Latigo Biotherapeutics, Inc. (Nasdaq: LTGO), a California-based clinical-stage biopharmaceutical company whose lead Nav1.8 inhibitor recently reported Phase II data published in the New England Journal of Medicine, priced an upsized initial public offering of 19,200,000 shares at USD 18.00 per share, raising USD 345.6 million in gross proceeds before expenses.
The offering was upsized from its original size. Underwriters hold a 30-day option to purchase up to an additional 2,880,000 shares. Goldman Sachs & Co. LLC, Jefferies, Leerink Partners, and Guggenheim Securities acted as joint book-running managers. Shares were expected to begin trading on the Nasdaq Global Select Market on August 7, 2026, with closing expected August 10, 2026.
Latigo raised USD 135 million in a Series A in February 2024, led by Westlake Village BioPartners with co-leads 5AM Ventures and Foresite Capital, followed by a USD 150 million Series B in March 2025 led by Blue Owl Capital, with participation from Deep Track Capital, Cormorant Asset Management, Sanofi Ventures, Qatar Investment Authority, and others.
Company background
Latigo's lead asset, LTG-001, is an oral selective Nav1.8 inhibitor in development for moderate-to-severe acute pain, carrying FDA Fast Track designation granted in March 2025. The company also has LTG-321, a structurally distinct Nav1.8 inhibitor in Phase II for chronic musculoskeletal pain, and LTG-418, an earlier-stage Nav1.8 candidate in preclinical development.
In July 2026, the company announced publication of positive Phase II abdominoplasty trial results for LTG-001 in the New England Journal of Medicine; the company stated the trial met its primary endpoint with statistically significant pain reduction versus placebo. The filing states that LTG-001 Phase III development in a bunionectomy model is planned, with the two trials intended to support a future NDA submission.