Odyssey Therapeutics (ODTX) Q2 2026 earnings summary

Executive summary

• Clinical-stage biopharma focused on autoimmune and inflammatory diseases, with lead programs OD-001 (RIPK2 inhibitor, phase 2a for ulcerative colitis) and OD-002 (SLC15A4 inhibitor, IND-enabling studies).

• Positive clinical proof-of-concept data for OD-001 achieved, with further data to be presented at UEG Week in October 2026.

• Preparation underway for Phase 2b monotherapy and Phase 2a combination trials of OD-001, both expected to start in 2H 2026.

• CTA filing for OD-002, an oral SLC15A4 inhibitor, planned for 2H 2026, enabling a Phase 1/2a trial in 1H 2027.

• Net loss of $91.1M for the six months ended June 30, 2026, compared to $79.7M in the prior year period; accumulated deficit reached $659.2M.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $433.1M as of June 30, 2026, expected to fund operations into 2H 2028.

• No revenue recognized in Q2 or first half of 2026; prior year revenue ($2.9M) was from collaboration agreements with Pfizer and J&J, both now expired.

• Research and development expenses were $68.5M for the first half of 2026, down slightly from $69.0M in 2025, with increased external study costs offset by lower facility and personnel expenses.

• General and administrative expenses decreased to $17.9M from $21.2M year-over-year, mainly due to lower professional fees.

• Net loss was $52.8M for Q2 2026, compared to $41.2M in Q2 2025.

Outlook and guidance

• Topline induction data from both OD-001 Phase 2b monotherapy and Phase 2a combination trials expected in 2H 2027.

• OD-002 Phase 1/2a trial to begin in 1H 2027, following CTA filing in 2H 2026.

• Continued substantial losses anticipated as R&D and operational investments increase; no product revenue expected until regulatory approvals and commercialization.