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Alopecia Areata: 3 biotech companies with clinical-stage programmes

Immunology & InflammationConcentrated betData as of 2026-09-04

Competitors3in the clinic
Median market cap$1.6Buniverse median $1.20B
Allocated capital$2.2B$4.5B competing
Phase 3 or filed02 mid, 1 early
Pure plays0this indication only
Capital rank89/299crowding rank 64

Alopecia Areata is a concentrated bet: only 3 US-listed developers are in the clinic, and the median one is worth $1.6B against a $1.20B universe median.

Scarcity is doing the work in that number. A thin field means an approval is shared with fewer rivals, and the market pays a premium for that position.

NKTR carries 57% of the $4.5B competing here, more than the other 2 companies combined.

$2.2B of allocated capital sits in Alopecia Areata, ranking it 89th of 299 indications by the money committed to it.

Companies developing drugs for Alopecia Areata 3

TickerCompanyLead assetPhaseTrialsMarket capPure playIndicationsNext catalyst
NKTRNektar TherapeuticsRezpegaldesleukinPhase 21$2.6BNo2 1 Oct 2026
QTTBQ32 BiobempikibartPhase 21$381MNo3 31 Dec 2026
FBRXForte BiosciencesFB102Phase 11$1.6BNo2 31 Dec 2026

Sorted by phase, then by market capitalisation. Ticker links open the company profile. NKTR holds 57% of the $4.5B competing in this indication.

Why Alopecia Areata is a concentrated bet

Few competitors, each one large. The market pays a scarcity premium to compete here.

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. Alopecia Areata has 3 competitors and a median of $1.6B.

Immunology & Inflammation

Immunology & Inflammation holds $139B of the map's capital, 20.7% of the total, spread across 51 indications and 82 companies. 23 of those indications have more than one company competing.

See every Immunology & Inflammation indication on the map

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Alopecia Areata pipeline questions

Which biotech companies are developing drugs for Alopecia Areata?

Nektar Therapeutics (NKTR, Rezpegaldesleukin, Phase 2); Q32 Bio (QTTB, bempikibart, Phase 2); Forte Biosciences (FBRX, FB102, Phase 1). Those are the 3 US-listed developers in the $100M to $20B market cap band with a clinical-stage programme in Alopecia Areata.

How advanced is the Alopecia Areata pipeline?

Of the 3 clinical-stage programmes in Alopecia Areata, 0 are in Phase 3 or filed, 2 are in mid-stage development and 1 is in early-stage development.

Which company leads the Alopecia Areata field?

NKTR is the largest developer in Alopecia Areata, holding 57% of the $4.5B of market capitalisation competing in the indication. The median competitor is worth $1.6B.

When is the next Alopecia Areata catalyst?

The next dated catalyst in Alopecia Areata is NKTR on 1 Oct 2026. 3 dated events 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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