Recent Updates
Recently added Catalysts

Geographic Atrophy: 3 biotech companies with clinical-stage programmes

OphthalmologyOrphan cornerData as of 2026-09-04

Competitors3in the clinic
Median market cap$918Muniverse median $1.20B
Allocated capital$4.0B$8.2B competing
Phase 3 or filed20 mid, 1 early
Pure plays0this indication only
Capital rank46/299crowding rank 59

Geographic Atrophy sits in the orphan corner of the map: 3 developers, none of them large, with a median market cap of $918M against a $1.20B universe median.

A thin field of small caps usually means a narrow addressable population, so the whole field can be repriced by one readout or one financing.

BLTE alone accounts for 83% of the $8.2B of market capitalisation competing here, so this is a leader plus a tail rather than a level race.

$4.0B of allocated capital sits in Geographic Atrophy, ranking it 46th of 299 indications by the money committed to it.

Companies developing drugs for Geographic Atrophy 3

TickerCompanyLead assetPhaseTrialsMarket capPure playIndicationsNext catalyst
BLTEBelite BioTinlarebantPhase 31$6.9BNo2 12 Feb 2027
ANNXAnnexonVonaprumentPhase 31$918MNo2 31 Dec 2026
OCGNOcugenOCU410Phase 11$458MNo3 24 Sep 2026

Sorted by phase, then by market capitalisation. Ticker links open the company profile. BLTE holds 83% of the $8.2B competing in this indication.

Why Geographic Atrophy is a orphan corner

A thin field of small caps. Few competitors, none of them large.

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. Geographic Atrophy has 3 competitors and a median of $918M.

Ophthalmology

Ophthalmology holds $17.0B of the map's capital, 2.5% of the total, spread across 9 indications and 13 companies. 6 of those indications have more than one company competing.

See every Ophthalmology indication on the map

Related indications in Ophthalmology

Stargardt Disease2 companies · $3.6B · median $3.7BConcentrated betWet Age-related Macular Degeneration4 companies · $3.5B · median $1.5BConcentrated betDry Eye Disease3 companies · $2.0B · median $706MOrphan cornerDiabetic Macular Edema4 companies · $1.3B · median $613MOrphan cornerHereditary Transthyretin Amyloidosis1 company · $1.1B · median $9.7BUncontestedMacular Edema1 company · $758M · median $2.3BUncontestedLeber Congenital Amaurosis2 companies · $600M · median $300MOrphan cornerX-Linked Retinitis Pigmentosa1 company · $192M · median $768MUncontested

Geographic Atrophy pipeline questions

Which biotech companies are developing drugs for Geographic Atrophy?

Belite Bio (BLTE, Tinlarebant, Phase 3); Annexon (ANNX, Vonaprument, Phase 3); Ocugen (OCGN, OCU410, Phase 1). Those are the 3 US-listed developers in the $100M to $20B market cap band with a clinical-stage programme in Geographic Atrophy.

How advanced is the Geographic Atrophy pipeline?

Of the 3 clinical-stage programmes in Geographic Atrophy, 2 are in Phase 3 or filed, 0 are in mid-stage development and 1 is in early-stage development.

Which company leads the Geographic Atrophy field?

BLTE is the largest developer in Geographic Atrophy, holding 83% of the $8.2B of market capitalisation competing in the indication. The median competitor is worth $918M.

When is the next Geographic Atrophy catalyst?

The next dated catalyst in Geographic Atrophy is OCGN on 24 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.

Back to the disease map