Latigo Biotherapeutics (LTGO) SEC Filings

Latigo Biotherapeutics, Inc. (LTGO) completed its IPO in August 2026, issuing 22,080,000 common shares at $18.00 per share and receiving approximately $364.4 million in net proceeds. The total included 2,880,000 additional shares purchased through the underwriters’ fully exercised option; underwriting discounts, commissions and other offering costs were approximately $33.1 million.

As of September 30, 2026, cash and cash equivalents were $401.2 million and the accumulated deficit was $312.8 million. Third-quarter net loss was $20.949 million, compared with $24.796 million in 2025; research and development expense was $17.502 million, versus $22.097 million. For the first nine months, net cash used in operating activities was $67.9 million, compared with $62.6 million in 2025. Latigo said its cash was sufficient to fund operating plans for at least the 12-month period following issuance of the financial statements, alleviating prior substantial doubt about its ability to continue as a going concern.

Latigo is a clinical-stage biopharmaceutical company with onzotrigine and LTG-321 in clinical development. It disclosed a material weakness in internal control over financial reporting.

Latigo Biotherapeutics, Inc. reported a third-quarter 2026 net loss of $20.9 million, compared with $24.8 million a year earlier, and cash and cash equivalents of $401.2 million as of September 30, 2026; it expects that balance to fund current operating plans into 2029. Research and development expense was $17.5 million versus $22.1 million, while general and administrative expense was $5.4 million versus $2.6 million.

Todd Smith became president and chief executive officer effective November 3, 2026, replacing Nima Farzan, who resigned from the board. Farzan is to remain an employee through January 1, 2027, unless earlier terminated, then provide consulting services through December 31, 2027, unless earlier terminated. Smith’s package includes a $775,000 annualized salary, a 70% target cash incentive and an option award with a $20 million grant-date fair market value. Options were also approved for Neha Krishnamohan to acquire 175,000 shares and Neil Singla to acquire 350,000 shares, subject to vesting conditions.

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; the bunionectomy study is expected to enroll approximately 480 patients, and Latigo plans to add an oxycodone/acetaminophen comparator arm. LTG-321’s Phase 2 trial is ongoing, with topline results expected in the second half of 2027.

Latigo Biotherapeutics, Inc. (LTGO) common stock ownership was reported by three Westlake funds and related entities as of September 30, 2026. Westlake BioPartners Fund I, L.P. directly held 5,944,009 shares (9.0%), Westlake BioPartners Fund II, L.P. directly held 5,160,847 shares (7.8%), and Westlake BioPartners Opportunity Fund I, L.P. directly held 2,094,813 shares (3.2%).

Dr. Beth C. Seidenberg, the sole managing director of the funds’ general partners, reported beneficial ownership of 13,199,669 shares (19.9%) through the funds. The general partners and Seidenberg may be deemed to have voting and dispositive power over shares held directly by the funds.

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.