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# LATIGO Posts First Results Since $397M IPO, Phase 3 Set for Late 2026
- URL: https://redfiled.com/latigo-posts-first-results-since-397m-ipo-phase-3-set-for-late-2026/
- Published: 2026-09-04T14:52:56.000Z
- Updated: 2026-09-04T15:34:39.000Z
- Description: Latigo Biotherapeutics reported a $25.8 million second-quarter loss and said IPO proceeds fund operations into 2029 as onzotrigine heads to Phase 3.
- Author: William Hayes
- Tags: LTGO, Earnings

**Latigo Biotherapeutics (LTGO)** reported its first quarterly results as a public company on **September 3, 2026**, covering the quarter ended **June 30, 2026**. The Thousand Oaks-based developer of non-opioid pain medicines posted a net loss of **$25.8 million**, unchanged from the same quarter a year earlier, and said cash on hand plus the net proceeds of its August initial public offering should fund operations **into 2029**.

The IPO was upsized and included **full exercise of the underwriters' option** to buy additional shares, raising gross proceeds of **$397.4 million** before discounts and expenses. Cash and cash equivalents stood at **$55.0 million** at the end of June, before that money came in. The balance sheet also showed **$29.9 million** in convertible promissory notes and a **$5.1 million** derivative liability at June 30.

Operating costs were roughly flat year over year. **R&D expenses fell to $21.2 million** from $22.9 million, while **G&A rose to $4.6 million** from $2.8 million as the company built out infrastructure ahead of the listing. Stock-based compensation was $2.1 million in the quarter.

On the pipeline, *The New England Journal of Medicine* published positive results for **onzotrigine**, an oral **NaV1.8 inhibitor** formerly called LTG-001, in moderate-to-severe pain after abdominoplasty. The trial met its primary endpoint of **Summed Pain Intensity Difference over 48 hours** versus placebo with high statistical significance, and the company said the paper is only the **second original NEJM research publication on a novel acute pain drug in 15 years**.

Latigo plans to start a randomized, placebo-controlled **Phase 3 bunionectomy trial** plus a single-arm open-label safety study in the **second half of 2026**, with topline data expected in the **second half of 2027**. Bioavailability work on an intravenous formulation showed roughly **100% oral bioavailability**.

A second candidate, **LTG-321**, has entered a crossover **Phase 2 trial in about 120 patients** with knee osteoarthritis at sites in Denmark, with topline results also due in the second half of 2027\. Earlier-stage **LTG-418** completed 14-day non-GLP toxicology studies in rats and non-human primates.

The company appointed **Naomi Lowy, M.D.**, former deputy director of the FDA's Division of Anesthesia, Addiction Medicine, and Pain Medicine, as **senior vice president of global regulatory affairs**. Lowy spent **18 years at the FDA** and was signatory authority for analgesic New Drug Applications.

CEO **Nima Farzan** said the company is focused on *executing our development plans*, including the onzotrigine Phase 3 program. With no commercialized products and losses since inception, the funding runway and the 2027 readouts are the central variables for the newly listed shares.

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This is a factual summary of a public filing or press release, not investment advice. Verify all figures against the source before acting on them.