LATIGO Posts First Results Since $397M IPO, Phase 3 Set for Late 2026

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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