Odyssey Therapeutics debuted on Nasdaq after an upsized U.S. IPO that raised $304 million. The Boston‑based biotech sold 15.5 million shares at $18 each, but opened at $17.78, slipping about 1% below the offering price. The transaction values the company at roughly $840.2 million and places the ticker ODTX on the Nasdaq Capital Market.

Odyssey’s pipeline targets autoimmune and inflammatory disorders such as ulcerative colitis, Crohn’s disease and lupus. Proceeds will fund the next‑stage development of OD‑001, its most advanced candidate. The firm posted a net loss of $148.6 million for the year ended 2025, widening from $129.3 million, while cash and equivalents stood at about $176 million at quarter‑end.

Mobia Medical, another health‑care debut, fell 6.7% after raising $150 million at a $15 IPO price. The Austin‑based maker of the FDA‑cleared Vivistim System now values at $463.2 million. With 2025 losses of $46.5 million on $32 million revenue, the cash infusion will fuel U.S. expansion and brand awareness, underscoring a busy first half that saw $4.7 billion in health‑care IPO proceeds.

The twin listings illustrate investors’ appetite for niche biotech and med‑tech firms despite recent loss spikes. With underwriting led by JPMorgan, TD and Cantor for Odyssey and by Bank of America, JPMorgan and Goldman Sachs for Mobia, the deals add depth to Nasdaq’s capital market and provide both companies with sizable war chests to pursue commercialization and late‑stage trials.