$IRON
Disc Medicine, Inc.

2023 Q4 Form 10-Q Financial Statement

#000095017023061572 Filed on November 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.149M $4.540M $3.299M
YoY Change 906.9% 37.62% -33.95%
% of Gross Profit
Research & Development $22.57M $14.42M $438.0K
YoY Change 9.43% 3192.01% -96.74%
% of Gross Profit
Depreciation & Amortization $20.00K $30.00K $0.00
YoY Change -77.78% -100.0%
% of Gross Profit
Operating Expenses $29.71M $18.96M $3.737M
YoY Change 39.31% 407.31% -79.75%
Operating Profit -$18.96M -$3.737M
YoY Change 407.31% -79.75%
Interest Expense $6.177M $4.840M $41.00K
YoY Change 4018.0% 11704.88% -60.58%
% of Operating Profit
Other Income/Expense, Net -$10.00K $4.856M $2.000K
YoY Change -80.0% 242700.0%
Pretax Income -$23.55M -$14.10M -$3.277M
YoY Change 10.91% 330.33% -82.34%
Income Tax $32.00K $20.00K $0.00
% Of Pretax Income
Net Earnings -$23.58M -$14.12M -$3.277M
YoY Change 11.06% 330.94% -82.34%
Net Earnings / Revenue
Basic Earnings Per Share -$0.58 -$0.08
Diluted Earnings Per Share -$0.96 -$0.58 -$0.08
COMMON SHARES
Basic Shares Outstanding 24.14M 22.88M 43.24M
Diluted Shares Outstanding 24.32M 43.26M

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $360.4M $370.5M $101.7M
YoY Change 85.19% 264.17% -32.21%
Cash & Equivalents $360.4M $370.5M $101.7M
Short-Term Investments $0.00
Other Short-Term Assets $5.280M $3.700M $2.927M
YoY Change 35.38% 26.41% -38.13%
Inventory
Prepaid Expenses $5.280M $3.722M $2.927M
Receivables
Other Receivables
Total Short-Term Assets $365.7M $374.3M $104.7M
YoY Change 84.22% 257.59% -32.39%
LONG-TERM ASSETS
Property, Plant & Equipment $170.0K $183.0K
YoY Change 1.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $234.0K $116.0K $1.367M
YoY Change 101.72% -91.51% 489.22%
Total Long-Term Assets $2.334M $2.234M $1.367M
YoY Change 36.17% 63.42% 85.99%
TOTAL ASSETS
Total Short-Term Assets $365.7M $374.3M $104.7M
Total Long-Term Assets $2.334M $2.234M $1.367M
Total Assets $368.0M $376.5M $106.0M
YoY Change 83.81% 255.08% -31.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.63M $8.496M $1.139M
YoY Change -21.86% 645.92% 21.3%
Accrued Expenses $8.145M $5.567M $325.0K
YoY Change 33.33% 1612.92% -95.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $21.44M $14.42M $1.464M
YoY Change -5.04% 884.7% -88.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.436M $3.100M $0.00
YoY Change 43.6% -100.0%
Total Long-Term Liabilities $1.436M $3.100M $0.00
YoY Change 43.6% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.44M $14.42M $1.464M
Total Long-Term Liabilities $1.436M $3.100M $0.00
Total Liabilities $22.88M $17.52M $1.464M
YoY Change -3.09% 1096.93% -90.02%
SHAREHOLDERS EQUITY
Retained Earnings -$188.6M -$165.1M -$210.3M
YoY Change 68.09% -21.49% 26.02%
Common Stock $2.000K $2.000K $4.000K
YoY Change 0.0% -50.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $345.1M $359.0M $104.6M
YoY Change
Total Liabilities & Shareholders Equity $368.0M $376.5M $106.0M
YoY Change 83.81% 255.08% -31.83%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$23.58M -$14.12M -$3.277M
YoY Change 11.06% 330.94% -82.34%
Depreciation, Depletion And Amortization $20.00K $30.00K $0.00
YoY Change -77.78% -100.0%
Cash From Operating Activities -$17.79M -$7.480M -$4.011M
YoY Change 43.48% 86.49% -75.08%
INVESTING ACTIVITIES
Capital Expenditures -$1.000K $50.00K $0.00
YoY Change -100.67% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $1.000K -$50.00K $0.00
YoY Change -100.67% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.759M 460.0K -2.911M
YoY Change -94.97% -115.8% 132.88%
NET CHANGE
Cash From Operating Activities -17.79M -7.480M -4.011M
Cash From Investing Activities 1.000K -50.00K 0.000
Cash From Financing Activities 7.759M 460.0K -2.911M
Net Change In Cash -10.03M -7.070M -6.922M
YoY Change -107.07% 2.14% -60.24%
FREE CASH FLOW
Cash From Operating Activities -$17.79M -$7.480M -$4.011M
Capital Expenditures -$1.000K $50.00K $0.00
Free Cash Flow -$17.79M -$7.530M -$4.011M
YoY Change 41.76% 87.73% -74.99%

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iron Change In Fair Value Of Derivatives
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iron Proceeds From Sale Of Common Stock In Offerings Net Of Issuance Costs Paid
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iron Proceeds From Sale Of Common Stock In Offerings Net Of Issuance Costs Paid
ProceedsFromSaleOfCommonStockInOfferingsNetOfIssuanceCostsPaid
0
iron Proceeds From Sale Of Pre Funded Warrants In Offerings Net Of Issuance Costs Paid
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37579000
iron Proceeds From Sale Of Pre Funded Warrants In Offerings Net Of Issuance Costs Paid
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422000
iron Decrease In Right Of Use Assets Related To Lease Modifications
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392000
iron Decrease In Operating Lease Liabilities Related To Lease Modifications
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0
iron Deferred Issuance Costs On Sale Of Common Stock And Pre Funded Warrants In Offerings Included In Accounts Payable And Accrued Expenses1
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iron Deferred Issuance Costs On Sale Of Common Stock And Pre Funded Warrants In Offerings Included In Accounts Payable And Accrued Expenses1
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us-gaap Use Of Estimates
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<p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the Company’s condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to accrued research and development expenses; stock-based compensation expense; the fair value of the common stock prior to the effective date of the merger; the fair value determinations for instruments accounted for at fair value including contingent amounts payable to third parties upon the consummation of specified transactions, including a Roche Qualified Transaction (see Note 4); the fair value of Gemini’s development programs at the Effective Time; the fair value of the CVR; the incremental borrowing rate for determining lease liabilities and right-of-use assets 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 </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">period in which they become known. Actual results may differ materially from those estimates or assumptions.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
us-gaap Concentration Risk Credit Risk
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<p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Credit Risk and of Significant Suppliers</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. 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.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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.</span></p>
CY2021 iron Lease Termination Year
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25.68
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2900000
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1916
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0
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3316
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CY2023Q3 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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us-gaap Federal Income Tax Expense Benefit Continuing Operations
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CY2023Q3 iron Exercise Of Pre Funded Warrants Shares
ExerciseOfPreFundedWarrantsShares
1229224
iron Stock Issued During Period Shares Warrants Exercised
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CY2023Q3 iron Pre Funded Warrants Outstanding
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204081
CY2021Q4 us-gaap Lessee Operating Lease Term Of Contract
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P5Y
CY2021Q4 us-gaap Area Of Real Estate Property
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7566
iron Rent Abatement Of Lease
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200000
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
200000
CY2023Q3 us-gaap Operating Lease Right Of Use Asset Amortization Expense
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200000
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9280
us-gaap Lessee Operating Lease Variable Lease Payment Terms And Conditions
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Variable lease payments include the Company’s allocated share of costs incurred for real estate taxes, utilities, and other operating expenses applicable to the leased premises.
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us-gaap Operating Lease Cost
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P4Y1M28D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.055
us-gaap Operating Lease Payments
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186000
us-gaap Operating Lease Payments
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388000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
86000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
664000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
850000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
729000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2329000
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
369000
CY2023Q3 us-gaap Operating Lease Liability
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1960000
CY2023Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
500000
CY2023Q3 iron Short Term Bank Loans And Notespayable Percentage
ShortTermBankLoansAndNotespayablePercentage
0.045

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Financial_Report.xlsx Edgar Link pending
iron-20230930.htm Edgar Link pending
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