Immunology & InflammationGold rushData as of 2026-09-04
Atopic Dermatitis is both crowded and richly priced: 11 companies are in the clinic and the median one is worth $3.0B, 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.
No one owns the field: the largest company, KYMR, holds only 27% of the $35.9B competing here.
$20.4B of allocated capital sits in Atopic Dermatitis, 1st of 299 indications, and 3 of the 11 companies are pure plays that trade on this indication alone.
| Ticker | Company | Lead asset | Phase | Trials | Market cap | Pure play | Indications | Next catalyst |
|---|---|---|---|---|---|---|---|---|
| OGN | Organon & Co. | Tapinarof | Phase 3 | 1 | $3.6B | Yes | 1 | No dated event |
| KYMR | Kymera Therapeutics | KT-621 | Phase 2 | 1 | $9.8B | No | 2 | 8 Sep 2026 |
| APGE | Apogee Therapeutics | APG777 | Phase 2 | 5 | $8.4B | No | 2 | 31 Dec 2026 |
| CLDX | Celldex Therapeutics | Barzolvolimab | Phase 2 | 1 | $3.1B | No | 3 | 31 Oct 2026 |
| CRVS | Corvus Pharmaceuticals | Soquelitinib | Phase 2 | 1 | $1.2B | No | 3 | 31 Dec 2026 |
| ACRS | Aclaris Therapeutics | ATI-045 | Phase 2 | 1 | $832M | Yes | 1 | 31 Dec 2026 |
| EVMN | Evommune | EVO756 | Phase 2 | 1 | $436M | No | 2 | 30 Sep 2026 |
| QTTB | Q32 Bio | ADX-914 | Phase 2 | 1 | $381M | No | 3 | 31 Dec 2026 |
| ZLAB | Zai Lab | ZL-1503 | Phase 1 | 1 | $3.1B | No | 3 | 31 Dec 2026 |
| ARQT | Arcutis Biotherapeutics | ARQ-234 | Phase 1 | 1 | $3.0B | Yes | 1 | 23 Feb 2027 |
| GENB | Generate Biomedicines | GB-7624 | Phase 1 | 1 | $2.1B | No | 2 | 5 Sep 2026 |
Sorted by phase, then by market capitalisation. Ticker links open the company profile. KYMR holds 27% of the $35.9B competing in this indication.
Crowded and richly priced: six or more competitors, and the median one is worth more than the median small or mid cap biotech.
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 map11 US-listed companies in the $100M to $20B market cap band run clinical programmes in Atopic Dermatitis. The largest and most advanced are Organon & Co. (OGN, Tapinarof, Phase 3); Kymera Therapeutics (KYMR, KT-621, Phase 2); Apogee Therapeutics (APGE, APG777, Phase 2); Celldex Therapeutics (CLDX, Barzolvolimab, Phase 2); Corvus Pharmaceuticals (CRVS, Soquelitinib, Phase 2). The full list of 11 is in the table on this page.
Of the 11 clinical-stage programmes in Atopic Dermatitis, 1 is in Phase 3 or filed, 7 are in mid-stage development and 3 are in early-stage development.
The median company developing a drug for Atopic Dermatitis is worth $3.0B, against a median of $1.20B across the whole universe. $20.4B of allocated capital sits in the indication, ranking it 1st of 299.
The next dated catalyst in Atopic Dermatitis is GENB on 5 Sep 2026. 10 dated events across the field fall in the next 12 months.
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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