We have updated our Psychedelic Company Financing Tracker to reflect activity in Q2 2025.

Quarterly Fundraising Activity in Psychedelics

In 2025 we see a similar pattern to 2024, with a relatively robust Q1 giving way to a less active second quarter, with aggregate dollar inflows down around 60%.

The quarter was punctuated by the closing of Lykos Therapeutics’ recapitalisation, which the company describes as a Series B round. Antonio Gracias and Sir Christopher Hohn have invested $50M in the MDMA drug developer via their respective foundations. As we reported in Bulletin 199, the company is aiming to raise $100M, with the remainder coming from existing investors. But, should that additional capital not materialise, Gracias and Hohn appear to be prepared to backstop the full nine figures. (See also Lykos’ New CEO and CMO, Amy Emerson Joins Board.)

Despite the distressed nature of the deal, it is still the largest cash injection into a private psychedelics company since Gilgamesh Pharmaceuticals’ deal with AbbVie was announced in Q2 2024.

Another private company that raised during the quarter was Elkedonia, a French-Belgian neuroplastogen drug developer, which announced an €11M seed round in June. “Elkedonia is developing a neuroplastogen, to restore neuroplasticity without the side effects of psychedelics or ketamine derivatives”, the announcement reads...