At a Glance
- Company: Odyssey Therapeutics
- Location: Boston, US
- Funding: $304 million IPO + private placement
- Focus area: Autoimmune and inflammatory disease
- Next steps: Phase 2 OD-001, IND for OD-002
What happened?
Odyssey Therapeutics priced an upsized Nasdaq IPO at $18 per share and raised about $304 million, including a concurrent private placement to TPG Life Sciences Innovations. The biotech sold 15.5 million shares and began trading under the ticker ODTX.
Why does it matter?
The capital gives Odyssey room to push several immune-modulating small molecules into later-stage development, which is notable in a market where many autoimmune biotechs go public with much earlier assets. Its lead programme, OD-001, already has Phase 2a data in ulcerative colitis and is being tested both as a monotherapy and with Takeda’s Entyvio.
Who’s behind it?
Odyssey was founded by biotech entrepreneur Gary Glick, who previously launched companies including Lycera, IFM Therapeutics and Scorpion Therapeutics. The company is focused on upstream immune signalling, aiming to build what Glick calls a “little large pharma” with multiple shots on goal across autoimmune and inflammatory disease.
How was it achieved?
The IPO proceeds are being allocated across a layered pipeline: $135 million for OD-001 Phase 2 work in ulcerative colitis, $50 million to take the SLC15A4 programme into Phase 1/2a, and additional funding for discovery-stage targets including TSLP/IL-33, IRAK4 and IRF5. Odyssey’s strategy is to combine oral small molecules with combination regimens in diseases where treatment paradigms are increasingly moving toward multi-drug approaches.
What’s next?
Odyssey plans to use the new capital to keep OD-001 on track for a late-2030 or 2031 approval bid, while moving the SLC15A4 programme into the clinic and advancing its broader discovery portfolio. If the company executes, it could become one of the more ambitious public-market stories in autoimmune drug development.