IRON - Quick Take - Recap of Key EHA Data & Other Developmental Updates; APOLLO Topline Readout in 4Q26 Remains Top Focus

研报英文原文证据摘录

IRON - Quick Take - Recap of Key EHA Data & Other Developmental Updates; APOLLO Topline Readout in 4Q26 Remains Top Focus

Truist Securities

Equity Research Report June 15, 2026

HEALTHCARE: Biotech Disc Medicine, Inc. (IRON)

IRON - Quick Take - Recap of Key EHA Data & Other Danielle Brill, Pharm.D.

212-303-4110 Developmental Updates; APOLLO Topline Readout in 4Q26

Danielle.Brill@truist.com Remains Top Focus

Alex Nackenoff, Ph.D.

212-590-0908 Disc hosted an investor call this morning to review development updates, including key data

Alex.Nackenoff@truist.com highlights presented at EHA, across its core pipeline assets: bitopertin in EPP, Selcodebart

(DISC-0974), and DISC-3405. New updates and our takeaways are summarized below.

Bottom-line:

Current Price (Jun. 12, $67.99 We continue to view bitopertin as the primary near-term value driver for Disc. Management 2026)

reaffirmed alignment with the FDA that the upcoming Phase 3 APOLLO readout can be used

Stock Rating BUY to support the CRL response and, if positive, may be sufficient for full traditional approval.

Unchanged While long-term OL data provide incremental support for bitopertin’s efficacy, we continue to

Price Target $83.00 view the subjective primary endpoint and limited ability to control for confounding variables

Unchanged (e.g., season of enrollment, individual preference for outdoor exposure) as meaningful risks

to success.

APOLLO was fully enrolled in March (upsized to N=183 vs prior N=150), with topline data

expected in 4Q26. Given the uncertainties, we believe the risk/reward is skewed to the 6 Page Document

upside in a positive scenario. Post-APOLLO, we expect investor focus to shift toward

DISC-0974, with an end-of-Phase 2 FDA meeting anticipated by YE26, and we continue to