2025 Year in Review: 10 Standout Stories in Psychedelics

Psychedelic Alpha's 2025 year-in-review highlights 10 standout psychedelics stories, mixing pharma deals, regulatory decisions, and clinical pipeline milestones across the year. Key items include AbbVie moving deeper into psychedelic drug development by acquiring Gilgamesh Pharmaceuticals' lead candidate bretisilocin (GM-2505), and Norway approving public funding for generic ketamine for treatment-resistant depression. The roundup also features major US regulatory fallout and downstream momentum, including the FDA issuing an MDMA complete response letter to Lykos Therapeutics and subsequent discussion of what would be needed to move forward. On policy and access, the list spotlights Germany launching the EU's first psilocybin compassionate use access program and New Mexico passing a legislature-driven medical psilocybin access act. It also points to broader system changes that could affect timelines, including political and regulatory dynamics in Washington, D.C., and industry updates like Compass Pathways accelerating its psilocybin launch timeline.