Immunology & InflammationGold rushData as of 2026-09-04
Generalized Myasthenia Gravis is both crowded and richly priced: 8 companies are in the clinic and the median one is worth $1.8B, 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, TGTX, holds only 31% of the $27.6B competing here.
$8.9B of allocated capital sits in Generalized Myasthenia Gravis, 15th of 299 indications, and 1 of the 8 companies are pure plays that trade on this indication alone.
| Ticker | Company | Lead asset | Phase | Trials | Market cap | Pure play | Indications | Next catalyst |
|---|---|---|---|---|---|---|---|---|
| IMVT | Immunovant | IMVT-1402 | Phase 3 | 3 | $8.1B | No | 5 | 31 Dec 2026 |
| DNTH | Dianthus Therapeutics | Claseprubart | Phase 3 | 2 | $5.9B | No | 3 | 31 Dec 2026 |
| VOR | Vor Biopharma | Telitacicept | Phase 3 | 1 | $1.4B | No | 2 | 30 Jun 2027 |
| RNAC | Cartesian Therapeutics | Decartes-08 | Phase 3 | 2 | $276M | No | 4 | 31 Mar 2027 |
| TGTX | TG Therapeutics | Ublituximab | Phase 2 | 1 | $8.7B | No | 4 | 31 Dec 2026 |
| KYTX | Kyverna Therapeutics | Standard lymphodepletion regimen | Phase 2 | 3 | $516M | No | 5 | 31 Dec 2026 |
| AUPH | Aurinia Pharmaceuticals | Aritinercept | Phase 1 | 1 | $2.1B | Yes | 1 | No dated event |
| CABA | Cabaletta Bio | CABA-201 | Phase 1 | 1 | $590M | No | 4 | 31 Dec 2026 |
Sorted by phase, then by market capitalisation. Ticker links open the company profile. TGTX holds 31% of the $27.6B 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 map8 US-listed companies in the $100M to $20B market cap band run clinical programmes in Generalized Myasthenia Gravis. The largest and most advanced are Immunovant (IMVT, IMVT-1402, Phase 3); Dianthus Therapeutics (DNTH, Claseprubart, Phase 3); Vor Biopharma (VOR, Telitacicept, Phase 3); Cartesian Therapeutics (RNAC, Decartes-08, Phase 3); TG Therapeutics (TGTX, Ublituximab, Phase 2). The full list of 8 is in the table on this page.
Of the 8 clinical-stage programmes in Generalized Myasthenia Gravis, 4 are in Phase 3 or filed, 2 are in mid-stage development and 2 are in early-stage development.
The median company developing a drug for Generalized Myasthenia Gravis is worth $1.8B, against a median of $1.20B across the whole universe. $8.9B of allocated capital sits in the indication, ranking it 15th of 299.
The next dated catalyst in Generalized Myasthenia Gravis is IMVT on 31 Dec 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.
Back to the disease map