Odyssey Therapeutics has secured $213 million in Series D funding to advance its pipeline of autoimmune disease treatments, pivoting from a failed IPO attempt earlier this year. The oversubscribed financing round will support both clinical and preclinical programs targeting complex autoimmune and inflammatory conditions.
The clinical-stage biopharmaceutical company had initially pursued an IPO in January but abandoned those plans in June after the offering languished for five months amid a broader downturn in biopharma public market appetite. The IPO dry spell has persisted for about six months, though it may be lifting as LB Pharmaceuticals recently filed plans for a $228 million offering.
Lead Program Advances Through Phase II Trials
Odyssey's most advanced candidate, OD-07656, is a RIPK2-targeting small molecule currently in Phase II trials for ulcerative colitis and Crohn's disease. The company's broader pipeline includes small molecules for atopic dermatitis, hidradenitis suppurativa and osteoarthritis, as well as protein therapies for lupus, vitiligo and type I diabetes.
"As we advance our programs towards important clinical milestones, we're focused on translating our scientific efforts into meaningful benefit for patients," said Gary D. Glick, Ph.D., Founder and CEO of Odyssey Therapeutics. "I'm thankful for the continued support from our investors and their enthusiasm for our mission of delivering truly transformative medicines to patients suffering from inflammatory diseases."
Strategic Partnerships and Platform Development
Since its founding in 2021, Odyssey has built a fully integrated drug discovery and development platform, moving its first internally discovered program through multiple clinical milestones in just over two years. The company has established collaborations with major pharmaceutical partners, including a partnership with Johnson & Johnson's Janssen Pharmaceuticals in April 2024 for AI-driven small molecule discovery, though financial details and specific disease targets were not disclosed.
In October, Odyssey partnered with Terray Therapeutics to discover transcription factor therapies for inflammatory diseases, again without revealing specific targets or financial terms.
Investor Backing and Board Expansion
The Series D round included participation from all existing investors while welcoming new backers including Affinity Asset Advisors, Dimension Capital, Jeito Capital, Lightspeed Ventures, TPG Life Sciences Innovations, and Wedbush Healthcare Partners.
As part of the financing, several new investor representatives will join Odyssey's board of directors: Shelley Chu, M.D., Ph.D., Partner at Lightspeed Ventures; Paulina Hill, Ph.D., Partner at Sanofi Ventures; Nan Li, Founder and Managing Partner at Dimension Capital; Carolyn Ng, Ph.D., Business Unit Partner with TPG Life Sciences Innovations; and Ksenija Pavletic, Partner and CCO at Jeito Capital.
The company's approach focuses on developing therapies capable of inducing deep and durable remission in patients, leveraging scientific expertise, advanced discovery tools, and targeted understanding of disease pathology. The Series D proceeds will support ongoing clinical trials, further preclinical research, and expansion of discovery capabilities, positioning Odyssey to advance multiple programs toward key milestones in the coming years.
