Takeda and Alkermes revealed encouraging clinical trial data for novel orexin receptor agonists targeting narcolepsy. Takeda’s Phase 3 trials for oveporexton showed significant improvement in wakefulness, positioning the drug for potential first-mover advantage in a growing market. Alkermes' Phase 2 trial of alixorexton reported increased wakefulness but also notable vision-related side effects. Both companies are competing to develop the first-in-class narcolepsy therapies that address underlying disease mechanisms. These results represent a new era in sleep medicine and could transform treatment options for narcolepsy patients worldwide.