Cardiovascular & MetabolicGold rushData as of 2026-09-04
Obesity is both crowded and richly priced: 9 companies are in the clinic and the median one is worth $2.4B, 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.
2 of the 9 are in Phase 3 or filed, and 8 dated catalysts fall in the next 12 months, so this ranking is likely to move.
$13.1B of allocated capital sits in Obesity, 6th of 299 indications, and 3 of the 9 companies are pure plays that trade on this indication alone.
| Ticker | Company | Lead asset | Phase | Trials | Market cap | Pure play | Indications | Next catalyst |
|---|---|---|---|---|---|---|---|---|
| GPCR | Structure Therapeutics | Aleniglipron | Phase 3 | 3 | $3.3B | Yes | 1 | 30 Sep 2026 |
| KLRA | Kailera Therapeutics | Ribupatide | Phase 3 | 6 | $2.0B | Yes | 1 | 30 Jun 2027 |
| BHVN | Biohaven | Taldefgrobep Alfa | Phase 2 | 1 | $2.4B | No | 7 | 23 Oct 2026 |
| ARWR | Arrowhead Pharmaceuticals | ARO-INHBE | Phase 1 | 3 | $12.2B | No | 7 | 31 Dec 2026 |
| CYTK | Cytokinetics | CX11 | Phase 1 | 1 | $9.2B | No | 4 | 14 Nov 2026 |
| MBX | MBX Biosciences | MBX 4291 | Phase 1 | 1 | $3.0B | Yes | 1 | 31 Dec 2026 |
| WVE | Wave Life Sciences | WVE-007 | Phase 1 | 1 | $904M | No | 3 | 31 Dec 2026 |
| MIST | Milestone Pharmaceuticals | CX11 | Phase 1 | 1 | $151M | No | 2 | No dated event |
| BMEA | Biomea Fusion | BMF-650 | Phase 1 | 1 | $138M | No | 3 | 30 Sep 2026 |
Sorted by phase, then by market capitalisation. Ticker links open the company profile. ARWR holds 37% of the $33.3B 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.
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 map9 US-listed companies in the $100M to $20B market cap band run clinical programmes in Obesity. The largest and most advanced are Structure Therapeutics (GPCR, Aleniglipron, Phase 3); Kailera Therapeutics (KLRA, Ribupatide, Phase 3); Biohaven (BHVN, Taldefgrobep Alfa, Phase 2); Arrowhead Pharmaceuticals (ARWR, ARO-INHBE, Phase 1); Cytokinetics (CYTK, CX11, Phase 1). The full list of 9 is in the table on this page.
Of the 9 clinical-stage programmes in Obesity, 2 are in Phase 3 or filed, 1 is in mid-stage development and 6 are in early-stage development.
The median company developing a drug for Obesity is worth $2.4B, against a median of $1.20B across the whole universe. $13.1B of allocated capital sits in the indication, ranking it 6th of 299.
The next dated catalyst in Obesity is GPCR on 30 Sep 2026. 8 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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