Odyssey Therapeutics refiled for a Nasdaq IPO aiming to raise up to about $236.6 million, with proceeds earmarked to advance its ulcerative colitis pipeline. The filing indicates Odyssey plans to use about $135 million toward OD-001, a small-molecule RIPK2 scaffolding blocker, to move into planned Phase 2a and Phase 2b studies. The biotech also allocated funds for OD-002, described as a SLC15A4 program, to proceed into IND-enabling activities and Phase 1/2a development. Odyssey previously attempted an IPO in January 2025 when its programs were still preclinical. The updated prospectus suggests investors are increasingly focused on later-stage or near-clinical assets as public market access remains selective.