ALKS Stock — Alkermes plc: Cash, EV, Pipeline

What they do

7 The following provides summary information regarding our proprietary products that we commercialize: Proprietary Products Product Indicated Disease State Territory Initiation or re-initiation of ARISTADA for the treatment of Schizophrenia U.S. Schizophrenia U.S. Narcolepsy U.S. Schizophrenia; Bipolar I disorder U.S.

Source: 10-K FY2025 via SEC EDGAR

Share price

$46.56

Market cap

$7,823.2M

Cash

$787.4M

Enterprise value

$8,533.5M

Balance sheet

Cash	$787.4M
Debt	$1,497.7M
Net cash	-$710.3M
Enterprise value	$8,533.5M
Basic shares	168.0M shares
Fully diluted shares	188.6M shares
Fully diluted market cap	$8,782.7M
Cash per share	$4.69
Quarterly burn	+$145.2M generated

Cash figures as of 2026-09-30. Database snapshot: 2026-11-10.

Share structure

Common

167.8M

Pre-funded warrants

0.0M

Options

16.2M

RSUs

4.6M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.0M

FDSO

188.6M

Cap table as of 2026-06-30.

Price history

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Next catalyst

Olanzapine · Now - Nov 24, 2026 Now · Phase 3 · Schizophrenia; Bipolar I Disorder

Recently reported

ALKS 7290 Phase 1 Positive · 2026-09-21

attention deficit disorder with hyperactivity (adhd)

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Now - Nov 24, 2026 Now	Olanzapine	Phase 3	Schizophrenia; Bipolar I Disorder	—
Dec 13, 2026 - Jan 24, 2027 in 5 wks	ALKS 2680	Phase 2	Idiopathic Hypersomnia	2H 2026 Est. Nov 11, 2026 · half midpoint
Jun 12 - Jul 24 in 7 mo	ALKS 2680 Dose 1	Phase 3	Narcolepsy Type 1	—
Jun 12 - Jul 24 in 7 mo	ALKS 2680 Dose 1	Phase 3	Narcolepsy Type 2	—
Jul 13 - Aug 24 in 8 mo	ALKS 2680 Dose 1	Phase 3	Narcolepsy Type 1	—
Jul 13 - Aug 24 in 20 mo	ALKS 2680, 4mg	Phase 3	Narcolepsy Type 1; Narcolepsy Type 2; Idiopathic Hypersomnia	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Alixorexton

Phase 3 · Active Modality: 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.

No lead program on file for this company.

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07455383	Phase 3	Recruiting	Sponsor	ALKS	—	Narcolepsy Type 1	—
NCT07502443	Phase 3	Recruiting	Sponsor	ALKS	—	Narcolepsy Type 2	—
NCT07540897	Phase 3	Recruiting	Sponsor	ALKS	—	Narcolepsy Type 1	—
NCT04987229	Phase 3	Enrolling by invitation	Sponsor	ALKS	—	Bipolar I Disorder; Schizophrenia	—
NCT06767683	Phase 3	Recruiting	Sponsor	ALKS	—	Narcolepsy Type 1; Narcolepsy Type 2; Idiopathic Hypersomnia	—
NCT05303064	Phase 3	Recruiting	Sponsor	ALKS	—	Schizophrenia; Bipolar I Disorder	—
NCT06843590	Phase 2	Recruiting	Sponsor	ALKS	—	Idiopathic Hypersomnia	2H 2026 Est. Nov 11, 2026 · half midpoint
NCT07755410	Phase 2	Recruiting	Sponsor	ALKS	—	Attention Deficit Disorder With Hyperactivity (ADHD)	—
NCT05028062	Not disclosed	Recruiting	Collaborator	University of Pennsylvania	—	Alcohol Use Disorder; Alcoholism	—
NCT07680114	Not disclosed	Recruiting	Collaborator	University of Wisconsin, Madison	—	Schizophrenia	—
NCT01246765	Not disclosed	Recruiting	Collaborator	Massachusetts General Hospital	BMY	Pregnant Women; Psychotropic Drugs	—

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.

View all 11 active trials for Alkermes, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Baker Bros. Advisors	10,012,267	no change	2.63%	2026-08-14
BVF Partners	2,154,704	+154,704	2.89%	2026-08-14
RTW Investments	1,672,356	no change	0.75%	2026-08-14
Frazier Life Sciences	700,647	no change	0.80%	2026-08-14
DAFNA Capital	101,266	-38,216	1.01%	2026-08-14
Logos Global Management	0	-350,000	0.00%	2026-08-14
ADAR1 Capital Management	0	-46,400	0.00%	2026-08-14
Avoro Capital Advisors	0	-1,200,000	0.00%	2026-08-14
Great Point Partners	0	-50,000	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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ALKS — Alkermes plc ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Active clinical trials

Specialist fund holders

Latest news

ALKS — Alkermes plc