When LTGO insiders can sell
Latigo Biotherapeutics, Inc. · IPO prospectus filed 2026-08-07 · Single cliff · 180-day lock-up
That is the calendar date the clause computes to, counted from the prospectus date. It is the only date computable without knowing a future earnings date, which is why everything that could pull it earlier is printed below it on this page rather than folded into it.
How much stock, against how much trades
"Absorb days" is the shares coming free divided by average daily volume: how many full sessions of LTGO's entire turnover the release amounts to. It is a ratio, not a forecast — it does not know who wants to sell, and a founder with no intention of selling counts the same as a fund that has been waiting six months.
Exactly 44,038,030 shares, against 228,375 shares a day averaged over 20 sessions. Volume source: yahoo-finance2 daily bars (symbol not in our price table), through 2026-11-06. Dollar volume $2.9M a day. Heaviest third of the cohort.
Our call: Pressure
LTGO sits in the heaviest third of a cohort of 47 deals — lightest third at or below 54.1 sessions, heaviest at or above 109 sessions. The call is cohort-relative, not a fixed threshold, so the same absorb-day figure could read differently against a different month's IPOs. Expected excess return against SPY: negative.
The lock-up clause, in the issuer's words
Every other free lock-up calendar tells you 180 days and moves on. This is the actual sentence the date above was computed from, so that if the words do not support the number, the number is wrong and the filing is one click away.
…, or exchangeable for our common stock have entered into market standoff agreements with us and have entered or will enter into lock-up agreements under which we have agreed or will agree, subject to specific exceptions described in the section titled "Underwriting," not to offer, sell, or transfer such securities for 180 days following the date of this prospectus. We refer to such period as the lock-up period. Goldman Sachs & Co. LLC, Jefferies LLC and Leerink Partners LLC may, in their sole discretion and at any time or from time to time before the termination of the lock-up period release all or any portion of the securities subject to lock-up agreements. Moreover, after this offering, holders of an aggregate of 43,112,837 shares of our common stock will have rights, subject to specified conditions, to require us to file registration statements covering their share…
Where the share count comes from
44,038,030 shares — derived: shares outstanding after the offering, less the shares sold in it. A count the prospectus prints and a count derived from two of its other numbers are not the same quality of claim, so which one this is gets said rather than implied.
| Shares outstanding after the offering | 63,238,030 |
| Shares sold in the offering | 19,200,000 |
| Locked up, coming free at expiry | 44,038,030 |
Common stock to be outstanding immediately after this offering 63,238,030 shares (or 66,118,030 shares if the underwriters exercise their option to purchase additional shares in full). Use of proceeds We estimate that the net proceeds to us from the sale of our common stock in this offering will be approximately $315.7 million (or approximately $363.9 million if the underwriters exercise their option to purchase additional shares in full), based on the initial public offering price of $18.00 per share, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us.
Exceptions written into the lock-up (5)
Each of these is a route by which LTGO shares can move before 2027-02-03. The 10b5-1 carve-out is the one worth reading twice: it lets insiders put a selling plan in place during the lock-up, so the first sales can be automatic and immediate rather than discretionary and later.
- 10b5-1 plan
- bona fide gift or charitable transfer
- estate planning or family transfer
- directed share program participants
- option exercise or RSU settlement
Rule 10b5-1 Sales Plans Our directors and executive officers may adopt written plans, known as Rule 10b5-1 plans, in which they will contract with a broker to buy or sell shares of our common stock on a periodic basis. Under a Rule 10b5-1 plan, a broker executes trades pursuant to parameters established by the director or executive officer when entering into the plan, without further direction from them. The director or executive officer may amend a Rule 10b5-1 plan in some circumstances and may terminate a Rule 10b5-1 plan at any time.
…ally all of our capital stock and securities convertible into or 240 Table of Contents exchangeable for our common stock with respect to the transfer, distribution or disposition of Lock-Up Securities (i) as one or more bona fide gifts or charitable contributions, or for bona fide estate planning purposes, (ii) upon death by will, testamentary document or intestate succession, (iii) if the lock-up party is a natural person, to any member of the lock-up party's immediate family or to any trust for the direct or indirect benefit of such lock-up party or the immediate family of such lock-up party or, if such lock-up party is a trust, t…
…iatrists and chiropractors), certain non-physician practitioners (such as physician assistants and nurse practitioners), and teaching hospitals, as well as ownership and investment interests held by physicians and their immediate family members; federal consumer protection and unfair competition laws, which broadly regulate marketplace activities and activities that potentially harm consumers; and analogous state and foreign laws and regulations, such as state anti-kickback and false claims laws, which may apply to claims involving healthcare items or services reimbursed by non-governmental third-party payors, including private insu…
See the section titled "Underwriting—Directed Share Program" for additional information. The underwriters expect to deliver the shares against payment in New York, New York on August 10, 2026. Goldman Sachs & Co. LLC Jefferies Leerink Partners Guggenheim Securities Prospectus dated August 6, 2026 Table of Contents TABLE OF CONTENTS Page Prospectus Summary 1 Risk Factors 17 Special Note Regarding Forward-Looking Statements 100 Market, Industry and Other…
…ing effect to the Preferred Stock Conversion and Convertible Notes Conversion (each as defined below) in connection with the closing of this offering, and excludes: 9,852,834 shares of our common stock issuable upon the exercise of stock options outstanding under the 2019 Stock Plan (the 2019 Plan) as of March 31, 2026, with a weighted-average exercise price of $3.51 per share; 240,107 shares of our common stock issuable upon the exercise of stock options outstanding under the 2019 Plan subsequent to March 31, 2026, with a weighted-average exercise price of $8.16 per share; 533,013 shares of our common stock issuable upon the exerci…
How this reading of LTGO could be wrong
The lock-up period is restated 2 times in this prospectus. Issuers repeat the clause on the cover, in the summary, in the risk factors and in the underwriting section, and the wording is not always identical. The parser resolved them to one period; if a reader finds a restatement that disagrees, the quote above is the one it used.
The volume is a vendor's, not ours. LTGO is not in our own price table, so average daily volume comes from yahoo-finance2 daily bars (symbol not in our price table). Vendor bars for recently listed symbols are the ones most likely to be wrong.
Only 20 sessions of volume history. This is a recent IPO, and early volume is dominated by the offering itself. An average over 20 sessions of a stock that has barely traded is the weakest input on the page, and absorb days inherits every bit of that weakness.
The parser can misread a filing. That is why every number here is printed next to the words it came from. Earlier versions of this parser read the underwriters' 30-day over-allotment window as a 30-day lock-up on five deals, and double-counted one issuer's share total because the offering summary appears on both the cover and in the summary section.
Also unlocking in 2027-02 (4)
Lock-ups cluster, because IPOs cluster: these priced in the same window as LTGO and come free in the same month. Several heavy releases landing together is a different situation from one.
| Deal | Expiry | Shares free | Absorb days |
|---|---|---|---|
| ATTO Attovia Therapeutics, Inc. | 2027-02-01 | 26.0M | 76.2 sessions |
| BRVE Braveheart Bio, Inc. | 2027-02-02 | 51.9M | 139 sessions |
| BLSM BlossomHill Therapeutics, Inc. | 2027-02-03 | 21.3M | 137 sessions |
| VOGX Vogenx, Inc. | 2027-02-08 | 7.7M | 81.5 sessions |
Learn to read these clauses yourself
The flow arithmetic on this page — shares unlocking divided by average daily volume, and why the clause has to be read rather than assumed — taught step by step, free.
Radar built 2026-11-07 from EDGAR full-text search over 424B4 filings · all 80 parsed lock-ups and the scoreboard · LTGO's prospectus on EDGAR · what funds carried these companies at before listing