Third Quarter 2026
Filed Nov 5, 2026Latigo Biotherapeutics Reports Third Quarter 2026 Financial Results and Recent Business Highlights
Latigo reported a lower quarterly net loss and research and development expense than the prior-year period, held $401.2 million of cash and cash equivalents, and said its operating plans are funded into 2029. Its key value drivers remain clinical, with Phase 3 onzotrigine trials and the Phase 2 LTG-321 trial expected to produce topline results in the second half of 2027.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Research and development expenses, three months ended September 30GAAP | $17.50M | – | – |
| General and administrative expenses, three months ended September 30GAAP | $5.43M | – | – |
| Total operating expenses, three months ended September 30GAAP | $22.93M | – | – |
| Loss from operations, three months ended September 30GAAP | −$22.93M | – | – |
| Interest income, three months ended September 30GAAP | −$2.13M | – | – |
| Interest expense, three months ended September 30GAAP | $699K | – | – |
| Change in fair value of preferred stock tranche liability, three months ended September 30GAAP | — | – | – |
| Change in fair value of derivative liability, three months ended September 30GAAP | −$5.15M | – | – |
| Loss on extinguishment of debt, three months ended September 30GAAP | $4.58M | – | – |
| Other expense, net, three months ended September 30GAAP | $14K | – | – |
| Total other (income) expense, net, three months ended September 30GAAP | −$1.98M | – | – |
| Net loss and comprehensive loss, three months ended September 30GAAP | −$20.95M | – | – |
| Net loss and comprehensive loss per share — basic and diluted, three months ended September 30GAAP | $ (0.55 ) | – | – |
| Weighted-average number of shares used in computing net loss per share — basic and diluted, three months ended September 30GAAP | 37,838 | – | – |
| Research and development expenses, nine months ended September 30GAAP | $56.36M | – | – |
| General and administrative expenses, nine months ended September 30GAAP | $15.81M | – | – |
| Total operating expenses, nine months ended September 30GAAP | $72.17M | – | – |
| Loss from operations, nine months ended September 30GAAP | −$72.17M | – | – |
| Interest income, nine months ended September 30GAAP | −$2.86M | – | – |
| Interest expense, nine months ended September 30GAAP | $950K | – | – |
| Change in fair value of preferred stock tranche liability, nine months ended September 30GAAP | — | – | – |
| Change in fair value of derivative liability, nine months ended September 30GAAP | −$5.15M | – | – |
| Loss on extinguishment of debt, nine months ended September 30GAAP | $4.58M | – | – |
| Other expense, net, nine months ended September 30GAAP | $15K | – | – |
| Total other (income) expense, net, nine months ended September 30GAAP | −$2.47M | – | – |
| Net loss and comprehensive loss, nine months ended September 30GAAP | −$69.71M | – | – |
| Net loss and comprehensive loss per share — basic and diluted, nine months ended September 30GAAP | $ (5.22 ) | – | – |
| Weighted-average number of shares used in computing net loss per share — basic and diluted, nine months ended September 30GAAP | 13,363 | – | – |
| Non-cash stock-based compensation expenses, three months ended September 30GAAP | $2.5M | – | – |
| Cash and cash equivalents, September 30, 2026GAAP | $401.2M | – | – |
| Cash and cash equivalents and restricted cash, September 30GAAP | $401.4M | – | – |
| Total assets, September 30GAAP | $408.5M | – | – |
| Total liabilities, September 30GAAP | 14.48M | – | – |
| Total stockholders' equity (deficit), September 30GAAP | 394.0M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Second half of 2027 outlook
- NoteTopline results from the Phase 3 bunionectomy and open-label safety trials of onzotrigine are expected in the second half of 2027.
- NoteTopline results from the Phase 2 clinical trial of LTG-321 are expected in the second half of 2027.
- NoteCash and cash equivalents are expected to be sufficient to fund current operating plans into 2029.
What drove it
- The Company is on track to initiate a randomized, double-blind, placebo- and active-controlled Phase 3 bunionectomy trial and a single-arm, open-label Phase 3 safety trial for onzotrigine.
- The bunionectomy trial is now expected to enroll approximately 480 patients, including approximately 200 randomized to onzotrigine, 80 randomized to oxycodone/acetaminophen, and approximately 200 randomized to placebo.
- The ongoing Phase 2 LTG-321 trial will enroll approximately 120 patients with osteoarthritis of the knee.
- In abdominoplasty exploratory data, 36% of participants treated with onzotrigine achieved greater than 70% pain reduction at 24 hours, compared to 24% treated with the opioid comparator and 13% treated with placebo.
Concerns
- Latigo is a clinical-stage biopharmaceutical company and reported a net loss and comprehensive loss of $ (20,949 ) (in thousands) for the three months ended September 30, 2026.
- The Company stated that it has limited operating history, no history of commercializing products, has incurred substantial losses since inception, and may never achieve or maintain profitability.
- The Phase 3 bunionectomy trial design now includes an oxycodone/acetaminophen comparator arm, and the trial is now expected to enroll approximately 480 patients.
- General and administrative expenses were $ 5,427 (in thousands) for the three months ended September 30, 2026, compared with $ 2,626 (in thousands) for the three months ended September 30, 2025.
What to watch
- Initiation of the Phase 3 bunionectomy trial and single-arm, open-label Phase 3 safety trial of onzotrigine.
- Topline results from the onzotrigine Phase 3 trials in the second half of 2027.
- Topline results from the ongoing LTG-321 Phase 2 trial in the second half of 2027.
- Cash runway into 2029 and research and development spending as the clinical programs advance.
Balance sheet and cash flow
- Cash and cash equivalents were $401.2 million as of September 30, 2026.
- Cash and cash equivalents and restricted cash were $ 401,409 (in thousands) as of September 30, 2026, compared with $ 69,629 (in thousands) as of December 31, 2025.
- Total assets were $ 408,456 (in thousands) as of September 30, 2026, compared with $ 75,516 (in thousands) as of December 31, 2025.
- Total liabilities were 14,482 (in thousands) as of September 30, 2026, compared with 18,608 (in thousands) as of December 31, 2025.
- The Company’s current cash and cash equivalents are expected to be sufficient to fund its current operating plans into 2029.
Analysis
Latigo remains a development-stage company with no revenue reported in the filing. Its quarterly net loss and comprehensive loss was $ (20,949 ) (in thousands), compared with $ (24,796 ) (in thousands) in the prior-year quarter. Research and development expense was $ 17,502 (in thousands), compared with $ 22,097 (in thousands), while general and administrative expense was $ 5,427 (in thousands), compared with $ 2,626 (in thousands). Total operating expenses were $ 22,929 (in thousands), compared with $ 24,723 (in thousands).
For the nine months ended September 30, net loss and comprehensive loss was $ (69,707 ) (in thousands), compared with $ (71,583 ) (in thousands) in the prior-year period. Nine-month research and development expense was $ 56,361 (in thousands), compared with $ 63,709 (in thousands), while general and administrative expense was $ 15,812 (in thousands), compared with $ 8,271 (in thousands). The filing also reported $ (5,148 ) (in thousands) of change in fair value of derivative liability and $ 4,581 (in thousands) of loss on extinguishment of debt for both the quarterly and nine-month periods.
Liquidity is the central financial support for the clinical plan. Cash and cash equivalents were $401.2 million as of September 30, 2026, and the balance sheet reported cash and cash equivalents and restricted cash of $ 401,409 (in thousands). Management expects current cash and cash equivalents to fund current operating plans into 2029. The balance sheet showed total assets of $ 408,456 (in thousands), total liabilities of 14,482 (in thousands), and total stockholders' equity of 393,974 (in thousands) at September 30, 2026.
The main operational development is the planned addition of an oxycodone/acetaminophen comparator arm to the Phase 3 onzotrigine bunionectomy trial. The trial is now expected to enroll approximately 480 patients and is expected to report topline results in the second half of 2027, alongside the open-label Phase 3 safety trial. The ongoing LTG-321 Phase 2 trial is expected to enroll approximately 120 patients and report topline results in the second half of 2027. The filing highlighted abdominoplasty responder data in which 36% of participants treated with onzotrigine achieved greater than 70% pain reduction at 24 hours, compared with 24% for the opioid comparator and 13% for placebo.
Management, verbatim
With the proceeds from our IPO, we are well-positioned to continue to execute across our development plans for onzotrigine and LTG-321.
Todd N. Smith, president and chief executive officer, Latigo
For onzotrigine, the addition of a Percocet arm to our Phase 3 bunionectomy trial is intended to provide further support for onzotrigine as an opioid-free pain management option in a second surgical model, while also providing data against a commonly used opioid comparator distinct from the one evaluated in our abdominoplasty program.
Todd N. Smith, president and chief executive officer, Latigo
We continue to make progress with LTG-321 in our ongoing Phase 2 trial, which we believe has the potential to significantly expand the role of Na V 1.8 inhibition into chronic pain.
Todd N. Smith, president and chief executive officer, Latigo
Not in the filing
stated, not guessed- Revenue was not reported.
- Segment revenue and segment operating metrics were not reported.
- Gross profit and gross margin were not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Capital expenditures were not reported.
- Share repurchases and dividends were not reported.
- Debt balance was not reported.
- Non-GAAP financial measures were not reported.
- Forward revenue, gross margin, operating expense, and tax-rate guidance were not reported.
- Prior-quarter comparisons were not reported for the financial statement metrics.
- Percentage year-over-year changes were not reported for the financial statement metrics.
- Prior outlook was not provided. તેથી no comparison of actual results with prior guidance is available.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.