Direct answer: The Nasdaq Biotechnology Index had 247 components as of September 4, 2026, per Nasdaq's official data. The count changes annually each December when the index reconstitutes. To verify the current list, use the Nasdaq Global Index Watch. Swoopr maintains research pages for each NBI company that remain available even when index membership changes.
Nasdaq Biotechnology Index Constituents: 247 Companies and How They Are Tracked
The NBI constituent universe
The Nasdaq Biotechnology Index (NBI) is a rules-based universe index rather than a selection-committee index with a fixed target count. Every security that satisfies the eligibility screen at the annual reconstitution reference date is included. Nasdaq reported 247 components as of September 4, 2026.
For investors, the variable count has practical implications. An NBI-tracking ETF will hold a changing number of positions each year, not a stable 100 or 200. Companies near the eligibility thresholds for market capitalization ($200 million) or average daily trading volume (100,000 shares) may enter or exit in a single December reconstitution. Smaller biotech companies with thin liquidity are more exposed to threshold risk than large-cap biopharma constituents.
The authoritative source for the current component list is the Nasdaq NBI overview page and Nasdaq Global Index Watch. Nasdaq maintains daily-updated component data there that reflects any mid-year deletions.
How the constituent list changes over time
The NBI constituent list changes through three mechanisms:
Annual additions at December reconstitution: Companies that newly qualify because they crossed the $200 million market cap threshold, reached three months of seasoning after a recent IPO, or were reclassified into an eligible ICB sector are added. This is the only time new constituents can join.
Annual deletions at December reconstitution: Companies falling below the market cap or liquidity thresholds, transferred to an ineligible exchange, or reclassified out of eligible ICB sectors are removed.
Mid-year deletions: The methodology allows Nasdaq to remove a security at any time if it is acquired, delisted, or becomes otherwise ineligible through a corporate event. No replacement is added until the next December reconstitution. This means the count can fall during the year without a corresponding addition.
Investors tracking a point-in-time constituent count should record the measurement date alongside the number. A count from June will differ from the December reconstitution count.
Company composition and research archetypes
NBI spans a wide range of company types within the biotechnology and pharmaceuticals ICB classification. Understanding which archetype describes a specific company is the starting point for research, because the relevant metrics and risks differ substantially across these categories:
- Clinical-stage biotechs: Companies with one or more drugs in clinical trials but no approved product. Value is almost entirely in pipeline risk. Cash runway and upcoming catalysts drive the stock more than revenue.
- Commercial-stage biotechs: Companies with at least one marketed product. Revenue visibility replaces pipeline binary risk as the primary driver, though pipeline replacement for approaching patent cliffs remains important.
- Large-cap biopharma: Companies with multiple marketed products across several therapeutic areas, often with significant manufacturing infrastructure and global commercial operations. These companies typically hold the largest weights in NBI under the modified market-cap methodology.
- Platform companies: Companies built around a technology platform (gene editing, RNA, synthetic biology) that may have multiple therapeutic programs derived from the same technical foundation. Platform validation is the key research question.
- Gene and cell therapy companies: Companies developing treatments that modify or replace cells. Manufacturing complexity, durability data, and treatment center capacity are added dimensions beyond traditional small-molecule or biologics analysis.
- Specialty pharma: Companies focused on niche therapeutic areas, licensing, or formulation improvements rather than novel biological mechanisms. Revenue predictability and pricing dynamics are more central than pipeline success probability.
For detailed research frameworks by archetype, see the NBI Research Guide.
How Swoopr tracks NBI constituents
Each NBI company on Swoopr carries the following constituent-specific data fields:
- Company and ticker: The legal company name and Nasdaq ticker symbol.
- Canonical company entity: A stable internal identifier linking the company's page to its knowledge graph entity, index memberships, and research content.
- Research archetype: Which of the 19 Swoopr biotech research archetypes best describes this company's current business stage and risk profile.
- Current membership status: Whether the company is currently an NBI constituent. This flag reflects the last Nasdaq Global Index Watch reconciliation.
- Effective date: When the company's current membership period began (typically December of the reconstitution year).
- Removal date: When applicable, the date this company's membership ended, either through annual reconstitution or a mid-year deletion.
- Last verified: The date when Swoopr last cross-checked this company's status against the authoritative Nasdaq source.
- Company research URL: A link to the company's dedicated research page on Swoopr.
Company research pages remain published even when a company is removed from the index. Past index membership is investment-relevant history. A company that graduated out of NBI because it grew above certain internal thresholds, or a company that was removed after an acquisition, still benefits investors who held it during its NBI membership period.
Index weights are not included in the standard constituent data because Nasdaq's precise daily weighting data is licensed; only the methodology's weighting rules (see NBI Methodology) are published without a license.
Verifying current constituent data
Any point-in-time constituent list requires a verification date. A list accurate on September 4, 2026 may differ from the current list because of mid-year deletions. Best practice when using an NBI constituent list:
- Record the reference date alongside any count or list you use.
- Cross-check against the Nasdaq Global Index Watch for current official data before making investment decisions.
- Distinguish between a reconstitution-date snapshot (December) and a mid-year snapshot; the December reconstitution reflects the full annual eligibility screen, while a mid-year snapshot reflects only deletions since December.
This page and the company pages on Swoopr record the last-verified date alongside constituent data. Where the current date substantially post-dates the last verification, treat the data as a historical reference rather than a confirmed current membership claim.
FAQs
How many companies are in the NBI?
Nasdaq reported 247 components as of September 4, 2026. The count is not fixed and changes at each annual reconstitution in December based on which companies pass the eligibility screen.
Where can I find the current official NBI constituent list?
The authoritative source is Nasdaq Global Index Watch. Nasdaq publishes the current component list there with daily updates reflecting any mid-year deletions.
Do companies stay in the index permanently once added?
No. Companies can be removed mid-year if they become ineligible through delisting, acquisition, exchange transfer, or falling below size or liquidity thresholds. Removed companies are not replaced until the next December reconstitution.
Why does Swoopr maintain company pages for NBI members?
Company research pages remain permanent even when index membership changes, because the company's history and research is still relevant to investors. A company page tracks both current membership status and any past NBI membership periods with effective and removal dates.