Recent Updates
Recently added Catalysts

Macular Edema: one US-listed biotech with a clinical-stage programme

OphthalmologyUncontestedData as of 2026-09-04

Competitors1in the clinic
Median market cap$2.3Buniverse median $1.20B
Allocated capital$758M$2.3B competing
Phase 3 or filed10 mid, 0 early
Pure plays0this indication only
Capital rank171/299crowding rank 182

Macular Edema is uncontested. Kodiak Sciences (KOD) is the only US-listed developer in the $100M to $20B band running a clinical programme here, with KSI-101 in phase 3.

There is no public comparable to price it against. KOD spreads its $2.3B market cap across 3 indications, so $758M of it is allocated here.

The one programme here is in late-stage development, with 1 dated catalyst in the next 12 months.

$758M of allocated capital sits in Macular Edema, ranking it 171st of 299 indications by the money committed to it.

Companies developing drugs for Macular Edema 1

TickerCompanyLead assetPhaseTrialsMarket capPure playIndicationsNext catalyst
KODKodiak SciencesKSI-101Phase 32$2.3BNo3 30 Sep 2026

Sorted by phase, then by market capitalisation. Ticker links open the company profile.

Why Macular Edema counts as uncontested

Uncontested. One US-listed developer in the size band is running a clinical programme here, so there is no public comparable to price it against.

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. Macular Edema has one competitor and a median of $2.3B.

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

Leber Congenital Amaurosis2 companies · $600M · median $300MOrphan cornerHereditary Transthyretin Amyloidosis1 company · $1.1B · median $9.7BUncontestedDiabetic Macular Edema4 companies · $1.3B · median $613MOrphan cornerX-Linked Retinitis Pigmentosa1 company · $192M · median $768MUncontestedDry Eye Disease3 companies · $2.0B · median $706MOrphan cornerWet Age-related Macular Degeneration4 companies · $3.5B · median $1.5BConcentrated betStargardt Disease2 companies · $3.6B · median $3.7BConcentrated betGeographic Atrophy3 companies · $4.0B · median $918MOrphan corner

Macular Edema pipeline questions

Which biotech companies are developing drugs for Macular Edema?

Kodiak Sciences (KOD, KSI-101, Phase 3). Those are the 1 US-listed developer in the $100M to $20B market cap band with a clinical-stage programme in Macular Edema.

How advanced is the Macular Edema pipeline?

Of the 1 clinical-stage programme in Macular Edema, 1 is in Phase 3 or filed, 0 are in mid-stage development and 0 are in early-stage development.

Is anyone else developing a drug for Macular Edema?

No. KOD is the only US-listed company in the $100M to $20B market cap band with a clinical-stage programme in Macular Edema, which is why the indication is classified as uncontested.

When is the next Macular Edema catalyst?

The next dated catalyst in Macular Edema is KOD on 30 Sep 2026. 1 dated event 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