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Pulmonary Arterial Hypertension: 3 biotech companies with clinical-stage programmes

Cardiovascular & MetabolicOrphan cornerData as of 2026-09-04

Competitors3in the clinic
Median market cap$585Muniverse median $1.20B
Allocated capital$7.1B$7.1B competing
Phase 3 or filed21 mid, 0 early
Pure plays3this indication only
Capital rank26/299crowding rank 57

Pulmonary Arterial Hypertension sits in the orphan corner of the map: 3 developers, none of them large, with a median market cap of $585M 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.

LQDA alone accounts for 87% of the $7.1B of market capitalisation competing here, so this is a leader plus a tail rather than a level race.

$7.1B of allocated capital sits in Pulmonary Arterial Hypertension, 26th of 299 indications, and 3 of the 3 companies are pure plays that trade on this indication alone.

Companies developing drugs for Pulmonary Arterial Hypertension 3

TickerCompanyLead assetPhaseTrialsMarket capPure playIndicationsNext catalyst
LQDALiquidiaL606Phase 33$6.1BYes1 8 Sep 2026
IKTInhibikase TherapeuticsIKT-001Phase 32$352MYes1 31 Dec 2026
TECXTectonic TherapeuticTX000045- Dose APhase 23$585MYes1 30 Sep 2026

Sorted by phase, then by market capitalisation. Ticker links open the company profile. LQDA holds 87% of the $7.1B competing in this indication.

Why Pulmonary Arterial Hypertension 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. Pulmonary Arterial Hypertension has 3 competitors and a median of $585M.

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

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Pulmonary Arterial Hypertension pipeline questions

Which biotech companies are developing drugs for Pulmonary Arterial Hypertension?

Liquidia (LQDA, L606, Phase 3); Inhibikase Therapeutics (IKT, IKT-001, Phase 3); Tectonic Therapeutic (TECX, TX000045- Dose A, Phase 2). Those are the 3 US-listed developers in the $100M to $20B market cap band with a clinical-stage programme in Pulmonary Arterial Hypertension.

How advanced is the Pulmonary Arterial Hypertension pipeline?

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

Which company leads the Pulmonary Arterial Hypertension field?

LQDA is the largest developer in Pulmonary Arterial Hypertension, holding 87% of the $7.1B of market capitalisation competing in the indication. The median competitor is worth $585M.

When is the next Pulmonary Arterial Hypertension catalyst?

The next dated catalyst in Pulmonary Arterial Hypertension is LQDA on 8 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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