Quarterly ResultJun 17, 2026, 04:16 PM
Odyssey Therapeutics Reports Positive OD-001 Clinical Data; $464M Cash
AI Summary
Odyssey Therapeutics reported positive clinical proof-of-concept data for OD-001, its oral RIPK2 scaffolding inhibitor, in a Phase 2a monotherapy trial for moderate to severe ulcerative colitis. The company also announced the successful completion of its initial public offering and a concurrent private placement, raising gross proceeds of $314.8 million. With a pro-forma cash position of $464.4 million as of March 31, 2026, Odyssey expects to fund its operations into the second half of 2028. For Q1 2026, the company reported a net loss of $38.3 million, with R&D expenses at $32.3 million and G&A expenses at $7.4 million.
Key Highlights
- OD-001 achieved clinical proof-of-concept in Phase 2a trial for ulcerative colitis, with 27% achieving clinical remission and 61% clinical response.
- Closed IPO and concurrent private placement, raising gross proceeds of $314.8M.
- Cash, cash equivalents, and marketable securities totaled $175.7M as of March 31, 2026.
- Pro-forma cash position after financing is $464.4M, expected to fund operations into H2 2028.
- Q1 2026 R&D expenses were $32.3M, down from $38.8M in Q1 2025.
- Q1 2026 G&A expenses were $7.4M, down from $8.0M in Q1 2025.
- Q1 2026 net loss was $38.3M, compared to $38.4M in Q1 2025.
- Expects to initiate Phase 2b monotherapy and Phase 2a combination trials for OD-001 in H2 2026.
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