Alto Neuroscience, Inc.
14.04+0.42 (+3.08%)
Oct 29, 4:00:02 PM EDT · NYSE · ANRO · USD
Key Stats
Market Cap
433.96MP/E (TTM)
-Basic EPS (TTM)
-2.39Dividend Yield
0%Recent Filings
8-K
Alto raises $50M for depression drug
Alto Neuroscience secured $50 million in a private placement on October 19, 2025, issuing 3.8 million common shares at $5.914 each and pre-funded warrants for 4.6 million more shares, led by Perceptive Advisors. This influx, timed after a positive FDA meeting, accelerates ALTO-207's development for treatment-resistant depression, targeting a Phase 2b trial by mid-2026 and Phase 3 by early 2027. Cash now lasts into 2028. Yet dilution looms for shareholders.
8-K
Pipeline expansion and board addition
Alto Neuroscience bolstered its precision psychiatry pipeline by acquiring ALTO-207, a dopamine agonist combo for treatment-resistant depression, backed by Phase 2a data showing significant MADRS score improvements (Cohen's d=1.1) and PAX-D study results. The company appointed Raymond Sanchez, M.D., a life sciences veteran, to its board on August 12, 2025, expanding expertise amid ongoing trials for ALTO-101 in schizophrenia and ALTO-300 in MDD. Cash stands at $148.1 million, funding operations into 2028; yet net loss widened to $17.7 million for Q2 2025. Board refresh sharpens strategic focus.
10-Q
Q2 FY2025 results
Alto Neuroscience posted a Q2 net loss of $17.7M, up 10.5% y/y from $16.0M, driven by steady R&D spend of $13.1M amid ALTO-100's MDD trial wrap and ALTO-300's enrollment pace, while G&A climbed 7.7% to $5.6M on personnel costs. YTD through June 30, 2025, net loss widened to $32.9M from $29.4M y/y, with operating cash burn at $30.3M versus $22.7M last year, reflecting milestone timing and headcount growth. Cash dipped to $147.6M from $168.2M year-end, bolstered by a $20M term loan draw (maturing 2029 at ~13% effective rate) and $2M Wellcome grant, yielding free cash flow of -$30.4M YTD (derived). In May, Alto closed the Chase acquisition for $3M upfront (cash mix), adding ALTO-207 and ALTO-208 with $71.5M contingent milestones tied to TRD and PD progress. Pipeline advances steadily. Yet securities litigation shadows investor confidence.
8-K
Option repricing for retention
Alto Neuroscience repriced underwater stock options for 4,225,763 shares held by employees and consultants, slashing exercise prices to $2.35—the NYSE close on July 3, 2025—to stem talent flight without fresh dilution. This targets key execs like CEO Amit Etkin (719,910 shares) and CFO Nicholas Smith (506,124 shares), but demands a 12-month retention stint or qualifying exit to snag the discount. Retention locks in focus amid slumping stock values.
8-K
Positive ALTO-203 trial results
Alto Neuroscience announced positive pharmacodynamic results from its exploratory Phase 2 proof-of-concept trial of ALTO-203, a non-stimulant for major depressive disorder patients with elevated anhedonia, on June 26, 2025. The trial identified an EEG theta/beta ratio biomarker that predicted attentional benefits, replicating Phase 1 findings with significant improvements in sustained attention and wakefulness at both 25µg and 75µg doses versus placebo. ALTO-203 proved well-tolerated, though insomnia emerged as the top side effect. Biomarker guides patient selection.
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