Narcolepsy Type 1; Narcolepsy Type 2; Idiopathic Hypersomnia
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Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.
Phase 3 · ActiveModality: oral once-daily small molecule
Target orexin 2 receptor
Indications
Narcolepsy type 1 (NT1)(Phase 3)
Narcolepsy type 2 (NT2)(Phase 3)
Idiopathic hypersomnia (IH)(Phase 2)
Status note Phase 1 in healthy volunteers and NT1/NT2/IH completed; Vibrance-1 and Vibrance-2 Phase 2 studies in NT1/NT2 completed; Brilliance Studies Phase 3 program in NT1/NT2 initiated Apr 1, 2026; Vibrance-3 Phase 2 in IH ongoing.
LUMRYZ
Approved · Active
Partnerships Avadel: acquired Feb 12, 2026; Jazz: 3.85% royalty on narcolepsy net sales plus royalties on non-narcolepsy indications (Avadel settlement)
Indications
Narcolepsy (adult and pediatric)(Approved)
Idiopathic hypersomnia (IH)(Phase 3)
Status note FDA-approved for narcolepsy with orphan exclusivity through May 1, 2030 (adult) and Oct 16, 2031 (pediatric); exclusively commercialized in U.S. by Alkermes. REVITALYZ Phase 3 in IH reported positive topline results May 2026, lifting the CVR milestone probability of success to 90%.
ARISTADA / ARISTADA INITIO
Approved · Active
Target Dopamine D2 receptor (partial agonist)
Indications
Schizophrenia(Approved)
Status note Proprietary commercial product.
LYBALVI
Approved · Active
Target opioid receptor
Indications
Schizophrenia(Approved)
Bipolar I disorder(Approved)
Status note Proprietary commercial product.
VIVITROL
Approved · Active
Target Mu-opioid receptor (antagonist)
Indications
Alcohol dependence(Approved)
Prevention of relapse to opioid dependence(Approved)
Status note Proprietary commercial product; non-exclusive license granted to Teva for generic VIVITROL in the U.S. beginning Jan 15, 2027.
Valiloxybate
Stage not disclosed · Active
Status note IPR&D asset from the Avadel acquisition; early stage of development.
Per-asset detail extracted from the 10-Q filed 2026-07-28. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.
Sponsor-matched active trials from ClinicalTrials.gov (8 as sponsor, 3 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.
Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.
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