Odyssey Therapeutics returned to the public markets with an upsized IPO, raising $304 million to fund its autoimmune and inflammatory development plans. The company priced 15.5 million shares at $18 and added a $25 million concurrent private placement with TPG Life Sciences Innovations, while preparing Nasdaq trading under the ticker ODTX. The proceeds are earmarked for Phase 2 development of OD-001, an oral small-molecule inhibitor targeting RIPK2 in ulcerative colitis, including planned trials as monotherapy and in combination with Takeda’s Entyvio. Odyssey also plans to advance its SLC15A4 program into a Phase 1/2a trial, with additional pipeline expansion focused on lupus and other B cell-mediated autoimmune diseases. The financing lands after Odyssey withdrew a prior IPO attempt and reframed its timing, signaling improving risk appetite for immunology-focused biotechs as investors seek near- and mid-stage catalysts.