Quarterly ResultJun 17, 2026, 04:51 PM
Odyssey Therapeutics Raises $288.7M from IPO; Q1 Net Loss $(38.26)M
AI Summary
Odyssey Therapeutics reported a net loss of $(38.26) million for the first quarter of 2026, a slight improvement from $(38.44) million in Q1 2025. Collaboration revenue declined to $0 from $1.92 million year-over-year, while R&D expenses decreased to $32.32 million. Subsequent to the quarter, the company successfully completed its Initial Public Offering and a concurrent private placement in May and June 2026, raising aggregate net proceeds of $288.7 million, which resolved prior substantial doubt about its going concern ability.
Key Highlights
- Odyssey Therapeutics completed an IPO and private placement in May/June 2026, raising $288.7 million net.
- The company reported a net loss of $(38.26) million for Q1 2026, compared to $(38.44) million in Q1 2025.
- Collaboration revenue was $0 in Q1 2026, down from $1.92 million in Q1 2025.
- Research and development expenses decreased to $32.32 million from $38.77 million year-over-year.
- General and administrative expenses were $7.35 million, down from $7.95 million.
- Net cash used in operating activities was $(41.04) million in Q1 2026.
- Cash and cash equivalents totaled $35.72 million as of March 31, 2026.
- A 1-for-9.7170 reverse stock split was effected on May 1, 2026.
Price Impact
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