Lilly opens R&D hub; Ovid and Lexicon lay off staff
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Today, a brief rundown of news from Eli Lilly and Ovid Therapeutics, as well as updates from Lexicon Pharmaceuticals and Atai Life Sciences that you may have missed.

Eli Lilly on Tuesday opened a research and development facility in the Boston Seaport. The new 346,000-square-foot facility, called the Lilly Seaport Innovation Center, will be the main hub for Lilly’s research into genetic medicine and house early discovery work into several disease areas. The center will also include a biotech startup incubator called Lilly Gateway Labs that provides emerging companies with lab space and operational support. One startup, an RNA drug developer named Tevard Biosciences, already announced plans to move its headquarters there. — Delilah Alvarado

Lexicon Pharmaceuticals will ax about 50% of its staff, or more than 75 employees, in an effort to better support the launches of a drug it’s developed for heart failure and glycemic control. Lexicon said Tuesday that the layoffs should be completed by the end of the third quarter and save about $40 million in 2025. Despite the cutbacks, all of its R&D programs, including a late-stage trial in a type of cardiomyopathy and a mid-stage study in pain, remain fully-funded, the company said. — Delilah Alvarado

Ovid Therapeutics laid off 17 people, or 43% of its workforce, in a restructuring implemented after an epilepsy drug partnered with Takeda failed a Phase 3 trial, the company said Tuesday. Ovid has also streamlined its operations and suspended some research programs to preserve cash. The company had about $77 million on hand at the end of June, enough to support operations through multiple clinical readouts expected in the first half of 2026. — Ben Fidler

The Canada-based psychedelics developer Cybin has set the design of the clinical trial meant to get its most advanced drug approved. The trial should start late this summer, and will test the drug — a tweaked version of psilocybin — as an add-on treatment for major depressive disorder across 30 sites in the U.S. and Europe. Cybin said it’s taking measures to mitigate the risk of “functional unblinding,” which appeared to be a major sticking point for the Food and Drug Administration during the review of Lykos Therapeutics’ MDMA-assisted therapy. — Jacob Bell

In other psychedelics news, Atai Life Sciences reported positive results from a small study testing its version of “DMT,” a hallucinogenic drug similar to tryptamine. The trial enrolled healthy volunteers, and its main focus, rather than effectiveness, was safety, tolerability, and how the body reacts to and metabolizes the drug. According to Atai, the drug was well-tolerated and appeared to work as designed, inducing a short psychedelic experience that generally subsided within two hours. A mid-stage study evaluating it in people with treatment-resistant depression should begin around the end of this year. — Jacob Bell