Pain drug developer Latigo files for Nasdaq IPO under ticker LTGO

By Jacob Bell Mon, July 20, 2026 at 4:57 AM PDT | 2 min read

This story was originally published on BioPharma Dive. To receive daily news and insights, subscribe to our free daily BioPharma Dive newsletter.

Dive Brief

• Pain drug developer Latigo Biotherapeutics has joined a queue of more than half a dozen other biotechnology startups that announced plans to go public this month.
• Founded in 2018 by venture capital firm Westlake BioPartners, Latigo is developing non-opioid drugs that work by blocking sodium ion channels. Its most advanced candidate, LTG-101, is on track to enter late-stage testing by the end of 2026 for moderate to severe acute pain.
• According to documents filed Friday, Latigo intends to trade on the Nasdaq under the ticker symbol "LTGO." The company has raised approximately $322 million since inception and, as of March 31, had accumulated a deficit of $266 million. Latigo recorded a $109 million net loss in 2025.

Dive Insight

Latigo is the smaller of three companies leading the charge toward pain drugs that act on sodium channels. Pharmaceutical giant Eli Lilly recently entered this research area through a potentially billion-dollar acquisition of SiteOne Therapeutics, which designed an experimental pill now in mid-stage testing for moderate to severe acute pain.

Vertex Pharmaceuticals, meanwhile, already has an approved product in Journavx, which was cleared as an acute pain treatment in early 2025. Though sales have yet to seriously impress Wall Street — totaling nearly $90 million during Journavx's first year on the market — analysts see a massive opportunity should the drug expand into chronic pain. Vertex is working toward that goal, but results so far have been mixed.

While Lilly and Vertex are deeply resourced, Latigo argues there is room for more players — and it is not alone in that view. When Novo Holdings, the controlling stakeholder of Ozempic-maker Novo Nordisk, led a $100 million funding round for SiteOne, its "investment thesis" described this emerging segment of drug development as "perhaps a horse race with two or three competitors, but one in which every horse can win," according to senior partner Ken Harrison.

Latigo in March announced the closing of a $150 million Series B round led by asset manager Blue Owl Capital. Existing investors 5AM Ventures, Foresite Capital, and Alexandria Venture Investments also participated, along with an array of new backers.

"Pain represents one of the largest and most pervasive therapeutic markets in the United States, driving an estimated 250 million prescriptions annually across acute and chronic settings," Latigo said in its initial public offering documents. "[H]owever, a continued reliance on opioids has contributed to a persistent public health crisis with significant societal and economic costs."

Story Continues

Latigo further intensifies a busy month for biotechnology IPOs. Six other companies have disclosed plans to go public, including:

• BlossomHill Therapeutics (cancer drugmaker)
• Braveheart Bio (heart disease specialist)
• Scribe Therapeutics (genetic medicine developer)