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; LTG-001 also being developed as an IV formulation.

• Pipeline includes next-generation Nav1.8 inhibitor LTG-418 and discovery-stage ion channel modulators for broader pain indications.

• Initial focus is on musculoskeletal pain, with plans to expand into neuropathic pain and multi-modal pain management.

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 position 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, reflecting increased clinical activity.

• Company has incurred substantial and increasing losses and anticipates continued losses for the foreseeable future.

Use of proceeds and capital allocation

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

• Proceeds to fund LTG-001 through Phase 3 bunionectomy and safety trials, NDA submission, and commercial readiness.

• Funds allocated to advance LTG-321 through Phase 2 osteoarthritis proof-of-concept and start of Phase 3, as well as development of LTG-418 and general corporate purposes.

• Proceeds, together with existing cash, expected to fund operations into the second half of 2028, but not through full commercialization.