Within the universe of over 700 public biotech companies with a market capitalization of less than $2 billion, 160 of these companies have at least one first-in-class asset. L.E.K. Consulting took a look at these companies and the assets they own to understand how they break down across therapeutic area, development stage, and modality, as well as where they are positioned within each company's pipeline. Interestingly, many of these first-in-class assets are either owned by financially distressed companies and/or are not lead assets within their respective company’s pipeline and thus could be challenging for them to fund.


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