IRONDisc Medicine, Inc.

Pharmaceutical Preparations

Revenue: —
Operating margin: —
EBITDA: −$236M; 82% YoY
Market cap: $3.1B
Employees: 155
Net debt / EBITDA: —; −$39M net debt
AI in 10-K: 2.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 4 years
3+ of last 5 years
High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
84% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
2.1 per 10K words · 57th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$50M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Operating income	−$31M	−$47M	−$91M	−$130M	−$236M	82%
Net income	−$36M	−$47M	−$76M	−$109M	−$212M	94%
Operating cash flow	−$28M	−$42M	−$73M	−$94M	−$180M	92%
Capex	$68K	$151K	$89K	$505K	$933K	85%
Stock-based comp	$507K	$2M	$6M	$17M	$34M	104%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 26, 2026	AI DMI LLC	SCHEDULE 13D/A	26.4%	Passive
Dec 17, 2025	Atlas Venture Fund X, L.P.	SCHEDULE 13D/A	2.2%	Passive
Oct 22, 2025	AI DMI LLC	SCHEDULE 13D/A	8.0%	Passive
Aug 15, 2025	Atlas Venture Fund X, L.P.	SCHEDULE 13D/A	3.1%	Passive
Mar 12, 2025	ORBIMED ADVISORS LLC	SCHEDULE 13D/A	4.5%	Passive
Mar 3, 2025	AI DMI LLC	SCHEDULE 13D/A	10.8%	Passive
Jun 20, 2024	ORBIMED ADVISORS LLC	SC 13D/A	6.0%	Passive
Jun 20, 2024	AI DMI LLC	SC 13D/A	12.6%	Passive
Jan 25, 2024	Atlas Venture Fund X, L.P.	SC 13D/A	5.8%	Passive
Dec 15, 2023	ORBIMED ADVISORS LLC	SC 13D/A	7.1%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $50M · 100
Net: −$50M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$10M	$13M	258	120
FY2024	$9M	$9M	206	91
FY2023	$909K	$5M	188	92
FY2022	$2M	$1M	65	88