Earnings

Alto Neuroscience Extends Cash Runway to 2030

The Tip Desk · November 12, 2026 · 3 min read

Cash, cash equivalents and restricted cash reached $319.8 million as of September 30, 2026, after a $100 million July offering.

Alto Neuroscience, Inc. (ANRO), a clinical-stage biopharmaceutical company developing precision medicines for neuropsychiatric disorders, reported cash, cash equivalents and restricted cash of approximately $319.8 million as of September 30, 2026, compared with approximately $177.0 million at year-end 2025. The company said that cash is expected to fund planned operations through 2030.

The increase followed a July 2026 underwritten registered direct offering of 3,776,436 shares at $26.48 a share, for gross proceeds of $100.0 million and net proceeds of about $94.6 million. Proceeds are intended to accelerate and expand ALTO-207 development, including a new Phase 3 monotherapy trial, and for general working capital.

Net loss for the quarter ended September 30, 2026, was $25.1 million, or $0.54 a share, versus a net loss of $14.2 million, or $0.52 a share, a year earlier. Research and development expenses were $18.2 million, compared with $10.5 million for the same period in 2025. The company attributed the increase primarily to costs associated with the ALTO-207 PACE program. General and administrative expenses were $9.1 million, versus $4.4 million a year earlier, which the company said was driven primarily by increased headcount and related personnel costs.

Founder and chief executive officer Amit Etkin said the company continued to advance clinical programs and strengthened its financial position ahead of a milestone-rich 2027. He said PACE-1 remains on track and that the financing has enabled Alto to expand ALTO-207 Phase 3 plans to include both monotherapy and adjunctive trials, aimed at supporting a broader label in treatment-resistant depression.

ALTO-207, a fixed-dose combination of pramipexole and ondansetron, is being developed for TRD, which the company said is estimated to affect approximately 7 million adults in the United States. Enrollment in PACE-1, a Phase 2b adjunctive trial targeting approximately 178 adults, remained on track, with topline data expected in the second half of 2027. PACE-2, a Phase 3 adjunctive trial, remained on track to initiate in early 2027, pending alignment with the FDA on trial design, and is planned to run in parallel with PACE-1.

In July 2026, Alto announced plans to add PACE-3, a Phase 3 monotherapy trial in TRD, which the company said could support a broader label and a larger addressable patient population. Initiation is expected in the second half of 2027, pending FDA alignment. Alto expects its ALTO-207 intellectual property portfolio, including issued patents and pending applications, will provide protection extending into the mid-2040s.

The company recently completed a Phase 1 study of its proprietary modified-release formulation of ALTO-207, the same formulation used in PACE-1 and planned for Phase 3. Together with blinded PACE-1 safety data, those results are expected in late 2026 or early 2027 to inform final dose selection for Phase 3.

Enrollment remained ongoing in Phase 2b trials of ALTO-300 in major depressive disorder and ALTO-100 in bipolar depression. Topline data are expected in the first half of 2027 for ALTO-300 and mid-2027 for ALTO-100.

Weighted-average shares outstanding, basic and diluted, were 46.5 million for the three months ended September 30, 2026. Interest income was $2.6 million in the quarter.

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