Enquirer Consulting Group

Reachable Buyer Map

Prepared for Jiang Zhu · Theraos · September 2026
Here is the map Dan promised. You asked two things: who the strongest potential buyers for Theraos are, and how we would segment the market. Your own site sets the boundaries. Theraos reasons across therapeutics, clinical trials, biopharma companies and capital markets, it is offered free and as a private deployment that runs on a company's own compounds, screening libraries and clinical data, and it is pitched at turning therapeutic progress into investment outcomes. That gives it two markets: the companies developing drugs, and the people who invest in them. This page splits the first by how many active drug or biologic trials each company leads at US sites, because that shapes who buys and how, and it names the second without pretending to count it. It maps the market around Theraos, not Theraos. There is nothing to buy at the end of it.
Where the decision sits
Six rows. The first three split one list, every company leading at least one active drug or biologic trial with a US site, so those three do not overlap and add up to about 1,800. The last three rows overlap with the first three and with each other, and should never be added to them.
The largest sponsors, 20 or more active US trials
The names everyone knows. They hold the most proprietary data of anyone on this page, and most already run their own data science groups, so the question here is rarely whether to use AI in research. It is whether Theraos does something the in-house platform does not, and that is a long, procurement-led sale with several seats at the table.
Who decides: the head of research data science or AI, with research informatics and procurement in the room.
About 30
companies, each leading 20 or more active drug or biologic trials with a US site.
Mid-sized sponsors, three to nineteen active US trials
Mostly established biotechs and mid-sized pharma, plus some units of the largest groups, with a real pipeline and a growing store of their own compound, screening and clinical data. This is the row where the private deployment on your site fits most naturally: enough proprietary data to make it worth running inside the company, and a buying group small enough to reach.
Who decides: the chief scientific officer or the head of data science or computational biology.
About 380
companies, each leading three to nineteen active drug or biologic trials with a US site.
Focused sponsors, one or two active US trials
By far the largest row. With one or two active trials, every question about the competitive landscape, the surrounding patents and the next indication tends to land on the same few people. For most of these companies the decision sits with the chief executive or the chief scientific officer. A few are units of larger groups, where it does not. The free way into Theraos is how most of them would meet it.
Who decides: the chief executive or the chief scientific officer, for most of the row.
About 1,400
companies, each leading one or two active drug or biologic trials with a US site.
The earliest clinical companies
A slice of the rows above: companies whose every active US trial is in phase 1. At that stage, what to develop next and how is the live question, which is what your structure, developability and design tools are built around.
Who decides: the chief scientific officer or the founder.
About 390
companies whose every active drug or biologic trial with a US site is phase 1. Already counted in the rows above.
Small companies holding federal health research awards
Companies funded for research and development through small business innovation and technology transfer awards from the federal health research agencies. Many are preclinical, so they will not appear in any trial registry yet. The list also holds device, diagnostic and software companies, and nothing in the data separates them cleanly, so treat this figure as the ceiling of the row.
Who decides: the founder or the principal investigator.
About 1,300
US small businesses holding at least one of about 1,700 of these awards in fiscal 2025. Some also appear in the rows above.
Investors in biotech
The market your home page names in its opening line: investment outcomes. Specialist funds, crossover investors and the venture firms that build companies all fit here. No public register tags a fund as biotech focused, so any count you see for this row is an estimate. It can be built, though, and the way to build it is in the openings below.
Who decides: the partner or portfolio manager, with the analysts as the daily users.
No honest public count
Named here because leaving it out would make the map look more complete than it is.
The trial side, by phase
The same trial list, counted as trials rather than companies. A trial that spans two phases is counted in the later one.
Phase of the active trialActive trials with a US site
Phase 11,394
Phase 2, including phase 1 and 22,302
Phase 3, including phase 2 and 32,117
Phase 4154
No phase stated239
All active industry-led drug and biologic trials6,206

Where the openings are

1
The strongest buyers are in the middle row. About 380 sponsors have enough of their own data for a private deployment to make sense, and a buying group small enough to reach by name. The largest 30 have the data too, but most also have in-house teams and the procurement path that make them a long sale to start with.
2
The focused sponsors are the widest door and the shortest conversation. About 1,400 companies lead one or two active US trials, and at most of them the person asking the landscape questions is the person who signs. The free way into Theraos suits them, and the step up to a private deployment is a conversation with the same one or two people.
3
The investor row cannot be counted, but it can be built. Investment managers with more than 100 million dollars in US-listed stocks report those holdings every quarter, so a manager holding several of the publicly listed trial sponsors can be found from its own filings. Built that way, each investor arrives already tied to the companies it follows, which is the view Theraos gives them. Venture investors in private companies do not show up that way and are built from announced rounds instead.
Built from the federal clinical trial registry and the federal health research awards database, both pulled in full on 22 September 2026. A trial is counted when it is industry led, tests a drug or biologic, is recruiting, active or about to start, and has at least one US site; the sponsor can be based anywhere. Company counts are distinct sponsor names, lightly normalized, so a unit of a larger group that registers trials under its own name is counted separately. Counts are banded deliberately. A registration or an award proves enumeration only, never size, quality or spend, and a segment with no credible public number says so here rather than showing one.
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