Odyssey Therapeutics Reports Third Quarter 2026 Financial Results and Provides Corporate Update
Additional analyses from the Phase 2a induction period for OD-001 further strengthen clinical proof of concept in ulcerative colitis
Completed IND-enabling studies for OD-002, a first-in-class oral SLC15A4 inhibitor
$387 million in cash, cash equivalents and marketable securities as of September 30, 2026, expected to fund operations into the second half of 2028
BOSTON, Nov. 04, 2026 (GLOBE NEWSWIRE) -- Odyssey Therapeutics, Inc. (Nasdaq: ODTX) (“Odyssey” or the “Company”), a clinical-stage biopharmaceutical company seeking to transform the standard of care for patients suffering from autoimmune and inflammatory diseases by developing medicines that precisely target disease pathology, today reported financial results for the third quarter ended September 30, 2026, and provided an update on recent progress and anticipated milestones.
“Over the past several months, we have made meaningful progress across our entire pipeline, highlighted by additional analyses from the Phase 2a induction period for OD-001 demonstrating that clinical efficacy is supported by concordant biomarker and transcriptomic findings, further reinforcing previously established clinical proof of concept in patients with ulcerative colitis,” said Gary D. Glick, Ph.D., founder and chief executive officer of Odyssey Therapeutics. “We have also continued to advance the clinical development of OD-001 while completing IND-enabling studies for OD-002, our SLC15A4 inhibitor. Together with an enhanced executive leadership team and strong financial foundation, these achievements position us to execute on our clinical development strategy and drive continued progress throughout our portfolio.”
Recent Business Highlights and Developments
Pipeline developments
Corporate highlights
Anticipated key clinical milestones
Third Quarter 2026 Financial Results
As of September 30, 2026, Odyssey had cash, cash equivalents and marketable securities of $387 million, which are expected to fund Odyssey’s operations into the second half of 2028.
Research and development expenses were $42.1 million for the quarter ended September 30, 2026, compared to $26.3 million for the same period in 2025. The increase primarily reflected higher external research and development costs associated with advancing the Company’s clinical and preclinical programs. General and administrative expenses were $11.2 million for the quarter ended September 30, 2026, compared to $10.2 million for the same period in 2025. The increase primarily reflected higher personnel-related expenses, including stock-based compensation.
Net loss was $53.1 million for the quarter ended September 30, 2026, compared to a net loss of $35.5 million for the same period in 2025. Adjusted net loss (non-GAAP) was $41.9 million for the quarter ended September 30, 2026. See “Non-GAAP Financial Measures” below for additional information and a reconciliation to the most directly comparable GAAP financial measure.
Additional financial information will be available in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, which will be filed with the U.S. Securities and Exchange Commission and made available at www.sec.gov and through the “Investors” section of the Company’s website at investors.odysseytx.com.
Non-GAAP Financial Measures
This press release includes adjusted net loss, a financial measure that is not prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). Adjusted net loss is defined as GAAP net loss excluding non-cash changes in the fair value of contingent consideration and stock-based compensation expense.
Management believes adjusted net loss provides investors with useful supplemental information regarding the Company's operating performance. Management uses adjusted net loss, together with GAAP financial measures, to evaluate the Company's operating performance and facilitate comparisons across reporting periods.
Adjusted net loss should not be considered in isolation or as a substitute for GAAP net loss. Because other companies may calculate similarly titled non-GAAP financial measures differently, adjusted net loss may not be comparable to similarly titled measures reported by other companies.
The following table reconciles GAAP net loss to adjusted net loss:
About Odyssey Therapeutics
Odyssey Therapeutics is a clinical-stage biopharmaceutical company seeking to transform the standard of care for patients suffering from autoimmune and inflammatory diseases by developing medicines that are designed to precisely target disease pathology. Since its founding in 2021, Odyssey has built a portfolio of internally discovered and developed medicines with its first program advancing through multiple clinical milestones. Odyssey’s portfolio leverages the scientific expertise of its team of experienced drug hunters and a comprehensive suite of tools to efficiently advance product candidates that the Company believes have the potential to induce deep and durable remission for patients across several inflammatory diseases with unmet need.
For more information, please visit www.odysseytx.com and follow Odyssey on LinkedIn or X.
Forward-looking statements
This press release includes certain disclosures that contain “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding the interpretation and potential implications of Phase 2a clinical, safety and exploratory transcriptomic results for OD-001; evidence of treatment activity and RIPK2 inhibition; the potential efficacy, safety and therapeutic applications of OD-001 as a monotherapy and in combination with vedolizumab; the conduct, enrollment, timing and anticipated results of ongoing and planned clinical trials; the advancement and anticipated regulatory and clinical milestones of OD-002 and other pipeline programs; and the Company's expected cash runway, financial position and ability to fund future operations.
Forward-looking statements may be identified by words such as “anticipate,” “believe,” “could,” “expect,” “intend,” “goal,” “may,” “plan,” “potential,” “will,” “would” and variations of these words or similar expressions, although not all forward-looking statements contain these identifying words. Forward-looking statements reflect Odyssey’s current expectations and involve risks and uncertainties that could cause actual results to differ materially. These include the inherent limitations of an open-label trial without a concurrent placebo control; uncertainties associated with exploratory transcriptomic findings; the possibility of different outcomes in future trials; clinical, regulatory, competitive and third-party risks; and other factors described under “Risk Factors” in Odyssey’s most recent Form 10-Q and other SEC filings. Odyssey undertakes no obligation to update these statements except as required by law.
Contact
Benjamin Navon
Senior Director, Communications
(857) 431-8785
For investors
investors@odysseytx.com
For media
media@odysseytx.com