Finance Watch: Lykos Implements 75% Workforce Reduction After FDA Rejection

Galera’s Board Approves Liquidation, Dissolution Plan

Restructuring Edition: Lykos recruited a J&J veteran to help its slimmed-down staff resubmit its MDMA-based PTSD therapy. Also, Lexicon cut its field force by 50%, or 75 jobs; Viracta cut its solid tumor program and 23% of its workforce; and Boundless Bio streamlined with moderate job cuts.

Finance Watch Image — • Source: Shutterstock

Lykos Therapeutics, still reeling from US Food and Drug Administration rejection of the company’s capsule formulation of the psychedelic drug midomafetamine for the treatment of post-traumatic stress disorder (PTSD), announced a reorganization plan on 15 August that includes a 75% workforce reduction.

The company’s remaining staff and newly recruited senior medical advisor David Hough will focus on clinical development, medical affairs and...

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