Latigo Biotherapeutics is preparing to go public in order to bankroll the development of its clinical-stage pipeline of non-opioid pain management drugs.
The Thousand Oaks, California-based biotech has yet to set out how many shares it plans to offer—or at what price—but listed its oral small-molecule Nav1.8 inhibitor LTG-001 at the top of its spending priorities.
The plan is to use some of the IPO cash to take LTG-001 through a phase 3 study for patients undergoing bunion surgery on their toe, as well as another late-stage study enrolling a broader population of patients “across a variety of post-surgical and non-surgical settings,” according to Latigo’s July 17 Securities and Exchange Commission filing.
Those studies are expected to kick off in the second half of this year, with topline readouts pencilled in for the second half of 2027. As well as those trials evaluating an twice-daily oral dose of LTG-001, Latigo said it is also developing an intravenous formulation that it hopes could be used in “hospital settings and enable transition from inpatient postoperative care to outpatient pain management.”
Latigo is hoping that LTG-001 can follow in the slipstream of Vertex Pharmaceuticals’ Journax, also known as suzetrigine, which last year became the first Nav1.8 inhibitor to secure FDA approval. While Latigo acknowledged in its filing that the regulatory nod for Journax was a “breakthrough in pain management,” the biotech claimed that Vertex’s drug is “limited by efficacy, slow onset and contraindications.”
Behind LTG-001 is another Nav1.8 inhibitor dubbed LTG-321, which is currently undergoing a phase 2 study for osteoarthritis. Latigo is betting that LTG-321’s differentiated profile to LTG-001 means the potential musculoskeletal pain drug can be administered at a lower—and once-daily—dose, which could open up more possibilities for use in chronic-use settings.
The biotech also namechecked a third Nav1.8 inhibitor called LTG-418 as another potential recipient of the IPO proceeds. The preclinical asset could again be delivered at lower doses, potentially offering the opportunity for gels, patches, eye drops, inhalers and injectables, the company suggested.
Latigo hasn’t had problems enthusing investors about its pipeline. The company appeared on the scene in 2024 armed with a $135 million series A, and went on to secure a similarly impressive $150 million series B the following year.
The biotech was founded and incubated by Westlake Village BioPartners, with the foundational science behind LTG-001 originating at the Lieber Institute for Brain Development in Baltimore. Westlake helped staff up the biotech by reaching out to Amgen employees who left as part of the pharma’s neuroscience divestment in late 2019.
Latigo is now headed up by CEO Nima Farzan, who previously served as CEO of precision oncology company Kinnate Biopharma up to its acquisition by Xoma. Farzan currently oversees a Latigo workforce of 59 full-time employees, and a bank balance of $54.8 million as of the end of June.
Latigo is just the latest in a growing number of biotechs queuing up to list on the Nasdaq, alongside the likes of Braveheart Bio, BlossomHill Therapeutics and Scribe Therapeutics. The warm market reception to biotech IPOs this year has already resulted in record-breaking listings from Kailera Therapeutics and Parabilis Medicines.