Disc Medicine, Inc. (IRON) · Nov 5, 2026 · Earnings

Disc Medicine earnings beat as bitopertin heads back to FDA

Beat — EPS loss $1.53 vs ~$1.63 consensus

Disc Medicine’s earnings modestly beat consensus while bitopertin’s successful APOLLO trial keeps the NDA resubmission on schedule.

Disc Medicine is transitioning from a clinical-stage biotech after an FDA setback for bitopertin into a potential commercial launch, while advancing selcodebart and DISC-3405 toward later-stage development. The key APOLLO success and planned end-2026 resubmission were already disclosed on October 19, so this filing mainly confirms that the regulatory path remains intact rather than creating a new clinical surprise.

The quarter modestly beat the financial bar, but this is not the main story. The reported diluted loss of $1.53 per share was better than the published consensus near $1.63, a narrow beat rather than a meaningful change in the company’s operating trajectory.

Figure	Q3 2026	Q3 2025	Consensus
Diluted EPS (Income Statement)	$(1.53)	$(1.77)	$(1.63)
Net loss (Income Statement)	$(59.5)M	$(62.3)M
Cash and marketable securities (Balance Sheet)	$682.8M	$791.2M
October offering proceeds (Cash Position)	$485.9M

APOLLO gives Disc a credible route back to the FDA. The Phase 3 study met both co-primary endpoints, all secondary endpoints, and reported a 41.4% reduction in metal-free PPIX versus placebo alongside 12.2 additional monthly hours of light exposure without pain. 〔0〕 That materially strengthens the bitopertin story after the earlier complete response letter, but the result itself was already public before this earnings filing. 〔1〕

The balance sheet now supports execution through multiple milestones. Disc ended September with $682.8 million in cash and added approximately $485.9 million through an October offering, which the company says extends funding into 2030. That reduces near-term financing pressure as the company prepares for the bitopertin regulatory process and continues its two additional programs, although the offering also increases the share base.

Pipeline progress remains supportive but not yet decisive. Initial DISC-3405 data in polycythemia vera were encouraging, while selcodebart’s pivotal-development plan still depends on upcoming FDA feedback and remains a future execution milestone rather than an achieved one. The upcoming ASH data and the end-of-Phase 2 interaction should provide the next substantive evidence on whether Disc can build beyond bitopertin.

Bottom line: This is a modestly positive earnings update, not a new APOLLO catalyst. The small EPS beat and substantially funded balance sheet reinforce a business whose central FDA resubmission plan is proceeding, but the biggest clinical de-risking was already known before the filing.

What to watch next

Bitopertin NDA resubmission by end-2026

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

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Disc Medicine earnings beat as bitopertin heads back to FDA

What to watch next

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