This is a routine initial ownership disclosure triggered by Latigo's IPO process. The large pre-IPO stake signals strong insider alignment post-IPO. Monitor upcoming IPO pricing and lockup expiration for potential selling pressure.
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Executive Summary
Westlake BioPartners entities filed a Form 3 initial statement of beneficial ownership, disclosing an aggregate pre-IPO stake of approximately 10.7 million shares of Latigo Biotherapeutics common stock (on an as-converted basis) through holdings of convertible preferred stock and a convertible promissory note. This is a routine initial ownership report filed upon becoming a Section 16 reporting person, likely in connection with Latigo's IPO process.
Key Facts
- Filing date: August 6, 2026 (period of report same date).
- Reporting persons: Westlake BioPartners Fund I, L.P., Westlake BioPartners Fund II, L.P., Westlake BioPartners Opportunity Fund I, L.P., and their respective general partners.
- Total as-converted common stock beneficially owned: approximately 10,715,543 shares (sum of direct common + converted preferred + convertible note shares).
- Holdings include 429,553 common shares (Fund I), 46,855 common shares (Fund II), 27,956 common shares (Opportunity Fund), plus convertible preferred shares (Seed, Series A, A-2, B) and a convertible promissory note (matures June 17, 2027).
- All preferred shares automatically convert 1:1 into common stock upon closing of Latigo's initial public offering.
- Beth Seidenberg is the sole managing director of each GP entity and has voting/dispositive power over the reported shares, disclaiming beneficial ownership except for pecuniary interest.
Financial Impact
Westlake entities hold an aggregate pre-IPO economic interest convertible into approximately 10.7 million LTGO common shares (as-converted basis). No dollar value specified in filing.
Risk Factors
- IPO pricing below conversion thresholds could alter economics of convertible note and preferred shares.
- Lockup agreements (if any) not disclosed in this filing; post-lockup selling by large holders could pressure stock.
- Convertible note maturity date of June 17, 2027 creates potential future dilution if converted at IPO price.
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 3 Filing (LTGO) — Batch item 1 | 0001104659-26-092240 |
| Document: 0001104659-26-092240-index.html | 0001104659-26-092240 |
| Document: 0001104659-26-092240.txt | 0001104659-26-092240 |
| 3 Filing (LTGO) — Batch item 4 | 0001104659-26-092240 |
| Document: 0001104659-26-092240-index.html | 0001104659-26-092240 |
| Document: 0001104659-26-092240.txt | 0001104659-26-092240 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 3, 2026 7w ago | Press Release | $23.04 $23.73 | ▲ +2.99% | ▲ +3.54% | $15.42 (−33.07%) |
Aug 12, 2026 10w ago | 3 | $19.38 $20.06 | ▲ +3.54% | ▲ +2.84% | $15.42 (−20.41%) |
Aug 10, 2026 11w ago | Insider Cluster | $18.52 $19.38 | ▲ +4.62% | ▲ +4.37% | $15.42 (−16.74%) |
Aug 10, 2026 11w ago | Insider Cluster | $18.52 $19.38 | ▲ +4.62% | ▲ +4.37% | $15.42 (−16.74%) |
Aug 10, 2026 11w ago | Insider Cluster | $18.52 $19.38 | ▲ +4.62% | ▲ +4.37% | $15.42 (−16.74%) |
Aug 10, 2026 11w ago | Insider Cluster | $18.52 $19.38 | ▲ +4.62% | ▲ +4.37% | $15.42 (−16.74%) |
Aug 10, 2026 11w ago | 8-K | $18.52 $19.38 | ▲ +4.62% | ▲ +4.37% | $15.42 (−16.74%) |
Aug 7, 2026 11w ago | EFFECT | $18.25 $18.56 | ▲ +1.70% | ▲ +1.73% | $15.42 (−15.51%) |
Aug 6, 2026 11w ago | 3 | $18.25 $18.56 | ▲ +1.70% | ▲ +1.73% | $15.42 (−15.51%) |
Aug 6, 2026 11w ago | 3 | $18.25 $18.56 | ▲ +1.70% | ▲ +1.73% | $15.42 (−15.51%) |
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