| Universe | U.S.-listed common stocks classified as biotechnology |
| Stage Classification | Products Index (LSCIBP) — at least one FDA-approved drug therapy. Clinical Trials Index (LSCIBC) — lead drug in Phase 1, 2, or 3 human clinical trials |
| Pure Biotech Screen | Company must derive primary revenue (or primary pipeline focus) from biotechnology drug development. Diversified pharma, medical devices, diagnostics, and tools companies are excluded. |
| Weighting | Equal weight across all constituents |
| Minimum Market Cap | $200M at time of inclusion |
| Liquidity | Minimum average daily trading volume threshold applied |
| IPO Seasoning | Newly listed companies must season for a minimum period before inclusion |
| Reconstitution | Semi-annual in June and December. Components added/removed based on eligibility criteria. |
| Removal Rules | Companies removed upon acquisition completion, delisting, or loss of eligibility (e.g., pipeline failure, loss of FDA approval) |
| Calculation Agent | Indxx, Inc. — independent third-party index calculation and maintenance |
| Classification Inputs | FDA approval databases, ClinicalTrials.gov, company filings, LifeSci Partners proprietary research |
| Base Value | 1,000 (June 30, 2004) |
| Inception Date | November 3, 2014 |
Methodology Document
Download the full index methodology document for complete rules, eligibility criteria, and calculation details.