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Advanced Hepatocellular Carcinoma: one US-listed biotech with a clinical-stage programme

OncologyUncontestedData as of 2026-09-04

Competitors1in the clinic
Median market cap$175Muniverse median $1.20B
Allocated capital$175M$175M competing
Phase 3 or filed00 mid, 1 early
Pure plays1this indication only
Capital rank262/299crowding rank 264

Advanced Hepatocellular Carcinoma is uncontested. Adagene (ADAG) is the only US-listed developer in the $100M to $20B band running a clinical programme here, with ADG126 in phase 1.

There is no public comparable to price it against, and ADAG runs clinical programmes in this indication and nothing else, so its $175M market cap is a direct read on what the market thinks this programme is worth.

Nothing here has reached Phase 3: 0 programmes in mid stage and 1 in early stage, so the field is still several years from a first approval.

$175M of allocated capital sits in Advanced Hepatocellular Carcinoma, ranking it 262nd of 299 indications by the money committed to it.

Companies developing drugs for Advanced Hepatocellular Carcinoma 1

TickerCompanyLead assetPhaseTrialsMarket capPure playIndicationsNext catalyst
ADAGAdageneADG126Phase 16$175MYes1 30 Jun 2027

Sorted by phase, then by market capitalisation. Ticker links open the company profile.

Why Advanced Hepatocellular Carcinoma counts as uncontested

Uncontested. One US-listed developer in the size band is running a clinical programme here, so there is no public comparable to price it against.

The map splits indications on two folds: six or more competitors counts as crowded, and a median company above $1.20B counts as richly priced. Advanced Hepatocellular Carcinoma has one competitor and a median of $175M.

Oncology

Oncology holds $187B of the map's capital, 27.8% of the total, spread across 119 indications and 103 companies. 34 of those indications have more than one company competing.

See every Oncology indication on the map

Related indications in Oncology

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Advanced Hepatocellular Carcinoma pipeline questions

Which biotech companies are developing drugs for Advanced Hepatocellular Carcinoma?

Adagene (ADAG, ADG126, Phase 1). Those are the 1 US-listed developer in the $100M to $20B market cap band with a clinical-stage programme in Advanced Hepatocellular Carcinoma.

How advanced is the Advanced Hepatocellular Carcinoma pipeline?

Of the 1 clinical-stage programme in Advanced Hepatocellular Carcinoma, 0 are in Phase 3 or filed, 0 are in mid-stage development and 1 is in early-stage development.

Is anyone else developing a drug for Advanced Hepatocellular Carcinoma?

No. ADAG is the only US-listed company in the $100M to $20B market cap band with a clinical-stage programme in Advanced Hepatocellular Carcinoma, which is why the indication is classified as uncontested.

When is the next Advanced Hepatocellular Carcinoma catalyst?

The next dated catalyst in Advanced Hepatocellular Carcinoma is ADAG on 30 Jun 2027. 1 dated event across the field fall in the next 12 months.

How this page is built

  • Universe is US-listed drug developers with a $100M to $20B market capitalisation, identified by SEC SIC code 2833, 2834 or 2836 or by a pharmaceutical or biotechnology industry classification, less a reviewed exclusion list of contract research organisations, device and diagnostics makers and diversified generics manufacturers.
  • An asset attributed to three or more different companies is treated as shared standard of care rather than any one company’s programme and excluded. Pembrolizumab alone appears under 21 tickers in raw trial data.
  • A programme counts only where at least one industry-sponsored trial supports it, so investigator-initiated academic studies of third-party drugs are excluded.

Allocated capital divides each company’s market capitalisation evenly across the indications it is running clinical programmes in, so every dollar of the universe is counted exactly once. Total market capitalisation competing counts a company in each of its indications and therefore sums to more than the universe.

Third-party market size estimates are not used anywhere on this page. Approved incumbents are excluded from competitor counts, and companies above $20B are outside the universe by construction.

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