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Wet Age-related Macular Degeneration: 4 biotech companies with clinical-stage programmes

OphthalmologyConcentrated betData as of 2026-09-04

Competitors4in the clinic
Median market cap$1.5Buniverse median $1.20B
Allocated capital$3.5B$5.8B competing
Phase 3 or filed40 mid, 0 early
Pure plays1this indication only
Capital rank57/299crowding rank 50

Wet Age-related Macular Degeneration is a concentrated bet: only 4 US-listed developers are in the clinic, and the median one is worth $1.5B against a $1.20B universe median.

Scarcity is doing the work in that number. A thin field means an approval is shared with fewer rivals, and the market pays a premium for that position.

4 of the 4 are in Phase 3 or filed, and 4 dated catalysts fall in the next 12 months, so this ranking is likely to move.

$3.5B of allocated capital sits in Wet Age-related Macular Degeneration, 57th of 299 indications, and 1 of the 4 companies are pure plays that trade on this indication alone.

Companies developing drugs for Wet Age-related Macular Degeneration 4

TickerCompanyLead assetPhaseTrialsMarket capPure playIndicationsNext catalyst
OCULOcular TherapeutixOTX-TKIPhase 33$2.3BYes1 24 Sep 2026
KODKodiak SciencesTarcocimab tedromerPhase 32$2.3BNo3 30 Sep 2026
FDMT4D Molecular Therapeutics4D-150 IVTPhase 34$768MNo4 30 Sep 2026
EYPTEyePointEYP-1901Phase 32$394MNo2 24 Sep 2026

Sorted by phase, then by market capitalisation. Ticker links open the company profile. OCUL holds 41% of the $5.8B competing in this indication.

Why Wet Age-related Macular Degeneration 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. Wet Age-related Macular Degeneration has 4 competitors and a median of $1.5B.

Ophthalmology

Ophthalmology holds $17.0B of the map's capital, 2.5% of the total, spread across 9 indications and 13 companies. 6 of those indications have more than one company competing.

See every Ophthalmology indication on the map

Related indications in Ophthalmology

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Wet Age-related Macular Degeneration pipeline questions

Which biotech companies are developing drugs for Wet Age-related Macular Degeneration?

Ocular Therapeutix (OCUL, OTX-TKI, Phase 3); Kodiak Sciences (KOD, Tarcocimab tedromer, Phase 3); 4D Molecular Therapeutics (FDMT, 4D-150 IVT, Phase 3); EyePoint (EYPT, EYP-1901, Phase 3). Those are the 4 US-listed developers in the $100M to $20B market cap band with a clinical-stage programme in Wet Age-related Macular Degeneration.

How advanced is the Wet Age-related Macular Degeneration pipeline?

Of the 4 clinical-stage programmes in Wet Age-related Macular Degeneration, 4 are in Phase 3 or filed, 0 are in mid-stage development and 0 are in early-stage development.

How much is the typical Wet Age-related Macular Degeneration biotech company worth?

The median company developing a drug for Wet Age-related Macular Degeneration is worth $1.5B, against a median of $1.20B across the whole universe. $3.5B of allocated capital sits in the indication, ranking it 57th of 299.

When is the next Wet Age-related Macular Degeneration catalyst?

The next dated catalyst in Wet Age-related Macular Degeneration is OCUL on 24 Sep 2026. 4 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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