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  "notes": "Uses red dashed boxes and stamps to visually indicate program status (discontinued/spun out).",
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      "text": "We agree ALKS 2680 is promising (high risk/high reward), but since its R&D Day in 2021, Alkermes burned hundreds of millions of dollars to achieve this",
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      "text": "Neuroscience: ALKS 1140 (Complete phase 1 enabling activities, Initiate phase 1 first-in-human study, Initiate phase 0 biomarker study), Orexin (Nominate orexin candidate to the clinic)",
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      "text": "Oncology: IL-12 (Lead candidate generation), IL-18 (Advance lead candidate identification)",
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      "text": "Source: Alkermes Investor Day 2021",
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      "kind": "title",
      "text": "Disciplined Capital Allocation Supports Highest-ROI Priorities",
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      "text": "Of the programs highlighted in the 2021 R&D Day, only orexin has a clearly articulated future",
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