Latigo Biotherapeutics (LTGO) Registration filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company focused on developing non-opioid pain medicines targeting Nav1.8 ion channels to address acute and chronic pain without addiction risk.

• Lead candidates LTG-001 (acute pain) and LTG-321 (chronic musculoskeletal pain) are oral Nav1.8 inhibitors; additional pipeline includes LTG-418 and other ion channel modulators.

• Initial focus is on musculoskeletal pain, with plans to expand into neuropathic pain and alternative delivery formulations.

• Differentiated by proprietary preclinical tools, clinical trial design expertise, and a management team with deep pain research and development experience.

Financial performance and metrics

• Net losses of $61.2 million in 2024 and $109.2 million in 2025; accumulated deficit of $266.1 million as of March 31, 2026.

• Cash and cash equivalents of $42.2 million as of March 31, 2026; preliminary unaudited cash of $54.8 million as of June 30, 2026.

• Research and development expenses were $99.5 million in 2025, up from $56.8 million in 2024, primarily due to increased clinical activity for LTG-001.

• No product revenue to date; company anticipates continued operating losses and will require additional capital beyond IPO proceeds.

Use of proceeds and capital allocation

• Estimated net proceeds of $247.2 million (or $285.2 million if underwriters' option exercised) at $17.00 per share IPO price.

• Proceeds to fund LTG-001 through Phase 3 bunionectomy and safety trials, NDA submission, and commercial readiness; advance LTG-321 through Phase 2 and start of Phase 3; support LTG-418 and other R&D, working capital, and general corporate purposes.

• Funds expected to support operations into the second half of 2028, but not sufficient for full clinical development and commercialization.