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Odyssey Therapeutics$ODTX · filed: 🫧 Edgar looked up Odyssey TherapeuticsCheck ▾Close ▴
What Odyssey Therapeutics filed
🫧 Edgar looked up Odyssey Therapeutics, Inc. ($ODTX). Last filing: 10-Q, 2026-11-04. 7 event filings (8-K) in the past twelve months. Every figure links to the filing it came from on Odyssey Therapeutics’s card.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
First **$200M+** U.S. biotech IPO in eighteen months tests whether window reopened or Odyssey misjudged allocator appetite.
$225 million
initial public offering
$18-20
per share
$1.1 billion
post-money at midpoint
30-day greenshoe
for an additional
Odyssey Therapeutics has set terms for a $225 million initial public offering, pricing expected by Friday. The Boston-based biotech is offering 11.25 million shares at $18-20 per share, valuing the company at approximately $1.1 billion post-money at midpoint. Underwriters include Morgan Stanley and Goldman Sachs, with a 30-day greenshoe for an additional 1.69 million shares.
The company develops therapeutics for autoimmune and inflammatory diseases, with three programs in clinical stages. Lead candidate ODY101, a monoclonal antibody targeting IL-15, completed Phase 1b dosing in celiac disease patients in November. The company reported zero dose-limiting toxicities across 48 patients and expects Phase 2 initiation in Q2 2025. Second asset ODY201 entered Phase 1 for ulcerative colitis in September, with interim data expected mid-year. The third program, ODY301 for psoriasis, began first-in-human trials in December with readouts planned for late 2025. Odyssey burned $127 million in the twelve months ending September 2024, holding $318 million in cash before this raise.
This marks the first U.S. biotech IPO exceeding $200 million since April 2023, when Acelyrin priced a $247 million offering at $17 per share and currently trades at $3.12. The eighteen-month window closure followed SVB collapse aftershocks and three consecutive quarters of biotech index declines exceeding 22%. Odyssey's willingness to price now signals either desperation for runway or conviction that allocators have rotated back after the sector's 31% rally from October lows. The IL-15 mechanism distinguishes ODY101 from the crowded IL-23 inhibitor space where five approved therapies compete, but Odyssey lacks partnerships or significant preclinical backup, concentrating risk in three early-stage shots.
Allocators should watch three events: first, whether the deal prices within range or requires a cut, indicating true demand versus underwriter optimism. Second, ODY101 Phase 2 design details expected in April will reveal statistical powering and endpoint choices that determine commercial viability. Third, any partnership announcements before the 180-day lockup expires in July would validate platform value and derisk single-asset dependence. The company's current cash position plus proceeds provides runway into Q3 2026, assuming burn rate holds, leaving six quarters to demonstrate clinical proof-of-concept before needing secondary capital.
If Odyssey closes Friday above $20, Renaissance Capital's biotech IPO index adds a seventh 2025 constituent, already outpacing full-year 2024's five healthcare offerings by Q1.
Branded by POPS4 · proof in 60 seconds
For the principal
Wait for Friday close and first ten-day volume before exposure; early biotech IPOs frequently reprice 15-30% lower within quarters.
For the operator
Phase 2 design in April matters more than IPO price; IL-15 mechanism differentiation only holds if endpoints show statistical separation.
For the house
No initial position; watching for sub-$18 entry if allocators force repricing, contingent on partnership announcement within 120 days.
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