Latigo Biotherapeutics Raises $397.4M in IPO and Publishes Positive Clinical Trial Results

Latigo Biotherapeutics, a clinical-stage biopharmaceutical company focused on developing non-opioid pain medicines, has announced significant financial and operational achievements for the second quarter of 2026. The company completed an upsized initial public offering (IPO), raising $397.4 million in gross proceeds, which, combined with existing cash, is expected to fund operations through 2029. Additionally, Latigo has published positive clinical trial results for onzotrigine in The New England Journal of Medicine, expanded its leadership team, and advanced its pipeline of innovative pain programs.

"Latigo has made substantial progress in the second quarter," said Nima Farzan, CEO of Latigo Biotherapeutics. "With a robust balance sheet and a highly experienced team, we are well-positioned to advance our pipeline and execute on our development plans."

The New England Journal of Medicine published positive clinical trial results for onzotrigine, an investigational oral Nav1.8 inhibitor for acute pain. The study met its primary endpoint of the Summed Pain Intensity Difference over 48 hours versus placebo with high statistical significance, demonstrating rapid, clinically meaningful pain relief, favorable tolerability, and opioid-sparing potential. This marks the second original research publication in NEJM reporting clinical results for a novel drug for acute pain in the last 15 years.

Latigo plans to initiate a Phase 3 program for onzotrigine, including a randomized, double-blind, placebo-controlled trial in patients with moderate-to-severe acute pain after bunionectomy surgery, as well as a single-arm, open-label safety trial. The company also expects to report topline results from these trials in the second half of 2027. Bioavailability studies for the onzotrigine intravenous (IV) formulation have been completed, with preliminary data indicating approximately 100% oral bioavailability.

In addition to onzotrigine, Latigo has initiated a Phase 2 clinical trial for LTG-321, an investigational oral Nav1.8 inhibitor for chronic pain. The trial, being conducted at multiple sites in Denmark, is evaluating the safety and efficacy of once-daily LTG-321 in patients with osteoarthritis of the knee. Topline results from this trial are expected in the second half of 2027.

The company has also advanced its pipeline with the completion of 14-day non-GLP toxicology studies for LTG-418, a next-generation, structurally distinct Nav1.8 inhibitor. These studies demonstrated suitable tolerability in both rats and non-human primates, and Latigo continues to discover additional ion channel modulators for pain relief.

To support its next phase of growth, Latigo has appointed 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. Dr. Lowy's extensive regulatory and drug development experience will be a valuable asset as Latigo continues to build a differentiated non-opioid pain company.

Financially, Latigo reported a cash position of $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 through 2029. Research and development expenses were $21.2 million for the three months ended June 30, 2026, down from $22.9 million in the same period of 2025. General and administrative expenses were $4.6 million, up from $2.8 million in the same period of 2025. Net loss for the quarter was $25.8 million, with non-cash stock-based compensation expenses of $2.1 million.

Latigo Biotherapeutics continues to develop innovative non-opioid pain medicines, with a focus on rapidly and effectively stopping the transmission of pain without the risk of addiction. The company's lead product candidate, onzotrigine, is intended to provide fast-acting, opioid-sparing relief for acute pain, while LTG-321 is being developed for chronic musculoskeletal pain. Additional Nav1.8 inhibitors are being explored for alternative formulations and delivery approaches, as well as other ion channel targets for pain relief.