Odyssey Therapeutics, Inc. (ODTX)

Price$28.76Cached quoteAs of 2026-09-05 03:07 UTC

AI: Overvalued

Price checkThe market price already assumes major success from medicines that remain unproven.

Using 47.9 million shares reported in June, the quote implies an equity value near $1.18 billion. Subtracting $433.1 million of cash and marketable securities, then adding $24.8 million of lease debt, leaves roughly $771 million assigned to the drug pipeline. The stock also stands about 37% above its initial-offering level and at 2.8 times book equity, meaning assets minus liabilities. Because earnings are negative and product sales are absent, the valuation lacks a value investor’s margin of safety.

Big pictureCash can fund several trials, but the business still loses money every quarter.

Odyssey produced no revenue during the first half of 2026, lost $91.1 million, and used $75.5 million in operations, versus $72.9 million a year earlier. After $0.3 million of equipment spending, free cash flow—cash left after running and investing in the business—was negative by about $75.9 million. Annual operating cash use had already risen from $99.8 million in 2022 to $129.5 million in 2025. The $433.1 million cash-and-securities balance provides substantial protection, but management expects it to last only into late 2028.

Business strengthEarly patient results look encouraging, while stronger controlled evidence remains years away.

The strongest bull evidence is OD-001’s 27% clinical-remission rate and 61% response rate among 49 ulcerative-colitis patients completing 12 weeks. Clinical remission means symptoms and examination results fell below defined disease thresholds. Across 53 enrolled patients, Odyssey reported no serious adverse events or treatment withdrawals caused by side effects. The bear case is equally important: this was a small, open-label study without a simultaneous placebo group. Comparisons with historical placebo results cannot establish the benefit as reliably as the planned randomized trials.

What could change the storyRandomized trials could justify the premium, while later financing could dilute existing owners.

Odyssey is not closely tied to the economic cycle; its value instead moves around trial and financing milestones. The clearest tests are randomized OD-001 monotherapy and vedolizumab-combination results expected in the second half of 2027, plus OD-002 entering human testing. The May–June financing issued 17.5 million shares for cash, while preferred-share and warrant conversions also enlarged the reported common count. About 6.2 million shares are reserved under the 2026 equity plan. Cash runway reaches only into late 2028, so delays or broader trials could require another raise and reduce each owner’s percentage.

AI: News

Positive OD-001 resultsEarly trial results showed meaningful patient improvement, but the study lacked a direct comparison group.

Topline results were obtained in April and detailed in the May 8 prospectus. Among 49 patients completing the 12-week OD-001 study, 27% reached clinical remission and 61% achieved a clinical response. Odyssey reported no serious adverse events or side-effect-related withdrawals among all 53 participants. This supplied the company’s first clinical proof that its lead drug may work. However, the study was open-label and used historical placebo benchmarks rather than a concurrent control group, leaving the true treatment effect uncertain.

Upsized public debutThe public offering funded years of research while greatly expanding the common share base.

On May 7, Odyssey priced an upsized offering of 15.5 million shares alongside a 1.39 million-share private placement; underwriters bought another 600,000 shares in June. Combined net proceeds were about $288.2 million. The stock finished its first trading day roughly 9% below the offer level. The financing materially reduced near-term funding risk, but new shares spread future drug value across more owners. Much of the larger reported common count also came from converting pre-existing preferred shares and warrants, rather than fresh financing.

Runway reaches 2028Second-quarter funding visibility improved, even as research costs and reported losses stayed high.

On August 4, Odyssey reported $433.1 million of cash and securities, expected to fund operations into the second half of 2028. It also maintained plans to begin two OD-001 trials during 2026, with initial results expected in late 2027. Quarterly research spending increased to $36.2 million from $30.2 million, while the net loss widened to $52.8 million from $41.2 million. Shares gained about 10% that session; the timing suggests investors welcomed the update, but does not prove it caused the move.

Loading local price history

Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022
Revenue	$382	$0	$1.0M	$0
Research & development	$20	$2,043	$112.3M	$101.8M
Operating expenses	$164.1M	$139.7M	$134.5M	$122.8M
Operating income	−$161.2M	−$135.2M	−$133.4M	−$122.8M
Operating margin	−42,187,434.55%	—	−12,867.79%	—
EBITDA	−$144.6M	−$123.6M	−$120.2M	−$121.3M
EBITDA margin	−37,865,445.03%	—	−11,595.76%	—
Net income	$0	−$1	−$125.9M	−$124.7M
Net profit margin	0.00%	—	−12,144.46%	—
Basic EPSper basic share	-$5.39	-$4.73	-$1.32	-$4.52
Diluted EPSper diluted share	$31.00	$2,025.00	-$1.32	-$4.52

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

10.81%of listed shares

FMR LLC5.18M shares · Jun 30, 2026

View holders

Top 20 reported holders of ODTX
Holder	% owned
FMR LLC	10.81%5.18M shares
George Simeon / SR ONE CAPITAL MANAGEMENT, LLC	≈7.92%3.79M shares
SR One Capital Management, LP	7.92%3.79M shares
TPG GP A, LLC	7.71%3.69M shares
LIGHTSPEED MANAGEMENT COMPANY, L.L.C.	7.53%3.61M shares
Dimension Capital II, L.P.	≈6.96%3.33M shares
Li Nan (LN)	≈6.96%3.33M shares
ORBIMED ADVISORS LLC	6.27%3M shares
Sanofi	4.16%1.99M shares
DEERFIELD MANAGEMENT COMPANY, L.P.	2.18%1.05M shares
Sands Capital Alternatives, LLC	1.83%875K shares
HHLR ADVISORS, LTD.	1.74%831.66K shares
General Catalyst Group Management, LLC	1.69%810.27K shares
Affinity Asset Advisors, LLC	1.60%766.35K shares
ADAGE CAPITAL PARTNERS GP, L.L.C.	1.51%725K shares
VANGUARD CAPITAL MANAGEMENT LLC	1.50%720.44K shares
Foresite Capital Management V, LLC	1.49%713.11K shares
Vivo Capital, LLC	1.20%575K shares
EcoR1 Capital, LLC	1.16%555.56K shares
Logos Global Management LP	1.09%521.74K shares

Percentages use 47.89M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys9$75.32M disclosed value

Sells (SEC code S)3$32.0K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 11, 2026Form 4	COULTER JAMES G +2Other	BuyCommon Stock · indirect	1.39M	$18.00	$25.00M	3.69M
May 11, 2026Form 4	George Simeon +1TenPercentOwner	BuyCommon Stock · indirect	200.0K	$18.00	$3.60M	1.01M
May 11, 2026Form 4	George Simeon +1TenPercentOwner	SellCommon Stock · indirect	438	$18.00	$7.9K	814.9K
May 11, 2026Form 4	George Simeon +1TenPercentOwner	BuyCommon Stock · indirect	133.3K	$18.00	$2.40M	574.3K
May 11, 2026Form 4	George Simeon +1TenPercentOwner	SellCommon Stock · indirect	277	$18.00	$5.0K	441.0K

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about ODTX yet. Start the conversation.

Write the first post

Odyssey Therapeutics, Inc. (ODTX)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.