Latigo Biotherapeutics, a Phase 3-ready biotech developing non-opioid, oral therapies for acute and chronic pain, announced terms for its IPO on Monday.
The Thousand Oaks, CA-based company plans to raise $272 million by offering 16 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Latigo Biotherapeutics would command a fully diluted market value of $1.2 billion.
Latigo Biotherapeutics is a clinical-stage biopharmaceutical company developing non-opioid pain medicines targeting the Nav1.8 sodium channel. Its lead candidate, LTG-001, is an oral Nav1.8 inhibitor for moderate to severe acute pain, including postoperative pain, and recently reported positive topline data from a 343-patient abdominoplasty trial, meeting its primary SPID48 endpoint versus placebo. A placebo-controlled Phase 3 bunionectomy trial and an open-label Phase 3 safety trial are planned for the second half of 2026, with topline results expected in the second half of 2027. LTG-321, a second Nav1.8 candidate for chronic musculoskeletal pain starting with osteoarthritis, is in a Phase 2 proof-of-concept trial with results also expected in the second half of 2027. The company's earlier-stage pipeline includes LTG-418, a preclinical Nav1.8 inhibitor, along with additional discovery programs targeting other ion channels involved in pain transmission.
Latigo Biotherapeutics was founded in 2018. It plans to list on the Nasdaq under the symbol LTGO. Goldman Sachs, Jefferies, Leerink Partners, and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of August 3, 2026.
