Disc Medicine, Inc. · NASDAQ:IRON
Disc Medicine — J.P. Morgan 44th Annual Healthcare Conference 2026
31 slides from Disc Medicine's conference presentation, Jan 12, 2026
Slide 1: J.P. Morgan 44th Annual Healthcare Conference Corporate Overview
J.P. Morgan 44th Annual Healthcare Conference Corporate Overview January 2026 Exhibit 99.2
Slide 2: Disclaimer and FLS
Disclaimer and FLS This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, express or implied statements regarding Disc’s expectations with respect to its preclinical studies, clinical trials a
Slide 3: Investigational agents not approved for use
Bitopertin, DISC-0974, and DISC-3405 are investigational agents and are not approved for use as therapies in any jurisdiction worldwide
Slide 4: Agenda
Agenda Introduction Overview: Bitopertin for EPP Bitopertin Launch Strategy Pipeline Programs 2026/2027 Corporate Outlook Q&A
Slide 5: Targeting Fundamental Pathways of Red Blood Cell Biology
Targeting Fundamental Pathways of Red Blood Cell Biology using Validated Mechanisms CONFIDENTIAL Very Rare (thousands) Moderate Prevalence (hundreds of thousands) Widely Prevalent (millions) Erythropoietic Porphyrias Beta-Thalassemia Anemia of Myelofibrosis Myelodysplastic Syndromes Sickle Cell Dise
Slide 6: Strategically pursuing larger market opportunities as company scales
Strategically pursuing larger market opportunities as company scales Disc is approaching commercialization with a deep pipeline and multiple levers for future growth EPP Establish commercial organization with launch in a well-defined rare disease with high unmet need MPN Franchise Build with MF anem
Slide 7: Disc's Hematology-Focused Pipeline
Disc’s Hematology-Focused Pipeline Key programs driving upcoming catalysts PROGRAM Preclinical Phase 1 Phase 2 Phase 3 / Confirmatory Marketed HEME Heme Synthesis Modulation Bitopertin GlyT1 Inhibitor Oral, once daily IRON Hepcidin Suppression DISC-0974 Anti-HJV monoclonal antibody Subcutaneous, onc
Slide 8: Agenda
Agenda Introduction Overview: Bitopertin for EPP Bitopertin Launch Strategy Pipeline Programs 2026/2027 Corporate Outlook Q&A
Slide 9: Erythropoietic Protoporphyria (EPP)
Erythropoietic Protoporphyria (EPP) Rare, debilitating and lifelong condition characterized by extreme pain and damage to the skin caused by light, as well as potential hepatobiliary complications and psychosocial impacts Genetic condition caused by defective heme biosynthesis – deficient enzyme fer
Slide 10: Bitopertin: Potential first approved medicine targeting underlying cause of EPP
Bitopertin: Potential to be the first approved medicine that targets the underlying cause of EPP Shown in clinical trials to reduce PPIX and improve multiple clinically meaningful measures of EPP 50% Reduction in PPIX vs. placebo 60% Reduction in PPIX vs. baseline at 60mg dose Targets underlying pat
Slide 11: Bitopertin US accelerated launch approach
Bitopertin US accelerated launch approach Disc is committed to making bitopertin available and accessible to patients who need it as quickly as possible, if approved NDA Accepted November 2025 Under accelerated approval pathway Currently Under FDA Review CNPV targets 1-2 months for NDA review Bitope
Slide 12: Agenda
Agenda Introduction Overview: Bitopertin for EPP Bitopertin Launch Strategy Pipeline Programs 2026/2027 Corporate Outlook Q&A
Slide 13: EPP: Well-defined rare disease population
EPP: Well-defined rare disease population Epidemiology Real world prevalence of hepatobiliary complications in EPP match evidence of liver/biliary issues in claims population MSL Outreach Through initial outreach, Disc field medical affairs team has validated patient numbers among top accounts Real-
Slide 14: Efficient rare disease model; team and systems in place for launch
Efficient rare disease model; cross-functional team and systems in place for launch Mapping diagnostic codes enables a targeted and efficient field force Bitopertin Commercial Infrastructure Distribution of EPP Treatment Centers 24 Rare Disease Specialists Field-based sales reps 6 Medical Science Li
Slide 15: Bitopertin Go-to-Market Strategy
Bitopertin Go-to-Market Strategy Defined patient population allows for targeting of sizeable number of patients with an efficient field force focused initially on specialists and high-volume accounts 15 Centers of Excellence Porphyria specialists Clinical trial sites ~600 105 High Volume Accounts La
Slide 16: Commitment to Patient Access
Commitment to Patient Access Disc Market Access team has started the process of payer engagement and education to support coverage Building comprehensive patient services program to help patients and providers navigate the treatment journey Multiple access and financial assistance programs planned D
Slide 17: Agenda
Agenda Introduction Overview: Bitopertin for EPP Bitopertin Launch Strategy Pipeline Programs 2026/2027 Corporate Outlook Q&A
Slide 18: Hepcidin is a Therapeutic Target for Diseases
Hepcidin is a Therapeutic Target for Diseases Dysregulated hepcidin drives a wide range of hematologic diseases Anemias of Inflammatory Disease Myelofibrosis Autoimmune / Inflammatory Disorders Iron Overload and Excess Red Blood Cell Disorders Polycythemia Vera Sickle Cell Disease High Hepcidin Norm
Slide 19: DISC-0974: Novel Anti-HJV mAb to Suppress Hepcidin
DISC-0974: Novel Anti-HJV mAb to Suppress Hepcidin HJV = hemojuvelin Designed to enhance iron availability to address a wide range of hematologic disorders Releases iron stores Enables GI absorption Increases Iron Reduces Hepcidin Inhibits endogenous production of hepcidin Potential to treat wide ra
Slide 20: Myelofibrosis Opportunity
Myelofibrosis Opportunity CONFIDENTIAL Positioned for use across all anemia MF patients, regardless of background MF-directed therapy, setting up for a potential blockbuster opportunity ~$2.0B Total Est. 2024 JAK Inhibitor US Sales (MF) DISC-0974 target profile is designed to address the full MF ane
Slide 21: Initial RALLY-MF Phase 2 Data
Initial RALLY-MF Phase 2 Data CONFIDENTIAL Positive, durable benefits on hemoglobin and transfusion burden in anemia of MF across a broad range of patients Hematologic Response Hepcidin by Transfusion Cohort Iron by Transfusion Cohort nTD TD Low TD High Abbreviations:. 6 nTD, 3 TD Low participants w
Slide 22: Initial RALLY-MF Phase 2 Data: Hemoglobin and FACIT-Fatigue
Initial RALLY-MF Phase 2 Data CONFIDENTIAL nTD and TD Low patients had meaningful responses on hemoglobin and FACIT-Fatigue with greatest improvements seen in those achieving a major hematologic response Hemoglobin analysis excludes values within 14 days from receipt of PRBC transfusion. * A 3-point
Slide 23: Initial RALLY-MF Phase 2 Data: Response by JAK inhibitor use
Initial RALLY-MF Phase 2 Data CONFIDENTIAL DISC-0974 has demonstrated efficacy regardless of concomitant JAK inhibitor use, setting up for utilization across all anemic MF patients Response by JAKi Cohort Abbreviations: Hgb = hemoglobin; JAKi = JAK inhibitor; mmb = momelotinib; pac = pacritinib; rux
Slide 24: Anti-HJV Franchise: Next Steps and Future Development
Anti-HJV Franchise: Next Steps and Future Development CONFIDENTIAL Additional RALLY-MF data expected H2 2026 End of Phase 2 Meeting with FDA expected H2 2026 Phase 3 Pivotal trial initiation expected H1 2027 Anemia of Myelofibrosis Signal-seeking Phase 2 study in anemia of IBD with DISC-0974 expecte
Slide 25: Anti-TMPRSS6 mAb Induces Hepcidin
Anti-TMPRSS6 mAb Induces Hepcidin Designed to limit iron levels with potential to address a wide range of hematologic disorders Promotes Iron Restriction Decreases GI Absorption Limits Iron Availability Increases Hepcidin Enables Endogenous Production of Hepcidin Erythrocytosis (PV) Ineffective Eryt
Slide 26: DISC-3405: Polycythemia Vera Opportunity
DISC-3405: Polycythemia Vera Opportunity CONFIDENTIAL Multi-billion-dollar market with significant unmet need for an effective, safe, and convenient treatment to maintain HCT <45% Polycythemia Vera ~150,000 US Patients ~75k treated patients; significant room for market development; operational syner
Slide 27: DISC-3405 Healthy Volunteer Data
DISC-3405 Healthy Volunteer Data CONFIDENTIAL In healthy volunteers, DISC-3405 significantly increases hepcidin and decreases in iron, leading to reductions in hemoglobin and hematocrit that are expected to be beneficial in PV patients PK/PD: 300 mg SC SAD PK/PD: 150 mg SC MAD Dose 1 Dose 2 Hemoglob
Slide 28: Agenda
Agenda Introduction Overview: Bitopertin for EPP Bitopertin Launch Strategy Pipeline Programs 2026/2027 Corporate Outlook Q&A
Slide 29: Projected Upcoming Milestones and Events
Projected Upcoming Milestones and Events Multiple data catalysts anticipated through 2026-2027 Program Indication 2025 1H 2026 2H 2026 2027 Bitopertin Heme Synthesis Modulation Erythropoietic Porphyrias (EPP & XLP) CNPV Received NDA Accepted Potential FDA approval and launch APOLLO topline – late 20
Slide 30: Disc Medicine: Built for Sustainable Growth
Disc Medicine: Built for Sustainable Growth Three programs addressing blockbuster markets with significant potential for expansion $2B+ EPP US Addressable Market $4B+ MF Anemia US Addressable Market Bitopertin Launch-ready NDA currently under FDA review DISC-3405 POC Study Initiated Data for PV and
Slide 31: Q&A
Q&A
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