IPO pricing likely within 1-2 days. The $16-$18 range implies a market cap of roughly $800M-$900M at IPO. Watch for final pricing and first-day trading performance. The going concern qualification and pre-revenue status suggest high volatility post-listing.
Price Chart
Executive Summary
Odyssey Therapeutics' IPO registration (S-1) became effective on May 7, 2026, clearing the final regulatory hurdle for the company to begin trading on Nasdaq under ticker ODTX. The offering is set at 13.24M shares (plus greenshoe) at $16-$18, with a concurrent $25M private placement. The company is a pre-revenue clinical-stage biopharma with a going concern qualification, making this a high-risk IPO.
Key Facts
- IPO registration declared effective on May 7, 2026
- Offering: 13.24M shares (plus greenshoe) at $16-$18 per share
- Concurrent $25M private placement
- Company is pre-revenue with $148.6M net loss in 2025
- Going concern qualification noted in S-1/A
- Positive Phase 2a data for lead candidate OD-001 in ulcerative colitis
- Listing on Nasdaq Capital Market under ticker ODTX
Financial Impact
IPO expected to raise approximately $212M-$238M (assuming mid-point pricing and full greenshoe) plus $25M private placement, totaling ~$237M-$263M gross proceeds
Risk Factors
- Pre-revenue with substantial losses and going concern qualification
- Clinical-stage risk: OD-001 still in Phase 2a, no approved products
- IPO pricing may be adjusted downward if market conditions weaken
- Dilution from 13.24M share offering plus greenshoe and private placement
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| EFFECT Filing (Primary) | 9999999995-26-001538 |
| Document: 9999999995-26-001538-index.html | 9999999995-26-001538 |
| Document: 9999999995-26-001538.txt | 9999999995-26-001538 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | 8-K | $18.99 $19.00 | ▲ +0.05% | ▼ −0.47% | $19.30 (+1.63%) |
Aug 4, 2026 11w ago | 8-K | $19.96 $20.89 | ▲ +4.66% | ▲ +4.86% | $19.30 (−3.31%) |
Jun 17, 2026 18w ago | 8-K | $19.07 $18.72 | ▼ −1.84% | ▼ −1.52% | $19.30 (+1.21%) |
May 11, 2026 24w ago | Insider Cluster | $17.45 $17.90 | ▲ +2.58% | ▲ +2.72% | $19.30 (+10.60%) |
May 8, 2026 24w ago | 424B4 | $17.45 $17.90 | ▲ +2.58% | ▲ +2.72% | $19.30 (+10.60%) |
May 8, 2026 24w ago | EFFECT | $16.42 $17.45 | ▲ +6.27% | ▲ +6.04% | $19.30 (+17.54%) |
May 7, 2026 24w ago | 3 | $16.42 $17.45 | ▲ +6.27% | ▲ +6.04% | $19.30 (+17.54%) |
May 7, 2026 24w ago | 3 | $16.42 $17.45 | ▲ +6.27% | ▲ +6.04% | $19.30 (+17.54%) |
May 7, 2026 24w ago | 3 | $16.42 $17.45 | ▲ +6.27% | ▲ +6.04% | $19.30 (+17.54%) |
May 7, 2026 24w ago | 3 | $16.42 $17.45 | ▲ +6.27% | ▲ +6.04% | $19.30 (+17.54%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers