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Wrinkles: one US-listed biotech with a clinical-stage programme

Immunology & InflammationUncontestedData as of 2026-09-04

Competitors1in the clinic
Median market cap$11.0Buniverse median $1.20B
Allocated capital$2.2B$11.0B competing
Phase 3 or filed00 mid, 1 early
Pure plays0this indication only
Capital rank90/299crowding rank 119

Wrinkles is uncontested. Krystal Biotech (KRYS) is the only US-listed developer in the $100M to $20B band running a clinical programme here, with KB304 in phase 1.

There is no public comparable to price it against. KRYS spreads its $11.0B market cap across 5 indications, so $2.2B of it is allocated here.

Nothing here has reached Phase 3: 0 programmes in mid stage and 1 in early stage, so the field is still several years from a first approval.

$2.2B of allocated capital sits in Wrinkles, ranking it 90th of 299 indications by the money committed to it.

Companies developing drugs for Wrinkles 1

TickerCompanyLead assetPhaseTrialsMarket capPure playIndicationsNext catalyst
KRYSKrystal BiotechKB304Phase 11$11.0BNo5 31 Dec 2026

Sorted by phase, then by market capitalisation. Ticker links open the company profile.

Why Wrinkles counts as uncontested

Uncontested. One US-listed developer in the size band is running a clinical programme here, so there is no public comparable to price it against.

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. Wrinkles has one competitor and a median of $11.0B.

Immunology & Inflammation

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 map

Related indications in Immunology & Inflammation

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Wrinkles pipeline questions

Which biotech companies are developing drugs for Wrinkles?

Krystal Biotech (KRYS, KB304, Phase 1). Those are the 1 US-listed developer in the $100M to $20B market cap band with a clinical-stage programme in Wrinkles.

How advanced is the Wrinkles pipeline?

Of the 1 clinical-stage programme in Wrinkles, 0 are in Phase 3 or filed, 0 are in mid-stage development and 1 is in early-stage development.

Is anyone else developing a drug for Wrinkles?

No. KRYS is the only US-listed company in the $100M to $20B market cap band with a clinical-stage programme in Wrinkles, which is why the indication is classified as uncontested.

When is the next Wrinkles catalyst?

The next dated catalyst in Wrinkles is KRYS on 31 Dec 2026. 1 dated event 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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