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Hidradenitis Suppurativa: 4 biotech companies with clinical-stage programmes

Immunology & InflammationConcentrated betData as of 2026-09-04

Competitors4in the clinic
Median market cap$3.7Buniverse median $1.20B
Allocated capital$9.5B$15.6B competing
Phase 3 or filed13 mid, 0 early
Pure plays1this indication only
Capital rank12/299crowding rank 42

Hidradenitis Suppurativa is a concentrated bet: only 4 US-listed developers are in the clinic, and the median one is worth $3.7B against a $1.20B universe median.

Scarcity is doing the work in that number. A thin field means an approval is shared with fewer rivals, and the market pays a premium for that position.

1 of the 4 is in Phase 3 or filed, and 4 dated catalysts fall in the next 12 months, so this ranking is likely to move.

$9.5B of allocated capital sits in Hidradenitis Suppurativa, 12th of 299 indications, and 1 of the 4 companies are pure plays that trade on this indication alone.

Companies developing drugs for Hidradenitis Suppurativa 4

TickerCompanyLead assetPhaseTrialsMarket capPure playIndicationsNext catalyst
MLTXMoonLake ImmunotherapeuticsSonelokimabPhase 32$1.3BNo2 30 Sep 2026
SYRESpyre TherapeuticsSPY072Phase 22$7.7BNo3 30 Sep 2026
ORKAOruka TherapeuticsORKA-002Phase 21$6.0BYes1 30 Sep 2026
ZURAZura BioTibulizumab Dose APhase 22$563MNo2 30 Sep 2026

Sorted by phase, then by market capitalisation. Ticker links open the company profile. SYRE holds 49% of the $15.6B competing in this indication.

Why Hidradenitis Suppurativa 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. Hidradenitis Suppurativa has 4 competitors and a median of $3.7B.

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.

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Hidradenitis Suppurativa pipeline questions

Which biotech companies are developing drugs for Hidradenitis Suppurativa?

MoonLake Immunotherapeutics (MLTX, Sonelokimab, Phase 3); Spyre Therapeutics (SYRE, SPY072, Phase 2); Oruka Therapeutics (ORKA, ORKA-002, Phase 2); Zura Bio (ZURA, Tibulizumab Dose A, Phase 2). Those are the 4 US-listed developers in the $100M to $20B market cap band with a clinical-stage programme in Hidradenitis Suppurativa.

How advanced is the Hidradenitis Suppurativa pipeline?

Of the 4 clinical-stage programmes in Hidradenitis Suppurativa, 1 is in Phase 3 or filed, 3 are in mid-stage development and 0 are in early-stage development.

How much is the typical Hidradenitis Suppurativa biotech company worth?

The median company developing a drug for Hidradenitis Suppurativa is worth $3.7B, against a median of $1.20B across the whole universe. $9.5B of allocated capital sits in the indication, ranking it 12th of 299.

When is the next Hidradenitis Suppurativa catalyst?

The next dated catalyst in Hidradenitis Suppurativa is MLTX on 30 Sep 2026. 4 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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