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Evotec (NASDAQ: EVO) announced a strategic R&D collaboration with Odyssey Therapeutics (NASDAQ: ODTX) to discover potential new small molecule treatments for autoimmune and inflammatory diseases. Odyssey will use Evotec's integrated, AI-enabled discovery platform, advanced screening capabilities and proprietary compound libraries across multiple high-value disease targets.
The collaboration combines Odyssey's expertise in autoimmune and inflammatory disease biology with Evotec's data-driven discovery infrastructure, aiming to accelerate identification of validated hit series and early-stage programs. According to Evotec, it is eligible to receive milestone payments tied to successful delivery of validated hit series for each target; detailed financial terms were not disclosed.
Odyssey Therapeutics (Nasdaq: ODTX) reported Q2 2026 results and clinical progress for its autoimmune and inflammatory disease pipeline. Data from the Phase 2a monotherapy trial of lead RIPK2 inhibitor OD-001 were accepted for oral presentation at United European Gastroenterology Week in October, with updated safety, efficacy and exploratory endpoint results to be presented.
Odyssey plans to start a Phase 2b monotherapy trial and a Phase 2a combination trial of OD-001 with vedolizumab in 2H 2026, targeting topline induction data in 2H 2027. For OD-002, an oral SLC15A4 inhibitor, the company expects to complete IND-enabling studies and file a CTA in 2H 2026, enabling a Phase 1/2a trial in 1H 2027. Cash, cash equivalents and marketable securities were $433.1M as of June 30, 2026, funding operations into 2H 2028. Q2 research and development expenses were $36.2M, general and administrative expenses $10.5M, GAAP net loss $52.8M and non-GAAP adjusted net loss $38.4M.
Odyssey Therapeutics (Nasdaq: ODTX) reported Q1 2026 results and a corporate update.
OD-001 achieved clinical proof-of-concept in Phase 2a ulcerative colitis, with 27% remission and 61% response. An IPO and private placement provided $288.7M net, supporting a pro-forma cash position of $464.4M and runway into 2H 2028.
Odyssey Therapeutics (NASDAQ: ODTX) priced an upsized IPO of 15,500,000 shares at $18.00 per share, with a 30-day underwriter option for up to 2,325,000 additional shares. A concurrent private placement of 1,388,889 shares to a TPG affiliate was also announced. Gross proceeds are expected to be approximately $304 million before fees. Common stock is expected to begin trading on May 8, 2026, with the offering expected to close on or about May 11, 2026, subject to customary closing conditions.