Odyssey Therapeutics, Inc. reported a net loss of $38.3 million for the first quarter ended March 31, 2026, compared to a net loss of $38.4 million for the same period in 2025. The company's cash, cash equivalents, and marketable securities totaled $175.7 million as of March 31, 2026. Collaboration revenue was $0 for Q1 2026, down from $1.9 million in Q1 2025, due to the fulfillment of obligations under the J&J Agreement and the expiration of the Pfizer MTA. Research and development expenses decreased to $32.3 million in Q1 2026 from $38.8 million in Q1 2025, primarily due to lower facility-related costs and internal personnel expenses. General and administrative expenses also decreased to $7.4 million in Q1 2026 from $8.0 million in Q1 2025, mainly due to lower payroll and personnel-related expenses. The company completed its initial public offering (IPO) and a concurrent private placement in May 2026, raising approximately $288.7 million in net proceeds. Odyssey Therapeutics expects its current cash and proceeds from the IPO to fund operations into the second half of 2028. The company's most advanced programs are OD-001 (RIPK2 inhibitor) in Phase 2a trials and OD-002 (SLC15A4 inhibitor) in IND-enabling studies.