Cardiovascular & MetabolicKnife fightData as of 2026-09-04
Diabetes is one of the more crowded fields on the map: 9 companies in the clinic, ranking it 11th of 299 indications by competitor count. The median competitor is worth $401M, below the $1.20B median of the universe.
That gap is the crowding discount. When a field is deep the market pays less per company, because the same eventual revenue has to be split across more shots on goal.
No one owns the field: the largest company, IMCR, holds only 30% of the $6.4B competing here.
$3.2B of allocated capital sits in Diabetes, 65th of 299 indications, and 4 of the 9 companies are pure plays that trade on this indication alone.
| Ticker | Company | Lead asset | Phase | Trials | Market cap | Pure play | Indications | Next catalyst |
|---|---|---|---|---|---|---|---|---|
| LXRX | Lexicon Pharmaceuticals | Sotagliflozin | Phase 3 | 3 | $1.0B | No | 2 | 31 Dec 2026 |
| PROK | ProKidney | Renal Autologous Cell Therapy | Phase 3 | 1 | $401M | Yes | 1 | 30 Jun 2027 |
| SABS | SAB Biotherapeutics | SAB-142 | Phase 3 | 2 | $338M | Yes | 1 | 31 Dec 2026 |
| ORMP | Oramed Pharmaceuticals | ORMD-0801 | Phase 3 | 1 | $205M | Yes | 1 | No dated event |
| MNKD | MannKind | Technosphere Insulin | Phase 2 | 2 | $1.3B | No | 3 | 31 Dec 2027 |
| DSGN | Design Therapeutics | Farxiga+ Onglyza+ Metformin Mix Treat type 2 diabetes | Phase 2 | 2 | $941M | No | 6 | 31 Dec 2026 |
| BMEA | Biomea Fusion | icovamenib | Phase 2 | 2 | $138M | No | 3 | 30 Sep 2026 |
| VTVT | vTv Therapeutics | Cadisegliatin | Phase 2 | 1 | $132M | Yes | 1 | 31 Dec 2026 |
| IMCR | Immunocore Holdings | IMC-S118AI | Phase 1 | 1 | $1.9B | No | 2 | 31 Dec 2026 |
Sorted by phase, then by market capitalisation. Ticker links open the company profile. IMCR holds 30% of the $6.4B competing in this indication.
Crowded and cheaply priced. Six or more competitors and a median company below the universe median.
Cardiovascular & Metabolic holds $89.7B of the map's capital, 13.4% of the total, spread across 29 indications and 44 companies. 9 of those indications have more than one company competing.
See every Cardiovascular & Metabolic indication on the map9 US-listed companies in the $100M to $20B market cap band run clinical programmes in Diabetes. The largest and most advanced are Lexicon Pharmaceuticals (LXRX, Sotagliflozin, Phase 3); ProKidney (PROK, Renal Autologous Cell Therapy, Phase 3); SAB Biotherapeutics (SABS, SAB-142, Phase 3); Oramed Pharmaceuticals (ORMP, ORMD-0801, Phase 3); MannKind (MNKD, Technosphere Insulin, Phase 2). The full list of 9 is in the table on this page.
Of the 9 clinical-stage programmes in Diabetes, 4 are in Phase 3 or filed, 4 are in mid-stage development and 1 is in early-stage development.
The median company developing a drug for Diabetes is worth $401M, against a median of $1.20B across the whole universe. $3.2B of allocated capital sits in the indication, ranking it 65th of 299.
The next dated catalyst in Diabetes is BMEA on 30 Sep 2026. 7 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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