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Graves' Disease: two biotech companies racing to a treatment

Immunology & InflammationConcentrated betData as of 2026-09-04

Competitors2in the clinic
Median market cap$5.2Buniverse median $1.20B
Allocated capital$2.0B$10.5B competing
Phase 3 or filed11 mid, 0 early
Pure plays0this indication only
Capital rank100/299crowding rank 84

Graves' Disease is a two-horse race: Biohaven (BHVN, $2.4B) against Immunovant (IMVT, $8.1B).

A duopoly prices differently from an empty field. Each company is the other's comparable, so a readout from either side repositions both, and $2.0B of allocated capital sits on the pair.

IMVT alone accounts for 77% of the $10.5B of market capitalisation competing here, so this is a leader plus a tail rather than a level race.

$2.0B of allocated capital sits in Graves' Disease, ranking it 100th of 299 indications by the money committed to it.

Companies developing drugs for Graves' Disease 2

TickerCompanyLead assetPhaseTrialsMarket capPure playIndicationsNext catalyst
BHVNBiohavenBHV-1300Phase 32$2.4BNo7 23 Oct 2026
IMVTImmunovantIMVT-1402Phase 23$8.1BNo5 31 Dec 2026

Sorted by phase, then by market capitalisation. Ticker links open the company profile. IMVT holds 77% of the $10.5B competing in this indication.

Why Graves' Disease 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. Graves' Disease has 2 competitors and a median of $5.2B.

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

Rosacea1 company · $1.8B · median $3.7BUncontestedPrimary Biliary Cholangitis1 company · $2.2B · median $6.5BUncontestedPrimary Sclerosing Cholangitis1 company · $2.2B · median $6.5BUncontestedWrinkles1 company · $2.2B · median $11.0BUncontestedAlopecia Areata3 companies · $2.2B · median $1.6BConcentrated betFocal Segmental Glomerulosclerosis2 companies · $1.7B · median $3.3BConcentrated betANCA-associated Vasculitis2 companies · $1.7B · median $3.3BConcentrated betImmunoglobulin A Nephropathy1 company · $1.6B · median $6.3BUncontested

Graves' Disease pipeline questions

Which biotech companies are developing drugs for Graves' Disease?

Biohaven (BHVN, BHV-1300, Phase 3); Immunovant (IMVT, IMVT-1402, Phase 2). Those are the 2 US-listed developers in the $100M to $20B market cap band with a clinical-stage programme in Graves' Disease.

How advanced is the Graves' Disease pipeline?

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

Which company leads the Graves' Disease field?

IMVT is the largest developer in Graves' Disease, holding 77% of the $10.5B of market capitalisation competing in the indication. The median competitor is worth $5.2B.

When is the next Graves' Disease catalyst?

The next dated catalyst in Graves' Disease is BHVN on 23 Oct 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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