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Multiple Myeloma: 3 biotech companies with clinical-stage programmes

OncologyOrphan cornerData as of 2026-09-04

Competitors3in the clinic
Median market cap$460Muniverse median $1.20B
Allocated capital$421M$2.1B competing
Phase 3 or filed01 mid, 2 early
Pure plays0this indication only
Capital rank222/299crowding rank 70

Multiple Myeloma sits in the orphan corner of the map: 3 developers, none of them large, with a median market cap of $460M against a $1.20B universe median.

A thin field of small caps usually means a narrow addressable population, so the whole field can be repriced by one readout or one financing.

CGEM carries 68% of the $2.1B competing here, more than the other 2 companies combined.

$421M of allocated capital sits in Multiple Myeloma, ranking it 222nd of 299 indications by the money committed to it.

Companies developing drugs for Multiple Myeloma 3

TickerCompanyLead assetPhaseTrialsMarket capPure playIndicationsNext catalyst
CCCCC4 TherapeuticscemsidomidePhase 22$460MNo2 25 Sep 2026
CGEMCullinan TherapeuticsCLN-619Phase 11$1.4BNo8 14 Sep 2026
DTILPrecision BioSciencesBCMA targeted prime CAR-T cellsPhase 12$203MNo16 31 Dec 2026

Sorted by phase, then by market capitalisation. Ticker links open the company profile. CGEM holds 68% of the $2.1B competing in this indication.

Why Multiple Myeloma is a orphan corner

A thin field of small caps. Few competitors, none of them large.

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. Multiple Myeloma has 3 competitors and a median of $460M.

Oncology

Oncology holds $187B of the map's capital, 27.8% of the total, spread across 119 indications and 103 companies. 34 of those indications have more than one company competing.

See every Oncology indication on the map

Related indications in Oncology

T-cell Lymphoma1 company · $411M · median $1.2BUncontestedPeripheral T-cell Lymphoma1 company · $411M · median $1.2BUncontestedAdvanced Endometrial Cancer1 company · $410M · median $2.5BUncontestedRefractory Diffuse Large B-Cell Lymphoma1 company · $410M · median $2.5BUncontestedTriple Negative Metastatic Breast Cancer1 company · $448M · median $1.8BUncontestedEwing Sarcoma1 company · $448M · median $1.8BUncontestedChondrosarcoma1 company · $448M · median $1.8BUncontestedChoroidal Melanoma1 company · $382M · median $764MUncontested

Multiple Myeloma pipeline questions

Which biotech companies are developing drugs for Multiple Myeloma?

C4 Therapeutics (CCCC, cemsidomide, Phase 2); Cullinan Therapeutics (CGEM, CLN-619, Phase 1); Precision BioSciences (DTIL, BCMA targeted prime CAR-T cells, Phase 1). Those are the 3 US-listed developers in the $100M to $20B market cap band with a clinical-stage programme in Multiple Myeloma.

How advanced is the Multiple Myeloma pipeline?

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

Which company leads the Multiple Myeloma field?

CGEM is the largest developer in Multiple Myeloma, holding 68% of the $2.1B of market capitalisation competing in the indication. The median competitor is worth $460M.

When is the next Multiple Myeloma catalyst?

The next dated catalyst in Multiple Myeloma is CGEM on 14 Sep 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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