Slide 1: Vibrance-2 Phase 2 Study of Alixorexton in Narcolepsy Type 2: Positive Topline Results
Vibrance-2 Phase 2 Study of Alixorexton in Patients with Narcolepsy Type 2: Positive Topline Results November 12, 2025 Exhibit 99.2
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements set forth in this presentation constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements concerning: the potential therapeutic and commercial
Slide 3: Vibrance-2: Successful Phase 2 Study of Alixorexton in Narcolepsy Type 2
Vibrance-2: Successful Phase 2 Study of Alixorexton in Patients With Narcolepsy Type 2 Topline results address the study’s key objectives: Efficacy Safety and Tolerability Phase 3 Readiness
Slide 4: Vibrance-2: Positive Outcome Supports Advancing to Phase 3
Vibrance-2: Positive Outcome Supports Advancing to Phase 3 Alixorexton is the first orexin 2 receptor agonist to demonstrate an efficacy signal with statistically significant and clinically meaningful improvements in MWT and ESS in a large, multi-dose phase 2 study in narcolepsy type 2 (NT2) Alixore
Slide 5: Narcolepsy Type 2: Heterogeneous Patient Population with Significant Unmet Need
Narcolepsy Type 2: Heterogeneous Patient Population with Significant Unmet Need Chronic neurological sleep disorder characterized by excessive daytime sleepiness (EDS), without the presence of cataplexy Underlying disease pathology is less clear than NT1; NT2 patients have detectable and variable le
Slide 6: Vibrance-2 Phase 2 Study: 8-Week Double-blind Period Followed by Open-label Extension
Vibrance-2 Phase 2 Study: 8-Week Double-blind Period Followed by an Open-label Extension Period With Dosing Flexibility aAll patients in the open-label extension period start with 14 mg alixorexton. Dose adjustment possible (up or down) during the first 2 weeks of the optional open-label extension p
Slide 7: Dual Primary Efficacy and Secondary Endpoints Evaluated at End of 8-Week Treatment Period
Dual Primary Efficacy and Secondary Endpoints Were Evaluated at the End of the 8-Week Double-blind Treatment Period MWT = Maintenance of Wakefulness Test; ESS = Epworth Sleepiness Scale; TEAE = treatment-emergent adverse events Inclusion criteria Exclusion criteria NT2 patients (ICSD-3-TR) with resi
Slide 8: Vibrance-2 Phase 2 Study: Baseline Characteristics and Study Disposition
Vibrance-2 Phase 2 Study: Baseline Characteristics and Study Disposition Alixorexton once daily Placebo (N=24) 10 mg (N=23) 14 mg (N=22) 18 mg (N=24) Total (N=93) Disease Severity Mean Sleep Latency on MWT (minutes), Mean (SD) 6.0 (4.1) 5.3 (3.4) 5.5 (3.7) 5.7 (4.6) 5.6 (3.9) ESS, Mean (SD) 17.6 (3.
Slide 9: Vibrance-2: Safety and Tolerability
Vibrance-2: Safety and Tolerability Alixorexton was generally well tolerated over 8 weeks of treatmenta Most TEAEs were mild to moderate in severity There were no serious TEAEs reported Most common TEAEsb: pollakiuria, insomnia, micturition urgency, dizziness and headache No dose response relationsh
Slide 10: ESS: Alixorexton Improved Excessive Daytime Sleepiness Symptoms Across All Doses
ESS: Alixorexton Improved Excessive Daytime Sleepiness Symptoms Across All Doses aANCOVA model. Missing data were imputed using multiple imputation. *Statistically significant following multiplicity adjustment. 1. Johns MW, Sleep 1991; 14: 540-5. ANCOVA = analysis of covariance; CI = confidence inte
Slide 11: MWT: Clinically Meaningful Improvements in Mean Sleep Latency at All Doses
MWT: Alixorexton Demonstrated Clinically Meaningful Improvements in Mean Sleep Latency at All Doses Primary Endpoint Analysis at Week 8 Alixorexton once daily Change from baseline at Week 8 (minutes)a PBO (N=24) 10 mg (N=23) 14 mg (N=22) 18 mg (N=24) LSM 1.6 10.8 8.3 8.2 (95% CI of LSM) (-2.6, 5.7)
Slide 12: MWT Efficacy Insights in Vibrance-2
MWT Efficacy Insights in Vibrance-2 Intra-day time course of MWT response Strong, consistent response observed primarily at the 2-hour and 4-hour post-dose assessments Mean wakefulness more variable at the 6-hour and 8-hour post-dose assessments Pattern not previously observed with shorter duration
Slide 13: Vibrance-2: Positive Outcome Supports Advancing to Phase 3
Vibrance-2: Positive Outcome Supports Advancing to Phase 3 Alixorexton is the first orexin 2 receptor agonist to demonstrate an efficacy signal with statistically significant and clinically meaningful improvements in MWT and ESS in a large, multi-dose phase 2 study in narcolepsy type 2 (NT2) Alixore
Slide 14: Alixorexton Vibrance Phase 2 Program
NT1 (n=92) 6 weeks 4, 6, and 8 mg MWT | ESS | Cataplexy Rates Completed. Positive outcome. IH 8 weeks 10, 14, and 18 mg ESS | IHSS Enrollment ongoing NT2 (n=93) 8 weeks 10, 14, and 18 mg MWT | ESS Completed. Positive outcome. Alixorexton Vibrance Phase 2 Program Patients Duration* Doses Key Endpoint
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