Odyssey Therapeutics (ODTX) Q3 2026 earnings summary

Executive summary

• Clinical-stage pipeline led by OD-001 for ulcerative colitis and OD-002; no product sales, while Q3 and 9M losses widened YoY.

• $387.0M in cash, cash equivalents and marketable securities at Sept. 30, 2026; current plan projects funding into H2 2028.

Financial highlights

• Q3 2026 revenue was $0 vs. $99K YoY; 9M revenue was $0 vs. $2.976M after Pfizer and J&J collaboration obligations were completed.

• Q3 operating expenses were $56.668M vs. $38.353M; net loss was $53.059M vs. $35.462M, with EPS of $(1.10) vs. $(7.78).

• 9M operating expenses were $151.918M vs. $122.311M; net loss was $144.109M vs. $115.132M, with EPS of $(5.12) vs. $(49.56).

• Q3 R&D was $42.1M vs. $26.3M; 9M R&D was $110.7M, up $15.3M, primarily due to clinical, preclinical and pipeline development costs.

• Q3 G&A was $11.2M vs. $10.2M; adjusted net loss was $41.9M vs. $28.7M.

Outlook and guidance

• Existing cash, cash equivalents and marketable securities are expected to fund operations into H2 2028, subject to assumptions that may prove incorrect.

• OD-001 Phase 2b monotherapy and Phase 2a vedolizumab-combination topline induction results expected in H2 2027.

• OD-002 Phase 1/2a trial expected to start in H1 2027, initially enrolling healthy participants, then patient cohorts including cutaneous lupus erythematosus; healthy-participant data expected H2 2027.

• OD-003 preclinical data on regulatory T-cell expansion planned for ACR Convergence 2026; OD-004 advancing into IND-enabling studies.

• Expenses expected to rise as OD-001 and OD-002 advance, pipeline research expands, clinical supply is established and public-company infrastructure grows.