Latigo Biotherapeutics raised $346 million in an initial public offering to advance a pipeline of non-opioid painkillers — a hot area as the industry seeks alternatives to addictive opioids.
The company priced 19.2 million shares at $18 — the top of its range — on August 9, 2026, and trades on the Nasdaq under the ticker LTGO. Its lead drug, LTG-001, is a selective inhibitor of Nav1.8, a sodium channel in peripheral nerves that carries pain signals; it is designed to relieve pain without acting on the brain the way opioids do. In earlier Phase 2b testing, LTG-001 delivered meaningful pain relief in 52 minutes, versus 83 minutes for an opioid comparator, and the company aims to outperform Vertex’s Journavx, the first drug in the class, approved in 2025.
The rest of the pipeline
Latigo is also developing LTG-321, a next-generation Nav1.8 inhibitor in Phase 2 for osteoarthritis (data expected in the second half of 2027), and an earlier program, LTG-418. The company budgeted about $124.7 million to take LTG-001 through a Phase 3 readout, with cash runway into the second quarter of 2028.
A busy IPO window
Latigo wasn’t alone: cancer-drug developer BlossomHill Therapeutics debuted the same stretch, raising $150 million. The back-to-back offerings underscore renewed investor appetite for biotech — and, for Latigo, real money to test whether a non-opioid can carve share in pain treatment.