Here's some news that might help you stay awake: Alkermes plc (ALKS) just reported encouraging results for its experimental sleep disorder drug. The company announced topline data Wednesday from a mid-stage study of alixorexton (formerly known as ALKS 2680) in patients with narcolepsy type 2.

For those not up on their sleep medicine, narcolepsy type 2 is a condition where people experience excessive daytime sleepiness. It's similar to the more well-known type 1 narcolepsy, but typically doesn't include cataplexy—those sudden episodes of muscle weakness triggered by strong emotions.

In the trial, called Vibrance-2, once-daily alixorexton hit both of its primary goals. The drug showed statistically significant and clinically meaningful improvements compared to a placebo on two key measures: the Maintenance of Wakefulness Test (which measures how long someone can stay awake in a quiet setting) and the Epworth Sleepiness Scale (a questionnaire that assesses daytime sleepiness). These results were measured at the eight-week mark.

Digging into the numbers a bit more, alixorexton showed clinically meaningful improvements in mean sleep latency (that's the time it takes to fall asleep) across all doses tested. The 14 mg and 18 mg doses specifically achieved statistical significance. On the sleepiness scale, all doses showed clinically meaningful improvements, with the 18 mg dose hitting statistical significance.

Perhaps just as important as the efficacy data is the safety profile. The drug was generally well tolerated across all doses during the eight-week, randomized, double-blind treatment period. Most side effects were mild to moderate, and no serious treatment-emergent adverse events were reported. In drug development, showing something works is one thing; showing it works without making people feel terrible is often the harder part.

So what's next? The results from this Vibrance-2 study, combined with positive data from the previously announced Vibrance-1 Phase 2 study in patients with narcolepsy type 1, are giving Alkermes the confidence to move forward. The company says this supports the rapid initiation of a global Phase 3 program for alixorexton in patients with both types of narcolepsy.

Alkermes plans to kick off that global Phase 3 program in the first quarter of 2026. Before that, they'll present the detailed results from the Vibrance-2 study—including some exploratory data on how patients reported their own cognition and fatigue levels—at a future scientific meeting.

Meanwhile, the company isn't putting all its eggs in one basket. Another study, called Vibrance-3, is already enrolling. That Phase 2 trial is evaluating alixorexton's safety and efficacy in adults with idiopathic hypersomnia, another sleep disorder characterized by excessive sleepiness.

Despite the positive news, investors seemed to have other things on their minds Wednesday. Alkermes stock was down 8.03% at $31.10 at last check.