Odyssey Therapeutics completed an upsized IPO, raising $304 million gross proceeds to fund autoimmune and inflammatory programs. The company priced 15.5 million shares at $18 and also entered a concurrent $25 million private placement to TPG Life Sciences Innovations, with gross proceeds combining to $304 million. Odyssey’s lead asset, OD-001, is an oral RIPK2 inhibitor targeting ulcerative colitis, with plans for Phase 2 work both as monotherapy and in combination with Takeda’s Entyvio. The company also plans to advance its SLC15A4 program into a Phase 1/2a trial. The transaction closes as investors show demand for immunology-focused biotechs with near-to-medium term clinical catalysts, while Odyssey’s earlier attempt to go public was withdrawn before IPO timing shifted in 2026.