85 Phase 3 names in one index: what the filings show

Every constituent of the SPDR S&P Biotech ETF (XBI) with an active, company-sponsored Phase 3 trial, read from primary documents. Holdings as of 24 August 2026; market caps refreshed 31 August 2026.

Findings

26 of 85 are running their Phase 3 in an indication that already has five or more approved products on label. Approval would enter an occupied market.

Source: FDA label index, by registered trial condition

20 of 85 have a runway, on cash and current operating outflow, that ends before their nearest registered primary completion.

Source: latest 10-Q cash and XBRL operating loss; ClinicalTrials.gov dates

10 of 85 carry an affirmative going-concern conclusion from management in the 10-Q or 10-K.

Source: liquidity notes, verbatim

Across 83 names with a disclosed dilutive-securities count, the share of enterprise gain that does not reach current shareholders runs from 0.1% to 39.9% (ANNX). Median 11.4%.

Source: antidilutive-securities disclosures against cover-page share counts

Largest dilution wedges

Name	Gain not reaching shareholders
ANNX	39.9%
VRDN	28.6%
CABA	27.9%
CELC	26.7%
OCGN	26.5%
KOD	25.6%
CAPR	23.4%
BBIO	23.0%
MIRM	22.8%
SRPT	20.9%
TVTX	20.6%
HALO	20.0%

Names in occupied markets

ABBV, ARDX, AVBP, BCRX, CABA, CADL, CELC, CGON, CYTK, DYN, GERN, IBRX, IMVT, INCY, INSM, IONS, IOVA, KURA, NBIX, OLMA, ORIC, PTCT, PTGX, RVMD, SLDB, VNDA

Runway ends before the readout

AGIO, AVBP, BCRX, CABA, CADL, DYN, ERAS, IBRX, INBX, IOVA, KURA, ORIC, REPL, RLAY, SLDB, SNDX, TSHA, VOR, VSTM, ZBIO

Method: constituents from the fund's published holdings; Phase 3 status from ClinicalTrials.gov with the company as lead sponsor; financials from SEC XBRL and the filings themselves; approved products from the FDA label index. Market-state counts use the registered trial condition, which is sometimes broader than the label indication. See Method.