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MASH (NASH): 4 biotech companies with clinical-stage programmes

MASH / NASH.Cardiovascular & MetabolicConcentrated betData as of 2026-09-04

Competitors4in the clinic
Median market cap$12.2Buniverse median $1.20B
Allocated capital$19.4B$37.9B competing
Phase 3 or filed22 mid, 0 early
Pure plays2this indication only
Capital rank2/299crowding rank 39

MASH (NASH) is a concentrated bet: only 4 US-listed developers are in the clinic, and the median one is worth $12.2B 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.

No one owns the field: the largest company, MDGL, holds only 33% of the $37.9B competing here.

$19.4B of allocated capital sits in MASH (NASH), 2nd of 299 indications, and 2 of the 4 companies are pure plays that trade on this indication alone.

Companies developing drugs for MASH (NASH) 4

TickerCompanyLead assetPhaseTrialsMarket capPure playIndicationsNext catalyst
MDGLMadrigal PharmaceuticalsResmetiromPhase 34$12.5BYes1 31 Dec 2027
IVAInventivaIVA337Phase 31$1.0BYes1 31 Dec 2026
CORTCorcept TherapeuticsMiricorilantPhase 23$12.2BNo3 31 Dec 2026
ARWRArrowhead PharmaceuticalsVSA006Phase 21$12.2BNo7 31 Dec 2026

Sorted by phase, then by market capitalisation. Ticker links open the company profile. MDGL holds 33% of the $37.9B competing in this indication.

Why MASH (NASH) 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. MASH (NASH) has 4 competitors and a median of $12.2B.

Cardiovascular & Metabolic

Cardiovascular & Metabolic holds $89.7B of the map's capital, 13.4% of the total, spread across 29 indications and 44 companies. 9 of those indications have more than one company competing.

See every Cardiovascular & Metabolic indication on the map

Related indications in Cardiovascular & Metabolic

Congenital Adrenal Hyperplasia3 companies · $14.6B · median $14.7BConcentrated betObesity9 companies · $13.1B · median $2.4BGold rushPulmonary Arterial Hypertension3 companies · $7.1B · median $585MOrphan cornerHypertrophic Cardiomyopathy4 companies · $5.2B · median $2.8BConcentrated betVasomotor Symptoms1 company · $3.5B · median $3.5BUncontestedDiabetes9 companies · $3.2B · median $401MKnife fightHypertriglyceridemia2 companies · $2.8B · median $10.9BConcentrated betChronic Heart Failure With Reduced Ejection Fraction1 company · $2.3B · median $9.2BUncontested

MASH (NASH) pipeline questions

Which biotech companies are developing drugs for MASH (NASH)?

Madrigal Pharmaceuticals (MDGL, Resmetirom, Phase 3); Inventiva (IVA, IVA337, Phase 3); Corcept Therapeutics (CORT, Miricorilant, Phase 2); Arrowhead Pharmaceuticals (ARWR, VSA006, Phase 2). Those are the 4 US-listed developers in the $100M to $20B market cap band with a clinical-stage programme in MASH (NASH).

How advanced is the MASH (NASH) pipeline?

Of the 4 clinical-stage programmes in MASH (NASH), 2 are in Phase 3 or filed, 2 are in mid-stage development and 0 are in early-stage development.

How much is the typical MASH (NASH) biotech company worth?

The median company developing a drug for MASH (NASH) is worth $12.2B, against a median of $1.20B across the whole universe. $19.4B of allocated capital sits in the indication, ranking it 2nd of 299.

When is the next MASH (NASH) catalyst?

The next dated catalyst in MASH (NASH) is IVA on 31 Dec 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.

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