Odyssey Therapeutics Secures $213M Series D Funding to Advance Clinical Portfolio

Odyssey Therapeutics, a Boston-based biotech company, has successfully closed a $213 million Series D funding round, bolstering its financial position and paving the way for advancement of its clinical and preclinical pipelines. This latest investment brings the company's total funding to nearly $700 million since its inception in 2021, highlighting strong investor confidence in Odyssey's drug development programs.

Funding Details and Investor Support

The Series D round saw participation from all existing investors, with new backers including Affinity Asset Advisors, Dimension Capital, Jeito Capital, Lightspeed Ventures, TPG Life Sciences Innovations, and Wedbush Healthcare Partners joining the roster. This impressive fundraise follows Odyssey's decision to abandon its plans for an initial public offering (IPO) earlier this summer, demonstrating the company's ability to secure substantial private funding in a challenging market environment.

Gary Glick, Ph.D., Odyssey's founder, president, and CEO, emphasized the importance of maintaining a balance between clinical development and discovery efforts. "It was very important to the company and important to the board that we simply didn't just turn into a clinical development organization," Glick stated. "We built an amazing discovery team here, and we wanted to make sure that we're able to allocate the right amount of capital to early programs, while still rapidly advancing the clinical pipeline."

Clinical Pipeline and Future Prospects

Odyssey's lead asset, a RIPK2 inhibitor, is currently undergoing Phase 2 trials for ulcerative colitis. The compound is being tested both as a monotherapy and in combination with Takeda's Entyvio. Top-line data from the monotherapy study is expected in the first half of 2026, with results from the combination trial anticipated 8-9 months later.

The substantial funding will enable Odyssey to finance clinical proof-of-concept studies across several of its internally developed autoimmune and inflammation programs. Additionally, the company plans to allocate resources to boost its preclinical pipeline, maintaining a strong focus on early-stage drug discovery.

Glick expressed his long-term vision for Odyssey, stating, "The idea here was to try and build a company that would last a bit longer than the others. I'd love to be able to take various products into phase three, and if it makes sense to commercialize or co-commercialize, that would be wonderful."

Financial Outlook and Industry Impact

With the latest funding round, Odyssey has extended its cash runway through mid-2028, providing the company with ample resources to pursue its ambitious research and development goals. Glick noted that investor interest was so strong that the Series D round could have potentially been doubled, but the company chose to maintain a strategic reserve for future fundraising opportunities.

Odyssey's success in securing significant private funding, despite the current challenging environment for biotech listings, underscores the company's strong position in the pharmaceutical industry. As Odyssey continues to advance its clinical portfolio and maintain its discovery efforts, the company is poised to make substantial contributions to the development of novel therapies for autoimmune and inflammatory diseases.