Odyssey Therapeutics upsized its IPO and raised $304 million total gross proceeds to fund clinical development in ulcerative colitis and lupus. The company priced 15.5 million shares at $18 each and added a concurrent private placement that brought total proceeds to $304 million, with TPG Life Sciences Innovations purchasing 1.39 million shares at the same price. Odyssey’s lead program OD-001 is an oral RIPK2 inhibitor in Phase 2 for ulcerative colitis, with plans to evaluate the small molecule in combination with Takeda’s Entyvio as well as as monotherapy. The company also plans to move its SLC15A4 program into the clinic. The IPO followed an earlier attempt that was withdrawn in June 2025, and now the company is set to trade on Nasdaq under the ticker ODTX. Investors appear to be favoring immunology-focused public entries as supply tightens around pipeline inflection points. Strategically, Odyssey’s debut adds another immunology name to the public-market queue while emphasizing oral small-molecule development for inflammatory and autoimmune indications.