Latigo Biotherapeutics Inc. has taken the first step toward a U.S. stock listing, with a proposed share sale that could bring in up to $288 million. Based on the share count in Monday's SEC filing, the top of the proposed price range would put Latigo's valuation near $1.1 billion.
Latigo joins a growing group of drugmakers planning US listings this quarter. After a long stretch of few biotech IPOs, the funding climate has improved and numerous drug developers have filed registration statements. Bloomberg tallies $5.4 billion raised by biotech and pharma firms in US listings so far this year, against $969.2 million in the comparable 2025 period.
In its regulatory filing, Latigo said, "An effective non-opioid acute-pain medicine could address a major clinical need and reduce reliance on scheduled drugs."
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A non-opioid analgesic could offer benefits beyond pain relief. As the US continues to focus on reducing opioid misuse, an acute-pain drug that avoids scheduled substances could be a safer option for patients and clinicians. Latigo's work supports broader efforts to limit opioid prescriptions for short-term pain, a point the company stresses in its SEC filing.
Latigo was founded in 2018 and has raised roughly $321.5 million to date. As of June 30, the company had $54.8 million in cash and cash equivalents, according to the filing. Blue Owl led a $150 million Series B round that closed in March of last year; Foresite Capital, Westlake BioPartners, and 5AM Ventures are also investors. In the three months ended March 31, Latigo reported a net loss of $23 million, up from a $21 million loss a year earlier.
That cash position, alongside a $23 million quarterly loss, underscores how much capital clinical-stage drug development requires.
Latigo is still in the clinical stage and has no marketed drugs, so the IPO proceeds could help fund the late-stage testing needed before the company can seek approval. Its current cash balance and quarterly loss also explain why the proposed $288 million offering matters to the company's plans.
Investor demand for biotech shares has strengthened, and Latigo's filing follows that trend. Several other drugmakers have also registered for US listings recently to take advantage of the improved window. The busy calendar is a sharp turnaround after a prolonged slump in biotech IPOs.
Latigo's move reflects how much capital drug development requires before products can reach the market.
The trial used Vicodin, an opioid, as the comparator, underscoring Latigo's focus on non-opioid options for acute-pain treatment.
Guggenheim Securities, Leerink Partners, Jefferies Financial Group Inc., and Goldman Sachs Group Inc. are managing the offering. Latigo plans to list its shares on Nasdaq's Global Select Market under the ticker LTGO.
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