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Polycythemia Vera: 3 biotech companies with clinical-stage programmes

OncologyConcentrated betData as of 2026-09-04

Competitors3in the clinic
Median market cap$3.0Buniverse median $1.20B
Allocated capital$10.7B$13.1B competing
Phase 3 or filed11 mid, 1 early
Pure plays2this indication only
Capital rank11/299crowding rank 56

Polycythemia Vera is a concentrated bet: only 3 US-listed developers are in the clinic, and the median one is worth $3.0B 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.

PTGX carries 74% of the $13.1B competing here, more than the other 2 companies combined.

$10.7B of allocated capital sits in Polycythemia Vera, 11th of 299 indications, and 2 of the 3 companies are pure plays that trade on this indication alone.

Companies developing drugs for Polycythemia Vera 3

TickerCompanyLead assetPhaseTrialsMarket capPure playIndicationsNext catalyst
PTGXProtagonist TherapeuticsRusfertidePhase 32$9.6BYes1 31 Dec 2026
IRONDisc MedicineDISC-3405Phase 21$3.0BNo5 9 Sep 2026
PRLDPrelude TherapeuticsPRT12396Phase 11$419MYes1No dated event

Sorted by phase, then by market capitalisation. Ticker links open the company profile. PTGX holds 74% of the $13.1B competing in this indication.

Why Polycythemia Vera 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. Polycythemia Vera has 3 competitors and a median of $3.0B.

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

Bladder Cancer8 companies · $9.1B · median $1.8BGold rushHepatocellular Carcinoma5 companies · $7.3B · median $2.1BConcentrated betAcute Myeloid Leukemia15 companies · $7.0B · median $1.2BKnife fightSmall Cell Lung Cancer8 companies · $6.7B · median $2.0BGold rushOvarian Cancer9 companies · $6.7B · median $1.4BGold rushColorectal Cancer7 companies · $5.9B · median $723MKnife fightHead and Neck Cancer7 companies · $5.5B · median $1.8BGold rushNon-Small Cell Lung Cancer30 companies · $16.2B · median $1.1BKnife fight

Polycythemia Vera pipeline questions

Which biotech companies are developing drugs for Polycythemia Vera?

Protagonist Therapeutics (PTGX, Rusfertide, Phase 3); Disc Medicine (IRON, DISC-3405, Phase 2); Prelude Therapeutics (PRLD, PRT12396, Phase 1). Those are the 3 US-listed developers in the $100M to $20B market cap band with a clinical-stage programme in Polycythemia Vera.

How advanced is the Polycythemia Vera pipeline?

Of the 3 clinical-stage programmes in Polycythemia Vera, 1 is in Phase 3 or filed, 1 is in mid-stage development and 1 is in early-stage development.

Which company leads the Polycythemia Vera field?

PTGX is the largest developer in Polycythemia Vera, holding 74% of the $13.1B of market capitalisation competing in the indication. The median competitor is worth $3.0B.

When is the next Polycythemia Vera catalyst?

The next dated catalyst in Polycythemia Vera is IRON on 9 Sep 2026. 2 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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