Odyssey Therapeutics completed an upsized IPO and secured $304 million in gross proceeds to advance immunology-driven pipeline programs. The company priced 15.5 million shares at $18 each and paired the IPO with a concurrent private placement of 1.39 million shares to an affiliate of TPG Life Sciences Innovations. Odyssey’s lead asset, OD-001, is an oral small molecule aimed at RIPK2 for ulcerative colitis, with the proceeds slated for Phase 2 studies as monotherapy and in combination with Takeda’s Entyvio. The company also plans to move its SLC15A4 preclinical program into a Phase 1/2a trial. The IPO follows Odyssey’s prior decision to withdraw an earlier offering plan in 2025 and reflects renewed investor appetite for autoimmune and inflammatory biotechs with near-term clinical catalysts. The Nasdaq listing begins as the company positions itself to compete on mechanism-driven inflammation control.