Odyssey Therapeutics, Inc.

What they do

Odyssey Therapeutics is developing small-molecule medicines that target specific disease pathology in autoimmune and inflammatory diseases. Its lead program, OD-001, is a RIPK2 scaffolding inhibitor currently in a Phase 2a trial. A second program, OD-002, is an oral SLC15A4 inhibitor in IND-enabling studies.

Revenue drivers

• No product revenue — The company is clinical-stage and has no approved products; revenue was $0 in the quarters ended March 31, 2026 and June 30, 2026.
• Prior grant or collaboration revenue (historical) — Recent quarterly revenue of $1.9M in Q1 2025 and $0.96M in Q2 2025 has since dropped to zero, indicating no ongoing revenue-generating agreements as of mid-2026.

Recent performance

For the quarter ended June 30, 2026, Odyssey reported revenue of $0. R&D expenses were $36.2 million, up from $30.2 million in the prior-year period, while G&A expenses were $10.5 million, down from $13.2 million. Net loss was $52.8 million, compared to a net loss of $41.2 million for the same period in 2025. Adjusted net loss (non-GAAP) was $38.4 million, excluding $8.7 million of non-cash contingent consideration charges and $5.7 million of stock-based compensation. As of June 30, 2026, cash, cash equivalents and marketable securities totaled $433.1 million.

Strategy

The company is focused on advancing OD-001 through clinical development, with a Phase 2b monotherapy trial and a Phase 2a combination trial with vedolizumab expected to initiate in the second half of 2026. It plans to file a CTA for OD-002, an oral SLC15A4 inhibitor, by the end of 2026, enabling a Phase 1/2a trial in the first half of 2027. Management expects cash on hand to fund operations into the second half of 2028. Data from the Phase 2a expansion cohort of OD-001 will be presented at United European Gastroenterology Week in October 2026.

Risks

• Clinical development risk — OD-001 and OD-002 are still in clinical or preclinical stages, and future trial results may not replicate prior positive data or support regulatory approval.
• No revenue and significant losses — The company generated no revenue in the first half of 2026 and reported a net loss of $52.8 million for Q2 2026 alone.
• Cash burn and financing needs — Despite $433.1 million in cash and marketable securities as of June 30, 2026, continued operating losses may require additional financing beyond the projected runway into the second half of 2028.
• Regulatory and trial initiation delays — Planned trials for OD-001 and the CTA filing for OD-002 are subject to regulatory review and could face delays or rejections that alter timelines.

Outlook

Management expects to initiate a Phase 2b monotherapy trial and a Phase 2a combination trial for OD-001 in the second half of 2026, with topline induction data from both studies expected in the second half of 2027. A CTA for OD-002 is planned for the second half of 2026, with a Phase 1/2a trial in healthy participants expected to begin in the first half of 2027. Cash on hand is expected to fund operations into the second half of 2028.