Odyssey Therapeutics (ODTX) Q1 2026 earnings summary

Executive summary

• Clinical-stage biopharma focused on autoimmune and inflammatory diseases, with lead programs OD-001 (RIPK2 inhibitor, phase 2a for ulcerative colitis) and OD-002 (SLC15A4 inhibitor, IND-enabling studies).

• Achieved clinical proof-of-concept for OD-001 in Phase 2a trial for moderate to severe ulcerative colitis, with 27% clinical remission and 61% clinical response rates.

• Net loss of $38.3M for Q1 2026, accumulated deficit of $606.4M, and cash, cash equivalents, and marketable securities of $175.7M as of March 31, 2026.

• Completed IPO and concurrent private placement in May 2026, raising $278.7M net, with an additional $10M from underwriters' option in June 2026; gross proceeds totaled $314.8M.

• Cash on hand and net proceeds from financing events total $464.4M, expected to fund operations into the second half of 2028.

Financial highlights

• Q1 2026: No collaboration revenue (vs. $1.9M in Q1 2025).

• Research and development expenses decreased to $32.3M (from $38.8M in Q1 2025), mainly due to lower facility and personnel costs and a prior-year non-cash lease impairment charge.

• General and administrative expenses decreased to $7.4M (from $8.0M in Q1 2025).

• Net loss for Q1 2026 was $38.3M, nearly flat compared to $38.4M in Q1 2025.

• Pro-forma cash position after financing events is $464.4M as of March 31, 2026.

Outlook and guidance

• OD-001 to advance into Phase 2b monotherapy and Phase 2a combination trials with vedolizumab in the second half of 2026; topline data expected in the second half of 2027.

• OD-002 to complete IND-enabling studies and file a CTA in the second half of 2026, enabling a Phase 1/2a trial in early 2027.

• Existing cash and IPO proceeds expected to fund operations into the second half of 2028.

• Anticipates continued substantial losses and increased expenses as development progresses; additional capital will be needed for future operations.