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Spinal Muscular Atrophy Type III: two biotech companies racing to a treatment

Neurology & PsychiatryConcentrated betData as of 2026-09-04

Competitors2in the clinic
Median market cap$4.6Buniverse median $1.20B
Allocated capital$3.7B$9.2B competing
Phase 3 or filed20 mid, 0 early
Pure plays0this indication only
Capital rank48/299crowding rank 72

Spinal Muscular Atrophy Type III is a two-horse race: Scholar Rock Holding (SRRK, $6.8B) against Biohaven (BHVN, $2.4B).

A duopoly prices differently from an empty field. Each company is the other's comparable, so a readout from either side repositions both, and $3.7B of allocated capital sits on the pair.

SRRK carries 74% of the $9.2B competing here, so the pair is far from evenly matched.

$3.7B of allocated capital sits in Spinal Muscular Atrophy Type III, ranking it 48th of 299 indications by the money committed to it.

Companies developing drugs for Spinal Muscular Atrophy Type III 2

TickerCompanyLead assetPhaseTrialsMarket capPure playIndicationsNext catalyst
SRRKScholar Rock HoldingApitegromabPhase 34$6.8BNo2 30 Sep 2026
BHVNBiohavenTaldefgrobep AlfaPhase 31$2.4BNo7 23 Oct 2026

Sorted by phase, then by market capitalisation. Ticker links open the company profile. SRRK holds 74% of the $9.2B competing in this indication.

Why Spinal Muscular Atrophy Type III 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. Spinal Muscular Atrophy Type III has 2 competitors and a median of $4.6B.

Neurology & Psychiatry

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 map

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Spinal Muscular Atrophy Type III pipeline questions

Which biotech companies are developing drugs for Spinal Muscular Atrophy Type III?

Scholar Rock Holding (SRRK, Apitegromab, Phase 3); Biohaven (BHVN, Taldefgrobep Alfa, Phase 3). Those are the 2 US-listed developers in the $100M to $20B market cap band with a clinical-stage programme in Spinal Muscular Atrophy Type III.

How advanced is the Spinal Muscular Atrophy Type III pipeline?

Of the 2 clinical-stage programmes in Spinal Muscular Atrophy Type III, 2 are in Phase 3 or filed, 0 are in mid-stage development and 0 are in early-stage development.

Which company leads the Spinal Muscular Atrophy Type III field?

SRRK is the largest developer in Spinal Muscular Atrophy Type III, holding 74% of the $9.2B of market capitalisation competing in the indication. The median competitor is worth $4.6B.

When is the next Spinal Muscular Atrophy Type III catalyst?

The next dated catalyst in Spinal Muscular Atrophy Type III is SRRK on 30 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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