Causeway Therapeutics strategically targets a market with no existing FDA-approved drugs. By focusing on conditions like tennis elbow, where the standard of care is limited, they are creating a new therapeutic category rather than competing in a crowded space, giving them a unique market position.

Breakthrough drugs aren't always driven by novel biological targets. Major successes like Humira or GLP-1s often succeeded through a superior modality (a humanized antibody) or a contrarian bet on a market (obesity). This shows that business and technical execution can be more critical than being the first to discover a biological mechanism.

To tackle the high-risk, high-reward obesity market, the company is developing both an injectable and an oral version of the same triple-agonist molecule. The injectable version will enter the clinic first, allowing them to quickly obtain human proof-of-concept and validate the molecule's efficacy before investing heavily in the more complex oral formulation.

In a crowded market like atopic dermatitis, a safe oral drug can carve out a significant niche. Corvus's soquolitinib is positioned to compete against the injectable standard of care (Dupixent) and existing oral JAK inhibitors, which carry black box warnings. This 'safe oral' profile meets a major unmet need for both doctors and patients.

The company positions its peptide platform as the ideal middle ground in drug development. They aim to create medicines that are functionally like highly selective, less toxic large biologics (e.g., antibodies) but are structurally designed for the convenience of an oral pill, combining the best attributes of both major drug classes.

Protagonist believes its oral IL-23 blocker will not just compete with existing injectables but will capture a new market. They target the over 50% of eligible patients who currently take no therapy due to a dislike of injections or the safety profiles of other oral options, thereby expanding the total addressable market.

The company's strategy for its IL-23 inhibitor isn't just a single drug approval. They follow an established industry model where one successful drug becomes a pipeline for multiple related inflammatory indications like psoriasis, Crohn's, and ulcerative colitis, dramatically expanding its market potential over time.

Acknowledging its late entry into the crowded obesity market, Protagonist consulted key opinion leaders to define the ideal drug profile: an oral "triple G" agonist. By using its peptide platform to build exactly what experts requested, the company aims to leapfrog competitors with a best-in-class product rather than an incremental improvement.

Aardvark is specifically developing its oral drug for patients who have lost weight on injectable GLP-1s but want to discontinue them while preventing weight regain. This strategy taps into a massive, underserved future market of patients seeking a more convenient, long-term maintenance solution.