Today’s pharmaceutical stocks are facing the challenges of government-imposed drug price caps, waning demand for COVID-19 vaccines and global stock market upheaval. However, the industry’s major underlying drivers — higher rates of cancer and chronic disease — are still at play and not expected to dissipate.
The US reigns supreme in the pharma market, both in terms of drug demand and development. In 2024, 50 novel medicines were approved by the US Food and Drug Administration (FDA), compared to 55 such approvals in 2023. Last year’s FDA approvals include Eli Lilly and Company’s (NYSE:LLY) Alzheimer’s disease treatment Kisunla.
Big pharma largely steals the show, but some small- and mid-cap NASDAQ pharma stocks have also made gains.
Read on to learn more about their activities this year.
1. ABVC BioPharma (NASDAQ:ABVC)
Year-to-date gain: 405.95 percent
Market cap: US$50.61 million
Share price: US$2.98
ABVC BioPharma is a clinical-stage biopharma firm building a pipeline of products targeting a broad range of indications in ophthalmology, oncology, hematology and central nervous system (CNS) disorders.
It is advancing on six drugs and one medical device. ABVC in-licenses biotechnologies from research institutions such as Stanford University, the University of California at San Francisco and Cedars-Sinai Medical Center.
In mid-April, ABVC reported its 2024 financial results, highlighting total revenues of US$509,589 in 2024, representing 234 percent growth year-on-year. The company attributed this increase to milestone payments collected from its global licensing partners in the CNS, oncology and ophthalmology therapeutic areas.
This positive news provided a good base of support for ABVC’s share price, which started the year out at US$0.64, but by the end of April had pushed through the US$1 level.
Developments later in the summer gave the stock a further boost to the upside. On June 6, ABVC announced that its affiliate OncoX BioPharma is set to acquire the Lycopenoid Lycogen platform, including patented manufacturing technology and commercialization rights, from Asia-Pacific Biotech Developing.
‘OncoX’s acquisition of the Lycogen platform further enhances ABVC Group’s position in botanical oncology innovation,’ said ABVC CEO Dr. Uttam Patil in a press release at the time. ‘This transaction strengthens our pipeline and demonstrates our ability to convert platform assets into monetizable growth.’
In July, ABVC received a US$150,000 cash licensing payment from AiBtl BioPharma, one of its strategic partners. It represents a key milestone toward the company’s commercialization of its drug candidates ABV-1504 and ABV-1505, which are now under late-stage development for major depressive disorder and ADHD, respectively. Both of these drug candidates have active investigational new drug designations from the FDA.
That same month, the company received a US$100,000 milestone licensing payment from its licensing partner ForSeeCon Eye, which is working to develop and commercialize drugs for ophthalmic indications. This brought its cumulative licensing revenue across its strategic partnerships with AiBtl, OncoX and ForSeeCon to US$946,000.
Shares of ABVC reached a year-to-date high of US$4.74 on July 8.
2. I-Mab (NASDAQ:IMAB)
Year-to-date gain: 282.35 percent
Market cap: US$231.3 million
Share price: US$3.37
I-Mab is a global biotech firm developing precision immuno-oncology agents for the treatment of cancer.
The company’s lead candidate in its drug pipeline is givastomig, a bispecific antibody designed to treat Claudin 18.2-positive gastric cancers. Givastomig has the potential to treat other solid tumors.
I-Mab traded below US$1 for much of the year before getting a boost in Q3 from positive news flow.
On June 26, the company announced positive data from a Phase 1b study evaluating givastomig in combination with nivolumab and mFOLFOX6 chemotherapy for metastatic gastric cancers. This included a strong objective response rate and favorable safety profile. A few days later, it shared the publication of the first-in-human monotherapy data for givastomig in Clinical Cancer Research, a journal of the American Association for Cancer Research.
On July 17, I-Mab signed a definitive agreement to acquire 100 percent ownership of Bridge Health Biotech. This will give I-Mab the rights to bi-specific and multi-specific applications based on the Claudin 18.2 parental antibody used in givastomig. I-Mab expects to present a topline readout of its Phase 1b dose expansion in Q1 2026.
Shares of I-Mab hit a year-to-date high of US$3.37 on August 5.
3. Galectin Therapeutics (NASDAQ:GALT)
Year-to-date gain: 180.92 percent
Market cap: US$232.91 million
Share price: US$3.68
Galectin Therapeutics is developing therapies for patients with chronic liver disease and cancer.
The clinical-stage biopharma company’s lead drug candidate, carbohydrate-based belapectin, targets multiple inflammatory, fibrotic and malignant diseases by inhibiting the galectin-3 protein.
Belapectin has been granted fast-track designation by FDA. Galectin’s lead development program, the NAVIGATE Phase 2b/3 trial, is evaluating the efficacy and safety of using belapectin intravenously in patients with metabolic dysfunction-associated steatohepatitis (MASH) cirrhosis and portal hyper tension.
In May, the company presented positive topline data from the study at the European Association for the Study of the Liver 2025 Congress. Results included a significant reduction in new esophageal varices at 18 months and fewer patients experiencing worsening liver stiffness, demonstrating potential to halt the progression of MASH cirrhosis.
In early July, Galectin announced a US$10 million unsecured line of credit facility with its largest individual stockholder and board chair, Richard E. Uihlein. It is expected to fund development work through June 2026.
Galectin’s share price peaked at US$3.68 on August 5.
4. CytomX Therapeutics (NASDAQ:CTMX)
Year-to-date gain: 136.63 percent
Market cap: US$375.74 million
Share price: US$2.38
CytomX Therapeutics is a clinical-stage biopharma firm with a focus on developing safer, more effective oncology treatments. It collaborates with a number of leading oncology firms, including Amgen (NASDAQ:AMGN), Bristol-Myers Squibb (NYSE:BMY), Regeneron Pharmaceuticals (NASDAQ:REGN) and Moderna (NASDAQ:MRNA).
The company’s pipeline is based on its PROBODY therapeutic platform, which it uses to produce localized biologics that target tumors. This includes multiple treatment modalities such as antibody-drug conjugates, T-cell engagers and immune modulators such as cytokines. Its clinical-stage pipeline includes CX-2051 and CX-801.
CytomX kicked off 2025 at US$1.06, but spent much of the first two quarters on a slow slide to a year-to-date low of US$0.43 on April 7. The stock shot up to US$2.50 on May 13 after a series of announcements.
The day prior, CytomX provided its first quarter business update, which included positive interim clinical results for an ongoing Phase 1 dose escalation study of its lead candidate, CX-2051, in advanced colorectal cancer.
The company has initiated further Phase 1 dose expansions, with data expected out by Q1 2026. CytomX’s goal is to initiate a Phase 2 study in advanced colorectal cancer in the first half of 2026.
At the same time, the company closed on a US$100 million underwritten offering of common stock.
On May 19, the first patient was dosed in CytomX’s ongoing Phase 1 dose escalation study with CX-801 in combination with Merck & Company’s (NYSE:MRK) KEYTRUDA (pembrolizumab) in patients with metastatic melanoma.
Shares of CytomX hit a year-to-date high of US$2.99 on June 12.
5. Gossamer Bio (NASDAQ:GOSS)
Year-to-date gain: 129.21 percent
Market cap: US$475.2 million
Share price: US$2.16
Gossamer Bio is focused on the development and commercialization of therapies to treat pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease.
The clinical-stage biopharma company’s lead drug candidate, seralutinib, is currently being evaluated in a Phase 3 clinical trial for the treatment of pulmonary arterial hypertension.
Gossamer Bio’s stock value received a bump from US$1.30 to US$1.45 on March 14.
The day prior, the company shared a business update, including news that a topline data readout for its Phase 3 study of seralutinib in pulmonary arterial hypertension was on track for the fourth quarter of 2025.
On June 16, Gossamer Bio announced it had completed enrollment for an ongoing Phase 3 study on pulmonary arterial hypertension, with topline data expected out in February 2026.
On August 5, the company reported that it expects to activate the first clinical sites for a global registrational Phase 3 study on pulmonary hypertension associated with interstitial lung disease patients in Q4 2025.
Shares of Gossamer Bio hit a year-to-date high of US2.16 on August 5.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.