Psychedelic Funding Update: Q2 2025 tracks quarterly deal flow and inflows, highlighting Lykos Therapeutics recapitalization and Elkedonia’s seed round

Psychedelic Funding Update for Q2 2025 reports weaker second-quarter fundraising compared with Q1, with aggregate dollar inflows down about 60%. The quarter’s main headline is the closing of Lykos Therapeutics’ recapitalization, described as a Series B round. Antonio Gracias and Sir Christopher Hohn invest $50M into the MDMA drug developer via their respective foundations, and the update notes Lykos’ plan to raise $100M, with additional capital potentially backed by the same investors. The update also flags Elkedonia, a French-Belgian neuroplastogen developer, announcing an 11M euro seed round in June. Elkedonia is positioned as working toward restoring neuroplasticity while aiming to avoid the side effects associated with psychedelics or ketamine derivatives.