aibioOdyssey Therapeutics files for IPO, plans Nasdaq Capital Market listing as ODTX
Tickers ODTX
Odyssey Therapeutics, Inc. filed a Form S-1 on April 17, 2026. The cover leaves the share count and price range blank.
Key facts
- Company
- Odyssey Therapeutics, Inc. (NASDAQ: ODTX)
- News type
- Financings
- Primary source
- Odyssey Therapeutics, Inc. S-1 (2026-04-17)
Odyssey Therapeutics, Inc. filed a Form S-1 registration statement with the SEC on April 17, 2026 for an initial public offering of its common stock. The company is based in Boston. It has applied to list the shares on the Nasdaq Capital Market under the symbol ODTX, and it says it expects to meet the listing standards once the offering is complete. The closing is contingent on that listing. The cover leaves the number of shares and the price range blank, so the size of the deal is not yet set.
Underwriters and counsel
The cover names six underwriters: J.P. Morgan, TD Cowen, Cantor, Wedbush, PacGrow and Oppenheimer & Co. The company has granted them a 30-day option to buy additional shares at the offering price, less underwriting discounts and commissions. The cover lists Covington & Burling LLP and Cooley LLP as counsel to be copied on the filing, but it does not say which firm represents whom.
Cash and the going-concern doubt
Odyssey gives a preliminary cash, cash equivalents and marketable securities balance of about $175.7 million as of March 31, 2026. The company says that figure is preliminary, that its review of the quarter is not complete, and that the final results may differ materially. Deloitte & Touche LLP, its independent registered public accounting firm, has not audited, reviewed or compiled that figure.
The audited statements carry a going-concern warning. Management has concluded there is substantial doubt about Odyssey's ability to continue as a going concern for 12 months after the audited statements were issued. The company reports a net loss of $148.6 million for 2025, against $129.3 million for 2024, and an accumulated deficit of $568.1 million at December 31, 2025. It says it has relied mainly on preferred stock financings. It also says that after this offering it expects to keep raising money, and that the doubt may continue if it does not secure the funding it needs.
Since its founding in 2021, the company says it has raised about $726.5 million from more than 30 investors.
The share structure
At the closing, the preferred stock converts into 238,999,327 shares of common stock. Outstanding Series D warrants convert, on a net exercise basis, into 32,142,070 shares. Those conversions will raise the common share count at closing, before any new shares are sold in the offering.
The lead program
Odyssey calls itself a clinical-stage biopharmaceutical company focused on autoimmune and inflammatory diseases. Its lead, OD-001, is an oral small-molecule RIPK2 inhibitor in a Phase 2a trial for ulcerative colitis. The company completed a Phase 1 trial in healthy adults in Australia in the fourth quarter of 2024, and it started dosing in the open-label Phase 2a trial in May 2025.
The trial enrolled 53 patients across two parts, and 49 completed 12 weeks of treatment and were evaluable for the primary efficacy analysis under the protocol. The company says it saw "patient benefit" across several disease-relevant endpoints in those 49 patients. The prospectus summary gives no efficacy numbers for that benefit, although the company says it has achieved proof-of-concept in this trial. It reports that OD-001 was well tolerated, with no serious adverse events and no discontinuations due to adverse events across all 53 patients. The trial is open-label, so the benefit cannot be separated from the effect of simply taking the drug. The company's own next step is a placebo-controlled study.
The next steps are a randomized, double-blind Phase 2a combination study with vedolizumab against vedolizumab plus placebo, and a placebo-controlled Phase 2b monotherapy study. The company expects both to start in the second half of 2026, pending discussions with regulators, with topline induction results in the second half of 2027.
The pipeline also includes OD-002, an SLC15A4 inhibitor in IND-enabling studies, and a preclinical IRF5 inhibitor that the company is developing with Terray Therapeutics.
The use of proceeds
Odyssey intends to use the proceeds to advance OD-001 through the 12-week induction readouts of its planned Phase 2 trials, to fund other programs and enabling work, and for general corporate purposes. The net proceeds figure is blank in this filing.