Carbon dioxide (CO 2 ) hypersensitivity is hypothesized to be a robust endophenotypic marker of panic spectrum vulnerability. The goal of the current study was to explore the latent class trajectories of three primary response systems theoretically associated with CO 2 hypersensitivity: subjective anxiety, panic symptoms, and respiratory rate (fR).Participants (n = 376; 56% female) underwent a maintained 7.5% CO 2 breathing task that included three phases: baseline, CO 2 air breathing, and recovery. Growth mixture modeling was used to compare response classes (1…n) to identify the best-fit model for each marker. Panic correlates also were examined to determine class differences in panic vulnerability.For subjective anxiety ratings, a three-class model was selected, with individuals in one class reporting an acute increase in anxiety during 7.5% CO 2 breathing and a return to pre-CO 2 levels during recovery. A second, smaller latent class was distinguished by elevated anxiety across all three phases. The third class reported low anxiety reported during room air, a mild increase in anxiety during 7.5% CO 2 breathing, and a return to baseline during recovery. Latent class trajectories for fR yielded one class whereas panic symptom response yielded two classes.This study examined CO 2 hypersensitivity in one of the largest samples to date, but did not ascertain a general population sample thereby limiting generalizability. Moreover, a true resting baseline measure of fR was not measured.Two classes potentially representing different risk pathways were observed. Implications of results will be discussed in the context of panic risk research.