Odyssey Therapeutics returned to the public markets with an upsized IPO and concurrent private placement, bringing $304 million in gross proceeds to fund its autoimmune and inflammatory pipeline. The company priced 15.5 million shares at $18 and said it plans mid-stage clinical development of OD-001 in ulcerative colitis, including combinations with Takeda’s Entyvio, as well as further lupus work. Separate reporting on the same transaction describes the IPO as supporting advancement of Odyssey’s SLC15A4 program into clinical stages and frames investor demand for immunology-focused biotechs as a key driver. Odyssey’s listing also signals that investors continue to underwrite mechanism-driven immunology plays with defined clinical milestones and scalable next-stage funding requirements.