Immunology & InflammationGold rushData as of 2026-09-04
Rheumatoid Arthritis is both crowded and richly priced: 9 companies are in the clinic and the median one is worth $1.7B, 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.
No one owns the field: the largest company, IMVT, holds only 28% of the $29.1B competing here.
$8.6B of allocated capital sits in Rheumatoid Arthritis, ranking it 18th of 299 indications by the money committed to it.
| Ticker | Company | Lead asset | Phase | Trials | Market cap | Pure play | Indications | Next catalyst |
|---|---|---|---|---|---|---|---|---|
| IMVT | Immunovant | IMVT-1402 | Phase 2 | 1 | $8.1B | No | 5 | 31 Dec 2026 |
| SYRE | Spyre Therapeutics | SPY002-072 | Phase 2 | 1 | $7.7B | No | 3 | 30 Sep 2026 |
| PTCT | PTC Therapeutics | PTC844 | Phase 2 | 1 | $6.0B | No | 3 | No dated event |
| ANAB | AnaptysBio | Rosnilimab | Phase 2 | 1 | $1.7B | No | 2 | 12 Dec 2026 |
| XNCR | Xencor | Plamotamab | Phase 1 | 1 | $2.0B | No | 4 | 23 Oct 2026 |
| CGEM | Cullinan Therapeutics | CLN-978 | Phase 1 | 1 | $1.4B | No | 8 | 14 Sep 2026 |
| JBIO | Jade Biosciences | JADE201 | Phase 1 | 1 | $1.3B | No | 2 | 30 Sep 2026 |
| ARTV | Artiva Biotherapeutics | AB-101 | Phase 1 | 1 | $544M | No | 4 | 31 Dec 2028 |
| KYTX | Kyverna Therapeutics | KYV-101 | Phase 1 | 1 | $516M | No | 5 | 31 Dec 2026 |
Sorted by phase, then by market capitalisation. Ticker links open the company profile. IMVT holds 28% of the $29.1B 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.
Immunology & Inflammation holds $139B of the map's capital, 20.7% of the total, spread across 51 indications and 82 companies. 23 of those indications have more than one company competing.
See every Immunology & Inflammation indication on the map9 US-listed companies in the $100M to $20B market cap band run clinical programmes in Rheumatoid Arthritis. The largest and most advanced are Immunovant (IMVT, IMVT-1402, Phase 2); Spyre Therapeutics (SYRE, SPY002-072, Phase 2); PTC Therapeutics (PTCT, PTC844, Phase 2); AnaptysBio (ANAB, Rosnilimab, Phase 2); Xencor (XNCR, Plamotamab, Phase 1). The full list of 9 is in the table on this page.
Of the 9 clinical-stage programmes in Rheumatoid Arthritis, 0 are in Phase 3 or filed, 4 are in mid-stage development and 5 are in early-stage development.
The median company developing a drug for Rheumatoid Arthritis is worth $1.7B, against a median of $1.20B across the whole universe. $8.6B of allocated capital sits in the indication, ranking it 18th of 299.
The next dated catalyst in Rheumatoid Arthritis is CGEM on 14 Sep 2026. 7 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.
Back to the disease map