Latigo Biotherapeutics raises $397M in upsized IPO

Q: What were Latigo Biotherapeutics (LTGO) second-quarter 2026 financial results?

Latigo reported R&D expenses of $21.2 million, G&A expenses of $4.6 million, and a net loss of $25.8 million for the quarter ended June 30, 2026, essentially unchanged from the $25.8 million net loss in the prior-year quarter.

Q: How much cash does Latigo Biotherapeutics (LTGO) have and what is its runway?

As of June 30, 2026, Latigo had $55.2 million in cash, cash equivalents and restricted cash and states that current cash and cash equivalents, including net IPO proceeds, are expected to fund its operating plans into 2029.

Q: What did Latigo Biotherapeutics (LTGO) raise in its IPO?

In August 2026, Latigo completed an upsized initial public offering, including full exercise of the underwriters’ option, raising $397.4 million in gross proceeds before underwriting discounts, commissions, and other offering expenses.

Q: What are the key clinical plans for onzotrigine at Latigo Biotherapeutics (LTGO)?

Latigo plans to initiate Phase 3 bunionectomy and open-label safety trials for onzotrigine in the second half of 2026 and expects topline results from both studies in the second half of 2027, following positive abdominoplasty data published in The New England Journal of Medicine.

Q: What is the status of Latigo Biotherapeutics’ (LTGO) LTG-321 program?

Latigo has initiated a randomized, double-blind, placebo-controlled Phase 2 trial of LTG-321 in approximately 120 patients with osteoarthritis of the knee in Denmark, with enrollment underway and topline results expected in the second half of 2027.

Q: How did Latigo Biotherapeutics (LTGO) operating expenses change year over year?

For the quarter ended June 30, 2026, R&D expenses were $21.2 million versus $22.9 million a year earlier, while G&A expenses increased to $4.6 million from $2.8 million, resulting in total operating expenses of about $25.8 million in both periods.

Latigo Biotherapeutics pairs an upsized $397.4 million IPO and cash runway into 2029 with NEJM-backed pain data and upcoming Phase 3 trials.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

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.

Positive

Upsized IPO raised $397.4 million in gross proceeds, including full exercise of the underwriters’ option, strengthening Latigo’s capital base to support late-stage development.
Company expects current cash plus IPO net proceeds to fund operations into 2029, providing multi-year visibility to execute clinical plans.
Onzotrigine abdominoplasty data were positively published in The New England Journal of Medicine, a notable validation for a novel non-opioid acute pain therapy.
Latigo is advancing to Phase 3 trials for onzotrigine and running a Phase 2 trial for LTG-321, indicating a progressing pipeline in both acute and chronic pain.

Negative

Latigo reported a net loss of $25.8 million for the quarter ended June 30, 2026, continuing substantial operating losses as programs advance.
The balance sheet shows a stockholders’ deficit of $276.1 million and convertible promissory notes of $29.9 million, reflecting a leveraged and deficit equity position.
G&A expenses rose to $4.6 million from $2.8 million year over year for the quarter, indicating higher overhead as the company scales.

Insights

Analyzing...

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

IPO gross proceeds: $397.4 million Cash, cash equivalents and restricted cash: $55.2 million R&D expenses: $21.2 million +5 more

8 metrics

IPO gross proceeds $397.4 million Upsized initial public offering completed in August 2026, before underwriting discounts and expenses

Cash, cash equivalents and restricted cash $55.2 million Balance as of June 30, 2026

R&D expenses $21.2 million Three months ended June 30, 2026; $22.9 million in prior-year quarter

G&A expenses $4.6 million Three months ended June 30, 2026; $2.8 million in prior-year quarter

Net loss $25.8 million Three months ended June 30, 2026 and 2025

Total assets $64.8 million As of June 30, 2026; $75.5 million as of December 31, 2025

Convertible promissory notes $29.9 million Outstanding as of June 30, 2026

Stockholders’ deficit $276.1 million As of June 30, 2026

Key Terms

NaV1.8 inhibitor, Summed Pain Intensity Difference, bunionectomy, non-GLP toxicology, +2 more

6 terms

NaV1.8 inhibitor medical

"Onzotrigine: Investigational Oral NaV1.8 Inhibitor for Acute Pain"

A Nav1.8 inhibitor is a drug that blocks the Nav1.8 sodium channel, a protein on nerve cells that helps send pain signals. For investors, these drugs matter because blocking that channel can reduce chronic or neuropathic pain without some side effects of opioid painkillers; think of it as turning down a faulty alarm rather than silencing all alarms. Their value depends on clinical trial results, safety, and potential market size.

Summed Pain Intensity Difference medical

"met its primary endpoint of the Summed Pain Intensity Difference over 48 hours"

A summed pain intensity difference (SPID) is a clinical-trial measure that adds up how much a patient’s reported pain score falls below their starting (baseline) pain over a set period, often by summing successive differences or calculating an area under the curve. It captures both how much and for how long a treatment reduces pain, so it matters to investors because SPID is used to quantify efficacy in drug or device trials and can influence regulatory decisions, labeling and market prospects.

bunionectomy medical

"Phase 3 clinical trial in patients with moderate-to-severe acute pain after bunionectomy surgery"

A bunionectomy is a surgical procedure that removes a bony bump at the base of the big toe and realigns the toe joint to relieve pain and restore normal foot function, like repairing a misaligned foundation in a house. Investors care because procedure volume, costs, device sales, insurance reimbursement and new surgical techniques can affect hospitals, device makers and insurers’ revenues and profitability.

non-GLP toxicology medical

"Completed 14-day non-GLP toxicology studies with suitable tolerability demonstrated"

Non-GLP toxicology refers to preliminary safety studies of a drug, biologic, or chemical that are conducted outside the formal Good Laboratory Practice (GLP) regulatory framework. These early, flexible tests give initial signals about possible harms and help guide development decisions, but they are not usually accepted for regulatory filings—think of them as a draft blueprint that can steer plans but must be confirmed by certified inspections before regulators will rely on it.

redeemable convertible preferred stock financial

"Redeemable convertible preferred stock ... $288,582"

A redeemable convertible preferred stock is a special class of company shares that combines three features: it pays priority dividends like a safer, higher-ranking share; it can be converted into regular common shares so holders can join in upside; and it can be redeemed, meaning the company can buy it back for cash. For investors this matters because it offers a mix of downside protection and potential upside, but can change ownership stakes (dilution) and cash obligations depending on whether it’s converted or redeemed.

derivative liability financial

"Derivative liability ... 5,148"

A derivative liability is an obligation a company owes because of a derivatives contract—such as an option, future, swap, or forward—that has moved against it and now has negative value. Think of it like a settled bet that turned into a bill: if market moves go the other way, the company may have to pay cash or deliver assets. Investors care because these liabilities can create sudden losses, add leverage or counterparty risk, and change a company’s true financial exposure beyond its everyday operations.

Earnings Snapshot

R&D expenses (quarter): $21.2 million · Guidance included

Quarter and six months ended June 30, 2026

R&D expenses (quarter) $21.2 million Decreased from $22.9 million for the quarter ended June 30, 2025

G&A expenses (quarter) $4.6 million Increased from $2.8 million for the quarter ended June 30, 2025

Net loss (quarter) $25.8 million Essentially unchanged from $25.8 million for the quarter ended June 30, 2025

Total assets $64.8 million Down from $75.5 million as of December 31, 2025

Cash, cash equivalents and restricted cash $55.2 million Down from $69.6 million as of December 31, 2025

Guidance

The company states that its current cash and cash equivalents, including net proceeds from the IPO, are projected to be sufficient to fund its current operating plans into 2029.

FAQ

What were Latigo Biotherapeutics (LTGO) second-quarter 2026 financial results?

Latigo reported R&D expenses of $21.2 million, G&A expenses of $4.6 million, and a net loss of $25.8 million for the quarter ended June 30, 2026, essentially unchanged from the $25.8 million net loss in the prior-year quarter.

How much cash does Latigo Biotherapeutics (LTGO) have and what is its runway?

As of June 30, 2026, Latigo had $55.2 million in cash, cash equivalents and restricted cash and states that current cash and cash equivalents, including net IPO proceeds, are expected to fund its operating plans into 2029.

What did Latigo Biotherapeutics (LTGO) raise in its IPO?

In August 2026, Latigo completed an upsized initial public offering, including full exercise of the underwriters’ option, raising $397.4 million in gross proceeds before underwriting discounts, commissions, and other offering expenses.

What are the key clinical plans for onzotrigine at Latigo Biotherapeutics (LTGO)?

Latigo plans to initiate Phase 3 bunionectomy and open-label safety trials for onzotrigine in the second half of 2026 and expects topline results from both studies in the second half of 2027, following positive abdominoplasty data published in The New England Journal of Medicine.

What is the status of Latigo Biotherapeutics’ (LTGO) LTG-321 program?

Latigo has initiated a randomized, double-blind, placebo-controlled Phase 2 trial of LTG-321 in approximately 120 patients with osteoarthritis of the knee in Denmark, with enrollment underway and topline results expected in the second half of 2027.

How did Latigo Biotherapeutics (LTGO) operating expenses change year over year?

For the quarter ended June 30, 2026, R&D expenses were $21.2 million versus $22.9 million a year earlier, while G&A expenses increased to $4.6 million from $2.8 million, resulting in total operating expenses of about $25.8 million in both periods.

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Available on EDGAR 09/03/2026 - 04:25 PM Accepted by SEC EDGAR 09/03/2026 - 04:15 PM

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

     Date of Report (Date of earliest event reported): September 3, 2026

    

Latigo Biotherapeutics, Inc.

(Exact name of Registrant as Specified in Its Charter)


Delaware	001-43436	83-2625838
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1300 Rancho Conejo Bolevard Suite 305
Thousand Oaks, California, 91320
(Address of Principal Executive Offices)

     Registrant’s Telephone Number, Including Area Code: (805) 716-2927

    

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value per share	LTGO	The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On September 3, 2026, Latigo Biotherapeutics, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

All of the information furnished in this Item 2.02 and Exhibit 99.1 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.


Exhibit number		Description

99.1		Press Release dated September 3, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			Latigo Biotherapeutics, Inc.

Date:	September 3, 2026	By:	/s/ Nima Farzan
			Nima Farzan President and Chief Executive Officer

Exhibit 99.1

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

Completed upsized initial public offering, including full exercise of the underwriters’ option to purchase additional shares, raising gross proceeds of $397.4 million; together with existing cash expected to fund operations into 2029

The New England Journal of Medicine published positive onzotrigine (previously referred to as LTG-001) abdominoplasty clinical trial results in moderate-to-severe acute pain

Expanded leadership team with appointment of Naomi Lowy, M.D., former deputy director of the FDA Division of Anesthesia, Addiction Medicine, and Pain Medicine, as senior vice president of global regulatory affairs

THOUSAND OAKS, Calif., Sept. 03, 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 second quarter ended June 30, 2026, and highlighted recent progress.

“This has been a significant period for Latigo as we completed our upsized initial public offering, published positive onzotrigine abdominoplasty results in moderate-to-severe acute pain in The New England Journal of Medicine, and continued to advance our pipeline of innovative pain programs,” said Nima Farzan, chief executive officer of Latigo. “With a strong balance sheet, a highly experienced team, and a portfolio of differentiated programs, we are focused on executing our development plans, including the initiation of the Phase 3 program for onzotrigine and the advancement of onzotrigine and LTG-321 toward key future milestones. We also strengthened our leadership team with the appointment of Naomi Lowy, M.D., whose extensive regulatory and drug development experience will be an important asset as we continue to build a differentiated innovative non-opioid pain company.”

Recent Pipeline Progress

Onzotrigine: Investigational Oral NaV1.8 Inhibitor for Acute Pain

•

The New England Journal of Medicine (NEJM) published positive clinical trial results for onzotrigine in moderate-to-severe pain following abdominoplasty. The study met its primary endpoint of the Summed Pain Intensity Difference over 48 hours versus placebo with high statistical significance and demonstrated rapid, clinically meaningful pain relief, favorable tolerability, and opioid-sparing potential. This marks only the second original research publication in NEJM reporting clinical results for a novel drug for acute pain in the last 15 years.

•

Plan to initiate a randomized, double-blind, placebo-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 in the second half of 2026.

•

Expect to report topline results from the Phase 3 bunionectomy and open-label safety clinical trials in the second half of 2027.

•

Completed bioavailability studies for the onzotrigine intravenous (IV) formulation with preliminary data indicating approximately 100% oral bioavailability.

LTG-321: Investigational Oral NaV1.8 Inhibitor for Chronic Pain

•

Initiated a randomized, double-blind, placebo-controlled, within-patient crossover Phase 2 clinical trial of LTG-321 in approximately 120 patients with osteoarthritis of the knee, evaluating the safety and efficacy of once-daily LTG-321.

•

The trial is being conducted at multiple sites in Denmark with enrollment underway.

•

Expect to report topline results from the Phase 2 clinical trial in the second half of 2027.

LTG-418 and Other Pipeline

•

Completed 14-day non-GLP toxicology studies with suitable tolerability demonstrated in both rats and non-human primates for LTG-418, a next-generation, structurally distinct Nav1.8 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 Nav1.8 inhibition for additional pain relief, including neuropathic pain.

Recent Corporate Highlights

•

Completed an upsized initial public offering (IPO) in August 2026, including the full exercise by the underwriters of their option to purchase additional shares, raising gross proceeds of $397.4 million, before deducting underwriting discounts and commissions and other offering expenses.

•

Further strengthened leadership team to support the next phase of growth with the appointment of Naomi Lowy, M.D., as senior vice president of global regulatory affairs. Dr. Lowy brings extensive regulatory and drug development expertise, including an 18-year career at the U.S. Food and Drug Administration (FDA) where, among other roles, she served as deputy director of the Division of Anesthesia, Addiction Medicine, and Pain Medicine (DAAP). During her time in DAAP, Dr. Lowy oversaw the regulation of drugs to treat pain of all etiologies, including novel non-opioid analgesics, and was the signatory authority for analgesic New Drug Applications. Dr. Lowy co-authored the FDA guidances on Development of Non-Opioid Analgesics for Acute and Chronic Pain and led DAAP in Advisory Committee meetings and public workshops related to analgesic drug development.

Financial Results for Second Quarter 2026

•

Cash Position: Cash and cash equivalents were $55.0 million as of June 30, 2026. The Company’s current cash and cash equivalents, including the net proceeds from its IPO, are projected to be sufficient to fund its current operating plans into 2029.

•

Research and Development (R&D) Expenses: R&D expenses were $21.2 million for the three months ended June 30, 2026, as compared to $22.9 million for the three months ended June 30, 2025.

•

General and Administrative (G&A) Expenses: G&A expenses were $4.6 million for the three months ended June 30, 2026, as compared to $2.8 million for the three months ended June 30, 2025.

•

Net Loss: Net loss was $25.8 million for the three months ended June 30, 2026 and 2025, with non-cash stock-based compensation expenses of $2.1 million and $1.7 million for the three months ended June 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 Nav1.8 ion channel inhibitor intended to provide fast-acting, opioid-sparing relief for the treatment of acute pain. LTG-321 is an oral Nav1.8 inhibitor being developed for chronic musculoskeletal pain. Additionally, Latigo is advancing research of additional Nav1.8 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 “expect,” “intend,” “may,” “plans,” 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 potential of LTG-418 to enable additional formulations and routes of administration; the expected timing of topline results for onzotrigine and LTG-321; statements about the Company’s expected cash runway; the expected benefits of expanding the Company’s executive team. 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. 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:
Neha Krishnamohan
Latigo Biotherapeutics, Inc.
ir@latigobio.com

Media Contact:
Kathy Vincent
Greig Communications, Inc.
kathy@greigcommunications.com

LATIGO BIOTHERAPEUTICS, INC.

Condensed Balance Sheets

(in thousands, except share and per share amounts)

(Unaudited)


	June 30,			December 31,
	2026			2025
ASSETS
Cash and cash equivalents and restricted cash	$	55,197		$	69,629
Prepaid expenses and other current assets		4,002			4,200
Operating lease right-of-use assets		1,303			625
Property and equipment, net		457			446
Other assets		3,801			616
Total assets	$	64,760		$	75,516
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT
Accounts payable, accrued expenses and other current liabilities	$	15,825		$	17,883
Operating lease liabilities		1,353			690
Derivative liability		5,148			—
Convertible promissory notes		29,897			—
Other long-term liabilities		35			35
Total liabilities		52,258			18,608
Redeemable convertible preferred stock		288,582			288,582
Total stockholders' deficit		(276,080	)		(231,674	)
Total liabilities, redeemable convertible preferred stock and stockholders' deficit	$	64,760		$	75,516