Odyssey Therapeutics raised $304 million through an IPO and concurrent private placement, positioning the company to advance immunology programs tied to its lead ulcerative colitis asset, OD-001. The company priced 15.5 million shares at $18 in its upsized offering and sold an additional 1.39 million shares to an affiliate of TPG Life Sciences Innovations, according to the report. Odyssey said it plans mid-stage trials of OD-001 in ulcerative colitis and expects to bring SLC15A4 into clinical development for lupus. The IPO follows a prior attempt filed in January 2025 that the company withdrew in June, with Odyssey re-entering the market after re-filing in April and setting an $16 to $18 price range. The financing underscores investor appetite for early-to-mid clinical catalysts in immunology, particularly where mechanistic targets like SLC15A4 can connect across indications.