$IRON
Disc Medicine, Inc.

2024 Q1 Form 10-K Financial Statement

#000095017024034432 Filed on March 21, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.758M $7.149M $21.86M
YoY Change 56.73% 906.9% 55.71%
% of Gross Profit
Research & Development $23.70M $22.57M $69.26M
YoY Change 17.46% 9.43% 107.15%
% of Gross Profit
Depreciation & Amortization $26.00K $20.00K $100.0K
YoY Change 4.0% -77.78% 12.36%
% of Gross Profit
Operating Expenses $31.46M $29.71M $91.13M
YoY Change 25.22% 39.31% 91.94%
Operating Profit -$31.46M -$91.13M
YoY Change 25.22% 91.94%
Interest Expense $4.519M $6.177M $14.80M
YoY Change 90.68% 4018.0% 2176.46%
% of Operating Profit
Other Income/Expense, Net $4.518M -$10.00K $14.80M
YoY Change 90.87% -80.0% 2183.18%
Pretax Income -$26.94M -$23.55M -$76.33M
YoY Change 18.39% 10.91% 62.99%
Income Tax $5.000K $32.00K $99.00K
% Of Pretax Income
Net Earnings -$26.95M -$23.58M -$76.43M
YoY Change 18.3% 11.06% 63.22%
Net Earnings / Revenue
Basic Earnings Per Share -$1.09 -$3.42
Diluted Earnings Per Share -$1.09 -$0.96 -$3.42
COMMON SHARES
Basic Shares Outstanding 24.68M 24.14M 22.32M
Diluted Shares Outstanding 24.81M 22.32M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $342.6M $360.4M $360.4M
YoY Change 44.93% 85.19% 85.19%
Cash & Equivalents $342.6M $360.4M $360.4M
Short-Term Investments $0.00
Other Short-Term Assets $9.333M $5.280M $5.280M
YoY Change 63.74% 35.38% 35.38%
Inventory
Prepaid Expenses $9.333M $5.280M
Receivables
Other Receivables
Total Short-Term Assets $351.9M $365.7M $365.7M
YoY Change 45.35% 84.22% 84.21%
LONG-TERM ASSETS
Property, Plant & Equipment $211.0K $170.0K $2.100M
YoY Change 17.22% 1.19% 31.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $235.0K $234.0K $234.0K
YoY Change 102.59% 101.72% 134.0%
Total Long-Term Assets $2.234M $2.334M $2.334M
YoY Change 36.05% 36.17% 37.29%
TOTAL ASSETS
Total Short-Term Assets $351.9M $365.7M $365.7M
Total Long-Term Assets $2.234M $2.334M $2.334M
Total Assets $354.2M $368.0M $368.0M
YoY Change 45.29% 83.81% 83.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.269M $12.63M $12.63M
YoY Change -6.61% -21.86% -22.04%
Accrued Expenses $8.816M $8.145M $8.810M
YoY Change 119.03% 33.33% 37.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.85M $21.44M $21.44M
YoY Change 48.82% -5.04% -5.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.259M $1.436M $1.436M
YoY Change 39.89% 43.6% 43.6%
Total Long-Term Liabilities $1.259M $1.436M $1.436M
YoY Change 39.89% 43.6% 43.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.85M $21.44M $21.44M
Total Long-Term Liabilities $1.259M $1.436M $1.436M
Total Liabilities $16.11M $22.88M $22.88M
YoY Change 47.47% -3.09% -3.07%
SHAREHOLDERS EQUITY
Retained Earnings -$215.6M -$188.6M
YoY Change 59.7% 68.09%
Common Stock $2.000K $2.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $338.1M $345.1M $345.1M
YoY Change
Total Liabilities & Shareholders Equity $354.2M $368.0M $368.0M
YoY Change 45.29% 83.81% 83.81%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$26.95M -$23.58M -$76.43M
YoY Change 18.3% 11.06% 63.22%
Depreciation, Depletion And Amortization $26.00K $20.00K $100.0K
YoY Change 4.0% -77.78% 12.36%
Cash From Operating Activities -$33.60M -$17.79M -$73.46M
YoY Change -5.26% 43.48% 73.87%
INVESTING ACTIVITIES
Capital Expenditures $67.00K -$1.000K $89.00K
YoY Change 131.03% -100.67% -41.06%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$67.00K $1.000K -$89.00K
YoY Change 131.03% -100.67% -41.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 15.90M 7.759M 239.4M
YoY Change -79.43% -94.97% 60.68%
NET CHANGE
Cash From Operating Activities -33.60M -17.79M -73.46M
Cash From Investing Activities -67.00K 1.000K -89.00K
Cash From Financing Activities 15.90M 7.759M 239.4M
Net Change In Cash -17.77M -10.03M 165.8M
YoY Change -142.49% -107.07% 55.6%
FREE CASH FLOW
Cash From Operating Activities -$33.60M -$17.79M -$73.46M
Capital Expenditures $67.00K -$1.000K $89.00K
Free Cash Flow -$33.67M -$17.79M -$73.55M
YoY Change -5.15% 41.76% 73.46%

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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><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:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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; 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 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-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023 us-gaap Concentration Risk Credit Risk
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<p style="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-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-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-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>
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WeightedAverageNumberOfDilutedSharesOutstanding
1039490
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.42
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.42
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-45.05
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-45.05
CY2021Q4 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P5Y
CY2021Q4 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
7566
iron Rent Abatement Of Lease
RentAbatementOfLease
200000
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
200000
CY2023Q3 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
200000
CY2023Q3 iron Operating Lease Liability Reduction
OperatingLeaseLiabilityReduction
200000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
100000
CY2023Q4 iron Operating Lease Liability Increase
OperatingLeaseLiabilityIncrease
100000
CY2023Q2 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
9281
us-gaap Lessee Operating Lease Variable Lease Payment Terms And Conditions
LesseeOperatingLeaseVariableLeasePaymentTermsAndConditions
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.
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
422000
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
422000
CY2023 us-gaap Variable Lease Cost
VariableLeaseCost
159000
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
177000
CY2023 us-gaap Lease Cost
LeaseCost
581000
CY2022 us-gaap Lease Cost
LeaseCost
599000
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y11M1D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y10M28D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.10
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.055
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
186000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
480000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
845000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
850000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
729000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2424000
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
323000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
2101000
CY2023Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
500000
CY2023Q1 iron Short Term Bank Loans And Notespayable Percentage
ShortTermBankLoansAndNotespayablePercentage
0.045
CY2023Q4 iron Rule10 B51 Arr Modified Flag
Rule10B51ArrModifiedFlag
true
CY2023Q4 iron Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
true
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
true
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
true

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