Lykos Therapeutics

About Lykos Therapeutics

Lykos Therapeutics, a public benefit corporation, is focused on the research and development of psychedelic-assisted therapies to address mental health conditions. The company was originally established in 2014 as MAPS Public Benefit Corporation (PBC), a wholly-owned subsidiary and pharmaceutical arm of the non-profit Multidisciplinary Association for Psychedelic Studies (MAPS). MAPS itself was founded in 1986 by Rick Doblin. The transition to Lykos Therapeutics occurred in January 2024, a change made to reflect its evolution from a research-focused entity to one concentrating on the commercialization of a potential psychedelic-assisted therapy.

The company's primary focus is the development of midomafetamine (MDMA) capsules used in conjunction with psychological intervention for the treatment of post-traumatic stress disorder (PTSD). This therapeutic approach involves a patient receiving MDMA during several therapy sessions, supplemented by drug-free therapy sessions. The business model centers on gaining regulatory approval for this therapy and integrating it into the healthcare system, making it available for prescription use. In January 2024, Lykos raised over $100 million in a Series A financing round to support its regulatory and pre-launch activities.

Amy Emerson led the company as CEO from its founding in 2014, having been involved with the MDMA clinical development program since 2003. Following a significant regulatory setback, Emerson stepped down in September 2024. Michael Mullette, a pharmaceutical industry veteran who joined as COO in 2022, was appointed as interim CEO to guide the company through its next phase of FDA engagement. The company's journey has been marked by a New Drug Application (NDA) submission to the U.S. Food and Drug Administration (FDA) in December 2023. However, in August 2024, the FDA issued a Complete Response Letter, declining to approve the application based on the data submitted and requested an additional Phase 3 trial to further evaluate the therapy's safety and efficacy. In response to this setback, Lykos announced a significant restructuring, including reducing its workforce by 75% to refocus on clinical development and regulatory affairs. The company has since had meetings with the FDA to establish a path forward, which includes plans for another trial.