Latigo Biotherapeutics filed for an IPO aiming to raise $247.2 million in net proceeds to develop a clinical-stage non-opioid pain portfolio built around Nav1.8 inhibition. The company plans to advance LTG-001 through a phase 3 study for bunion surgery and to pursue commercial readiness for an oral small-molecule Nav1.8 inhibitor. Proceeds also support LTG-321, another Nav1.8 inhibitor in phase 2 for osteoarthritis, as well as additional pipeline work including LTG-418. Latigo positions its approach as differentiated from Vertex’s Journavx (suzetrigine), citing issues such as efficacy, onset speed, and contraindications. The filing includes plans for both oral dosing and an intravenous formulation for hospital settings, with topline readouts expected in the second half of 2027 for ongoing late-stage studies. The IPO structure underscores the market’s appetite for differentiated pain mechanisms beyond opioids.