Odyssey Therapeutics

Boston immunology drug-hunter using AI/ML as one tool; RIPK2 inhibitor completed Phase 2a, IPO'd as ODTX in May 2026.

1. Core Product / Service

Odyssey was incorporated in April 2021 by serial founder Gary Glick. It develops small molecules and engineered proteins for immunology and inflammation. Its prospectus frames the company around immunobiology and experienced "drug hunters". AI is described as "a suite of tools and capabilities, including our AI/ML platform", "used alongside traditional medicinal chemistry" for cryptic-pocket finding, virtual screening and generative chemistry, and also for VHH protein design [1]. The ML base came partly from the 2021 acquisition of London-based Rahko [1].

Pipeline (Oct 2026) [1][3]:

• OD-001 (oral RIPK2 scaffolding inhibitor, ulcerative colitis): an open-label Phase 2a reported 27% clinical remission and 61% clinical response among 49 evaluable patients (Apr 2026). A Phase 2b and a vedolizumab combination study are planned for 2H 2026.
• OD-002 (SLC15A4, lupus/CLE): IND-enabling. The company says it was "discovered by leveraging our AI/ML platform", going from hits to IND-enabling in about 15 months. Its CTA timing is stated inconsistently within the prospectus [1].
• Preclinical: TNFR2 agonist, TSLP×IL-33 bispecific, IRAK4, and IRF5 (50/50 with Terray).

Wet lab. Odyssey has a ~45,600 sf Boston headquarters, ~19,800 sf of R&D space in Ann Arbor (lease ends Dec 2026) and a lab in Frankfurt. A San Diego site was closed in Q1 2025 with a $5.4M impairment [1]. Headcount fell from 151 (126 in R&D) at end-2024 to 100 (80 in R&D) in March 2026. Net PP&E dropped from $12.1M to $7.2M over 2025 [1]. The company does not own manufacturing and relies on CMOs. It has "engaged CROs active in China and Ukraine to assist with discovery and research activities" (unnamed), and Alimentiv is its clinical CRO [1]. External preclinical and clinical costs were ~$50M of 2025's $126.6M R&D [1].

2. Target Users & Pain Points

• Patients: inflammatory bowel disease, lupus and other autoimmune diseases where oral small molecules could replace injectable biologics.
• Partners: J&J (AI/ML-driven small-molecule discovery, 2024; $6.5M upfront, up to ~$839M in milestones) and Pfizer (small 2023 licence). Both collaborations have since ended. Terray is a 50/50 partner on IRF5 [1].

3. Competitive Landscape

4. Unique Observations

• Boom-to-bust-to-IPO in five years. Series A–C were priced at $4.34–6.32 per share. The 2025 Series D, raised after a withdrawn IPO attempt, priced at $1.505, about 30% of the Series C price. The May 2026 IPO priced at $18 per share [1].
• Shrinking while advancing. Headcount fell by a third and a site closed, yet the lead asset produced Phase 2a data. Downsizing came from cutting discovery breadth, not the clinical programme [1].
• AI showcased on the second asset, not the first. OD-001 is not credited to the AI platform. OD-002 is the company's AI proof point.

5. Financials / Funding

• Private rounds: Series A ~$213M (2021), B $168M (2022), C/C-1 ~$125M (2023–24), D $213.6M (2025). Aggregate private proceeds were $726.5M [1].
• IPO (Nasdaq: ODTX), May 2026: $279M at $18, plus a $25M TPG private placement [1][4]. Cumulative raise is about $1.0B (derived; IPO gross is $304–315M depending on whether over-allotment shares are counted).
• Cash $433.1M at 2026-06-30, guided into 2H 2028 [3].

6. People & Relationships

• Founder/CEO: Gary Glick (previously founded Scorpion, IFM and Lycera). Chair: Jeffrey Leiden (ex-Vertex CEO) [1].
• Several 2025 executive officers (COO, EVP small-molecule research, EVP protein therapeutics) no longer appear in the 2026 prospectus [1][2].
• Investors: OrbiMed, SR One, Foresite, Fidelity, Jeito, TPG, Dimension, Lightspeed.
• Cohort peers: eikon-therapeutics, treeline-biosciences, eqrx.

Sources

• [1] Odyssey Therapeutics IPO prospectus (424B4, May 2026), SEC EDGAR (2026-10-14)
• [2] Odyssey Therapeutics Form S-1 (Jan 2025), SEC EDGAR (2026-10-14)
• [3] Odyssey Q2 2026 financial results (2026-10-14)
• [4] BioPharma Dive, Odyssey IPO pricing (2026-10-14)