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Focal Segmental Glomerulosclerosis: two biotech companies racing to a treatment

Immunology & InflammationConcentrated betData as of 2026-09-04

Competitors2in the clinic
Median market cap$3.3Buniverse median $1.20B
Allocated capital$1.7B$6.5B competing
Phase 3 or filed02 mid, 0 early
Pure plays0this indication only
Capital rank109/299crowding rank 86

Focal Segmental Glomerulosclerosis is a two-horse race: Travere Therapeutics (TVTX, $6.3B) against Akebia Therapeutics (AKBA, $272M).

A duopoly prices differently from an empty field. Each company is the other's comparable, so a readout from either side repositions both, and $1.7B of allocated capital sits on the pair.

TVTX alone accounts for 96% of the $6.5B of market capitalisation competing here, so this is a leader plus a tail rather than a level race.

$1.7B of allocated capital sits in Focal Segmental Glomerulosclerosis, ranking it 109th of 299 indications by the money committed to it.

Companies developing drugs for Focal Segmental Glomerulosclerosis 2

TickerCompanyLead assetPhaseTrialsMarket capPure playIndicationsNext catalyst
TVTXTravere TherapeuticsSparsentanPhase 21$6.3BNo4 31 Dec 2026
AKBAAkebia TherapeuticsPraliciguatPhase 21$272MNo2 31 Dec 2026

Sorted by phase, then by market capitalisation. Ticker links open the company profile. TVTX holds 96% of the $6.5B competing in this indication.

Why Focal Segmental Glomerulosclerosis 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. Focal Segmental Glomerulosclerosis has 2 competitors and a median of $3.3B.

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

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Focal Segmental Glomerulosclerosis pipeline questions

Which biotech companies are developing drugs for Focal Segmental Glomerulosclerosis?

Travere Therapeutics (TVTX, Sparsentan, Phase 2); Akebia Therapeutics (AKBA, Praliciguat, Phase 2). Those are the 2 US-listed developers in the $100M to $20B market cap band with a clinical-stage programme in Focal Segmental Glomerulosclerosis.

How advanced is the Focal Segmental Glomerulosclerosis pipeline?

Of the 2 clinical-stage programmes in Focal Segmental Glomerulosclerosis, 0 are in Phase 3 or filed, 2 are in mid-stage development and 0 are in early-stage development.

Which company leads the Focal Segmental Glomerulosclerosis field?

TVTX is the largest developer in Focal Segmental Glomerulosclerosis, holding 96% of the $6.5B of market capitalisation competing in the indication. The median competitor is worth $3.3B.

When is the next Focal Segmental Glomerulosclerosis catalyst?

The next dated catalyst in Focal Segmental Glomerulosclerosis is TVTX on 31 Dec 2026. 2 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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