Neurology & PsychiatryGold rushData as of 2026-09-04
Major Depressive Disorder is both crowded and richly priced: 11 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.
7 of the 11 are in Phase 3 or filed, and 9 dated catalysts fall in the next 12 months, so this ranking is likely to move.
$11.9B of allocated capital sits in Major Depressive Disorder, 9th of 299 indications, and 3 of the 11 companies are pure plays that trade on this indication alone.
| Ticker | Company | Lead asset | Phase | Trials | Market cap | Pure play | Indications | Next catalyst |
|---|---|---|---|---|---|---|---|---|
| NBIX | Neurocrine Biosciences | NBI-1065845 | Phase 3 | 5 | $16.1B | No | 6 | 31 Dec 2027 |
| XENE | Xenon Pharmaceuticals | Azetukalner | Phase 3 | 3 | $5.8B | No | 4 | 7 Sep 2026 |
| DFTX | Definium Therapeutics | DT120 | Phase 3 | 2 | $5.1B | No | 3 | 30 Sep 2026 |
| CMPS | COMPASS Pathways | Psilocybin | Phase 3 | 2 | $1.8B | No | 2 | 31 Dec 2026 |
| HELP | Cybin | CYB003 | Phase 3 | 3 | $825M | Yes | 1 | 31 Dec 2026 |
| VNDA | Vanda Pharmaceuticals | Milsaperidone | Phase 3 | 1 | $323M | No | 7 | 12 Dec 2026 |
| NMRA | Neumora Therapeutics | NMRA-335140 | Phase 3 | 1 | $250M | Yes | 1 | 31 Dec 2026 |
| ACAD | ACADIA Pharmaceuticals | ACP-211 | Phase 2 | 1 | $4.8B | No | 3 | 31 Oct 2026 |
| SUPN | Supernus Pharmaceuticals | SPN-821 | Phase 2 | 1 | $2.6B | No | 4 | No dated event |
| SPTX | Seaport Therapeutics | SPT-300 | Phase 2 | 2 | $1.3B | Yes | 1 | 31 Dec 2026 |
| ANRO | Alto Neuroscience | ALTO-300 | Phase 2 | 1 | $1.3B | No | 3 | 31 Dec 2026 |
Sorted by phase, then by market capitalisation. Ticker links open the company profile. NBIX holds 40% of the $40.2B 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.
Neurology & Psychiatry holds $120B of the map's capital, 17.9% of the total, spread across 46 indications and 58 companies. 19 of those indications have more than one company competing.
See every Neurology & Psychiatry indication on the map11 US-listed companies in the $100M to $20B market cap band run clinical programmes in Major Depressive Disorder. The largest and most advanced are Neurocrine Biosciences (NBIX, NBI-1065845, Phase 3); Xenon Pharmaceuticals (XENE, Azetukalner, Phase 3); Definium Therapeutics (DFTX, DT120, Phase 3); COMPASS Pathways (CMPS, Psilocybin, Phase 3); Cybin (HELP, CYB003, Phase 3). The full list of 11 is in the table on this page.
Of the 11 clinical-stage programmes in Major Depressive Disorder, 7 are in Phase 3 or filed, 4 are in mid-stage development and 0 are in early-stage development.
The median company developing a drug for Major Depressive Disorder is worth $1.8B, against a median of $1.20B across the whole universe. $11.9B of allocated capital sits in the indication, ranking it 9th of 299.
The next dated catalyst in Major Depressive Disorder is XENE on 7 Sep 2026. 9 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.
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