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Asthma: 6 biotech companies competing in the clinic

Immunology & InflammationGold rushData as of 2026-09-04

Competitors6in the clinic
Median market cap$5.2Buniverse median $1.20B
Allocated capital$12.1B$32.9B competing
Phase 3 or filed14 mid, 1 early
Pure plays0this indication only
Capital rank8/299crowding rank 22

Asthma is both crowded and richly priced: 6 companies are in the clinic and the median one is worth $5.2B, against a universe median of $1.20B.

Crowded fields usually trade at a discount per company, so a premium in a field this deep says the market is pricing the size of the prize above the cost of the competition.

1 of the 6 is in Phase 3 or filed, and 6 dated catalysts fall in the next 12 months, so this ranking is likely to move.

$12.1B of allocated capital sits in Asthma, ranking it 8th of 299 indications by the money committed to it.

Companies developing drugs for Asthma 6

TickerCompanyLead assetPhaseTrialsMarket capPure playIndicationsNext catalyst
GENBGenerate BiomedicinesGB-0895Phase 33$2.1BNo2 5 Sep 2026
ARWRArrowhead PharmaceuticalsARO-RAGEPhase 21$12.2BNo7 31 Dec 2026
KYMRKymera TherapeuticsKT-621Phase 21$9.8BNo2 8 Sep 2026
UPBUpstream BioVerekitugPhase 21$333MNo2 30 Sep 2026
CNTBConnect Biopharma HoldingsRademikibart in prefilled syringePhase 22$122MNo2 30 Sep 2026
APGEApogee TherapeuticsAPG777Phase 11$8.4BNo2 31 Dec 2026

Sorted by phase, then by market capitalisation. Ticker links open the company profile. ARWR holds 37% of the $32.9B competing in this indication.

Why Asthma is a gold rush

Crowded and richly priced: six or more competitors, and the median one is worth more than the median small or mid cap biotech.

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. Asthma has 6 competitors and a median of $5.2B.

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

Related indications in Immunology & Inflammation

Hidradenitis Suppurativa4 companies · $9.5B · median $3.7BConcentrated betGeneralized Myasthenia Gravis8 companies · $8.9B · median $1.8BGold rushRheumatoid Arthritis9 companies · $8.6B · median $1.7BGold rushUlcerative Colitis6 companies · $8.5B · median $1.8BGold rushSystemic Lupus Erythematosus13 companies · $7.2B · median $1.2BKnife fightIdiopathic Pulmonary Fibrosis7 companies · $5.8B · median $1.3BGold rushAndrogenetic Alopecia2 companies · $5.6B · median $2.8BConcentrated betCrohn's Disease4 companies · $5.1B · median $714MOrphan corner

Asthma pipeline questions

Which biotech companies are developing drugs for Asthma?

6 US-listed companies in the $100M to $20B market cap band run clinical programmes in Asthma. The largest and most advanced are Generate Biomedicines (GENB, GB-0895, Phase 3); Arrowhead Pharmaceuticals (ARWR, ARO-RAGE, Phase 2); Kymera Therapeutics (KYMR, KT-621, Phase 2); Upstream Bio (UPB, Verekitug, Phase 2); Connect Biopharma Holdings (CNTB, Rademikibart in prefilled syringe, Phase 2). The full list of 6 is in the table on this page.

How advanced is the Asthma pipeline?

Of the 6 clinical-stage programmes in Asthma, 1 is in Phase 3 or filed, 4 are in mid-stage development and 1 is in early-stage development.

How much is the typical Asthma biotech company worth?

The median company developing a drug for Asthma is worth $5.2B, against a median of $1.20B across the whole universe. $12.1B of allocated capital sits in the indication, ranking it 8th of 299.

When is the next Asthma catalyst?

The next dated catalyst in Asthma is GENB on 5 Sep 2026. 6 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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