Latigo Biotherapeutics is looking to raise up to $285.2 million for a non-opioid analgesic, while BlossomHill Therapeutics is eyeing up to $129.1 million in proceeds for its oncology pipeline.
Latigo Biotherapeutics and BlossomHill Therapeutics have provided more color for their respective initial public offerings as the companies look to join a Nasdaq newcomer class that’s shaping up to be the largest in years.
Latigo is putting 16 million shares of common stock up for sale for $16 to $18 apiece. Underwriters will additionally have the option to snap up 2.4 million more shares at the same price. All told, Latigo expects net proceeds of around $247.2 million, with the potential to reach $285.2 million if the underwriter option is fully exercised, according to an updated prospectus filed Monday.
The biotech will put some $124.7 million of the IPO raise toward lead asset LTG-001, an oral non-opioid pain medication, supporting the candidate’s advancement through Phase 3 development. The money will also help Latigo prepare for an FDA submission and commercial launch.
Meanwhile, BlossomHill is offering 7.8 million shares of common stock at $15 to $17 a pop. An additional 1.17 million shares at the same price are available for underwriters. The company estimates net proceeds of around $111.7 million, or $129.1 million if underwriters choose to exercise their option completely, according to the updated securities document.
The bulk of BlossomHill’s IPO raise—around $70 million—will power lead asset BH-30643 through its current Phase 1/2 global study in EGFR-mutated non-small cell lung cancer. The money will also help the biotech fund a Phase 1 study for another asset in acute myeloid leukemia and high-risk myelodysplastic syndrome.
Just in the first half of this year, 18 biotechs have already gone public, more than doubling last year’s total of eight. Once Latigo and BlossomHill join their ranks, the 2026 IPO class will be the largest since 2021, when the pandemic-powered influx of investments pushed more than 100 companies to go public.
Other companies tat have recently debuted on the Nasdaq include Scribe Therapeutics, Apnimed, Braveheart Bio, Attovia Therapeutics and Vogenx.
Original article published July 20.
2026 IPO class blooms again as BlossomHill, Latigo set sights on Nasdaq
Two more biotechs have joined the ranks of young drugmakers looking to battle it out on the public markets, with BlossomHill Therapeutics and Latigo Biotherapeutics separately revealing plans for initial public offerings late last week.
On Friday, both California companies filed their respective applications to appear on the Nasdaq Global Select Market. Neither have indicated how much money they expect to raise or when they expect to close their offerings. Once complete, however, BlossomHill will trade as BLSM while Latigo, a member of BioSpace’s NextGen Class of 2025, will have the ticker LTGO.
Eighteen biotechs have already gone public in the first half of 2026, more than double last year’s total of eight. If two new IPOs materialize, the 2026 class would become the biggest since the pandemic-driven surge of 2021, when more than 100 biotechs entered the public markets.
Three other companies also filed IPO plans last week: Braveheart Bio, Attovia Therapeutics and Vogenx. None have yet closed their offerings.
Latigo plans on using the IPO proceeds to chase Vertex Pharmaceuticals in the non-opioid pain space after the January 2025 approval of Journavx. Latigo’s lead asset LTG-001 is an orally available NaV1.8 blocker proposed to ease moderate to severe acute pain. The California biotech wants to usher LTG-001 through a Phase 3 study in patients undergoing a bunionectomy—a surgical procedure to correct a deformity of the big toe—and toward a new drug application submission, according to its prospectus.
Latigo will also put its IPO money toward LTG-321, a next-generation NaV1.8 inhibitor, which the company hopes to push through a Phase 2 osteoarthritis pain study and into late-stage development. Owing to structural differences, LTG-321 could enable lower doses than LTG-001, which the company says is important in cases of chronic use.
BlossomHill, on the other hand, is playing in the much more crowded cancer field. The biotech has two clinical-stage candidates: the EGFR inhibitor BH-30643 and the CLK blocker BH-30236. The former, designed to specifically target mutated forms of EGFR, is being proposed for non-small cell lung cancer, while the latter is under evaluation for relapsed or refractory acute myeloid leukemia.
The cancer company said it would use the IPO money to complete an ongoing Phase 1/2 study and initiate a Phase 2 trial for BH-30643, as well as continue the Phase 1 development of BH-30236, as per its prospectus.
