Odyssey Therapeutics Abandons IPO Plans in Latest Sign of Tough Environment for Biotech Listings
Odyssey Therapeutics withdrew its IPO registration with the SEC, citing it as 'not in the best interests of the company' at this time.
The withdrawal marks a setback for biotech IPOs in 2025, reflecting a challenging environment where the IPO window remains mostly closed.
Odyssey filed for an IPO in January 2025 with a proposed deal size of $100 million, but never set a specific fundraising target.
Odyssey is focused on autoimmune and inflammatory diseases, with a pipeline led by an RIPK2 inhibitor readied for phase 2 trials.
Biotech IPOs have slowed after an initial uptick early in 2025, with several recent listings underperforming in the stock market.