MAPS Public Benefit Corporation (PBC) has recently made significant developments, including a $100 million Series A funding round, a rebrand and a change in their name to Lykos Therapeutics.
Lykos, which means “wolf” in Greek, was chosen as the new name, symbolizing qualities such as bravery, courage, loyalty, and intelligence that resonate with the company’s mission.
In a press release, Lykos explains that their new visual identity represents the amalgamation of innovative science and a holistic approach to the well-being of individuals.
The CEO, Amy Emerson, further expands on this, emphasizing the company’s commitment to integrating groundbreaking scientific advancements with a focus on the complete person.
Initially established in 2014 as a subsidiary of the Multidisciplinary Association for Psychedelic Studies (MAPS), a nonprofit organization founded in 1986 by Rick Doblin, MAPS PBC aimed to serve as the pharmaceutical arm of the nonprofit, focusing on advancing MDMA-assisted therapy and seeking FDA approval for the treatment of post-traumatic stress disorder (PTSD).
In December 2023, we reported that MAPS PBC had submitted a New Drug Application (NDA) to the FDA for MDMA-assisted therapy for PTSD.
The FDA’s decision on approval is expected to be announced as early as this summer, with the potential for a launch of the therapy in late 2024 or shortly thereafter.
As MAPS PBC evolves into a potential provider of an FDA-approved drug, operating within the pharmaceutical industry with its associated aspects such as data exclusivity, pricing negotiations, and profit margins, its connection to the nonprofit organization has become increasingly complicated.
The nonprofit organization, MAPS, focuses on funding psychedelic research, advocating for drug policy reforms, and engaging in activities like harm reduction.
Sharing a name with a closely regulated and monitored pharmaceutical company raises questions regarding alignment and perception.
Approaching its tenth anniversary, MAPS PBC finds itself in a transitional phase, akin to puberty.
It must navigate finding its own identity and direction while upholding the values and mission of MAPS. Balancing public benefit and commercial viability is paramount.
The recent announcement signifies a delicate transition for the organization. Lykos, the new name, no longer includes “MAPS” but may still pay homage to its founder and nonconformist roots.
Additionally, for the first time, MAPS PBC has pursued a more conventional form of financing, conducting a Series A equity round.
