Latigo Biotherapeutics priced an IPO that raised about $345.6 million to advance a non-opioid pain pipeline focused on the Nav1.8 ion-channel pathway. The company increased share count and priced at the top end of its range, adding resources for clinical and preclinical execution around its lead pain candidates. The offering reflects continued investor appetite for mechanism-based pain approaches that aim to avoid the addiction and safety limitations associated with opioids. Nav1.8 remains a high-interest target because it is implicated in pain signaling, and ion-channel modulation is viewed as a tractable pharmacology route. Latigo’s debut adds to a broader upsized biotech IPO environment in 2026, with capital formation increasingly targeted toward late discovery-to-clinic transitions rather than purely platform stories.