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Bipolar Disorder: 5 biotech companies with clinical-stage programmes

Neurology & PsychiatryConcentrated betData as of 2026-09-04

Competitors5in the clinic
Median market cap$5.8Buniverse median $1.20B
Allocated capital$8.7B$33.6B competing
Phase 3 or filed23 mid, 0 early
Pure plays0this indication only
Capital rank17/299crowding rank 30

Bipolar Disorder is a concentrated bet: only 5 US-listed developers are in the clinic, and the median one is worth $5.8B 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.

2 of the 5 are in Phase 3 or filed, and 3 dated catalysts fall in the next 12 months, so this ranking is likely to move.

$8.7B of allocated capital sits in Bipolar Disorder, ranking it 17th of 299 indications by the money committed to it.

Companies developing drugs for Bipolar Disorder 5

TickerCompanyLead assetPhaseTrialsMarket capPure playIndicationsNext catalyst
ALKSAlkermesOLZ/SAMPhase 31$7.9BNo3No dated event
XENEXenon PharmaceuticalsAzetukalnerPhase 32$5.8BNo4 7 Sep 2026
NBIXNeurocrine BiosciencesNBI-1117568Phase 21$16.1BNo6 31 Dec 2027
RAPPRapport TherapeuticsRAP-219Phase 21$2.3BNo2 1 Oct 2026
LBRXLB PharmaceuticalsLB-102Phase 21$1.5BNo2 30 Jun 2027

Sorted by phase, then by market capitalisation. Ticker links open the company profile. NBIX holds 48% of the $33.6B competing in this indication.

Why Bipolar Disorder 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. Bipolar Disorder has 5 competitors and a median of $5.8B.

Neurology & Psychiatry

Neurology & Psychiatry holds $120B of the map's capital, 17.9% of the total, spread across 46 indications and 58 companies. 19 of those indications have more than one company competing.

See every Neurology & Psychiatry indication on the map

Related indications in Neurology & Psychiatry

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Bipolar Disorder pipeline questions

Which biotech companies are developing drugs for Bipolar Disorder?

Alkermes (ALKS, OLZ/SAM, Phase 3); Xenon Pharmaceuticals (XENE, Azetukalner, Phase 3); Neurocrine Biosciences (NBIX, NBI-1117568, Phase 2); Rapport Therapeutics (RAPP, RAP-219, Phase 2); LB Pharmaceuticals (LBRX, LB-102, Phase 2). Those are the 5 US-listed developers in the $100M to $20B market cap band with a clinical-stage programme in Bipolar Disorder.

How advanced is the Bipolar Disorder pipeline?

Of the 5 clinical-stage programmes in Bipolar Disorder, 2 are in Phase 3 or filed, 3 are in mid-stage development and 0 are in early-stage development.

How much is the typical Bipolar Disorder biotech company worth?

The median company developing a drug for Bipolar Disorder is worth $5.8B, against a median of $1.20B across the whole universe. $8.7B of allocated capital sits in the indication, ranking it 17th of 299.

When is the next Bipolar Disorder catalyst?

The next dated catalyst in Bipolar Disorder is XENE on 7 Sep 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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