Disc Medicine Inc 2025年度报告

2025 Annual Report Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.YesնNoշ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirementsfor the past 90 days.YesշNoն Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).YesշNoն Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” inRule 12b-2 of the Exchange Act. Accelerated filerնSmaller reporting companyնEmerging growth companyն Large accelerated filerշNon-accelerated filerն If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.ն Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared orissued its audit report.շ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in thefiling reflect the correction of an error to previously issued financial statements.ն Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation receivedby any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).ն Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YesնNoշ The aggregate market value of Common Stock held by non-affiliates of the registrant computed by reference to the price of the registrant’s Common Stockas of June 30, 2025, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately $1.4 billion (based on the lastreported sale price on the Nasdaq Global Market as of such date). As of February 19, 2026, there were 38,160,065 shares of the registrant’s Common Stock, $0.0001 par value per share, outstanding. 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 andExchange 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 AnnualReport on Form 10-K. Disc Medicine, Inc.Index PART I Item 1....................................................................................................................................................................Business1Item 1A..............................................................................................................................................................Risk Factors47Item 1B....................................................................................................................................Unresolved Staff Comments99Item 1C............................................................................................................................................................Cybersecurity99Item 2..................................................................................................................................................................Properties99Item 3....................................................................................................................................................Legal Proceedings100Item 4...........................................................................................................................................Mine Safety Disclosures100 PART II Item 5..................................................................................................................................................................Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities101Item 6.................................................................