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.