LTGO
LTGOCIK 0002056611
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LTGO prices $345.6M IPO at $18/share; company nets $315.7M for pain drug trials
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LTGO S-1/A Amendment No. 2: No material changes; net proceeds remain $247.2M
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LTGO's S-1/A fills in IPO terms: $247.2M net proceeds, $17 assumed price, cash runway to 2H28
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Latest financial statements
From 10-Q filed Sep 3, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Statements of Operations and Comprehensive Loss (Unaudited)
(in thousands, except per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Operating expenses: | ||||
| Research and development | 21,226 | 22,924 | 38,859 | 41,612 |
| General and administrative | 4,582 | 2,821 | 10,385 | 5,645 |
| Total operating expenses | 25,808 | 25,745 | 49,244 | 47,257 |
| Loss from operations | (25,808) | (25,745) | (49,244) | (47,257) |
| Interest income | (264) | (868) | (738) | (1,385) |
| Interest expense | 251 | — | 251 | — |
| Change in fair value of preferred stock tranche liability | — | 927 | — | 879 |
| Other expense, net | 2 | 31 | 1 | 36 |
| Total other (income) expense, net | (11) | 90 | (486) | (470) |
| Net loss and comprehensive loss | (25,797) | (25,835) | (48,758) | (46,787) |
| Net loss and comprehensive loss per share basic and diluted | (27.59) | (36.52) | (52.88) | (66.13) |
| Weighted-average number of shares used in computing net loss per share basic and diluted | 935 | 707 | 922 | 707 |
Condensed Balance Sheets (Unaudited)
(in thousands, except share and per share amounts)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 55,003 | 69,437 |
| Restricted cash | 194 | 192 |
| Prepaid expenses and other current assets | 4,002 | 4,200 |
| Total current assets | 59,199 | 73,829 |
| Operating lease right-of-use assets | 1,303 | 625 |
| Property and equipment, net | 457 | 446 |
| Other assets | 3,801 | 616 |
| Total assets | 64,760 | 75,516 |
| LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT | ||
| Current liabilities: | ||
| Accounts payable | 3,566 | 5,015 |
| Accrued expenses and other current liabilities | 12,259 | 12,868 |
| Operating lease liabilities, current | 705 | 563 |
| Derivative liability | 5,148 | — |
| Convertible promissory notes | 29,897 | — |
| Total current liabilities | 51,575 | 18,446 |
| Operating lease liabilities, non-current | 648 | 127 |
| Other long-term liabilities | 35 | 35 |
| Total liabilities | 52,258 | 18,608 |
| Commitments and contingencies (Note 6) | ||
| Redeemable convertible preferred stock: $0.0001 par value per share, 264,397,134 shares authorized; 41,155,082 shares issued and outstanding with aggregate liquidation preference of $287,899 at June 30, 2026 and December 31, 2025 | 288,582 | 288,582 |
| Stockholders' deficit: | ||
| Common stock: $0.0001 par value per share, 342,000,000 shares authorized at June 30, 2026 and December 31, 2025, 988,236 shares and 878,521 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | — | — |
| Additional paid-in capital | 15,809 | 11,457 |
| Accumulated deficit | (291,889) | (243,131) |
| Total stockholders' deficit | (276,080) | (231,674) |
| Total liabilities, redeemable convertible preferred stock and stockholders' deficit | 64,760 | 75,516 |
Condensed Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | (48,758) | (46,787) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Non-cash lease expense | 281 | 182 |
| Depreciation | 99 | 133 |
| Stock-based compensation expense | 4,121 | 3,152 |
| Change in fair value of preferred stock tranche liability | — | 879 |
| Amortization of debt discount and issuance costs | 275 | — |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | 198 | (2,160) |
| Other assets | (3,262) | 266 |
| Accounts payable | (1,449) | (1,448) |
| Accrued expenses and other current liabilities | 441 | 3,255 |
| Operating lease liabilities | (296) | (188) |
| Net cash used in operating activities | (48,350) | (42,716) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (110) | (135) |
| Net cash used in investing activities | (110) | (135) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs paid | — | 99,433 |
| Proceeds from issuance of convertible notes | 35,000 | — |
| Proceeds from issuance of common stock upon exercise of stock options | 231 | — |
| Payment of deferred initial public offering costs | (1,282) | — |
| Net cash provided by financing activities | 33,949 | 99,433 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (14,511) | 56,582 |
| Cash, cash equivalents and restricted cash, beginning of period | 69,721 | 17,918 |
| Cash, cash equivalents and restricted cash, end of period | 55,210 | 74,500 |
| Supplemental cash flow information: | ||
| Right-of-use assets obtained in exchange for operating lease liabilities | 959 | 310 |
| Supplemental disclosure for non-cash investing and financing activities: | ||
| Unpaid deferred initial public offering costs included in accounts payable and accrued liabilities | 2,005 | — |
| Unpaid convertible notes issuance costs included in accrued expenses and other current liabilities | 168 | — |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except per share amounts); (in thousands, except share and per share amounts); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗