Cambridge biotech tracker · Boston
Odyssey Therapeutics
Listed on Nasdaq as ODTX, filed under SEC industry code 2836 (biological products). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q3 '26.
- Cash & investments
- $387M
- Q3 '26 · Sep 30, 2026
- Burn per quarter
- $37.1M
- avg. operating cash flow, 4 qtrs
- Runway
- 2.6 yrs
- 24 to 36 months
- Net loss
- $53.1M
- Q3 '26
- R&D expense
- $42.1M
- 74% of opex
- Raised, last 4 qtrs
- +$380M
- net financing cash flow
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
2.6 years
Cash at Q3 '26 divided by the average burn of the last four quarters, $12.4M a month.
Management’s own date
Into H2 2028
Jul–Dec 2028
That implies $14.3M to $18.4M a month, 1.2–1.5× the recent pace.
In line with the last year“Based on our current operating plan, we estimate that our existing cash, cash equivalents and marketable securities as of September 30, 2026 will be sufficient to fund our operating expenses and capital expenditures into the second half of 2028.”
Pipeline
2 active trials, through phase 2.
Phase 1 · 1Phase 2 · 1
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| Safety and Efficacy of OD-07656 and of Subsequent Vedolizumab Therapy in Moderately to Severely Active Ulcerative ColitisNCT06850727 · Ulcerative Colitis (UC), UC - Ulcerative ColitisPhase 2Apr 2026est. | Phase 2 | Recruiting | ||
| The Mass Balance Recovery, Metabolite Profile and Metabolite Identification of [14C]OD-001 in Healthy Male ParticipantsNCT07900607 · Health VolunteersPhase 1Dec 2026est.· not a catalyst | Phase 1 | Recruiting |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyAbout 2.6 years of runway
Cash and investments of $387M at Q3 '26 against an average operating cash burn of $37.1M per quarter over the last four reported quarters runs out around April 2029. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position up $325M since Q4 '24
Net financing inflows of $380M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Net loss runs $11.5M above cash burn
The Q3 '26 net loss of $53.1M includes non-cash charges, including $7.9M of stock-based compensation, that do not consume cash. Burn, not net loss, is what runway is built on.
R&D is 74% of operating expenses
$42.1M of R&D against $56.7M of total operating expenses in Q3 '26, with G&A at $11.2M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Accumulated deficit of $712M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q4 '24 · Dec 31, 24 | $62.3M | — | — | — | — | — | — | — |
| Q1 '25 · Mar 31, 25 | $54.9M | −$38.6M | −$38.4M | $38.8M | $8.0M | $1.9M | $3.0M | $200K |
| Q2 '25 · Jun 30, 25 | $163M | −$34.3M | −$41.2M | $30.2M | $13.2M | $959K | $3.7M | $119M |
| Q3 '25 · Sep 30, 25 | $49.5M | −$31.3M | −$35.5M | $26.3M | $10.2M | $99K | $4.9M | $90.8M |
| Q4 '25 · Dec 31, 25 | $217M | — | — | — | — | — | — | — |
| Q1 '26 · Mar 31, 26 | $176M | −$41.0M | −$38.3M | $32.3M | $7.3M | $0 | $2.6M | $484K |
| Q2 '26 · Jun 30, 26 | $433M | −$34.5M | −$52.8M | $36.2M | $10.5M | $0 | $5.7M | $292M |
| Q3 '26 · Sep 30, 26 | $387M | −$41.5M | −$53.1M | $42.1M | $11.2M | $0 | $7.9M | −$3.2M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.