Neurology & PsychiatryGold rushData as of 2026-09-04
Focal Epilepsy is both crowded and richly priced: 6 companies are in the clinic and the median one is worth $4.2B, 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.
2 of the 6 are in Phase 3 or filed, and 5 dated catalysts fall in the next 12 months, so this ranking is likely to move.
$8.0B of allocated capital sits in Focal Epilepsy, ranking it 22nd of 299 indications by the money committed to it.
| Ticker | Company | Lead asset | Phase | Trials | Market cap | Pure play | Indications | Next catalyst |
|---|---|---|---|---|---|---|---|---|
| XENE | Xenon Pharmaceuticals | XEN1101 | Phase 3 | 3 | $5.8B | No | 4 | 7 Sep 2026 |
| RAPP | Rapport Therapeutics | RAP-219 | Phase 3 | 3 | $2.3B | No | 2 | 1 Oct 2026 |
| PRAX | Praxis Precision Medicines | PRAX-628 | Phase 2 | 1 | $9.9B | No | 3 | 27 Dec 2026 |
| SUPN | Supernus Pharmaceuticals | SPN-817 | Phase 2 | 3 | $2.6B | No | 4 | No dated event |
| BHVN | Biohaven | BHV-7000 | Phase 2 | 3 | $2.4B | No | 7 | 23 Oct 2026 |
| JAZZ | Jazz Pharmaceuticals | CBD-OS | Phase 1 | 1 | $16.1B | No | 14 | 30 Sep 2026 |
Sorted by phase, then by market capitalisation. Ticker links open the company profile. JAZZ holds 41% of the $39.1B 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.
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 map6 US-listed companies in the $100M to $20B market cap band run clinical programmes in Focal Epilepsy. The largest and most advanced are Xenon Pharmaceuticals (XENE, XEN1101, Phase 3); Rapport Therapeutics (RAPP, RAP-219, Phase 3); Praxis Precision Medicines (PRAX, PRAX-628, Phase 2); Supernus Pharmaceuticals (SUPN, SPN-817, Phase 2); Biohaven (BHVN, BHV-7000, Phase 2). The full list of 6 is in the table on this page.
Of the 6 clinical-stage programmes in Focal Epilepsy, 2 are in Phase 3 or filed, 3 are in mid-stage development and 1 is in early-stage development.
The median company developing a drug for Focal Epilepsy is worth $4.2B, against a median of $1.20B across the whole universe. $8.0B of allocated capital sits in the indication, ranking it 22nd of 299.
The next dated catalyst in Focal Epilepsy is XENE on 7 Sep 2026. 5 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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