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

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