Latigo laces up for $247M IPO to fund non-opioid pain drug rival to Vertex’s Journavx

Biotech Latigo laces up for $247M IPO to fund non-opioid pain drug rival to Vertex’s Journavx By James Waldron Aug 4, 2026 7:55am Latigo Biotherapeutics IPO biotech IPO pain drugs Latigo Biotherapeutics has fleshed out its plans for an IPO to finance the development of its clinical-stage pipeline of non-opioid pain management drugs. Having already set out last month an ambition to go public, Latigo has now disclosed that it is hoping to offer 16 million shares priced between $16 and $18 apiece, according to a Securities and Exchange Commission filing. Assuming the final price falls in the middle of this range, the Thousand Oaks, California-based biotech expects to bring in $247.2 million in net proceeds—rising to $285.2 million if underwriters take up their option of buying an additional 2.4 million shares at the same price.

The company has earmarked $124.7 million to take LTG-001 through a phase 3 study for patients undergoing bunion surgery on their toe, as well as ensure “commercial readiness” for the oral small-molecule Nav1.8 inhibitor. Latigo has previously set out how it is planning another late-stage study enrolling a broader population of patients “across a variety of post-surgical and non-surgical settings.” Those studies are expected to kick off in the second half of this year, with topline readouts penciled in for the second half of 2027. As well as those trials evaluating a twice-daily oral dose of LTG-001, Latigo said it is also developing an intravenous formulation that 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’ Journavx, 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 Journavx was a “breakthrough in pain management,” the biotech claimed that Vertex’s drug is “limited by efficacy, slow onset and contraindications.” A further $46.2 million of the IPO proceeds will be used to fund another Nav1.8 inhibitor dubbed LTG-321 through an ongoing phase 2 study for osteoarthritis and into phase 3. Latigo is betting that LTG-321’s differentiated profile from 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. A slice of whatever’s left of the IPO cash will likely be used to develop a third Nav1.8 inhibitor called LTG-418.

Latigo has previously suggested that the preclinical asset could again be delivered at lower doses, potentially offering the opportunity for gels, patches, eye drops, inhalers and injectables. 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.

Related BlossomHill eyes $112M IPO harvest to bankroll potential Tagrisso challenger 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 in a queue with the likes of BlossomHill, Braveheart Bio, Attovia Therapeutics and Vogenx, who have all lined up their own imminent listings to take advantage of the improved environment for biotech IPOs this year. Latigo Biotherapeutics IPO biotech IPO pain drugs Biotech