sub”), and Disc Medicine, Inc., a Delaware corporation (“Private Disc”), entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”). The merger was completed on December 29, 2022. In accordance with the Merger Agreement, the Merger Sub merged with and into Private Disc, with Private Disc surviving as a wholly-owned subsidiary of the Company (the “merger”). Gemini changed its name to Disc Medicine Inc., and Private Disc, which remains as a wholly-owned subsidiary of the Company, changed its name to Disc Medicine Opco, Inc. On December 30, 2022, the combined company’s common stock began trading on The Nasdaq Capital Market under the ticker symbol “IRON.”

Except as otherwise indicated, references herein to “Disc”, the “Company”, or the “combined company”, refer to Disc Medicine, Inc. on a post-merger basis, and the term “Private Disc” refers to the business of privately-held Disc Medicine, Inc., prior to completion of the merger. References to "Gemini" refer to Gemini Therapeutics, Inc. prior to completion of the merger.

In connection with the merger, each person who was a stockholder of record of Gemini or had the right to receive Gemini’s common stock received a contractual contingent value right (“CVR”) issued by Gemini subject to and in accordance with the terms and conditions of a Contingent Value Rights Agreement (the “CVR Agreement”). The CVRs represented the contractual right to receive consideration from the post-closing combined company upon the receipt of certain proceeds from a disposition of Gemini’s pre-merger assets (specifically, Gemini’s intellectual property assets (“Gemini IP”), which the Company assumed in the merger) during the one year after the closing of the merger, calculated in accordance with the CVR Agreement.

To satisfy its obligations with respect to the CVRs and the Gemini IP, the Company hired an outside firm to attempt to sell the Gemini IP. In June 2023, the Company received an offer and recorded a $1.5 million liability representing the estimated fair value of the Company’s obligation to the holders of the CVRs. However, the counterparty and the Company were unable to come to an agreement. The disposition period ended on December 29, 2023 and no dispositions of Gemini's pre-merger assets were made during the disposition period. Therefore, there were no CVR payments made to the holders and there will not be any future CVR payments to the holders. The Company’s obligations under the CVR Agreement expired and the CVRs are valueless. In December 2023, the Company recognized the reversal of the $1.5 million liability in the consolidated statements of operations and comprehensive loss. The Company generated no revenue from Gemini’s pre-merger assets and incurred approximately $1.6 million in aggregate costs (including maintenance of license agreements, storage, legal and other fees) during the year ended December 31, 2023, to maintain Gemini’s pre-merger assets solely in order to fulfill the Company’s obligations under the CVR Agreement.

Liquidity and Capital Resources

The Company’s 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 December 31, 2025 of $791.2 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 consolidated financial statements. The Company has incurred recurring losses and negative cash flows from operations since inception. As of December 31, 2025, the Company had an accumulated deficit of $510.2 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.

Stock-Based Compensation - Summary of Unrecognized Stock-based Compensation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized Expense	$ 101,765
Restricted stock units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized Expense	$ 52,672
Weighted-Average Remaining Period of Recognition	2 years 11 months 12 days
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized Expense	$ 49,093
Weighted-Average Remaining Period of Recognition	2 years 8 months 1 day

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2025	Feb. 19, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		38,160,065
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
Entity Public Float			$ 1.4
Document Annual Report	true
Document Transition Report	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Proxy Statement for its 2026 Annual Meeting of Stockholders, which the registrant intends to file with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year ended December 31, 2025, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Boston, Massachusetts
Auditor Opinion	We have audited the accompanying consolidated balance sheets of Disc Medicine, Inc. (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive loss, stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 26, 2026 expressed an unqualified opinion thereon.

Summary of Significant Accounting Policies - Schedule of Property and Equipment Estimated Useful Lives (Details)	Dec. 31, 2025
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Computer Equipment [Member]
Property Plant And Equipment [Line Items]
Estimated Useful Life	3 years
Furniture and Fixtures [Member]
Property Plant And Equipment [Line Items]
Estimated Useful Life	3 years

Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 34,340	$ 16,815	$ 5,530
Research and Development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	15,989	7,028	1,767
Selling, General and Administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 18,351	$ 9,787	$ 3,763

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss carryforwards	$ 92,780	$ 33,209
Tax credits	35,640	21,248
Research and experimental expenditures	29,699	39,463
Capitalized licenses	12,190	6,225
Stock-based compensation	7,309	3,407
Accrued expenses	857	1,137
Operating lease liabilities	492	447
Total deferred tax assets	178,967	105,136
Valuation allowance	(178,486)	(104,670)
Total deferred tax assets, net of valuation allowance	481	466
Deferred tax liabilities:
Operating lease right-of-use assets	(289)	(418)
Depreciation	(192)	(48)
Total deferred tax liabilities	(481)	(466)
Net deferred tax assets	$ 0	$ 0

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) Segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Summary of Significant Accounting Policies [Line Items]
Impairment losses	$ 0	$ 0	$ 0
Unrecognized tax benefits	$ 0	$ 0
Number of reporting units \| Segment	1
Internally Developed Software [Member]
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives	3 years

Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net loss	$ (212,184)	$ (109,357)	$ (76,429)
Weighted-average common shares outstanding-basic	35,295,663	27,606,022	22,315,877
Weighted-average common shares outstanding-diluted	35,295,663	27,606,022	22,315,877
Net loss per share, basic	$ (6.01)	$ (3.96)	$ (3.42)
Net loss per share, diluted	$ (6.01)	$ (3.96)	$ (3.42)

- Definition

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

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- 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.

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+ Details

- Definition

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

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+ Details

Cash, Cash Equivalents and Restricted Cash

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

. Cash, Cash Equivalents and Restricted Cash

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


	December 31,		December 31,
	2025		2024
Cash and cash equivalents	$	91,145	$	192,434
Restricted cash		242		238
Total cash, cash equivalents and restricted cash as shown on the consolidated statements of cash flows	$	91,387	$	192,672

The Company's restricted cash balance, which is classified within prepaid expenses and other current assets and other assets on the 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.

Leases - Additional Information (Details) $ in Millions	12 Months Ended
Leases - Additional Information (Details) $ in Millions	Dec. 31, 2025 USD ($)	Aug. 31, 2024 USD ($) ft²
Lessee, Lease, Description [Line Items]
Sublease expiration date	Nov. 30, 2026
Lease expiration date	Dec. 31, 2029
Area of office space \| ft²		7,566
Forward Starting Lease [Member]
Lessee, Lease, Description [Line Items]
Undiscounted lease payments due, net		$ 1.3
Deferred lease incentives	$ 0.3

Other Accrued Expenses

12 Months Ended

Dec. 31, 2025

Accrued Liabilities [Abstract]

Other Accrued Expenses

6. Other Accrued Expenses

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


	December 31,		December 31,
	2025		2024
Accrued employee-related expenses	$	12,642	$	7,211
Accrued professional fees		2,214		531
Accrued other		705		355
Total other accrued expenses	$	15,561	$	8,097

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	ITEM 1C. CYBERSECURITY Cyber Risk Management and Strategy Disc Medicine, under the oversight of the audit committee of the board of directors, has implemented and maintains processes to review and manage enterprise risks, including annual assessments of cybersecurity risks, across the Company. Our cybersecurity risk management program, which is informed by and incorporates elements of recognized industry standards, is designed to identify, assess, and mitigate critical risks from cybersecurity threats. This program includes, but is not limited to, ongoing monitoring for potential critical risks from cybersecurity threats using automated tools. To support our cybersecurity risk management program, we leverage a managed service provider, or MSP, that provides ongoing support for the protection of our information technology infrastructure as well as a virtual Chief Information Security Officer, or vCISO. Our cybersecurity risk management strategy is informed by periodic conversations with, and risk assessments conducted by, our vCISO. We have an employee security awareness training program, offered upon employee onboarding and on an annual basis, that is designed to raise awareness of cybersecurity threats across functions as well as to encourage consideration of cybersecurity risks across our Company. As part of this employee training program, we periodically conduct phishing simulations designed to raise employee awareness of such risks. We have also implemented a process to review contractual requirements related to information security obligations included in our agreements with certain third-party vendors and service providers, as appropriate. We have not identified any cybersecurity incidents or threats that have materially affected us or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition; however, like other companies in our industry, we and our third-party vendors may, from time to time, experience threats and security incidents relating to our and our third-party vendors’ information systems and infrastructure. For more information, please see Item 1A - Risk Factors. Governance Related to Cybersecurity Risks Our Head of Information Technology, or IT, under the oversight of our Chief Legal Officer, is responsible for the administration and maintenance of our cybersecurity risk management program, including the day-to-day oversight of the assessment and management of cybersecurity risks. The individual who currently holds the title of Head of IT has more than 20 years of experience in information security and cybersecurity risk management. Our Head of IT directly reports to, and meets periodically with, our Chief Legal Officer to discuss and review our cybersecurity risk management processes, with input from the Company’s MSP and vCISO, as appropriate. Our board of directors has delegated oversight of the Company’s cybersecurity program to the audit committee of the board of directors. As provided in the audit committee charter, the audit committee is responsible for reviewing and discussing the Company’s information security and risk management programs, controls, and procedures, including high-level review of the threat landscape facing the Company and the Company’s strategy to mitigate cybersecurity risks and potential breaches. Under the audit committee charter, the audit committee is also responsible for reviewing the recovery and communication plans for any unplanned outage, cybersecurity incident, or data breach. Our Head of IT, twice a year, provides reports to the audit committee on the status of our cybersecurity program, including measures implemented to monitor and address risks from cybersecurity threats, as appropriate. He also reports on a quarterly basis to the executive committee on cybersecurity and information technology matters. The chair of the audit committee provides periodic reports on cybersecurity risk management to the full board of directors. Our Chief Legal Officer, on an annual basis, discusses the results of our enterprise risk assessment processes, including risks related to cybersecurity, with the full board of directors.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Head of Information Technology, or IT, under the oversight of our Chief Legal Officer, is responsible for the administration and maintenance of our cybersecurity risk management program, including the day-to-day oversight of the assessment and management of cybersecurity risks. The individual who currently holds the title of Head of IT has more than 20 years of experience in information security and cybersecurity risk management. Our Head of IT directly reports to, and meets periodically with, our Chief Legal Officer to discuss and review our cybersecurity risk management processes, with input from the Company’s MSP and vCISO, as appropriate. Our board of directors has delegated oversight of the Company’s cybersecurity program to the audit committee of the board of directors. As provided in the audit committee charter, the audit committee is responsible for reviewing and discussing the Company’s information security and risk management programs, controls, and procedures, including high-level review of the threat landscape facing the Company and the Company’s strategy to mitigate cybersecurity risks and potential breaches. Under the audit committee charter, the audit committee is also responsible for reviewing the recovery and communication plans for any unplanned outage, cybersecurity incident, or data breach. Our Head of IT, twice a year, provides reports to the audit committee on the status of our cybersecurity program, including measures implemented to monitor and address risks from cybersecurity threats, as appropriate. He also reports on a quarterly basis to the executive committee on cybersecurity and information technology matters. The chair of the audit committee provides periodic reports on cybersecurity risk management to the full board of directors. Our Chief Legal Officer, on an annual basis, discusses the results of our enterprise risk assessment processes, including risks related to cybersecurity, with the full board of directors.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Head of IT directly reports to, and meets periodically with, our Chief Legal Officer to discuss and review our cybersecurity risk management processes, with input from the Company’s MSP and vCISO, as appropriate. Our board of directors has delegated oversight of the Company’s cybersecurity program to the audit committee of the board of directors. As provided in the audit committee charter, the audit committee is responsible for reviewing and discussing the Company’s information security and risk management programs, controls, and procedures, including high-level review of the threat landscape facing the Company and the Company’s strategy to mitigate cybersecurity risks and potential breaches. Under the audit committee charter, the audit committee is also responsible for reviewing the recovery and communication plans for any unplanned outage, cybersecurity incident, or data breach.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Head of IT, twice a year, provides reports to the audit committee on the status of our cybersecurity program, including measures implemented to monitor and address risks from cybersecurity threats, as appropriate. He also reports on a quarterly basis to the executive committee on cybersecurity and information technology matters.
Cybersecurity Risk Role of Management [Text Block]	Our Head of Information Technology, or IT, under the oversight of our Chief Legal Officer, is responsible for the administration and maintenance of our cybersecurity risk management program, including the day-to-day oversight of the assessment and management of cybersecurity risks. The individual who currently holds the title of Head of IT has more than 20 years of experience in information security and cybersecurity risk management. Our Head of IT directly reports to, and meets periodically with, our Chief Legal Officer to discuss and review our cybersecurity risk management processes, with input from the Company’s MSP and vCISO, as appropriate. Our board of directors has delegated oversight of the Company’s cybersecurity program to the audit committee of the board of directors. As provided in the audit committee charter, the audit committee is responsible for reviewing and discussing the Company’s information security and risk management programs, controls, and procedures, including high-level review of the threat landscape facing the Company and the Company’s strategy to mitigate cybersecurity risks and potential breaches. Under the audit committee charter, the audit committee is also responsible for reviewing the recovery and communication plans for any unplanned outage, cybersecurity incident, or data breach.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our board of directors has delegated oversight of the Company’s cybersecurity program to the audit committee of the board of directors. As provided in the audit committee charter, the audit committee is responsible for reviewing and discussing the Company’s information security and risk management programs, controls, and procedures, including high-level review of the threat landscape facing the Company and the Company’s strategy to mitigate cybersecurity risks and potential breaches. Under the audit committee charter, the audit committee is also responsible for reviewing the recovery and communication plans for any unplanned outage, cybersecurity incident, or data breach.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The individual who currently holds the title of Head of IT has more than 20 years of experience in information security and cybersecurity risk management.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Head of IT, twice a year, provides reports to the audit committee on the status of our cybersecurity program, including measures implemented to monitor and address risks from cybersecurity threats, as appropriate. He also reports on a quarterly basis to the executive committee on cybersecurity and information technology matters. The chair of the audit committee provides periodic reports on cybersecurity risk management to the full board of directors.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Segment Information

12 Months Ended

Dec. 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 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 has not generated any revenue since its inception. The Company primarily incurs expenses in connection with the research and development of its product candidates as well as selling, general and administrative costs consisting of salaries and related costs for personnel in executive, finance, commercial, corporate and business development, and administrative functions, as well as legal, consulting, commercial planning, market research and professional fees.

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 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 periods have been recast to reflect this update.


	Year Ended December 31,
	2025			2024			2023
Bitopertin program external expense	$	(58,827	)	$	(28,105	)	$	(17,271	)
DISC-0974 program external expense		(27,586	)		(16,943	)		(9,136	)
DISC-3405 program external expense		(17,693	)		(13,934	)		(20,168	)
Other external research and development expense		(13,598	)		(6,879	)		(4,752	)
Internal and other research and development expense		(36,947	)		(23,782	)		(16,170	)

Commercial expense	$	(14,879	)	$	(1,904	)	$	(1,007	)

General and administrative expense	$	(32,152	)	$	(21,358	)	$	(17,091	)

Stock-based compensation expense	$	(34,340	)	$	(16,815	)	$	(5,530	)

Other segment items*	$	23,838		$	20,363		$	14,696

Net loss	$	(212,184	)	$	(109,357	)	$	(76,429	)

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

Assets regularly provided to the CODM are consistent with those reported on the 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.

+ References

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+ Details

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jan. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation outstanding shares	3,269,290	2,870,364
Share-based Payment Arrangement, Expense	$ 34,340	$ 16,815	$ 5,530
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 30,200	$ 14,500	$ 8,300
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 39.53	$ 35.36	$ 26.54
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Expected dividend yield	0.00%	0.00%	0.00%
Granted	1,060,514
Fair value of stock options vested	$ 17,700	$ 10,000	$ 3,700
Common stock shares issued	37,890,616	29,865,030
Tax benefit from the exercise of options eligible for a tax deduction	$ 21,800	$ 11,000	7,200
Share-Based Payment Arrangement, Expense	$ 34,340	$ 16,815	$ 5,530
Exercisable at December 31, 2025	$ 24.52
Restricted stock units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted	$ 56.44
Fair value of restricted stock units vested	$ 7,100
Vested Restricted Stock Awards		0	0
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 11 months 12 days
Restricted Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares issued	63,061
Vested Restricted Stock Awards			1,916
Restricted Common Stock [Member] \| Disc Medicine Inc [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common Stock, Par or Stated Value Per Share	$ 0.0001
2021 Inducement Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for options grant	161,689
2021 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for options grant	283,866
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum	1.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Other Share Increase (Decrease)	43,055
Out-Of-Plan Inducement Grants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	36 months
Common stock shares issued			0
Out-Of-Plan Inducement Grants [Member] \| Restricted stock units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	25.00%
Granted	23,333	146,664
Out-Of-Plan Inducement Grants [Member] \| Nonqualified Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	25.00%
Granted	35,000	220,000
2021 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum percent of fair market value of common stock	100.00%
Vesting period	4 years
Number of shares available for options grant	1,158,171
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum	4.00%
Gemini Merger [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares issued				1,672,599
Gemini Merger [Member] \| 2021 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of common stock reserved				180,894
Common Stock, Capital Shares Reserved for Future Issuance				180,894
Gemini Merger [Member] \| 2021 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of common stock reserved				2,035,103
Common Stock, Capital Shares Reserved for Future Issuance				2,035,103

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Company's Lease Expense and Other Information

The components of lease expense were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Operating lease costs	$	668	$	641	$	422
Variable lease costs		486		486		159
Total lease expense	$	1,154	$	1,127	$	581

The weighted average remaining lease term and discount rate were as follows:


	As of December 31,
	2025			2024
Weighted-average remaining lease term	3.2 years			3.5 years
Weighted-average discount rate		10.3	%		10.3	%

Schedule of Future Minimum Lease Payments

The following table presents the future minimum lease payments under the Company's lease liabilities as of December 31, 2025, (in thousands):


	Operating Leases
2026	$	737
2027		285
2028		389
2029		401
2030		—
Total minimum lease payments	$	1,812
Less: imputed interest		(294	)
Lease liabilities	$	1,518

Income Taxes - Schedule of Income Taxes Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Taxes Paid, Net [Abstract]
Federal	$ 0
State	315
Foreign	34
Total cash paid during the period for income taxes	$ 349	$ 300	$ 100

Consolidated Statements 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, 2022	$ 176,600	$ 2	$ 288,814		$ (112,216)
Balance (in shares) at Dec. 31, 2022		17,403,315
Issuance of common stock upon exercise of stock options	2,763		2,763
Issuance of common stock upon exercise of stock options (in shares)		254,432
Issuance of common stock upon vesting of restricted stock awards (in shares)		1,916
Issuance of common stock upon exercise of warrants		1,229,221
Sale of common stock in follow-on public offering	138,508		138,508
Sale of common stock in follow-on public offering, (in shares)		3,015,919
Sale of pre-funded warrants in follow-on public offering	9,373		9,373
Sale of common stock in an underwritten offering	34,148		34,148
Sale of common stock in an underwritten offering, (in shares)		1,488,166
Sale of pre-funded warrants in underwritten offering	28,206		28,206
Sale of common stock in at-the-market offerings	26,422		26,422
Sale of common stock in at-the-market offerings, (in shares)		967,264
Stock-based compensation expense	5,530		5,530
Foreign currency translation adjustments	0
Net loss	(76,429)				(76,429)
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	2,976		2,976
Issuance of common stock upon exercise of stock options (in shares)		315,266
Sale of common stock in an underwritten offering	172,512	$ 1	172,511
Sale of common stock in an underwritten offering, (in shares)		4,944,000
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
Issuance of common stock under employee stock purchase plan	441		441
Issuance of common stock under employee stock purchase plan (in shares)		11,082
Stock-based compensation expense	16,815		16,815
Foreign currency translation adjustments	(27)			$ (27)
Unrealized gain on marketable securities	316			316
Net loss	(109,357)				(109,357)
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	$ 8,641		8,641
Issuance of common stock upon exercise of stock options (in shares)	578,872	578,872
Issuance of common stock upon vesting of restricted stock units (in shares)		117,911
Sale of common stock in an underwritten offering	$ 440,346		440,346
Sale of common stock in an underwritten offering, (in shares)		7,152,231
Sale of pre-funded warrants in underwritten offering	14,076		14,076
Sale of common stock in at-the-market offerings	9,766	$ 1	9,765
Sale of common stock in at-the-market offerings, (in shares)		162,457
Issuance of common stock under employee stock purchase plan	578		578
Issuance of common stock under employee stock purchase plan (in shares)		14,115
Stock-based compensation expense	34,340		34,340
Foreign currency translation adjustments	(1)			(1)
Unrealized gain on marketable securities	677			677
Net loss	(212,184)				(212,184)
Balance at Dec. 31, 2025	$ 739,826	$ 4	$ 1,249,043	$ 965	$ (510,186)
Balance (in shares) at Dec. 31, 2025		37,890,616

Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 as of December 31, 2025 are summarized as follows (in thousands):


	December 31, 2025
	Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	72,932	$	—	$	—
Corporate debt securities		—		9,981		—
Total cash equivalents		72,932		9,981		—
Marketable securities:
U.S. treasury securities		—		485,529		—
Corporate debt securities		—		132,941		—
U.S. government agency securities		—		81,537		—
Total marketable securities		—		700,007		—
Total assets	$	72,932	$	709,988	$	—

Financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 are summarized as follows (in thousands):


	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	$	—

Organization and Nature of the Business - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Jun. 30, 2023
Nature Of Business [Line Items]
Aggregate costs incurred	$ 1,600
Cash, cash equivalents and short-term marketable securities		$ 791,200
Liability incurred under estimated fair value of Company's obligation				$ 1,500
Change in fair value of contingent value right liability	$ 1,500
Accumulated deficit		$ 510,186	$ 298,002

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Subsequent Events - Additional Information (Details) $ in Millions	1 Months Ended
	Feb. 28, 2026 USD ($)
Mabwell [Member] \| Development and Regulatory Second Indication First Milestone [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Milestone payable	$ 5.0

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Liabilities, Fair Value Disclosure [Abstract]
Asset impairment charges	$ 0	$ 0	$ 0
Fair value of transferred assets from level 2 to level 1		$ 900

Segment Information - Schedule of Significant Segment Expense Categories (Parentheticals) (Details)	12 Months Ended
	Dec. 31, 2025
Segment Reporting [Abstract]
Segment Reporting, Other Segment Item, Composition, Description	Other segment items include interest income, interest expense, other income (expense), and income tax expense as reported on the consolidated statements of operations and comprehensive loss.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (212,184)	$ (109,357)	$ (76,429)

- Definition

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

+ References

+ Details

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended								12 Months Ended
	Nov. 15, 2024	Dec. 05, 2023	Oct. 31, 2025	Jan. 31, 2025	Jun. 30, 2024	Nov. 30, 2023	Oct. 31, 2023	Jun. 30, 2023	Feb. 28, 2023	Jan. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2023
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											37,890,616	29,865,030
Common stock, shares outstanding											37,890,616	29,865,030
Cantor ATM Agreement [Member]
Class of Stock [Line Items]
Common stock, par value (in Dollars per share)	$ 0.0001
Sale of common stock, shares											162,457
Aggregate future offer, issuance and sale	$ 200.0
Proceeds from sale of common stock											$ 10.1
Net proceeds, after deducting placement agent fees and offering expenses											$ 9.8
Jefferies LLC ATM Agreement [Member]
Class of Stock [Line Items]
Sale of common stock, shares												234,449	141,914
Aggregate future offer, issuance and sale						$ 400.0	$ 59.7
Termination date of ATM agreement											Nov. 15, 2024
Offering expenses												$ 0.6
Proceeds from sale of common stock												15.3	$ 7.2
Net proceeds, after deducting placement agent fees and offering expenses												$ 14.8	$ 7.0
Jefferies LLC November 2023 ATM Agreement [Member]
Class of Stock [Line Items]
Sale of common stock, shares											376,363
Proceeds from sale of common stock											$ 22.5
Net proceeds, after deducting placement agent fees and offering expenses											$ 21.8
SVB Securities LLC ATM Agreement [Member]
Class of Stock [Line Items]
Sale of common stock, shares													825,350
Aggregate future offer, issuance and sale										$ 300.0
Offering expenses													$ 0.3
Proceeds from sale of common stock													20.0
Net proceeds, after deducting placement agent fees and offering expenses													$ 19.5
October Two Thousand and Twenty Five Underwritten Offering [Member]
Class of Stock [Line Items]
Sale of common stock, shares			2,619,049
Offering expenses			$ 14.0
Proceeds from sale of common stock			$ 211.0
Sale of common stock, price per share			$ 84
Purchase of common stock for pre-funded warrants, shares			59,523								59,523
Sale of pre-funded warrant, price per warrant			$ 83.9999
January Two Thousand and Twenty Five Underwritten Offering [Member]
Class of Stock [Line Items]
Sale of common stock, shares				4,533,182
Offering expenses				$ 15.9
Proceeds from sale of common stock				$ 243.4
Sale of common stock, price per share				$ 55
Purchase of common stock for pre-funded warrants, shares				181,818							181,818
Sale of pre-funded warrant, price per warrant				$ 54.9999
June Two Thousand and Twenty Four Underwritten Offering [Member]
Class of Stock [Line Items]
Common stock, par value (in Dollars per share)					$ 0.0001
Sale of common stock, shares					4,944,000
Offering expenses					$ 5.5
Net proceeds, after deducting placement agent fees and offering expenses					$ 172.5
Sale of common stock, price per share					$ 36
June Two Thousand and Twenty Three Underwritten Offering [Member]
Class of Stock [Line Items]
Sale of common stock, shares								3,015,919
Offering expenses								$ 9.9
Proceeds from sale of common stock								$ 147.9
Sale of common stock, price per share								$ 49
Purchase of common stock for pre-funded warrants, shares								204,081			204,081
Sale of pre-funded warrant, price per warrant								$ 48.9999
February Two Thousand And Twenty Three Underwritten Offering [Member]
Class of Stock [Line Items]
Common stock, shares issued														1,229,221
Sale of common stock, shares									1,488,166
Offering expenses									$ 0.1
Proceeds from sale of common stock									$ 62.4
Sale of common stock, price per share									$ 23
Purchase of common stock for pre-funded warrants, shares									1,229,224
Sale of pre-funded warrant, price per warrant									$ 22.9999
Gemini Merger [Member]
Class of Stock [Line Items]
Common stock, shares issued										1,672,599
Sale of common stock, shares										12,635,956
2021 Plan [Member] \| Gemini Merger [Member]
Class of Stock [Line Items]
Common stock reserved and available for future issuance										2,035,103
2021 Employee Stock Purchase Plan [Member] \| Gemini Merger [Member]
Class of Stock [Line Items]
Common stock reserved and available for future issuance										180,894
Minimum [Member] \| Jefferies LLC ATM Agreement [Member]
Class of Stock [Line Items]
Aggregate future offer, issuance and sale		$ 59.7
Maximum [Member] \| Jefferies LLC ATM Agreement [Member]
Class of Stock [Line Items]
Aggregate future offer, issuance and sale		$ 200.0
Maximum [Member] \| SVB Securities LLC ATM Agreement [Member]
Class of Stock [Line Items]
Aggregate future offer, issuance and sale										$ 100.0
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

Long-Term Debt

12 Months Ended

Dec. 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 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 December 31, 2025 and 2024 related to the Company's right to borrow additional amounts in the future.

Interest expense related to the Term Loan Facility for the years ended December 31, 2025 and 2024 was $3.6 million and $0.6 million, respectively. As of December 31, 2025 and 2024, the carrying value of the Term Loan Facility approximates its fair value.

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


	December 31,
	2025
Principal term loan balance	$	30,000
Unamortized debt discount and issuance costs		(1,351	)
Accrued end of term fee		510
Long-term debt, net	$	29,159

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


2026	$	—
2027		—
2028		2,211
2029		27,789
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.

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating expenses:
Research and development	$ 170,640	$ 96,671	$ 69,264
Selling, general and administrative	65,382	33,049	21,861
Total operating expenses	236,022	129,720	91,125
Loss from operations	(236,022)	(129,720)	(91,125)
Other income (expense), net:
Interest income	27,761	21,292	14,797
Interest expense	(3,607)	(572)	0
Other income (expense)	45	(2)	(2)
Total other income (expense), net	24,199	20,718	14,795
Loss before income taxes	(211,823)	(109,002)	(76,330)
Income tax expense	(361)	(355)	(99)
Net loss	$ (212,184)	$ (109,357)	$ (76,429)
Net loss per share, basic	$ (6.01)	$ (3.96)	$ (3.42)
Net loss per share, diluted	$ (6.01)	$ (3.96)	$ (3.42)
Weighted-average common shares outstanding-basic	35,295,663	27,606,022	22,315,877
Weighted-average common shares outstanding-diluted	35,295,663	27,606,022	22,315,877
Comprehensive loss:
Net loss	$ (212,184)	$ (109,357)	$ (76,429)
Other comprehensive income:
Foreign currency translation adjustments	(1)	(27)	0
Unrealized gain on marketable securities	677	316	0
Total other comprehensive income	676	289	0
Comprehensive loss	$ (211,508)	$ (109,068)	$ (76,429)

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

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

Summary of Fair Value of Stock Option Granted

The weighted-average assumptions used to estimate the fair value of stock options granted were as follows:


	Year Ended December 31,
	2025			2024			2023
Risk-free interest rate		4.23	%		4.00	%		4.03	%
Expected term (in years)		6.43			6.35			6.88
Expected volatility		76	%		60	%		59	%
Expected dividend yield		0	%		0	%		0	%
Fair value per share of common stock	$	56.05		$	58.99		$	43.42

Schedule of Stock Option Activity

The following table summarizes stock option activity for the year ended December 31, 2025:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value (In Thousands)
Outstanding at December 31, 2024		2,870,364		$	26.52		7.44	$	106,766
Granted		1,060,514			55.89
Exercised		(578,872	)		14.91
Forfeited		(74,539	)		43.65
Expired		(8,177	)		53.87
Outstanding at December 31, 2025		3,269,290		$	37.64	$	7.48	$	137,014
Exercisable at December 31, 2025		1,741,466		$	24.52	$	6.36	$	95,764

Summary of 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 was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Research and development	$	15,989	$	7,028	$	1,767
Selling, general and administrative		18,351		9,787		3,763
Total stock-based compensation expense	$	34,340	$	16,815	$	5,530

Summary of Unrecognized Stock-based Compensation

The following table summarizes unrecognized stock-based compensation expense as of December 31, 2025:


	Unrecognized Expense (In Thousands)		Weighted-Average Remaining Period of Recognition (In Years)
Restricted stock units	$	52,672		2.95
Stock options		49,093		2.67
Total unrecognized equity-based compensation expense	$	101,765

Restricted stock units [Member]

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

Schedule of Restricted Stock Unit Activity

The following table summarizes restricted stock unit activity for the year ended December 31, 2025:


	Number of Units			Weighted- Average Grant Date Fair Value
Restricted stock units as of December 31, 2024		475,140		$	60.01
Granted		827,402			56.44
Vested		(117,911	)		60.15
Forfeited		(42,186	)		56.78
Restricted stock units as of December 31, 2025		1,142,445		$	57.29

- 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

Marketable Securities

12 Months Ended

Dec. 31, 2025

Marketable Securities [Abstract]

Marketable Securities

4. Marketable Securities

Marketable securities as of December 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	$	484,670	$	859	$	—		$	485,529
Corporate debt securities		132,913		44		(16	)		132,941
U.S. government agency securities		81,431		110		(4	)		81,537
Total available-for-sale securities	$	699,014	$	1,013	$	(20	)	$	700,007

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 December 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 December 31, 2025 (in thousands):


	December 31, 2025
Due within one year	$	479,683
Due after one year through five years		220,324
Total available-for-sale securities	$	700,007

The aggregate fair value of marketable securities with unrealized losses was $41.3 million as of December 31, 2025 and $51.0 million as of December 31, 2024. As of December 31, 2025 and December 31, 2024, five investments, respectively, were in an unrealized loss position. 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, U.S. government agency and corporate debt 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 during the years ended December 31, 2025, 2024 and 2023.

Licensing Activities and Business Development

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Licensing Activities and Business Development

7. Licensing Activities and Business Development

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.

In January 2025, the Company made a milestone payment of $3.0 million upon the first administration to a patient in the Phase 2 clinical trial of DISC-0974 which was recorded within research and development in the Company’s consolidated statements of operations and comprehensive loss for the year ended December 31, 2025. As of December 31, 2025, no additional milestones were deemed probable of achievement.

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.

In June 2025, the Company made a milestone payment of $10.0 million upon the initiation of the first Phase 3 clinical trial with a licensed product in a first indication which was recorded within research and development in the Company’s consolidated statements of operations and comprehensive loss for the year ended December 31, 2025. The next potential milestone payment is $15.0 million due upon regulatory approval in the United States with a licensed product in a first indication. As of December 31, 2025, this milestone was not deemed probable of achievement.

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 made a milestone payment of $5.0 million upon the first administration to a patient in the Phase 1 clinical trial for DISC-3405. In September 2025, the Company made a milestone payment of $10.0 million upon the first administration to a patient in a Phase 2 clinical trial for DISC-3405. These payments were recorded within research and development in the Company’s consolidated statements of operations and comprehensive loss. The next potential milestone payment is $5.0 million due upon the first administration to a patient in a Phase 1b clinical trial with a licensed product in a second indication. As of December 31, 2025, this milestone was not deemed probable of achievement. Subsequent to December 31, 2025, on February 9, 2026, this milestone was achieved. See Note 17 - Subsequent Events for additional details.

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 December 31, 2025, none of the milestones had been achieved, nor were they considered probable of achievement.

Merger Agreement

In May 2025, the Company acquired a privately held company with a clinic-ready program for myelodysplastic syndromes and similar hematologic conditions. The transaction included no upfront cash payment and up to $50.0 million in late-stage contingent development and sales-based milestone payments (“Contingent Consideration”). The acquired entity’s primary asset was in-process research and development (“IPR&D”) with no alternative future use.

The Company determined that the acquired entity did not meet the definition of a business under ASC Topic 805. The transaction was accounted for as the initial consolidation of a variable interest entity (“VIE”) in accordance with ASC Topic 810, as the acquired entity lacked sufficient equity at risk to fund its operations, and the Company became its sole equity holder and primary beneficiary.

In connection with the transaction, the Company recorded the acquired assets and assumed liabilities at their estimated fair values as of the acquisition date, which resulted in net acquired liabilities of $0.5 million, excluding Contingent Consideration. Total consideration transferred, including the fair value of the Contingent Consideration, was $0.3 million. The difference between the consideration transferred and the fair value of net liabilities assumed resulted in a $0.9 million loss upon initial consolidation, which was recorded within research and development in the Company’s consolidated statements of operations and comprehensive loss for the year ended December 31, 2025.

The fair value of the Contingent Consideration was determined using Level 3 unobservable inputs including management's estimates of milestone achievement probabilities and the application of an appropriate discount rate. Because the milestone payments were not accounted for as derivatives under ASC Topic 815, they were initially measured at fair value as of the acquisition date and are not remeasured each reporting period. The Contingent Consideration will be adjusted when it is determined that achievement of the contingent milestone is probable, which is generally upon achievement of the milestone event.

As part of the transaction, the Company also obtained an exclusive license to certain intellectual property. Under the terms of the license, the Company is obligated to make certain development and sales-based milestone payments of up to $5.6 million and $20.0 million, respectively, for each compound. Additionally, the Company is required to pay royalties on net sales of licensed products at rates in the low single-digits. As of December 31, 2025, none of the milestones had been achieved, nor were they considered probable of achievement.

Cash, Cash Equivalents and Restricted Cash (Tables)

12 Months Ended

Dec. 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):


	December 31,		December 31,
	2025		2024
Cash and cash equivalents	$	91,145	$	192,434
Restricted cash		242		238
Total cash, cash equivalents and restricted cash as shown on the consolidated statements of cash flows	$	91,387	$	192,672

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

15. Related Party Transactions

Certain existing investors have participated in the Company's underwritten offerings in October 2025, January 2025, June 2024, June 2023 and February 2023 (see Note 9 - Stockholders' Equity).

In March 2023, the Company executed a promissory note for an aggregate principal amount of $0.5 million from an existing investor. The Company did not use these funds and repaid the note four days later, recording a de minimis amount of interest expense based on the then Federal funds rate for short term loans of 4.5% per annum.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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+ Details

Long-Term Debt - Summary of Obligations Under the Term Loan Facility (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Long-term debt, net	$ 29,159	$ 28,322
Term Loan [Member]
Debt Instrument [Line Items]
Principal term loan balance	30,000
Unamortized debt discount and issuance costs	(1,351)
Accrued end of term fee	510
Long-term debt, net	$ 29,159

- 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

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- 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.

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+ Details

Cash, Cash Equivalents and Restricted Cash - Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 91,145	$ 192,434
Restricted cash	242	238
Total cash, cash equivalents and restricted cash as shown on the consolidated statements of cash flows	$ 91,387	$ 192,672	$ 360,616	$ 194,788

Net Loss Per Share (Tables)

12 Months Ended

Dec. 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):


	Year Ended December 31,
	2025			2024			2023
Numerator:
Net loss	$	(212,184	)	$	(109,357	)	$	(76,429	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		35,295,663			27,606,022			22,315,877
Net loss per share, basic and diluted	$	(6.01	)	$	(3.96	)	$	(3.42	)

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:


	As of December 31,
	2025		2024		2023
Options to purchase common stock		3,269,290		2,870,364		2,459,037
Restricted stock units		1,142,445		475,140		—
Employee stock purchase program		13,866		9,003		4,878

Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 06, 2024	Dec. 31, 2025	Dec. 31, 2024
Term Loan [Member]
Line Of Credit Facility [Line Items]
Debt discount and debt issuance costs		$ 1,351
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%
Prepayment charge, percentage	3.00%
Prepayment Charge, Percentage After Eighteen Months	2.00%
Prepayment Charge, Percentage Thereafter	1.00%
Debt discount and debt issuance costs	$ 1,800
Term loan exit fee rate	6.75%
Unamortized deferred financing costs		600	$ 600
Interest expense		$ 3,600	$ 600
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

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

16. Leases

The Company has an operating lease and sublease for office space which serves as the Company's corporate headquarters. The Company's sublease and lease expire in November 2026 and December 2029, respectively. The Company's leases do not contain any material residual value guarantees or restrictive covenants. Operating leases are recognized on the consolidated balance sheets as right-of-use assets, operating leases, operating lease liabilities, current and operating lease liabilities, non-current. Operating lease expense is recognized on a straight-line basis over the lease term within the Company’s consolidated statements of operations and comprehensive loss.

In August 2024, the Company amended its lease for 7,566 square feet of office space used as its corporate headquarters, extending the lease term from November 30, 2026 to December 31, 2029. In connection with this amendment, the Company entered into a forward-starting lease for office space currently under sublease, which is expected to commence on December 1, 2026 and expire on December 31, 2029. The Company expects total undiscounted payments of $1.3 million over the lease term. As of December 31, 2025, the forward-starting lease is not recorded on the consolidated balance sheets and will be recognized upon lease commencement.

The components of lease expense were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Operating lease costs	$	668	$	641	$	422
Variable lease costs		486		486		159
Total lease expense	$	1,154	$	1,127	$	581

The weighted average remaining lease term and discount rate were as follows:


	As of December 31,
	2025			2024
Weighted-average remaining lease term	3.2 years			3.5 years
Weighted-average discount rate		10.3	%		10.3	%

The following table presents the future minimum lease payments under the Company's lease liabilities as of December 31, 2025, (in thousands):


	Operating Leases
2026	$	737
2027		285
2028		389
2029		401
2030		—
Total minimum lease payments	$	1,812
Less: imputed interest		(294	)
Lease liabilities	$	1,518

The table above does not include contractual rent payments under the forward-starting lease which are expected to total $1.3 million on an undiscounted basis. The Company has also recorded deferred lease incentives associated with the forward-starting lease of $0.3 million within operating lease liabilities, non-current on the consolidated balance sheets.

Other Accrued Expenses - Summary of Other Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accrued Liabilities [Abstract]
Accrued employee-related expenses	$ 12,642	$ 7,211
Accrued professional fees	2,214	531
Accrued other	705	355
Total other accrued expenses	$ 15,561	$ 8,097

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Property and Equipment Estimated Useful Lives

Property and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets.


		Estimated Useful Life
Leasehold improvements		Shorter of useful life or remaining life of lease
Computer equipment		3.0 years
Furniture and fixtures		3.0 years

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Deferred income tax expense	$ 0
Cash paid for taxes, net of refunds	349	$ 300	$ 100
Valuation allowance, deferred tax asset, increase	73,800	42,900	25,700
State income tax expense	$ 361	$ 355	$ 99
Minimum [Member]
Operating Loss Carryforwards [Line Items]
Percentage of change in ownership	50.00%
Research
Operating Loss Carryforwards [Line Items]
R&D tax credit carryforwards expiration year	2037
Federal
Operating Loss Carryforwards [Line Items]
Research and development tax credits carryforwards	$ 32,100
Operating loss carryforwards	$ 342,900
R&D tax credit carryforwards expiration year	2037
Domestic State and Local
Operating Loss Carryforwards [Line Items]
Research and development tax credits carryforwards	$ 4,300
Operating loss carryforwards	$ 331,800

Other Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Accrued Liabilities [Abstract]

Summary of Other Accrued Expenses

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


	December 31,		December 31,
	2025		2024
Accrued employee-related expenses	$	12,642	$	7,211
Accrued professional fees		2,214		531
Accrued other		705		355
Total other accrued expenses	$	15,561	$	8,097

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

17. Subsequent Events

Milestone Payment

DISC-3405

In February 2026, the Company completed the first administration to a patient in the Phase 1b clinical trial of DISC-3405 in a second indication, sickle cell disease. Per the license agreement, a milestone payment of $5.0 million is payable to Mabwell. For additional details on the license agreement with Mabwell, refer to Note 7 - Licensing Activities and Business Development.

Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

12. 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):


	Year Ended December 31,
	2025			2024			2023
Numerator:
Net loss	$	(212,184	)	$	(109,357	)	$	(76,429	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		35,295,663			27,606,022			22,315,877
Net loss per share, basic and diluted	$	(6.01	)	$	(3.96	)	$	(3.42	)

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. As of December 31, 2025, 2024 and 2023, 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:


	As of December 31,
	2025		2024		2023
Options to purchase common stock		3,269,290		2,870,364		2,459,037
Restricted stock units		1,142,445		475,140		—
Employee stock purchase program		13,866		9,003		4,878

Commitments and Contingencies

12 Months Ended

Dec. 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 years ended December 31, 2025, 2024 and 2023 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 December 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.

Consolidated Statements Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Common stock in follow-on public offering, issuance costs			$ 9,272
Pre-funded warrants in follow-on public offering, issuance costs			627
Common stock in underwritten offering, issuance costs	$ 28,978	$ 5,472	80
Pre-funded warrants in underwritten offering, issuance costs	925		66
Common stock in at-the-market offerings, issuance costs	$ 302	$ 518	$ 742

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	3,269,290	2,870,364	2,459,037
Restricted stock units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	1,142,445	475,140	0
Employee Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	13,866	9,003	4,878

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 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	37,890,616	29,865,030
Common stock, shares outstanding	37,890,616	29,865,030

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

9. Stockholders' Equity

Preferred Stock

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

Common Stock

The Company is authorized to issue up to 100,000,000 shares of common stock, $0.0001 par value per share. As of December 31, 2025, 37,890,616 shares of common stock were issued and outstanding.

Underwritten Offerings

October 2025 Offering

In October 2025, in connection with an underwriting agreement with Jefferies LLC, Leerink Partners LLC, Morgan Stanley & Co. LLC, and Cantor Fitzgerald & Co., the Company sold 2,619,049 shares of its common stock, at a public offering price of $84.00 per share. The Company also sold pre-funded warrants to purchase an aggregate of 59,523 shares of common stock at a price of $83.9999 per pre-funded warrant. The Company received aggregate net proceeds of $211.0 million, after deducting offering expenses of $14.0 million. As of December 31, 2025, none of the 59,523 pre-funded warrants had been exercised.

January 2025 Offering

In January 2025, in connection with an underwriting agreement with Jefferies LLC, Leerink Partners LLC, Stifel, Nicolaus & Company, Incorporated and Cantor Fitzgerald & Co., the Company sold 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 December 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. Pursuant to the agreement, the Company sold 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 sold 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. The Company received aggregate net proceeds of $147.9 million, after deducting offering expenses of $9.9 million. As of December 31, 2025, none of the 204,081 pre-funded warrants had been exercised.

February 2023 Offering

In February 2023, the Company entered into a securities purchase agreement, with certain investors. Pursuant to the securities purchase agreement, the Company sold an aggregate of 1,488,166 shares of the Company’s common stock, at a purchase price of $23.00 per share, and with respect to a certain investor, in lieu of shares of the Company’s common stock, pre-funded warrants to purchase an aggregate of 1,229,224 shares of the Company’s common stock, at a purchase price of $22.9999 per pre-funded warrant, for aggregate net proceeds of $62.4 million, after deducting offering expenses of $0.1 million. In September 2023, all of the pre-funded warrants were exercised in a cashless transaction which resulted in 1,229,221 shares of common stock being issued to the investor.

At-The-Market ("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").

During the year ended December 31, 2025, the Company sold an aggregate of 162,457 shares of common stock in Cantor ATM offerings under the August 2024 Shelf and pursuant to the Cantor ATM Agreement. Aggregate gross proceeds from the transaction were $10.1 million and the Company received $9.8 million in net proceeds, after deducting placement agent fees and offering expenses.

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 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. In connection with the termination, the Company recognized the remaining capitalized issuance costs of $0.6 million as selling, general and administrative expense in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2024.

During the years ended December 31, 2024 and 2023, the Company sold an aggregate of 234,449 and 141,914 shares of common stock in Jefferies ATM offerings under the November 2023 Shelf and pursuant to the Jefferies ATM Agreement, respectively. During the years ended December 31, 2024 and 2023, aggregate gross proceeds from the transactions were $15.3 million and $7.2 million, respectively, and the Company received $14.8 million and $7.0 million in net proceeds, after deducting placement agent fees and offering expenses, respectively. In total, the Company sold an aggregate of 376,363 shares of common stock in ATM offerings under the November 2023 Shelf and pursuant to the Jefferies ATM Agreement for aggregate gross proceeds of $22.5 million and aggregate net proceeds received of $21.8 million, after deducting placement agent fees and offering expenses.

SVB Securities LLC

In January 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 $300.0 million of the Company’s common stock, preferred stock, debt securities, warrants or units (the “January 2023 Shelf”). Subsequently in January 2023, the Company entered into a Sales Agreement (the “Sales Agreement”) with SVB Securities LLC, as sales agent, to provide for the offering, issuance and sale by the Company of up to $100.0 million of the Company’s common stock from time to time in ATM offerings under the January 2023 Shelf. Effective June 12, 2023, the ATM program with SVB Securities LLC was suspended. Following the date of the ATM suspension, the Company did not make any further sales of its common stock pursuant to the Sales Agreement. The Sales Agreement was terminated effective September 28, 2023. In connection with the ATM suspension, the Company recognized the remaining capitalized issuance costs of $0.3 million as selling, general and administrative expense in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2023.

During the year ended December 31, 2023, the Company sold an aggregate of 825,350 shares of common stock in ATM offerings under the January 2023 Shelf and pursuant to the Sales Agreement. During the year ended December 31, 2023, aggregate gross proceeds from the transactions were $20.0 million and the Company received $19.5 million in net proceeds, after deducting placement agent fees and offering expenses.

Registration Statements Resulting from the Merger

In January 2023, as a result of the merger, the Company filed a resale registration statement on Form S-3 with the Securities and Exchange Commission (“SEC”), which covered the proposed resale or other disposition by certain stockholders of up to an aggregate of 12,635,956 shares of the Company’s common stock. The Company also filed a registration statement on Form S-8 with the SEC, which registered 1,672,599 shares of common stock issuable with respect to Private Disc options assumed by the Company pursuant to the Merger Agreement as well as 2,035,103 additional shares of common stock reserved and available for future issuance under the 2021 Plan and 180,894 additional shares of common stock reserved and available for future issuance under the 2021 Employee Stock Purchase Plan (the “2021 ESPP”).

- Definition

The entire disclosure for equity.

+ References

+ Details

Fair Value Measurements

12 Months Ended

Dec. 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 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.

Financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 are summarized as follows (in thousands):


	December 31, 2025
	Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	72,932	$	—	$	—
Corporate debt securities		—		9,981		—
Total cash equivalents		72,932		9,981		—
Marketable securities:
U.S. treasury securities		—		485,529		—
Corporate debt securities		—		132,941		—
U.S. government agency securities		—		81,537		—
Total marketable securities		—		700,007		—
Total assets	$	72,932	$	709,988	$	—

Financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 are summarized as follows (in thousands):


	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

and corporate debt securities with original maturities of three months or less and marketable securities consisting of U.S. treasury, U.S. government agency, and corporate debt securities with original maturities 24 months or less, are determined through third-party pricing services. The amortized cost of cash equivalents approximates the fair value.

There were no impairments of the Company’s assets measured and carried at fair value during the years ended December 31, 2025, 2024 and 2023. In addition, there were no changes in valuation techniques during the years ended December 31, 2025 and 2024. There were no transfers between Level 1, Level 2 and Level 3 financial assets during the year ended December 31, 2025. The Company transferred assets of $0.9 million from Level 2 to Level 1 during the year ended December 31, 2024. The Company did not have any non-recurring fair value measurements on any assets or liabilities during the years ended December 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/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 91,145	$ 192,434
Marketable securities	700,007	297,447
Prepaid expenses and other current assets	12,746	3,734
Total current assets	803,898	493,615
Property and equipment, net	1,159	751
Right-of-use assets, operating leases	1,096	1,569
Other assets	726	838
Total assets	806,879	496,773
Current liabilities:
Accounts payable	9,018	7,948
Accrued external research and development expenses	11,451	7,141
Other accrued expenses	15,561	8,097
Operating lease liabilities, current	611	130
Total current liabilities	36,641	23,316
Long-term debt, net	29,159	28,322
Operating lease liabilities, non-current	1,253	1,548
Total liabilities	67,053	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 December 31, 2025 and December 31, 2024	0	0
Common stock, $0.0001 par value; 100,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 37,890,616 and 29,865,030 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	4	3
Additional paid-in capital	1,249,043	741,297
Accumulated other comprehensive income	965	289
Accumulated deficit	(510,186)	(298,002)
Total stockholders' equity	739,826	443,587
Total liabilities and stockholders' equity	$ 806,879	$ 496,773

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2025 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	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 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 periods have been recast to reflect this update.

Licensing Activities and Business Development - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended								3 Months Ended	12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	May 31, 2025	Jan. 31, 2025	Oct. 31, 2023	May 31, 2021	Mar. 31, 2021	Sep. 30, 2019	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 29, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Loss from initial consolidation of variable interest entity										$ 852	$ 0	$ 0
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] \| 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
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]
Future milestone payment										0
Non-refundable upfront payment						$ 4,000	$ 500
Number of shares issued													482,313
License Agreement [Member] \| Mabwell [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone payment										0
Upfront payment									$ 10,000
Merger Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone recievable										0
Upfront cash payment			$ 0
Contingent and sales-based milestone payments			50,000
Acquired assets and assumed liabilities			500
Contingent consideration			300
Loss from initial consolidation of variable interest entity										900
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 First Indication First Milestone [Member] \| License Agreement [Member] \| Roche [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments		$ 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 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 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]
Milestone payments	$ 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
Development [Member] \| Merger Agreement [Member] \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone payment			5,600
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
Sales-based [Member] \| Merger Agreement [Member] \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone payment			$ 20,000

Stock-Based Compensation - Summary of Fair Value of Stock Option Granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free interest rate	4.23%	4.00%	4.03%
Expected term (in years)	6 years 5 months 4 days	6 years 4 months 6 days	6 years 10 months 17 days
Expected volatility	76.00%	60.00%	59.00%
Expected dividend yield	0.00%	0.00%	0.00%
Fair value per share of common stock	$ 56.05	$ 58.99	$ 43.42

Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2026	$ 737
2027	285
2028	389
2029	401
2030	0
Total minimum lease payments	1,812
Less imputed interest	(294)
Lease liabilities	$ 1,518

Marketable Securities - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) Positions	Dec. 31, 2024 USD ($) Positions	Dec. 31, 2023 USD ($)
Marketable Securities [Abstract]
Aggregate fair value of marketable securities in unrealized loss	$ 41,300	$ 51,000
Number of investments \| Positions	5	5
Charges for credit-related impairments	$ 0	$ 0	$ 0

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

Use of Estimates

Segment Information

Concentration of Credit Risk and of Significant Suppliers

Comprehensive Income (Loss)

Cash and Cash Equivalents

Marketable Securities

Deferred Transaction Costs

Fair Value Measurements

•

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;

•

Level 2: Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and

•

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets.


		Estimated Useful Life
Leasehold improvements		Shorter of useful life or remaining life of lease
Computer equipment		3.0 years
Furniture and fixtures		3.0 years

Impairment of Long-lived Assets

Leases

Research and Development Expenses

Amortization of Debt Discount and Issuance Costs

Patent Costs

Stock-Based Compensation

Determination of Fair Value of Common Stock on Grant Dates

Income Taxes

Net Loss Per Share

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Insider Trading Arrangements

3 Months Ended

Dec. 31, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

ITEM 9B. OTHER INFORMATION

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 December 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 (October 2, 2025)	End Date (May 1, 2026)	Up to 16,3651	Sale

(1) The aggregate number of shares available for sale cannot yet be determined, as it will be reduced by the number of shares sold to cover tax withholding obligations upon the vesting of Restricted Stock Units (RSUs). For disclosure purposes, the figures in this table reflect the maximum number of shares underlying the RSUs, without deducting shares that may be sold to cover taxes.

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

William Savage [Member]

Trading Arrangements, by Individual

Name

William Savage

Title

Chief Medical Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

October 2, 2025

Expiration Date

May 1, 2026

Aggregate Available

16,365

Leases - Schedule of Components of Company's Lease Expense and Other Information (Details 2)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted average remaining lease term	3 years 2 months 12 days	3 years 6 months
Weighted average discount rate	10.30%	10.30%

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

The Company adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures effective January 1, 2025, on a prospective basis. The disclosures required by the standard are included below for the year ended December 31, 2025. Comparative prior-period disclosures have not been revised.

The components of loss before income taxes were as follows (in thousands):


	Year Ended December 31,
	2025
Domestic	$	(212,152	)
Foreign		329
Total gain (loss) before income taxes	$	(211,823	)

The components of income tax expense were as follows (in thousands):


	Year Ended December 31,
	2025
Current:
Federal	$	—
State		361
Foreign		—
Total income tax expense	$	361

During the year ended December 31, 2025, the Company did not recognize any deferred income tax expense.

Income taxes paid were as follows (in thousands):


	Year Ended December 31,
	2025
Federal	$	—
State		315
Foreign		34
Total cash paid during the period for income taxes	$	349

Total state and foreign income taxes paid (net of refunds) for the year ended December 31, 2025 were related to Massachusetts and the Netherlands, respectively. During the years ended December 31, 2024 and 2023, the Company made cash payments for income taxes of $0.3 million and $0.1 million, respectively.

The following table reconciles the U.S. federal statutory income tax rate to the Company’s effective income tax rate for the year ended December 31, 2025:


	Year Ended
	December 31, 2025
	Amount (In Thousands)			Percentage
Federal statutory income tax rate	$	(44,483	)		21.0	%
State and local income taxes, net of federal income tax effect*		286			(0.1	)%

Foreign tax effects:
Other foreign jurisdictions		(69	)		0.0	%

Tax credits:
Research and development tax credits		(13,029	)		6.1	%

Changes in valuation allowances		54,693			(25.8	)%

Nontaxable or nondeductible items:
Section 162(m) limitation		5,222			(2.5	)%
Stock-based compensation		(2,676	)		1.3	%
Other		417			(0.2	)%

Effective income tax rate	$	361			(0.2	)%

*State taxes in Massachusetts made up the majority (greater than 50%) of the tax effect in this category.

As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective

income tax rate differed from the federal statutory income tax rate as follows:


	Year Ended December 31,
	2024			2023
Federal statutory income tax rate		21.0	%		21.0	%
State and local income taxes, net of federal income tax effect		6.4	%		8.0	%
Research and development tax credits		12.1	%		4.0	%
Stock-based compensation		1.3	%		1.3	%
Section 162(m) limitation		(1.6	)%		(0.8	)%
Other		(0.1	)%		0.1	%
Change in deferred tax asset valuation allowance		(39.4	)%		(33.6	)%
Effective income tax rate		(0.3	)%		0.0	%

The Company’s effective income tax rates for the years ended December 31, 2025, 2024 and 2023 were primarily due to state income tax resulting from interest income.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of the Company’s net deferred income taxes were as follows (in thousands):


	December 31,
	2025			2024
Deferred tax assets:
Net operating loss carryforwards	$	92,780		$	33,209
Tax credits		35,640			21,248
Research and experimental expenditures		29,699			39,463
Capitalized licenses		12,190			6,225
Stock-based compensation		7,309			3,407
Accrued expenses		857			1,137
Operating lease liabilities		492			447
Total deferred tax assets		178,967			105,136
Valuation allowance		(178,486	)		(104,670	)
Total deferred tax assets, net of valuation allowance		481			466
Deferred tax liabilities:
Operating lease right-of-use assets		(289	)		(418	)
Depreciation		(192	)		(48	)
Total deferred tax liabilities		(481	)		(466	)
Net deferred tax assets	$	—		$	—

The Company's income tax provision for the year ended December 31, 2025 related to state income taxes. The Company has evaluated the positive and negative evidence bearing upon the reliability of its deferred tax assets. Based on this, the Company has provided a valuation allowance for the full amount of the net deferred tax assets as the realization of the deferred tax assets is not determined to be more likely than not. During the year ended December 31, 2025, the valuation allowance increased by $73.8 million primarily due to the increase in the Company’s net operating loss, tax credit carryforwards as a result of current year operations and the acquisition of a privately held company during the period. During the years ended December 31, 2024 and 2023, the valuation allowance increased by $42.9 million and $25.7 million, respectively.

As of December 31, 2025, the Company had $342.9 million and $331.8 million of federal and state net operating loss ("NOL") carryforwards, respectively. Substantially all of the federal NOL carryforwards are not subject to expiration and the state NOL carryforwards begin to expire in 2037. These loss carryforwards are available to reduce future federal and state taxable income, if any. As of December 31, 2025, the Company also had federal and state research and development tax credit carryforwards of $32.1 million and $4.3 million respectively, to offset future income taxes, which will begin to expire in 2037. These loss carryforwards are subject to review and possible adjustment by the appropriate taxing authorities.

Utilization of the Company’s NOL carryforwards and research and development credit carryforwards may be subject to a substantial annual limitation due to ownership change limitations that have occurred previously or that could occur in the future in accordance with Section 382 as well as similar state provisions. These ownership changes may limit the amount of NOL and research and development credit carryforwards that can be utilized annually to offset future taxable income and taxes, respectively. In general, an ownership change as defined by Section 382 results from transactions increasing the ownership of certain stockholders or public groups in the stock of a corporation by more than 50% over a three-year period. Since its formation, the Company has raised capital

through the issuance of capital stock on several occasions. These financings could result in a change of control as defined by Section 382. The Company has also completed acquisitions of loss companies, and the associated acquired tax attributes would be further restricted by ownership changes that have occurred. The Company has not yet conducted an analysis under Section 382 to determine if historical changes in ownership through December 31, 2025, would limit or otherwise restrict its ability to utilize its NOL and research and development credit carryforwards. In addition, future changes in ownership occurring after December 31, 2025 could affect the limitation in future years, and any limitation may result in expiration of a portion of the NOL or research and development credit carryforwards before utilization.

The Company generated research and development tax credits but has not conducted a study to document the qualified activities. This study may result in an adjustment to the Company’s research and development tax credit carryforwards; however, until a study is completed and any adjustment is known, no amounts are being presented as an uncertain tax position. A full valuation allowance has been provided against the Company’s research and development tax credit carryforwards and, if an adjustment is required, this adjustment would result in an adjustment to the deferred tax asset established for the research and development tax credit carryforwards and the valuation allowance.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. Among other provisions, this act permanently extended and modified certain expiring provisions of the 2017 Tax Cuts and Jobs Act and restored the immediate expensing of domestic research and development expenses. The Company has evaluated the impacts of these provisions and has concluded the OBBBA does not have a material impact on its consolidated financial statements.

The Company follows the provisions of ASC Topic 740-10, Accounting for Uncertainty in Income Taxes, which specifies how tax benefits for uncertain tax positions are to be recognized, measured, and recorded in financial statements; requires certain disclosures of uncertain tax matters; specifies how reserves for uncertain tax positions should be classified on the consolidated balance sheets; and provides transition and interim period guidance, among other provisions. As of December 31, 2025 and 2024, the Company has not recorded any amounts for uncertain tax positions. The Company’s policy is to recognize interest and penalties accrued on any uncertain tax positions as a component of income tax expense, if any, in its consolidated statements of operations and comprehensive loss. As of December 31, 2025 and 2024, the Company had no reserves for uncertain tax positions. For the years ended December 31, 2025, 2024 and 2023, no estimated interest or penalties were recognized on uncertain tax positions.

The Company files federal income tax returns in the United States, the Netherlands and Australia and state income tax returns in Massachusetts and various other state jurisdictions. The Company’s tax returns for the years ended December 31, 2022 to December 31, 2025 remain open and subject to examination by the Internal Revenue Service and state taxing authorities.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 699,014	$ 297,131
Gross Unrealized Gains	1,013	373
Gross Unrealized Losses	(20)	(57)
Estimated Fair Value	700,007	297,447
US Treasury Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	484,670	189,409
Gross Unrealized Gains	859	288
Gross Unrealized Losses	0	(34)
Estimated Fair Value	485,529	189,663
Corporate Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	132,913
Gross Unrealized Gains	44
Gross Unrealized Losses	(16)
Estimated Fair Value	132,941
US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	81,431	107,722
Gross Unrealized Gains	110	85
Gross Unrealized Losses	(4)	(23)
Estimated Fair Value	$ 81,537	$ 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

- 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

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	$ 700,007	$ 297,447
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	72,932	88,735
Marketable securities	0	0
Total assets	72,932	88,735
Level 1 [Member] \| Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	72,932	88,735
Level 1 [Member] \| Corporate Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0
Marketable securities	0
Level 1 [Member] \| US Treasury Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		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	9,981	91,916
Marketable securities	700,007	297,447
Total assets	709,988	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] \| Corporate Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	9,981
Marketable securities	132,941
Level 2 [Member] \| US Treasury Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		91,916
Marketable securities	485,529	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	81,537	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] \| Corporate Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0
Marketable securities	0
Level 3 [Member] \| US Treasury Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		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

Segment Information - Schedule of Significant Segment Expense Categories (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Research and development expense	$ (170,640)	$ (96,671)	$ (69,264)
Stock-based compensation expense	(34,340)	(16,815)	(5,530)
Net loss	(212,184)	(109,357)	(76,429)
Significant Segment Expense Category [Member]
Segment Reporting Information [Line Items]
Commercial expense	(14,879)	(1,904)	(1,007)
General and administrative expense	(32,152)	(21,358)	(17,091)
Stock-based compensation expense	(34,340)	(16,815)	(5,530)
Other Segment Items [Member]
Segment Reporting Information [Line Items]
Other segment items	23,838	20,363	14,696
Key Measure of Segment Profit or Loss [Member]
Segment Reporting Information [Line Items]
Net loss	(212,184)	(109,357)	(76,429)
Bitopertin [Member] \| Significant Segment Expense Category [Member]
Segment Reporting Information [Line Items]
Research and development expense	(58,827)	(28,105)	(17,271)
DISC-0974 [Member] \| Significant Segment Expense Category [Member]
Segment Reporting Information [Line Items]
Research and development expense	(27,586)	(16,943)	(9,136)
DISC-3405 [Member] \| Significant Segment Expense Category [Member]
Segment Reporting Information [Line Items]
Research and development expense	(17,693)	(13,934)	(20,168)
Other Research [Member] \| Significant Segment Expense Category [Member]
Segment Reporting Information [Line Items]
Research and development expense	(13,598)	(6,879)	(4,752)
Internal Research and Development [Member] \| Significant Segment Expense Category [Member]
Segment Reporting Information [Line Items]
Research and development expense	$ (36,947)	$ (23,782)	$ (16,170)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (212,184)	$ (109,357)	$ (76,429)
Adjustments to reconcile net loss to net cash used in operations:
Depreciation and amortization	281	156	100
Stock-based compensation	34,340	16,815	5,530
Amortization/accretion of investment securities	(8,519)	(5,304)	0
Loss from initial consolidation of variable interest entity	852	0	0
Non-cash lease expense	473	433	290
Non-cash interest expense	837	127	0
Other non-cash items	1	(27)	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(8,922)	1,571	(1,166)
Accounts payable	1,070	(4,681)	(3,741)
Accrued external research and development expenses	4,310	5,155	169
Other accrued expenses	6,882	1,681	1,839
Operating lease liabilities	186	(495)	(54)
Net cash used in operating activities	(180,393)	(93,926)	(73,462)
Cash flows from investing activities:
Purchases of marketable securities	(849,585)	(386,627)	0
Maturities of marketable securities	456,219	94,800	0
Purchases of property and equipment	(933)	(505)	(89)
Net cash used in investing activities	(394,299)	(292,332)	(89)
Cash flows from financing activities:
Proceeds from sale of common stock in underwritten offerings, net of issuance costs paid	440,346	172,512	199,078
Proceeds from sale of pre-funded warrants in underwritten offerings, net of issuance costs paid	14,076	0	37,579
Proceeds from sale of common stock in at-the-market offerings, net of issuance costs paid	9,766	14,790	0
Proceeds from issuance of long-term debt, net of issuance costs paid	0	28,988	0
Payment of debt issuance costs	0	(1,393)	0
Proceeds from stock option exercises	8,641	2,976	2,722
Contributions from employee stock purchase plan	578	441	0
Net cash provided by financing activities	473,407	218,314	239,379
Net (decrease) increase in cash, cash equivalents and restricted cash	(101,285)	(167,944)	165,828
Cash, cash equivalents and restricted cash, beginning of period	192,672	360,616	194,788
Cash, cash equivalents and restricted cash, end of period	91,387	192,672	360,616
Supplemental cash flow information
Cash paid for interest	2,795	198	0
Cash paid for amounts included in the measurement of operating lease liabilities	$ 850	$ 718	$ 186

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2025

Marketable Securities [Abstract]

Schedule of Marketable Securities

Marketable securities as of December 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	$	484,670	$	859	$	—		$	485,529
Corporate debt securities		132,913		44		(16	)		132,941
U.S. government agency securities		81,431		110		(4	)		81,537
Total available-for-sale securities	$	699,014	$	1,013	$	(20	)	$	700,007

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 December 31, 2025 (in thousands):


	December 31, 2025
Due within one year	$	479,683
Due after one year through five years		220,324
Total available-for-sale securities	$	700,007

Income Taxes - Schedule of Components of Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
Domestic	$ (212,152)
Foreign	329
Loss before income taxes	$ (211,823)	$ (109,002)	$ (76,330)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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Reference 14: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Stock-Based Compensation - Schedule of Restricted Stock Unit Activity (Details) - Restricted stock units [Member]	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested at the beginning of the period \| shares	475,140
Granted \| shares	827,402
Vested \| shares	(117,911)
Forfeited \| shares	(42,186)
Unvested at the end of the period \| shares	1,142,445
Beginning period, December 31, 2024 \| $ / shares	$ 60.01
Granted \| $ / shares	56.44
Vested \| $ / shares	60.15
Forfeited \| $ / shares	56.78
Ending period, December 31, 2025 \| $ / shares	$ 57.29

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10. Stock-Based Compensation

2021 Stock Option and Incentive Plan

In February 202

1, Gemini adopted the 2021 Stock Option and Incentive Plan (the "2021 Plan") reserving shares of common stock to grant incentive stock options or nonqualified stock options for the purchase of common stock, stock appreciation rights, restricted stock awards, restricted stock units, unrestricted stock awards, cash-based awards and dividend equivalent rights to employees, officers, directors and consultants. Upon approving the 2021 Plan in February 2021, Gemini ceased granting awards under its then existing 2017 Stock Option and Grant Plan (the "2017 Gemini Plan"). Incentive stock options may only be granted to employees. The 2021 Plan is administered by the plan administrator, which is the compensation committee of the Company’s board of directors, provided therein, which has discretionary authority, subject only to the express provisions of the 2021 Plan, to interpret the 2021 Plan; determine eligibility for and grant awards; determine form of settlement of awards (whether in cash, shares of stock, other property or a combination of the foregoing), determine, modify or waive the terms and conditions of any award; prescribe forms, rules and procedures; and otherwise do all things necessary to carry out the purposes of the 2021 Plan.

The exercise price of each stock option granted under the 2021 Plan is 100% of the fair market value of the underlying stock subject to the award, determined as of the date of the grant, or such higher amount as the plan administrator may determine in connection with the grant, and the term of stock option may not be greater than ten years. The vesting and other restrictions are determined at the discretion of the plan administrator with awards generally vesting over a four-year period.

The number of shares of common stock reserved for issuance under the 2021 Plan automatically increases on January 1 of each calendar year, starting on January 1, 2022 and continuing through January 1, 2031, in an amount equal to 4% of the total number of shares of the Company’s capital stock outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by the Company’s board of directors. As of December 31, 2025, 1,158,171 shares remained available for future issuance under the 2021 Plan.

2021 Employee Stock Purchase Plan

In July 2021, Gemini’s board of directors approved the 2021 Employee Stock Purchase Plan (the "2021 ESPP"). The first offering period under the 2021 ESPP began on December 1, 2021. The number of shares of common stock reserved for issuance under the 2021 ESPP automatically increases on January 1 of each calendar year, starting on January 1, 2023 and continuing through January 1, 2031, in an amount equal to the least of (a) 1% of the total number of shares of the Company’s capital stock outstanding on the last day of the calendar month before the date of each automatic increase, (b) 43,055 shares of common stock, or (c) such number of shares determined by the Company’s board of directors. As of December 31, 2025, 283,866 shares remained available for future issuance under the 2021 ESPP.

2021 Inducement Plan

In February 2021, Gemini’s board of directors approved the 2021 Inducement Plan. The 2021 Inducement Plan is a non-stockholder approved stock plan under which equity awards are granted to induce highly-qualified prospective officers and employees who are not currently employed by the Company to accept employment and provide them with a proprietary interest in the Company. From the completion of the merger through December 31, 2025, the Company had not granted awards under the 2021 Inducement Plan. As of December 31, 2025, 161,689 shares remained available for future issuance under the plan.

2017 Stock Option and Grant Plan (the "Private Disc Plan")

Private Disc adopted the Private Disc Plan in November 2017 reserving shares of common stock for issuance to employees, directors, and consultants. The Private Disc Plan allowed for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards and other stock awards. Recipients of stock options or stock appreciation rights were eligible to purchase shares of Private Disc’s common stock at an exercise price equal to the estimated fair market value of such stock on the date of grant. The exercise price could have been less than fair market value if the stock award was granted pursuant to an assumption or substitution for another stock award in the event of a merger or sale of Private Disc. The maximum term of options granted under the Private Disc Plan was ten years, and stock options typically vested over a four-year period. The Board could have assigned vesting terms to the stock options grants as deemed appropriate. Private Disc also had the right of first refusal to purchase any proposed disposition of shares issued under the Private Disc Plan. As it relates to restricted stock awards, Private Disc had the option to repurchase any unvested shares at the original purchase price upon any voluntary or involuntary termination. At the discretion of the Board, unvested shares held by employees, directors and consultants could have accelerated vesting in the event of a change of control of Private Disc unless assumed or substituted by the acquirer or surviving entity. Upon completion of the merger in December 2022, the Company ceased granting awards under the Private Disc Plan.

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. The inducement grants typically include nonqualified stock options to purchase shares of the Company's common stock, as well as restricted stock unit grants representing shares of the Company's common stock. The option awards have a ten-year term, with 25% of the underlying shares vesting and becoming exercisable on the one-year anniversary of the date of grant, and the balance of each option award vesting in equal monthly installments over 36 months thereafter. The restricted stock unit awards vest with respect to 25

% of the underlying shares on each of the first, second, third and fourth anniversaries of the vesting date as set by the Company policy. The inducement grants are included in the stock option and restricted stock unit tables below.

During the year ended December 31, 2025, the Company granted 35,000 nonqualified stock options and 23,333 restricted stock units under employment inducement grants. During the year ended December 31, 2024, the Company granted 220,000 nonqualified stock options and 146,664 restricted stock units under employment inducement grants. The Company made no employment inducement grants during the year ended December 31, 2023.

Stock Options

For purposes of calculating stock-based compensation, the Company estimates the fair value of stock options using the Black-Scholes option-pricing model. This model incorporates various assumptions, including the expected volatility, expected term, and interest rates.

The Company does not yet have sufficient company-specific historical or implied volatility information. Therefore, the Company estimated its expected stock volatility based on the historical volatility of a publicly traded set of peer public companies and the Company will continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the option. For options with service-based vesting conditions, the expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The expected dividend yield of 0% is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.

The weighted-average assumptions used to estimate the fair value of stock options granted were as follows:


	Year Ended December 31,
	2025			2024			2023
Risk-free interest rate		4.23	%		4.00	%		4.03	%
Expected term (in years)		6.43			6.35			6.88
Expected volatility		76	%		60	%		59	%
Expected dividend yield		0	%		0	%		0	%
Fair value per share of common stock	$	56.05		$	58.99		$	43.42

The weighted-average grant date fair value of options granted in the years ended December 31, 2025, 2024 and 2023 was $39.53, $35.36 and $26.54 per share, respectively.

The following table summarizes stock option activity for the year ended December 31, 2025:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value (In Thousands)
Outstanding at December 31, 2024		2,870,364		$	26.52		7.44	$	106,766
Granted		1,060,514			55.89
Exercised		(578,872	)		14.91
Forfeited		(74,539	)		43.65
Expired		(8,177	)		53.87
Outstanding at December 31, 2025		3,269,290		$	37.64	$	7.48	$	137,014
Exercisable at December 31, 2025		1,741,466		$	24.52	$	6.36	$	95,764

The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the common stock as of the end of the period. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2025, 2024 and 2023 was $30.2 million, $14.5 million and $8.3 million, respectively. The total fair value of options vested during the years ended December 31, 2025, 2024 and 2023 was $17.7 million, $10.0 million and $3.7 million, respectively. The tax benefit from the exercise of options eligible for a tax deduction realized during the years ended December 31, 2025, 2024 and 2023 was $21.8 million, $11.0 million and $7.2 million, respectively.

Restricted Stock Units

For purposes of calculating stock-based compensation, the Company determines the fair value of the restricted stock units based on the fair value of the Company’s common stock at the time of grant. The following table summarizes restricted stock unit activity for the year ended December 31, 2025:


	Number of Units			Weighted- Average Grant Date Fair Value
Restricted stock units as of December 31, 2024		475,140		$	60.01
Granted		827,402			56.44
Vested		(117,911	)		60.15
Forfeited		(42,186	)		56.78
Restricted stock units as of December 31, 2025		1,142,445		$	57.29

The total fair value of restricted stock units vested during the year ended December 31, 2025 was $7.1 million. There were no restricted stock units which vested during the years ended December 31, 2024 or December 31, 2023.

Shares of Restricted Common Stock

The Company issued a total of 63,061 shares of restricted common stock pursuant to the Private Disc Plan at $0.0001 per share. The stock restrictions related to the sale and transferability of the stock and lapsed over the defined vesting period in the restricted stock agreement. The vesting period was generally contingent upon continued employment or consulting services being provided to the Company. In the event of termination, the Company had the right, but not the obligation to repurchase the unvested shares at the original purchase price. During the year ended December 31, 2023, 1,916 shares of restricted common stock vested. As of December 31, 2023, all awards of restricted common stock were fully vested.

Stock-Based Compensation Expense


	Year Ended December 31,
	2025		2024		2023
Research and development	$	15,989	$	7,028	$	1,767
Selling, general and administrative		18,351		9,787		3,763
Total stock-based compensation expense	$	34,340	$	16,815	$	5,530

The following table summarizes unrecognized stock-based compensation expense as of December 31, 2025:


	Unrecognized Expense (In Thousands)		Weighted-Average Remaining Period of Recognition (In Years)
Restricted stock units	$	52,672		2.95
Stock options		49,093		2.67
Total unrecognized equity-based compensation expense	$	101,765

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Outstanding at December 31, 2024	2,870,364
Granted	1,060,514
Exercised	(578,872)
Forfeited	(74,539)
Expired	(8,177)
Outstanding at December 31, 2025	3,269,290	2,870,364
Exercisable at December 31, 2025	1,741,466
Outstanding at December 31, 2024	$ 26.52
Granted	55.89
Exercised	14.91
Forfeited	43.65
Expired	53.87
Outstanding at December 31, 2025	37.64	$ 26.52
Exercisable at December 31, 2025	$ 24.52
Weighted-Average Remaining Contractual Term, Outstanding	7 years 5 months 23 days	7 years 5 months 8 days
Exercisable at December 31, 2025	6 years 4 months 9 days
Aggregate intrinsic value, Outstanding	$ 137,014	$ 106,766
Exercisable at December 31, 2025	$ 95,764

Segment Information (Tables)

12 Months Ended

Dec. 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 periods have been recast to reflect this update.


	Year Ended December 31,
	2025			2024			2023
Bitopertin program external expense	$	(58,827	)	$	(28,105	)	$	(17,271	)
DISC-0974 program external expense		(27,586	)		(16,943	)		(9,136	)
DISC-3405 program external expense		(17,693	)		(13,934	)		(20,168	)
Other external research and development expense		(13,598	)		(6,879	)		(4,752	)
Internal and other research and development expense		(36,947	)		(23,782	)		(16,170	)

Commercial expense	$	(14,879	)	$	(1,904	)	$	(1,007	)

General and administrative expense	$	(32,152	)	$	(21,358	)	$	(17,091	)

Stock-based compensation expense	$	(34,340	)	$	(16,815	)	$	(5,530	)

Other segment items*	$	23,838		$	20,363		$	14,696

Net loss	$	(212,184	)	$	(109,357	)	$	(76,429	)

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

Income Taxes - Schedule of Components of Income Tax Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Current:
Federal	$ 0
State	361
Foreign	0
Total income tax expense	$ 361

Net Loss Per Share - Additional Information (Details) - shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Pre-funded warrants outstanding	445,422	204,081	204,081

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Loss Before Income Taxes

The components of loss before income taxes were as follows (in thousands):


	Year Ended December 31,
	2025
Domestic	$	(212,152	)
Foreign		329
Total gain (loss) before income taxes	$	(211,823	)

Schedule of Components of Income Tax Expense

The components of income tax expense were as follows (in thousands):


	Year Ended December 31,
	2025
Current:
Federal	$	—
State		361
Foreign		—
Total income tax expense	$	361

Schedule of Income Taxes Paid

Income taxes paid were as follows (in thousands):


	Year Ended December 31,
	2025
Federal	$	—
State		315
Foreign		34
Total cash paid during the period for income taxes	$	349

Schedule of Reconciliation of the Statutory Federal Income Tax Rate

The following table reconciles the U.S. federal statutory income tax rate to the Company’s effective income tax rate for the year ended December 31, 2025:


	Year Ended
	December 31, 2025
	Amount (In Thousands)			Percentage
Federal statutory income tax rate	$	(44,483	)		21.0	%
State and local income taxes, net of federal income tax effect*		286			(0.1	)%

Foreign tax effects:
Other foreign jurisdictions		(69	)		0.0	%

Tax credits:
Research and development tax credits		(13,029	)		6.1	%

Changes in valuation allowances		54,693			(25.8	)%

Nontaxable or nondeductible items:
Section 162(m) limitation		5,222			(2.5	)%
Stock-based compensation		(2,676	)		1.3	%
Other		417			(0.2	)%

Effective income tax rate	$	361			(0.2	)%

*State taxes in Massachusetts made up the majority (greater than 50%) of the tax effect in this category.

As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective

income tax rate differed from the federal statutory income tax rate as follows:


	Year Ended December 31,
	2024			2023
Federal statutory income tax rate		21.0	%		21.0	%
State and local income taxes, net of federal income tax effect		6.4	%		8.0	%
Research and development tax credits		12.1	%		4.0	%
Stock-based compensation		1.3	%		1.3	%
Section 162(m) limitation		(1.6	)%		(0.8	)%
Other		(0.1	)%		0.1	%
Change in deferred tax asset valuation allowance		(39.4	)%		(33.6	)%
Effective income tax rate		(0.3	)%		0.0	%

Schedule of Deferred Tax Assets and Liabilities

The significant components of the Company’s net deferred income taxes were as follows (in thousands):


	December 31,
	2025			2024
Deferred tax assets:
Net operating loss carryforwards	$	92,780		$	33,209
Tax credits		35,640			21,248
Research and experimental expenditures		29,699			39,463
Capitalized licenses		12,190			6,225
Stock-based compensation		7,309			3,407
Accrued expenses		857			1,137
Operating lease liabilities		492			447
Total deferred tax assets		178,967			105,136
Valuation allowance		(178,486	)		(104,670	)
Total deferred tax assets, net of valuation allowance		481			466
Deferred tax liabilities:
Operating lease right-of-use assets		(289	)		(418	)
Depreciation		(192	)		(48	)
Total deferred tax liabilities		(481	)		(466	)
Net deferred tax assets	$	—		$	—

Related Party Transactions - Additional Information (Details) $ in Millions	Mar. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Debt Instrument, Face Amount	$ 0.5
Short Term Bank Loans And NotesPayable Percentage	4.50%

- 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

Leases - Schedule of Components of Company's Lease Expense and Other Information (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease costs	$ 668	$ 641	$ 422
Variable lease costs	486	486	159
Total lease expense	$ 1,154	$ 1,127	$ 581

Long-Term Debt - Scheduled Annual Principal Payments for Term Loan (Details) - Term Loan [Member] $ in Thousands	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
2026	$ 0
2027	0
2028	2,211
2029	27,789
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

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Summary of Obligations Under the Term Loan Facility

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


	December 31,
	2025
Principal term loan balance	$	30,000
Unamortized debt discount and issuance costs		(1,351	)
Accrued end of term fee		510
Long-term debt, net	$	29,159

Scheduled Annual Principal Payments for Term Loan

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


2026	$	—
2027		—
2028		2,211
2029		27,789
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.

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+ Details

Marketable Securities - Schedule of Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Marketable Securities [Abstract]
Due within one year	$ 479,683
Due after one year through five years	220,324
Total available-for-sale securities	$ 700,007	$ 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