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Latigo Biotherapeutics, Inc. (LTGO), a clinical-stage biotechnology company developing non-opioid pain medicines, reported continued operating losses and significant cash use for the quarter ended June 30, 2026. Total assets were $64.8 million, including $55.0 million of cash and cash equivalents.
The company recorded a net loss of $25.8 million for the quarter and $48.8 million for the first six months of 2026, similar to the prior-year periods, driven mainly by research and development expenses of $38.9 million year-to-date. Net cash used in operating activities was $48.4 million for the six-month period, resulting in a growing accumulated deficit of $291.9 million and a stockholders’ deficit of $276.1 million.
Liquidity was strengthened after period-end: in August 2026 Latigo completed an IPO, issuing 22,080,000 shares at $18.00 per share for net proceeds of $363.9 million, and its outstanding redeemable convertible preferred stock and $35.2 million of convertible notes (principal plus interest) converted into common stock. Management states that, with IPO proceeds, existing cash is expected to fund operations for at least 12 months from issuance of these financial statements, alleviating prior substantial doubt about going concern.
Latigo Biotherapeutics, Inc. (LTGO) reported second-quarter 2026 results and recent business milestones. The company completed an upsized IPO in August 2026, including full exercise of the underwriters’ option, raising $397.4 million in gross proceeds, and expects its cash position, including IPO net proceeds, to fund operations into 2029.
Lead candidate onzotrigine showed positive abdominoplasty trial results published in The New England Journal of Medicine, with plans to start Phase 3 bunionectomy and safety studies in the second half of 2026 and topline data expected in the second half of 2027. Latigo also initiated a Phase 2 trial of LTG-321 in osteoarthritis of the knee and advanced LTG-418 through 14-day non-GLP toxicology studies.
Financially, cash and cash equivalents and restricted cash were $55.2 million as of June 30, 2026. Second-quarter 2026 R&D expenses were $21.2 million versus $22.9 million a year earlier, G&A expenses were $4.6 million versus $2.8 million, and net loss was $25.8 million in both periods.
Latigo Biotherapeutics, Inc. (LTGO) is reported to have 63,238,030 shares of common stock outstanding immediately following its initial public offering, as described in a prospectus filed under Rule 424(b)(4) on August 7, 2026. A group consisting of AI Biotechnology LLC, Access Industries Holdings LLC, Access Industries Management, LLC, and Len Blavatnik reports beneficial ownership of 3,185,177 shares of Latigo common stock, representing 5.0% of the outstanding shares. These shares are held directly by AI Biotechnology LLC, with the other reporting persons deemed to share voting and dispositive power through their control relationships. Each reporting person other than AI Biotechnology, and related affiliates and officers, disclaims beneficial ownership beyond their pecuniary interest.
Latigo Biotherapeutics, Inc. (LTGO) is the subject of a Schedule 13D reporting that Foresite Capital funds and related entities, together with James B. Tananbaum, hold a significant stake following Latigo’s August 10, 2026 initial public offering. Tananbaum is reported to beneficially own 9,181,328 shares of common stock, representing 14.5% of Latigo’s common stock outstanding, based on 63,238,030 shares outstanding as of August 7, 2026. Fund VI holds 2,203,800 shares (3.5%), Fund V 3,562,984 shares (5.6%), and Opportunity Fund V 3,414,544 shares (5.4%), with voting and dispositive power effectively controlled through their general partners and Tananbaum.
The position was built through multiple private rounds and a convertible note that later converted in connection with the IPO. The Foresite funds purchased Series A-2 and Series B preferred shares in 2022–2025 for an aggregate consideration of roughly $57.5 million across the detailed transactions, plus a $3.5 million convertible promissory note issued in June 2026. A 1-for-6.42441 reverse stock split preceded the IPO, after which all preferred stock and the note converted into common shares. Fund VI also bought 140,000 IPO shares at $18.00 per share. The investors state they hold the securities for investment purposes and may buy, sell, or distribute shares, but are subject to 180-day lock-up agreements restricting sales and certain hedging and registration activities after the IPO.
Latigo Biotherapeutics, Inc. (LTGO) is reported to have 5,295,690 shares of its common stock beneficially owned by investment entities affiliated with RA Capital Management, L.P. This represents 8.4% of Latigo’s common stock, based on 63,238,030 shares outstanding as of August 10, 2026, as cited from Latigo’s final prospectus.
The shares are directly held by RA Capital Healthcare Fund, L.P., with RA Capital Management, L.P. serving as investment adviser and RA Capital Healthcare Fund GP, LLC as the fund’s general partner. RA Capital has been delegated sole power to vote and dispose of the fund’s holdings, including the Latigo shares, and cannot have this delegation revoked on less than 61 days’ notice. As managers of RA Capital, Peter Kolchinsky and Rajeev Shah may be deemed beneficial owners under Section 13(d) but, along with RA Capital and the fund, they disclaim beneficial ownership except for purposes of reporting obligations.
Latigo Biotherapeutics, Inc. (LTGO) received a Schedule 13G reporting that Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd., and David Kroin together beneficially own 4,445,656 shares of Latigo common stock, representing 7.03% of the outstanding common shares.
The reporting persons have shared voting and dispositive power over these 4,445,656 shares and no sole voting or dispositive power. The ownership percentage is based on 63,238,030 shares of common stock outstanding as of August 7, 2026, as described in Latigo’s prospectus.
Latigo Biotherapeutics, Inc. (LTGO) reports that funds affiliated with 5AM converted preferred shares into common stock in connection with Latigo’s initial public offering. On August 10, 2026, 5AM Ventures VI, L.P. and 5AM Opportunities II, L.P. converted their Series A, Series A-2 and Series B Preferred Stock into an aggregate of common shares on a one-for-one basis for no additional consideration, leaving the preferred positions at zero. Following these automatic conversions immediately prior to the IPO closing, 5AM Ventures VI, L.P. holds 4,975,543 common shares indirectly and 5AM Opportunities II, L.P. holds 2,350,419 common shares indirectly. Control and beneficial ownership are described through 5AM’s general partner entities, with Dr. Kush Parmar and Andrew J. Schwab disclaiming beneficial ownership except to the extent of their pecuniary interests.
Latigo Biotherapeutics, Inc. (LTGO) received a Form 4 from several affiliated Foresite Capital funds, all reporting as ten percent owners. On August 10, 2026, they reported the conversion of 9,041,328 derivative securities (preferred stock and a convertible note) into an equal number of common shares, largely in connection with Latigo’s initial public offering as described in the footnotes. The same day, an affiliated fund also purchased 140,000 shares of common stock at $18.00 per share, all held indirectly through the funds, with each reporting person disclaiming beneficial ownership beyond its pecuniary interest.
Latigo Biotherapeutics, Inc. (LTGO) reported that director Todd N. Smith received a grant of stock options for 105,542 shares of common stock. The options have an exercise price of $18.00 per share, expire on August 5, 2036, and were acquired as a director stock option award. All 105,542 options are held directly and will vest in 36 equal monthly installments after May 30, 2026.
Latigo Biotherapeutics, Inc. (LTGO) reported that entities affiliated with director and ten percent owner James B. Tananbaum converted multiple preferred stock series and a convertible promissory note into common stock, largely in connection with the closing of Latigo’s initial public offering, and also purchased additional common shares. Foresite Capital funds converted an aggregate of 9,041,328 derivative-based shares into common stock through automatic conversions, and a Foresite fund separately bought 140,000 common shares at $18.00 per share. All positions are held indirectly through Foresite Capital funds, which, together with the reporting person, disclaim beneficial ownership beyond their pecuniary interests.