Disc Medicine : Novel Anti-TMPRSS6 Monoclonal Antibody Portfolio - Exclusive In-Licensing Agreement with Mabwell Therapeutics

Novel Anti-TMPRSS6 Monoclonal Antibody Portfolio

Exclusive In-Licensing Agreement with Mabwell Therapeutics

January 20, 2023

Confidential1

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: future product development plans and projected timelines for the initiation and completion of preclinical and clinical trials and other activities; the potential for the results of ongoing preclinical or clinical trials and the efficacy of Disc's product candidates; future product development and regulatory strategies, including with respect to specific indications; Disc's plans for Gemini's assets; Disc's plans for its hematology portfolio; interactions with regulatory authorities; and Disc's financial position. The use of words such as, but not limited to, "believe," "expect," "estimate," "project," "intend," "future," "potential," "continue," "may," "might," "plan," "will," "should," "seek," "anticipate," or "could" or the negative of these terms and other similar words or expressions that are intended to identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on Disc's current beliefs, expectations and assumptions regarding the future of Disc's business, future plans and strategies, clinical results and other future conditions. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.

Disc may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and investors should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements as a result of a number of material risks and uncertainties including but not limited to: (i) the outcome of any legal proceedings that may be instituted against the parties and others related to the merger agreement; (ii) unanticipated

difficulties or expenditures relating to the merger, the response of business partners and competitors to the announcement or completion of the merger, and/or potential difficulties in employee retention as a result of the announcement or completion of the merger; (iii) Disc's listing on the Nasdaq Capital Market and operating as a public company; (iv) the adequacy of Disc's capital to support its future operations and its ability to successfully initiate and complete clinical trials; (v) the nature, strategy and focus of Disc; (vi) the difficulty in predicting the time and cost of development of Disc's product candidates; (vii) Disc's plans to research, develop and commercialize its current and future product candidates; (viii) the timing of initiation of Disc's planned preclinical studies and clinical trials; (ix) the timing of the availability of data from Disc's clinical trials; (x) the timing of any planned investigational new drug application or new drug application;

1. the risk of cessation or delay of any ongoing or planned clinical trials of Disc or its collaborators; (xii) the clinical utility, potential benefits and market acceptance of Disc's product candidates; (xiii) Disc's commercialization, marketing and manufacturing capabilities and strategy; (xiv) Disc's ability to identify additional product candidates with significant commercial potential and to expand its pipeline in hematological diseases; (xv) the risk that Disc may not realize the intended benefits of its drug discovery platform; (xvi) developments and projections relating to Disc's competitors and its industry; (xvii) the impact of government laws and regulations; (xviii) the impact of public health epidemics affecting countries or regions in which Disc has operations or does business, such as the COVID-19 pandemic, (xix) the timing and anticipated results of Disc's preclinical studies and clinical trials and the risk that the results of Disc's preclinical studies and clinical trials may not be predictive of future results in connection with future studies or clinical trials and may not support further development and marketing approval;

1. the timing and outcome of Disc's planned interactions with regulatory authorities; (xxi) findings from investigational review boards at clinical trial sites and publication review bodies; (xxii) Disc's ability to protect its intellectual property position; (xxiii) Disc's estimates regarding future revenue, expenses, capital requirements and need for additional financing; (xxiv) the other risks and uncertainties described in the "Risk Factors" section of the definitive proxy statement/prospectus dated December 2, 2022 and filed with the SEC under Rule 424(b) and other documents filed by Disc from time to time with the SEC, as well as discussions of potential risks, uncertainties, and other important factors in Disc's subsequent filings with the Securities and Exchange Commission; and (xxv) the post-closing integration of Disc and Gemini. Any forward-looking statement speaks only as of the date on which it was made. None of Disc, nor its affiliates, advisors or representatives, undertake any obligation to publicly update or revise any forward-looking statement, whether as result of new information, future events or otherwise, except as required by law

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Disc is Building a Leading Company Dedicated to Treating Hematologic Diseases

Focus on	Fundamental	Multiple Clinical	Multiple
Hematologic	& Validated	Programs with	Near-Term
Disorders	Pathways	Broad Potential	Catalysts

Immense medical need		Fundamental to red blood		Bitopertin in Phase 2		Data expected 2023:
	cell biology: iron and heme
across a wide spectrum of
				Bitopertin in EPP
			DISC-0974 in Phase 1b/2
disorders
	Clinical and genetic
Predictive, objective			New Program: MWTX-003		DISC-0974 in MF and CKD
	evidence of target
		is Phase 1-Ready
endpoints				Initiate Ph 1 MWTX-003
	mechanism in humans

EPP (Erythropoietic Protoporphyria); XLP (X-linked Protoporphyria); MF (myelofibrosis); CKD (chronic kidney disease)

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Disc Targets Fundamental Pathways that Impact the Biology of Red Blood Cells

Iron and heme	Critical points of
formation play a	intervention across
central role in	multiple hematologic
erythropoiesis	diseases

Wide Spectrum of Hematologic Diseases Addressable by Disc Portfolio

	Severe Rare (000s)			Moderate Prevalence (100K+)		Widely Prevalent (MMs)
Diamond-Blackfan	Erythropoietic	Beta-	Anemia of	Myelodysplastic	Sickle Cell	Polycythemia	Hereditary	IBD	CKD
Anemia	Porphyrias	Thalassemia	Myelofibrosis	Syndromes	Disease	Vera	Hemochromatosis	Anemia	Anemia

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Disc's Portfolio Addresses Broad Spectrum of

Hematologic Disorders

In-Licensed Programs from Mabwell

Heme	Hepcidin	Hepcidin
Synthesis	Suppression	Induction
Modulation	Increase Iron	Reduce Iron

Lead Program	Bitopertin		DISC-0974		MWTX-003
(MOA)	(GlyT1 Inhibition)		(Anti-HJV mAb)		(Anti-TMPRSS6 mAb)
Range of
EPP, DBA, other rare blood		Anemia of MF, CKD, and other		PV, Beta-Thal, HH, other iron
Indications	disorders		chronic diseases		overload diseases
Development
Phase 2 studies in EPP		Phase 1b/2 MF Anemia - ongoing		IND Accepted by FDA
Status	Phase 2 in DBA - init. 1H'23		Phase 1b/2 CKD - init. 1H'23		Phase 1 in HV - init. 2H'23

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