Latigo Biotherapeutics Inc. has submitted a registration statement with the U.S. Securities and Exchange Commission seeking to raise as much as $288 million through an initial public offering. The clinical-stage biotech, focused on non-opioid pain medicines and supported by Blue Owl Capital Inc., detailed the proposed terms and recent company metrics in the filing.
The offering contemplates 16 million shares with a proposed price range of $16 to $18 per share. Based on outstanding shares disclosed in the filing, a share price at the top of that range would imply a market capitalization of roughly $1.1 billion.
Latigo outlined clinical progress in the filing, noting that its lead candidate produced approximately 50% greater pain relief than Vicodin in a clinical trial comparing outcomes to a comparable opioid medication. The company plans to launch a Phase 3 study in moderate-to-severe acute pain this year and has set expectations to report those Phase 3 results in the second half of 2027.
Since its founding in 2018, Latigo has raised about $321.5 million in financing. At June 30 the company reported cash and cash equivalents of $54.8 million. For the three months ended March 31, Latigo recorded a net loss of $23.0 million, compared with a net loss of $21.0 million in the same period a year earlier.
Investment banks leading the planned offering are Goldman Sachs Group Inc., Jefferies Financial Group Inc., Leerink Partners and Guggenheim Securities. Latigo expects its shares to trade on the Nasdaq Global Select Market under the ticker symbol LTGO.
The filing provides prospective investors with the companys proposed capital raise, current cash position and near-term clinical timetable. It also discloses historical financing and recent quarterly operating losses, which the company reported in its SEC submission.
As stated in the filing, the company will proceed with its planned Phase 3 program and public listing according to the timelines and financial position disclosed, without additional guarantees about trial outcomes or future financing beyond what is documented in the filing.