Lykos Therapeutics is cutting 75% of its staff following the FDA’s rejection last week of its MDMA-assisted therapy, according to a person familiar with the matter.
The cuts, which will hit roles across the company, were announced at an employee meeting Thursday, according to the individual.
A spokesperson for Lykos declined to comment.
The cuts are the latest blow to a startup that’s been thrown into turmoil after the FDA rejected its treatment for post-traumatic stress disorder on Aug. 9.
