First week of the site. Here's what mattered.
## The EPIsoDE Trial: Mixed Results, Important Nuance
The biggest scientific development of the week was the publication of the [EPIsoDE trial in JAMA Psychiatry](https://pubmed.ncbi.nlm.nih.gov/41848690/). The German Phase 2b randomized controlled trial tested 25mg psilocybin in 144 patients with treatment-resistant depression.
The headline is complicated. Psilocybin produced a clinically meaningful reduction in depressive symptoms. It did not, however, meet the primary endpoint — a statistically significant treatment response at week 6. Response rates were 17% in the 25mg group versus 12.5% in the 5mg group and around 10% in the active placebo group.
This is not a failed trial. It's an inconclusive one, which is a different thing. The authors note the study was likely underpowered for the primary endpoint. What it does is add to a pattern: psilocybin consistently produces symptom improvements in TRD patients, but the effect sizes in controlled trials are smaller and less consistent than the earlier open-label work suggested.
## Otsuka Buys Transcend for $1.2 Billion
Otsuka's U.S. subsidiary agreed to [acquire Transcend Therapeutics for up to $1.225 billion](https://psychedelicalpha.com/news/breaking-otsuka-to-acquire-methylone-drug-developer-transcend-in-1-23b-deal/). Transcend's lead compound TSND-201 is a methylone analog — chemically related to MDMA — being studied for PTSD. Phase 3 is recruiting.
The deal is notable because Otsuka is a major pharmaceutical company betting that the regulatory pathway for entactogen-assisted therapy is still open despite the FDA's rejection of Lykos's MDMA application last year.
## Lykos: Three Papers Retracted
The journal *Psychopharmacology* [retracted three Lykos-related MDMA papers](https://doubleblindmag.com/psychopharmacology-retracts-lykos-mdma-papers/), citing undisclosed competing interests and unethical conduct at a Canadian trial site. Lykos disputes the decision.
## Oregon's Program Is Struggling
Oregon's psilocybin service centers are closing and facilitators aren't renewing licenses. The program is required by law to fund itself through licensing fees — and as revenue shrinks, fees have to rise. [Lucid News has the full picture](https://www.lucid.news/oregons-psilocybin-program-industry-insiders-weigh-in-on-closures-and-the-future/).
## New Trials Worth Watching
Two new trials registered this week: the University of New Mexico's [Phase 1 study of group-format psilocybin-assisted therapy for PTSD (NCT07506395)](https://clinicaltrials.gov/study/NCT07506395), and Indiana University's [Phase 1/2 trial targeting veterans and first responders](https://clinicaltrials.gov/study/NCT07499583) with both treatment-resistant depression and active substance use disorder.
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*That's the week. Back Monday.*