FSDC SEC filings, in plain English
Everything FS Development Corp. has filed with the SEC that we hold — 40 filings, newest first, 4 with a plain-English summary of what changed and why it matters. Every row links to the primary document on EDGAR, so you can check the source rather than trust us.
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What changed: 8-K of Disc Medicine, Inc. Item 2.02 (results of operations and financial condition): on July 30, 2026 the Company announced its financial results for the second quarter ended June 30, 2026 and provided a corporate update, with the press release furnished as Exhibit 99.1. The Item 2.02 information and the exhibit are intended to be furnished and shall not be deemed filed for Section 18 purposes nor incorporated by reference except by specific reference. Exhibit 104 is the Inline XBRL cover page. Signed by CEO John Quisel. Why it matters: Quarterly earnings furnishing. The report states no result and no element of the corporate update; both live only in Exhibit 99.1.
What changed: The clinical-stage successor to FS Development Corp. filed its Q2 2026 10-Q. It had cash, cash equivalents and marketable securities of $717.7 million at June 30, 2026, which it expects will fund planned operating and capital expenditure. Operating activities used $106.4 million of cash in the six months on a net loss of $123.0 million. Shares outstanding rose to 38,345,666 from 37,890,616. A May 2025 acquisition of a myelodysplastic-syndrome program carried no upfront cash but milestones of up to $7.0 million, $35.0 million and $160.0 million. Why it matters: No SPAC mechanics remain, and unusually for this cohort the runway is not the problem: $717.7 million on hand against a $106.4 million half-year burn is several years of cover, funded in part by an October 2025 underwritten offering. The dilution to watch is contingent rather than immediate — the milestone ladder on the acquired program reaches $160.0 million, payable only on achievement, and none had been achieved or deemed probable as of June 30, 2026.
What changed: Disc Medicine, Inc., successor to FS Development Corp., entered a first amendment on June 25, 2026 to its November 6, 2024 loan and security agreement with Hercules Capital as administrative and collateral agent, extending the windows in which future advances may be drawn. The company agreed to draw $30,000,000 of the Tranche 1-B advance, and the existing $50,000,000 Tranche 1-C advance was split into a $25,000,000 loan available at the company's option through March 31, 2027 and a $25,000,000 Tranche 1-D advance available through April 30, 2027. Why it matters: The amendment lengthens the company's access to committed debt rather than adding new capacity: the Tranche 2 and Tranche 3 drawdown periods now run to December 15, 2027 and June 30, 2028. The parties also amended the minimum cash covenant so that its initial testing date is July 1, 2028, which defers the first point at which that covenant can be breached.
What changed: Disc Medicine, Inc., the successor to FS Development Corp., called its 2026 annual meeting for June 18, 2026, record date April 22, 2026, with 38,199,089 shares of common stock outstanding and entitled to vote. Holders elect Class III directors among other items. The pay-versus-performance table reports a 2025 net loss of $212,184 thousand against $109,357 thousand in 2024, with total shareholder return rising to $257.82 per $100 invested from $205.84 while the peer group returned $119.85. The compensation committee met three times during the year ended December 31, 2025. Why it matters: The net loss nearly doubled to $212.2 million in 2025 while total shareholder return climbed to $257.82 and outran a $119.85 peer group - the equity is being priced on clinical expectation rather than results, and a burn of that size against 38.2 million shares outstanding implies substantial future financing. Legacy FS Development trust holders have no floor here; the downside is the pipeline, not a redemption price.
In plain English
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.