Immunology & InflammationKnife fightData as of 2026-09-04
Systemic Lupus Erythematosus is one of the more crowded fields on the map: 13 companies in the clinic, ranking it 4th of 299 indications by competitor count. The median competitor is worth $1.2B, below the $1.20B median of the universe.
That gap is the crowding discount. When a field is deep the market pays less per company, because the same eventual revenue has to be split across more shots on goal.
No one owns the field: the largest company, CRSP, holds only 27% of the $20.2B competing here.
$7.2B of allocated capital sits in Systemic Lupus Erythematosus, 25th of 299 indications, and 2 of the 13 companies are pure plays that trade on this indication alone.
| Ticker | Company | Lead asset | Phase | Trials | Market cap | Pure play | Indications | Next catalyst |
|---|---|---|---|---|---|---|---|---|
| ZBIO | Zenas BioPharma | Obexelimab | Phase 2 | 1 | $2.1B | No | 4 | 31 Dec 2026 |
| ALMS | Alumis | Envudeucitinib | Phase 2 | 1 | $1.5B | Yes | 1 | 30 Sep 2026 |
| RNAC | Cartesian Therapeutics | Descartes-08 | Phase 2 | 1 | $276M | No | 4 | 31 Mar 2027 |
| CRSP | CRISPR Therapeutics | CTX112 | Phase 1 | 1 | $5.5B | No | 3 | 31 Dec 2026 |
| LEGN | Legend Biotech | LUCAR-G79D T cells | Phase 1 | 1 | $4.0B | No | 3 | No dated event |
| AAPG | Ascentage Pharma Group International Unsponsored | APG-2575 | Phase 1 | 1 | $1.6B | No | 9 | No dated event |
| CGEM | Cullinan Therapeutics | CLN-978 | Phase 1 | 1 | $1.4B | No | 8 | 14 Sep 2026 |
| SANA | Sana Biotechnology | SC291 | Phase 1 | 1 | $1.2B | No | 2 | 31 Dec 2026 |
| CLYM | Climb Bio | Budoprutug | Phase 1 | 2 | $838M | No | 3 | 31 Dec 2026 |
| AUTL | Autolus Therapeutics | Obecabtagene autoleucel | Phase 1 | 1 | $610M | No | 3 | 31 Dec 2026 |
| CABA | Cabaletta Bio | CABA-201 | Phase 1 | 1 | $590M | No | 4 | 31 Dec 2026 |
| IPSC | Century Therapeutics | CNTY-101 | Phase 1 | 2 | $377M | Yes | 1 | 31 Dec 2026 |
| DTIL | Precision BioSciences | MC-1-50 | Phase 1 | 5 | $203M | No | 16 | 31 Dec 2026 |
Sorted by phase, then by market capitalisation. Ticker links open the company profile. CRSP holds 27% of the $20.2B competing in this indication.
Crowded and cheaply priced. Six or more competitors and a median company below the universe median.
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 map13 US-listed companies in the $100M to $20B market cap band run clinical programmes in Systemic Lupus Erythematosus. The largest and most advanced are Zenas BioPharma (ZBIO, Obexelimab, Phase 2); Alumis (ALMS, Envudeucitinib, Phase 2); Cartesian Therapeutics (RNAC, Descartes-08, Phase 2); CRISPR Therapeutics (CRSP, CTX112, Phase 1); Legend Biotech (LEGN, LUCAR-G79D T cells, Phase 1). The full list of 13 is in the table on this page.
Of the 13 clinical-stage programmes in Systemic Lupus Erythematosus, 0 are in Phase 3 or filed, 3 are in mid-stage development and 10 are in early-stage development.
The median company developing a drug for Systemic Lupus Erythematosus is worth $1.2B, against a median of $1.20B across the whole universe. $7.2B of allocated capital sits in the indication, ranking it 25th of 299.
The next dated catalyst in Systemic Lupus Erythematosus is CGEM on 14 Sep 2026. 11 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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