Odyssey Therapeutics reported quarterly losses of $(6.77) per share, missing the analyst consensus estimate of $(1.13). This performance represents an 82.8% increase in losses compared to the same period last year.

The company's earnings per share (EPS) fell short of expectations by 499.12%. In the prior-year period, Odyssey Therapeutics reported losses of $(39.37) per share.

Financial Performance

The following table outlines the key financial metrics for the reported quarter:

Odyssey Therapeutics, Inc. reported positive clinical proof-of-concept data for OD-001, its oral RIPK2 scaffolding inhibitor, in a Phase 2a monotherapy trial for moderate to severe ulcerative colitis. The company also announced that its cash position, bolstered by a recent initial public offering, is sufficient to fund operations into the second half of 2028. The financial results cover the first quarter ended March 31, 2026.

Gary D. Glick, Ph.D., President and Chief Executive Officer of Odyssey, highlighted the clinical progress and financial milestones achieved during the quarter. The company plans to advance OD-001 into late-stage development and initiate combination trials. Additionally, net proceeds from the financing will support the broader portfolio, including the small molecule SLC15A4 inhibitor, OD-002.

Business Highlights

The Phase 2a trial for OD-001 demonstrated efficacy in patients naïve or experienced to advanced therapies. 49 patients completed 12 weeks of treatment, with 27% achieving clinical remission and 61% achieving clinical response. Odyssey plans to initiate a Phase 2b monotherapy trial and a Phase 2a combination trial with vedolizumab in the second half of 2026, expecting topline induction data from both trials in the second half of 2027.

Odyssey closed an initial public offering of 15,500,000 shares of common stock and a concurrent private placement of 1,388,889 shares at a price of $18.00 per share. Underwriters partially exercised their option to purchase an additional 600,000 shares. The gross proceeds from these transactions totaled $314.8M. Odyssey began trading on the Nasdaq Capital Market under the ticker symbol "ODTX" on May 8, 2026.

Financial Results

Research and development expenses for the quarter were $32.3 million, compared to $38.8 million in the same period of 2025. The decrease primarily reflected a non-cash lease impairment charge recorded in the prior year. General and administrative expenses were $7.4 million, compared to $8.0 million in the prior year. Net loss was $38.3 million, compared to a net loss of $38.4 million in the same period of 2025.

As of March 31, 2026, Odyssey held cash, cash equivalents, and marketable securities of $175.7 million. Combined with $288.7 million of net proceeds from the financing, the pro-forma cash position is $464.4M.

Upcoming Milestones

Odyssey anticipates completing investigational new drug enabling studies and filing a clinical trial application for OD-002 in the second half of 2026. This would enable the initiation of a Phase 1/2a clinical trial in the first half of 2027. The company also expects to present topline induction data from the signal-seeking Phase 2a monotherapy trial of OD-001 in the second half of 2026.