Muna Therapeutics vs Illumina
Side-by-side comparison of AI visibility scores, market position, and capabilities
Muna Therapeutics raised $75M in 2024 targeting microglial biology in Alzheimer's disease, using iPSC-derived microglia models to identify novel drug targets that modulate brain immune function.
About
Muna Therapeutics focuses on microglial biology — the specialized immune cells of the brain — as the key to developing disease-modifying Alzheimer's therapies beyond amyloid targeting. The company uses induced pluripotent stem cell (iPSC)-derived microglia as disease models to identify and validate novel drug targets implicated by Alzheimer's genetics (TREM2, PLCG2, BIN1, APOE). This platform enables the company to study microglial dysfunction at scale and run drug screens against human-relevant cellular models.
World's dominant DNA sequencing platform with ~80% market share; ~$4.34B FY2025 revenue. Powers clinical genomics, oncology diagnostics, and population-scale sequencing.
About
Illumina was founded in 1998 in San Diego and has grown into the undisputed leader in next-generation sequencing (NGS), with approximately 80% global market share across research and clinical applications. The company's sequencing-by-synthesis (SBS) chemistry and NovaSeq, NextSeq, and MiSeq instrument platforms have become the standard infrastructure for genomic research, clinical oncology, reproductive health, and infectious disease diagnostics worldwide.\n\nIllumina's business model combines high-margin consumable sales (flow cells, reagent kits) with instrument placements, creating a razor-and-blades recurring revenue structure. Its clinical sequencing segment showed accelerating growth in 2025, with clinical consumables revenue up 20% year-over-year in Q4. The company is expanding into spatial transcriptomics and multi-omics with new instruments unveiled at AGBT 2025, broadening its addressable market.\n\nIllumina reported $4.34 billion in FY2025 revenue and guides to $4.5–$4.6 billion for FY2026, with non-GAAP operating margins of ~23%. Having divested Grail (its liquid biopsy subsidiary) following regulatory pressure, Illumina is refocused on its core sequencing franchise and positioned to benefit from continued clinical adoption of genomic medicine.
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