In another sign that the biotech IPO market is heating back up, Odyssey Therapeutics has made a fresh announcement of its intention to go public.
The autoimmune- and inflammatory-disease-focused biotech first disclosed an ambition to go public in January 2025 as part of a mini-wave of like-minded drug developers. But the biotech bailed on this ambition five months later as the IPO waters froze over, with Odyssey’s leadership concluding the move was “not in the best interests of the company … at this time.”
Now, Odyssey is ready to re-embark on that voyage to the Nasdaq, according to an April 17 filing with the Securities and Exchange Commission.
While the Boston-based biotech has yet to set out how many shares it will offer or at what price, Odyssey has made clear that top of the list of spending priorities will be OD-001. The RIPK2 inhibitor is undergoing phase 2 trials for ulcerative colitis as a monotherapy and in combination with Takeda’s Entyvio.
The company will also use some of the cash to take its preclinical SLC15A4 program into a phase 1/2a trial, as well as “fund additional discovery, preclinical and clinical activities for disclosed or future programs,” it said in the filing.
The company is led by Gary Glick, Ph.D., who previously spun immune-oncology startup Lycera out of his University of Michigan lab before later licensing Lycera’s assets to Celgene. Aside from Odyssey, Glick also cofounded and led IFM Therapeutics, which he departed in 2019 after deals with Bristol Myers Squibb and Novartis; and co-founded and ran Scorpion Therapeutics, which was later acquired by Eli Lilly for $2.5 billion in January 2025.
Odyssey began its journey in 2021 with OrbiMed as the company’s biggest backer. Carl Gordon, Ph.D., a managing partner at the venture capital firm, called Glick and offered to fund anything he wanted to do.
Since then, Odyssey has had no problems bringing in the megarounds. As well as the $218 million that the company launched with, the biotech has raised a $168 million series B in 2022, a $101 million series C in 2023 and a $123 million series D in September 2025.
Of the combined $726.5 million that Odyssey has raised to date, the biotech entered April with $175.7 million still in the bank, according to Friday’s filing.
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Glick told Fierce last year that boosting the company’s preclinical pipeline is a key part of the strategy.
“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 said at the time of the September 2025 fundraise. “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.”
Odyssey’s renewed interest in an IPO reflects a broader industry trend. While a resurgence in listings earlier this year appeared to stall in March, Kailera Therapeutics re-energized the scene when the obesity biotech posted an industry-record-breaking $625 million IPO on Friday. Meanwhile, the likes of neuroscience-focused Seaport Therapeutics and blood clotting company Hemab Therapeutics have both recently disclosed ambitions to go public.
