Latigo Biotherapeutics Reports Third Quarter 2026 Financial Results and Recent Business Highlights

Quarterly research spending declined, while administrative expenses increased from a year earlier.

Rhea-AI Summary

Latigo Biotherapeutics (Nasdaq: LTGO) reported a third-quarter 2026 net loss of $20.949 million while advancing its non-opioid pain drug programs. The loss narrowed from $24.796 million a year earlier. Cash and cash equivalents totaled $401.2 million at September 30, which the company expects to fund current operating plans into 2029.

Onzotrigine’s Phase 3 bunionectomy and open-label safety trials remain on track for initiation, with topline results expected in the second half of 2027. Latigo plans to add an oxycodone/acetaminophen comparator arm to the bunionectomy trial, now expected to enroll approximately 480 patients. The ongoing LTG-321 Phase 2 chronic-pain trial also has topline results expected in the second half of 2027. Exploratory abdominoplasty data showed greater than 70% pain reduction at 24 hours in 36% of high-dose onzotrigine participants, versus 24% with the opioid comparator and 13% with placebo.

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Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.$401.2 million in cash and cash equivalents expected to fund current operating plans into 2029.
• Moderate pointThird-quarter net loss narrowed to $20.949 million from $24.796 million a year earlier.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Onzotrigine Phase 3 trials remain on track for initiation; topline results expected in the second half of 2027.
• Minor pointNine-month net loss narrowed to $69.707 million from $71.583 million a year earlier.
• Minor pointThird-quarter loss per share was $0.55 versus $29.50; nine-month loss per share was $5.22 versus $95.16.

11 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Planned oxycodone/acetaminophen comparator arm expands the bunionectomy trial to approximately 480 expected patients.
• Minor point. Forward-looking: it has not happened yet and may not happen.LTG-321 Phase 2 trial is ongoing; topline results expected in the second half of 2027.
• Minor pointExploratory onzotrigine response: 36% achieved greater than 70% pain reduction at 24 hours versus 24% opioid comparator, 13% placebo.
• Minor pointLTG-418 development continues for potential acute and chronic pain treatment.
• Minor pointAdditional ion channel discovery continues for potentially complementary pain-relief mechanisms, including neuropathic pain.
• Minor pointThird-quarter R&D expenses declined to $17.502 million from $22.097 million a year earlier.
• Minor pointNine-month R&D expenses declined to $56.361 million from $63.709 million a year earlier.
• Minor pointThird-quarter interest income increased to $2.126 million from $0.728 million; nine-month income rose to $2.864 million from $2.113 million.
• Minor pointDerivative liability fair-value gain was $5.148 million for both the third quarter and first nine months.
• Minor pointTotal liabilities declined to $14.482 million at September 30, 2026, from $18.608 million at December 31, 2025.
• Minor pointStockholders’ equity reached $393.974 million versus a $231.674 million deficit at December 31, 2025.

Negative

• Moderate pointThird-quarter administrative expenses increased to $5.427 million from $2.626 million a year earlier.
• Moderate pointDebt extinguishment loss of $4.581 million was recorded in the third quarter.
• Minor pointNine-month administrative expenses increased to $15.812 million from $8.271 million a year earlier.
• Minor pointInterest expense reached $0.699 million quarterly and $0.950 million over nine months, versus none in corresponding 2025 periods.
• Minor pointThird-quarter stock-based compensation increased to $2.5 million from $1.8 million a year earlier.

Key Figures

Cash and cash equivalents: $401.2 million Expected cash runway: Into 2029 R&D expenses: $17.5 million vs. $22.1 million +5 more

Cash and cash equivalents

$401.2 million

As of September 30, 2026

Expected cash runway

Into 2029

Current operating plans

R&D expenses

$17.5 million vs. $22.1 million

Three months ended September 30, 2026 vs. 2025

Net loss

$20.9 million vs. $24.8 million

Three months ended September 30, 2026 vs. 2025

Bunionectomy trial enrollment

Approximately 480 patients

Planned Phase 3 trial

LTG-321 trial enrollment

Approximately 120 patients

Ongoing Phase 2 trial in knee osteoarthritis

Topline results timing

Second half of 2027

Onzotrigine Phase 3 trials and LTG-321 Phase 2 trial

Participants with greater than 70% pain reduction

36% vs. 24% vs. 13%

At 24 hours; onzotrigine vs. opioid comparator vs. placebo in the abdominoplasty trial

Previous Earnings Reports

1 past event · Latest: Sep 03

Same Type 1 event

1. Sep 03

   Q2 earnings report

   24h Move

   +2.5%

   Q2 results cited IPO proceeds supporting runway into 2029 alongside ongoing pain-program development.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

double-blind, placebo-controlled, open-label, NaV1.8

4 terms

double-blind medical

"Phase 2 randomized, double-blind, placebo-controlled, within-patient crossover clinical trial"

A double-blind process means that neither the people conducting an activity nor the people involved know certain key details, such as who is receiving a treatment or a placebo. This approach helps prevent bias from influencing the results, making the outcome more trustworthy. For investors, it ensures that decisions or judgments are based on unbiased information rather than preconceived opinions or expectations.

placebo-controlled medical

"Phase 2 randomized, double-blind, placebo-controlled, within-patient crossover clinical trial"

"Placebo-controlled" describes a testing method where one group receives the actual treatment or intervention, while another group receives a harmless, inactive version called a placebo. This approach helps determine whether the real treatment has genuine effects beyond psychological expectations. For investors, understanding this ensures confidence that reported benefits are real and not influenced by bias or false perceptions.

open-label medical

"a single-arm, open-label Phase 3 safety trial"

Open-label describes a situation where everyone involved in a study or process knows the full details, such as who is receiving a treatment or intervention. For investors, understanding whether a project or product is open-label helps gauge the level of transparency and potential biases, influencing trust and decision-making. It’s like knowing whether a test or experiment is conducted openly or behind closed doors.

NaV1.8 medical

"Investigational Oral NaV1.8 Inhibitor for Acute Pain"

A voltage-gated sodium channel protein expressed mainly in peripheral sensory neurons that helps carry electrical signals involved in pain sensation. Think of it as a gate on nerve cells that opens to let charged particles pass and trigger pain signals; drugs that block or modulate Nav1.8 are therefore of interest because they can change how pain is transmitted. Investors care because therapies targeting Nav1.8 are a common route for developing novel analgesic drugs.

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Phase 3 bunionectomy and open-label safety trials of onzotrigine remain on track for initiation with topline results expected in the second half of 2027

Company plans to add oxycodone/acetaminophen (commonly known as Percocet) as opioid comparator arm to the Phase 3 bunionectomy trial

         Phase 2 trial of LTG-321 for the treatment of chronic pain is currently ongoing; Expect to report topline results in the second half of 2027

Cash and cash equivalents of $401 million expected to fund operations into 2029 

THOUSAND OAKS, Calif., Nov. 05, 2026 (GLOBE NEWSWIRE) -- Latigo Biotherapeutics, Inc. (Nasdaq: LTGO), a clinical-stage biopharmaceutical company committed to developing innovative non-opioid pain medicines, today reported financial results for the third quarter ended September 30, 2026, and highlighted recent progress.

“With the proceeds from our IPO, we are well-positioned to continue to execute across our development plans for onzotrigine and LTG-321. For onzotrigine, the addition of a Percocet arm to our Phase 3 bunionectomy trial is intended to provide further support for onzotrigine as an opioid-free pain management option in a second surgical model, while also providing data against a commonly used opioid comparator distinct from the one evaluated in our abdominoplasty program,” said Todd N. Smith, president and chief executive officer, Latigo. “We continue to make progress with LTG-321 in our ongoing Phase 2 trial, which we believe has the potential to significantly expand the role of Na_V1.8 inhibition into chronic pain. Patients and physicians are still waiting for effective non-opioid treatment options for both acute and chronic pain, and we look forward to sharing progress from both programs as we advance our development efforts.”

Recent Pipeline Progress

Onzotrigine: Investigational Oral Na_V1.8 Inhibitor for Acute Pain

• On track to initiate a randomized, double-blind, placebo- and active-controlled Phase 3 clinical trial in patients with moderate-to-severe acute pain after bunionectomy surgery, as well as a single-arm, open-label Phase 3 safety trial, with topline results expected in the second half of 2027.
  • The Company plans to add an active opioid comparator arm of oxycodone/acetaminophen (commonly known as Percocet) to the bunionectomy trial providing additional data to strengthen potential opioid-sparing label claims against a more potent, commonly used opioid compared to the opioid comparator utilized in abdominoplasty, hydrocodone/acetaminophen (commonly known as Vicodin).
    • Percocet is 1.5 times as strong as Vicodin per the U.S. Center for Disease Control guidelines.
  • The bunionectomy trial is now expected to enroll approximately 480 patients: approximately 200 patients will be randomized to receive onzotrigine (450 mg loading dose followed by 300 mg twice daily), 80 patients will be randomized to receive oxycodone/acetaminophen (5 mg/325 mg), and approximately 200 patients will be randomized to placebo.

LTG-321: Investigational Oral Na_V1.8 Inhibitor for Chronic Pain

• Phase 2 randomized, double-blind, placebo-controlled, within-patient crossover clinical trial of LTG-321 is ongoing. The trial will enroll approximately 120 patients with osteoarthritis of the knee, evaluating the safety and efficacy of once-daily LTG-321.
• Expect to report topline results from the Phase 2 clinical trial in the second half of 2027.

LTG-418 and Other Pipeline

• LTG-418 is a next-generation, structurally distinct Na_V1.8 inhibitor being developed for the potential treatment of acute and chronic pain. LTG-418 is designed to be administered at a low dose, which may enable additional formulations and routes of administration beyond oral and IV delivery.
• Continued discovery of additional ion channel modulators involved in peripheral transmission of pain that represent potential complementary mechanisms of action to Na_V1.8 inhibition for additional pain relief, including neuropathic pain.

Corporate Highlights

• Additional cold pressor data and exploratory data from the abdominoplasty trial conducted with onzotrigine will be presented at the American Society of Regional Anesthesia (ASRA) 25th Annual Pain Medicine Meeting in Tampa, FL, November 5-7, 2026.
  • Oral Presentation titled "Cold Pressor as a Pharmacodynamic Biomarker for Na_V1.8 Development" to be presented on November 6, 2026 at 10:30am ET, and will feature cold pressor data across eight cohorts with Na_V1.8 inhibitors and the potential to utilize cold pressor as a predictive biomarker in pain clinical development.
  • Poster presentation titled “Efficacy and Safety of Onzotrigine, a Selective Na_V1.8 inhibitor, in Patients with Moderate to Severe Pain after Abdominoplasty” will be presented November 6, 2026 at 8:00am ET. The data includes responder analysis of high dose of onzotrigine vs. opioid comparator of hydrocodone/acetaminophen (commonly known as Vicodin) and placebo:
    • 36% of participants treated with onzotrigine achieved greater than 70% pain reduction at 24 hours compared to 24% of participants treated with the opioid comparator and 13% of participants treated with placebo.
    • 50% more participants achieved greater than 70% pain reduction response than the opioid comparator.
      
      

Financial Results for Third Quarter 2026

• Cash Position: Cash and cash equivalents were $401.2 million as of September 30, 2026. The Company’s current cash and cash equivalents are expected to be sufficient to fund its current operating plans into 2029. 
• Research and Development (R&D) Expenses: R&D expenses were $17.5 million for the three months ended September 30, 2026, as compared to $22.1 million for the three months ended September 30, 2025. 
• General and Administrative (G&A) Expenses: G&A expenses were $5.4 million for the three months ended September 30, 2026, as compared to $2.6 million for the three months ended September 30, 2025.  
• Net Loss: Net loss was $20.9 million for the three months ended September 30, 2026, as compared to $24.8 million for the three months ended September 30, 2025, with non-cash stock-based compensation expenses of $2.5 million and $1.8 million for the three months ended September 30, 2026 and 2025, respectively. 

About Latigo Biotherapeutics

Latigo Biotherapeutics is a clinical-stage biopharmaceutical company committed to developing innovative non-opioid pain medicines. Latigo’s drug candidates are designed to rapidly and effectively stop the transmission of pain without the risk of addiction. The Company’s lead product candidate, onzotrigine (previously referred to as LTG-001), is an oral Na_V1.8 ion channel inhibitor intended to provide fast-acting, opioid-sparing relief for the treatment of acute pain. LTG-321 is an oral Na_V1.8 inhibitor being developed for chronic musculoskeletal pain. Additionally, Latigo is advancing research of additional Na_V1.8 inhibitors that can address alternative formulation and delivery approaches as well as other ion channel targets for the treatment of pain. Learn more at latigobio.com or follow us on LinkedIn and X.

Forward-Looking Statements

The statements contained in this press release that are not historical facts are forward-looking statements. You can identify forward-looking statements because they contain words such as “continue,” “expect,” “intend,” “may,” “plans,” “potential,” or “will,” or similar expressions which concern our strategy, plans, projections, or intentions. Any such statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements include, without limitation, statements regarding Latigo’s financial outlook, future plans and prospects, its ability to execute on development plans, including Latigo’s planned and ongoing clinical trials and non-clinical studies for its product candidates, including onzotrigine, LTG-321, and LTG-418; the planned design, enrollment, initiation, and expected timing of the Phase 3 bunionectomy and open-label safety trials of onzotrigine, including the addition of an active comparator arm; the potential of onzotrigine to address the need for non-opioid acute pain treatment options; the potential of LTG-418 to enable additional formulations and routes of administration; the expected timing of topline results for onzotrigine and LTG-321; and statements about the Company’s expected cash runway. Any forward-looking statements in this press release are based on the Company’s current expectations, estimates, and projections only as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Readers are cautioned that actual results could differ materially from those expressed or implied in the Company’s forward-looking statements due to a variety of risks and uncertainties, which include, without limitation, that the Company has limited operating history and no history of commercializing products; that the Company has incurred substantial losses since its inception and may never achieve or maintain profitability; that the Company will require substantial additional financing to achieve its goals; risks and uncertainties related to delays in its clinical trials, the discovery, development and regulation of its existing or future product candidates, including the uncertainty of related costs and regulatory filings, and that results from clinical trials or other studies may not support further development; risk that results of earlier studies and trials may not be predictive of future trials or real-world results; risks related to the legal and regulatory framework for the industry, and potential exposure to legal proceedings, regulatory inquiries, and other legal matters; the Company’s ability to protect its intellectual property and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission (SEC), including those described from time to time under the caption “Risk Factors” and elsewhere in Latigo’s filings with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 filed with the SEC on September 3, 2026 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 to be filed with the SEC later today. Latigo undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

Investor Contact:
Joyce Allaire
LifeSci Advisors
ir@latigobio.com

Media Contact:
Michael Fitzhugh
LifeSci Communications
mfitzhugh@lifescicomms.com

LATIGO BIOTHERAPEUTICS, INC.
Condensed Balance Sheets
(in thousands, except share and per share amounts)
(Unaudited)
		September 30,			December 31,
			2026			2025
ASSETS
Cash and cash equivalents and restricted cash		$	401,409		$	69,629
Prepaid expenses and other current assets			5,033			4,200
Operating lease right-of-use assets			1,141			625
Property and equipment, net			440			446
Other assets			433			616
Total assets		$	408,456		$	75,516
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)
Accounts payable, accrued expenses and other current liabilities		$	13,259		$	17,883
Operating lease liabilities			1,188			690
Other long-term liabilities			35			35
Total liabilities			14,482			18,608
Redeemable convertible preferred stock			—			288,582
Total stockholders' equity (deficit)			393,974			(231,674	)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)		$	408,456		$	75,516

LATIGO BIOTHERAPEUTICS, INC.
Condensed Statements of Operations and Comprehensive Loss
(in thousands, except per share amounts)
(Unaudited)
		Three months ended September 30,								Nine months ended September 30,
			2026				2025				2026				2025
Operating expenses:
Research and development		$	17,502			$	22,097			$	56,361			$	63,709
General and administrative			5,427				2,626				15,812				8,271
Total operating expenses			22,929				24,723				72,173				71,980
Loss from operations			(22,929	)			(24,723	)			(72,173	)			(71,980	)
Interest income			(2,126	)			(728	)			(2,864	)			(2,113	)
Interest expense			699				—				950				—
Change in fair value of preferred stock tranche liability			—				795				—				1,674
Change in fair value of derivative liability			(5,148	)			—				(5,148	)			—
Loss on extinguishment of debt			4,581				—				4,581				—
Other expense, net			14				6				15				42
Total other (income) expense, net			(1,980	)			73				(2,466	)			(397	)
Net loss and comprehensive loss		$	(20,949	)		$	(24,796	)		$	(69,707	)		$	(71,583	)
Net loss and comprehensive loss per share — basic and diluted		$	(0.55	)		$	(29.50	)		$	(5.22	)		$	(95.16	)
Weighted-average number of shares used in computing net loss per share — basic and diluted			37,838				840				13,363				752

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much cash does Latigo Biotherapeutics have, and how long is it expected to last?

Latigo had $401.2 million in cash and cash equivalents at September 30, 2026. The company expects this balance to fund its current operating plans into 2029.

When does Latigo expect results from its onzotrigine and LTG-321 trials?

Latigo expects topline results from the onzotrigine Phase 3 bunionectomy and open-label safety trials, and the LTG-321 Phase 2 trial, in the second half of 2027. The onzotrigine trials remain on track for initiation, while the LTG-321 trial is ongoing.

How will Latigo’s onzotrigine Phase 3 bunionectomy trial divide patients among treatment groups?

The trial is expected to assign approximately 200 patients to onzotrigine, 80 to oxycodone/acetaminophen and approximately 200 to placebo. Onzotrigine dosing will be a 450 mg loading dose followed by 300 mg twice daily; the comparator dose is 5 mg/325 mg.

What is the design of Latigo’s LTG-321 Phase 2 chronic-pain trial?

The LTG-321 trial is a randomized, double-blind, placebo-controlled study expected to enroll approximately 120 patients with knee osteoarthritis. It uses a within-patient crossover design, in which patients receive different treatments over separate periods, to evaluate the safety and efficacy of once-daily LTG-321.