Latigo Biotherapeutics, Inc. Common Stock

Latigo Biotherapeutics priced its IPO at $18 per share and opened at $21, raising nearly $350 million from an oversubscribed offering. The clinical-stage developer's lead asset LTG-001 delivered 50% greater pain relief than hydrocodone in a 343-patient trial, positioning it for a potential first-ever opioid-free label claim. Phase 3 trials are set to launch in 2026 with readouts expected in 2027, testing whether Latigo's Nav1.8 pipeline can replicate Vertex's suzetrigine success. The company reported cash and equivalents of $69.4 million as of December 31, 2025, against net losses of $109.2 million in 2025, and its auditor flagged substantial doubt about its ability to continue as a going concern.