Latigo Biotherapeutics, Inc. IPO DOSSIER · NASDAQ: LTGO

Latigo Biotherapeutics, Inc. (LTGO) IPO

Latigo Biotherapeutics is a clinical-stage non-opioid pain developer with no approved products and no product revenue, heading into Phase 3 with a going-concern paragraph and $54.8 million of cash as of June 30, 2026. It priced an upsized 19,200,000 shares at $18.00, the top of its $16.00-$18.00 range, for gross proceeds of $345.6 million before the underwriters option.

WHERE THIS DEAL STANDS

Latigo Biotherapeutics, Inc. is trading, and Bellipo tracks it through lock-up.

RADAR Reported, nothing filed READY Terms on file, awaiting pricing PING Priced, not yet trading STRIKE The first trade crosses ORBIT Trading, through lock-up

AT A GLANCE

Offer range $18.00 Priced Shares offered 19,200,000 Deal size ~$345.6M At the offer price First trade Aug 7 On Nasdaq

How this Dossier is built

A Bellipo Dossier is built from the filing itself. We aggregate the company's S-1 and its amendments, extract the disclosures that move a deal, and compile them into a single structured brief — the financial statements normalized into comparable lines, the use-of-proceeds split between primary and secondary, the capitalization and ownership table, the underwriting syndicate, insider selling, the auditor and its prior engagements, and the ranked risk factors. Every figure is traced to the source filing rather than the press release. The result is a desk-grade read of what the company disclosed, not what it announced — in plain English, in about five minutes.

Company Information

Latigo Biotherapeutics is a clinical-stage biopharmaceutical company in Thousand Oaks, California, incorporated in Delaware, SIC 2834. It has no approved product and no revenue. Its two most advanced candidates, LTG-001 and LTG-321, are oral Nav1.8 inhibitors intended to block pain transmission without opioid addiction risk. LTG-001 is in development for moderate to severe acute pain including postoperative pain, intended for as-needed use up to 30 days; LTG-321 is the next-generation candidate the company describes as structurally distinct and potentially suitable for once-daily chronic dosing. A further candidate, LTG-418, is named in the use of proceeds. Everything in this dossier is read from the filing.

Industry Clinical-Stage Biotechnology Listing LTGO · NASDAQ Website latigobio.com

Lead program as filed

Lead candidate LTG-001 Oral Nav1.8 inhibitor, acute pain Next trial named Phase 3 bunionectomy Plus an open-label safety trial, per the use of proceeds Second candidate LTG-321 Phase 2 osteoarthritis pain proof of concept named Third candidate LTG-418 Named in the use of proceeds Employees 59 full-time No part-time employees Listing venue Nasdaq Global Select Market Applied under LTGO

The arc

FY2024 Net loss of $61.2 million. FY2025 Net loss of $109.2 million. The audit report on these statements includes a going-concern explanatory paragraph. Q1 2026 Net loss of $23.0 million, versus $21.0 million in Q1 2025. Accumulated deficit of $266.1 million and cash and cash equivalents of $42.2 million as of March 31, 2026. Jul 28, 2026 1-for-6.42441 reverse stock split of common and redeemable convertible preferred stock effected. Aug 3, 2026 Amendment filed with terms: 16,000,000 shares at $16.00-$18.00, Nasdaq Global Select Market, symbol LTGO. Expected Aug 7, 2026 Expected first trade per exchange calendars. Not a company statement.
  1. Largest share count of the five biotechs this week at 16,000,000 shares, and the highest band at $16.00-$18.00.
  2. Cash and cash equivalents of $42.2 million at March 31, 2026 is the lowest of the four larger deals in the week against the largest annual loss - $109.2 million in 2025.

Form S-1/A, accession 0001193125-26-331205 (filed 2026-08-03).

The Bellipo Take

The largest of the five biotech deals this week at the midpoint, a non-opioid pain company heading into Phase 3 with $42.2 million of cash and a going-concern paragraph. The raise is the runway.

What the filing supports
  1. Two oral Nav1.8 inhibitors are in development, with LTG-001 the most advanced and a Phase 3 bunionectomy trial funded from proceeds.
  2. Estimated net proceeds of approximately $247.2 million at the midpoint, with a stated runway into the second half of 2028.
  3. The register is specialist and concentrated: Westlake BioPartners, Foresite and 5AM together hold about two-thirds before the deal.
  4. Goldman Sachs and Jefferies lead, the same pairing as Braveheart this week.
  5. The filing itself cites an industry estimate of roughly 250 million pain prescriptions annually in the United States as the market framing.
What the filing does not settle
  1. The FY2025 statements carry a going-concern explanatory paragraph.
  2. Cash of $42.2 million at March 31, 2026 against an FY2025 net loss of $109.2 million - our own calculation puts trailing FY2025 burn at roughly $9.10 million a month.
  3. No Phase 3 has reported. The bunionectomy topline, the open-label safety topline, the NDA submission and the LTG-321 proof of concept are all ahead.
  4. Chronic-use safety is what the planned open-label trial is for; no such result is disclosed.
  5. Three funds hold a controlling bloc after the offering, and the entire float is new.
The line

No approval decision is pending on this deal and there is no PDUFA date. The NDA submission named in the use of proceeds is work to be funded, not an application on file.

All figures read from Form S-1/A, accession 0001193125-26-331205 (filed 2026-08-03). Marked figures are our own calculations. We do not handicap regulatory outcomes.

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