Odyssey Therapeutics priced an upsized IPO and concurrent private placement to raise $304 million as it advances its lead Phase II program for ulcerative colitis and plans further development across autoimmune disease. The company’s offering totals 15.5 million shares at $18 per share, with an affiliate of TPG Life Sciences Innovations buying 1.39 million shares at the same price. Odyssey’s lead asset, OD-001, is an oral small-molecule inhibitor targeting RIPK2, and the company plans mid-stage trials for the small molecule in combination with Takeda’s Entyvio and as monotherapy. The financing also supports bringing its SLC15A4 program into the clinic for lupus. The IPO move—Odyssey’s second attempt after earlier withdrawing its IPO filing—signals ongoing investor appetite for autoimmune programs with clear clinical catalysts and near-term trial plans.