Neurology & PsychiatryGold rushData as of 2026-09-04
Schizophrenia is both crowded and richly priced: 8 companies are in the clinic and the median one is worth $1.4B, 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.
4 of the 8 are in Phase 3 or filed, and 6 dated catalysts fall in the next 12 months, so this ranking is likely to move.
$9.2B of allocated capital sits in Schizophrenia, 13th of 299 indications, and 1 of the 8 companies are pure plays that trade on this indication alone.
| Ticker | Company | Lead asset | Phase | Trials | Market cap | Pure play | Indications | Next catalyst |
|---|---|---|---|---|---|---|---|---|
| NBIX | Neurocrine Biosciences | NBI-1117568 | Phase 3 | 5 | $16.1B | No | 6 | 31 Dec 2027 |
| ALKS | Alkermes | OLZ/SAM | Phase 3 | 2 | $7.9B | No | 3 | No dated event |
| LBRX | LB Pharmaceuticals | LB-102 | Phase 3 | 2 | $1.5B | No | 2 | 30 Jun 2027 |
| VNDA | Vanda Pharmaceuticals | iloperidone | Phase 3 | 1 | $323M | No | 7 | 12 Dec 2026 |
| TGTX | TG Therapeutics | Ublituximab | Phase 2 | 1 | $8.7B | No | 4 | 31 Dec 2026 |
| ANRO | Alto Neuroscience | ALTO-101 | Phase 2 | 1 | $1.3B | No | 3 | 31 Dec 2026 |
| MPLT | MapLight Therapeutics | ML-007C-MA | Phase 2 | 1 | $560M | No | 3 | 31 Dec 2026 |
| AVXL | Anavex Life Sciences | ANAVEX3-71 | Phase 2 | 1 | $264M | Yes | 1 | 30 Sep 2026 |
Sorted by phase, then by market capitalisation. Ticker links open the company profile. NBIX holds 44% of the $36.6B 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.
Neurology & Psychiatry holds $120B of the map's capital, 17.9% of the total, spread across 46 indications and 58 companies. 19 of those indications have more than one company competing.
See every Neurology & Psychiatry indication on the map8 US-listed companies in the $100M to $20B market cap band run clinical programmes in Schizophrenia. The largest and most advanced are Neurocrine Biosciences (NBIX, NBI-1117568, Phase 3); Alkermes (ALKS, OLZ/SAM, Phase 3); LB Pharmaceuticals (LBRX, LB-102, Phase 3); Vanda Pharmaceuticals (VNDA, iloperidone, Phase 3); TG Therapeutics (TGTX, Ublituximab, Phase 2). The full list of 8 is in the table on this page.
Of the 8 clinical-stage programmes in Schizophrenia, 4 are in Phase 3 or filed, 4 are in mid-stage development and 0 are in early-stage development.
The median company developing a drug for Schizophrenia is worth $1.4B, against a median of $1.20B across the whole universe. $9.2B of allocated capital sits in the indication, ranking it 13th of 299.
The next dated catalyst in Schizophrenia is AVXL on 30 Sep 2026. 6 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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