Odyssey Therapeutics has completed an upsized initial public offering in the United States, raising $279 million after selling 15.5 million shares at $18 apiece. The final price matched the top end of the company’s originally marketed range of $16 to $18 per share.
The Boston-based biopharmaceutical firm says proceeds from the offering will be applied primarily to the clinical development of its lead program, OD-001, and to broader corporate needs. OD-001 is currently in a mid-stage clinical trial focused on ulcerative colitis, which the company describes as one of the two principal forms of inflammatory bowel disease.
Founded in 2021, Odyssey has attracted roughly $726.5 million in financing from more than 30 investors to date. The company was founded by Dr. Gary D. Glick, who serves as chief executive officer. Dr. Glick previously established Scorpion Therapeutics, a company that was acquired by Eli Lilly in 2025 for up to $2.5 billion in cash.
The offering was managed by a syndicate that included J.P. Morgan, TD Cowen, and Cantor among the underwriters. Odyssey intends to begin trading on the Nasdaq exchange on Friday under the ticker symbol ODTX.
Market context for the IPO is notable. U.S. biotechnology initial public offerings have shown renewed activity in 2026, a development the company and market observers attribute to policy shifts under President Donald Trump and what have been described as sweeping changes at the U.S. Food and Drug Administration. Several other drug developers have accessed public equity markets in recent weeks, including Seaport Therapeutics, Hemab Therapeutics, Alamar Biosciences, and weight-loss drug developer Kailera Therapeutics.
Odyssey’s capital raise is explicitly targeted at advancing clinical work on its inflammatory and autoimmune pipeline, with OD-001 currently representing the lead candidate in a mid-stage study for ulcerative colitis. The company’s stated use of proceeds also includes general corporate purposes, indicating flexibility in deploying the funds across development and operational needs.
For investors evaluating the new listing, third-party screening tools are referenced in company literature. One such tool, ProPicks AI, is described as evaluating ODTX among thousands of companies using more than 100 financial metrics and applying machine learning to identify stocks with attractive risk-reward profiles. The description cites prior notable winners identified by the tool, including Super Micro Computer at a +185% return and AppLovin at +157%.
This transaction brings Odyssey to the public markets with substantial cash raised to support clinical development of its lead program and positions the company amid a broader uptick in biotech IPO activity in 2026.