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Alto Neuroscience, Inc.

ANRO

Alto Neuroscience, Inc. • NYSE
$13.85 ▲ 2.52% (+0.34)
Market Cap $430.27 M
52w High $16.49
52w Low $1.60
Dividend Yield 0%
P/E -6.02
Volume 253.02K
Outstanding Shares 31.07M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $14.787M ▼ $-14.181M ▲ 0% $-0.52 ▲ $-13.367M ▲
Q2-2025 $0 $18.582M ▲ $-17.706M ▼ 0% $-0.65 ▼ $-16.96M ▼
Q1-2025 $0 $15.676M ▼ $-15.169M ▲ 0% $-0.56 $-14.4M ▲
Q4-2024 $0 $16.827M ▼ $-15.201M ▲ 0% $-0.56 ▲ $-14.698M ▲
Q3-2024 $0 $18.886M $-16.783M 0% $-0.62 $-16.312M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $137.816M ▼ $147.006M ▼ $35.449M ▲ $111.557M ▼
Q2-2025 $147.585M ▼ $157.877M ▼ $34.465M ▲ $123.412M ▼
Q1-2025 $160.754M ▼ $171.915M ▼ $32.819M ▲ $139.096M ▼
Q4-2024 $168.229M ▼ $177.542M ▼ $26.082M ▼ $151.46M ▼
Q3-2024 $181.701M $191.608M $26.556M $165.052M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-14.181M ▲ $-9.918M ▲ $0 $153K ▼ $-9.769M ▲ $-9.918M ▲
Q2-2025 $-17.706M ▼ $-13.779M ▲ $0 ▲ $613K ▼ $-13.169M ▼ $-13.779M ▲
Q1-2025 $-15.169M ▲ $-16.556M ▼ $-24K ▲ $9.127M ▲ $-7.475M ▲ $-16.58M ▼
Q4-2024 $-15.201M ▲ $-13.021M ▼ $-506K ▲ $49K ▼ $-13.472M ▼ $-13.527M ▼
Q3-2024 $-16.783M $-11.726M $-1.005M $1.317M $-11.421M $-12.731M

Five-Year Company Overview

Income Statement

Income Statement Alto Neuroscience is still in the pure research phase, so it is not generating product revenue yet. The income statement is driven almost entirely by research and development and related operating costs. Losses have been consistent and have grown as the company has scaled its clinical programs, which is typical for an early-stage biotech building a pipeline. The trend suggests a deliberate decision to invest more heavily in trials and platform development, with profitability dependent on future drug approvals or partnerships rather than near-term operations.

Balance Sheet

Balance Sheet The balance sheet is dominated by cash, which has increased meaningfully over the last few years, especially around the IPO period. Debt exists but is relatively modest compared with the cash position, limiting financial strain from interest payments. Shareholders’ equity moved from negative to clearly positive, indicating that recent capital raises have strengthened the company’s financial foundation. Overall, Alto looks like a classic clinical-stage biotech: asset-light, cash-heavy, and funded mainly by equity rather than by internally generated profits.

Cash Flow

Cash Flow Cash flow is negative, reflecting ongoing spending on research, clinical trials, and company growth, with no offsetting product sales yet. Operating cash burn has gradually increased as development activities have scaled up, but capital spending on physical assets remains minimal. Free cash flow is essentially the same as operating cash flow, which simplifies the picture: most cash is going directly into R&D and trial execution. Future cash needs will depend on the pace of clinical programs, new studies started, and any additional funding raised to support them.

Competitive Edge

Competitive Edge Alto is positioned at the intersection of neuroscience, digital health, and artificial intelligence, focusing on “precision psychiatry” rather than broad, trial-and-error prescribing. Its competitive edge rests on a proprietary data platform that combines brain activity measures, cognitive testing, wearables, and genetic and biological markers, all interpreted by AI models. This approach could make its trials more efficient and its drugs more targeted than traditional psychiatric treatments, if the data bear out. The company also benefits from growing intellectual property protection and an early-mover role in this niche, but it faces competition from larger pharma and other precision-medicine players, as well as the usual scientific and regulatory risks of CNS drug development.

Innovation and R&D

Innovation and R&D Innovation and R&D are the core of Alto’s story. The company is building a pipeline of drug candidates for depression, PTSD, schizophrenia-related cognitive issues, and other mental health conditions, each linked to specific biomarkers that aim to identify who is most likely to benefit. Its Precision Psychiatry Platform uses AI and rich patient data to guide trial design and patient selection, which could raise the chance of success and shorten development timelines if the approach proves reliable. Regulatory recognition, such as a Fast Track designation for one of its programs and patents that cover both drugs and biomarker-based use, reinforces the strategic emphasis on differentiated, data-driven R&D. The main uncertainty lies in whether clinical results will consistently validate the biomarker-guided strategy across multiple indications.

Summary

Alto Neuroscience is a young, clinical-stage biotech with no commercial revenue yet and a business model built around high upfront R&D spending funded by investors. Financially, it has strengthened its cash position and equity base since inception, but remains loss-making and dependent on external capital until a drug is approved or it secures meaningful partnerships. Strategically, its focus on precision psychiatry, AI-driven biomarker discovery, and a growing clinical pipeline gives it a distinct position in mental health therapeutics, with both notable potential and high development risk. The company’s future will largely hinge on upcoming clinical trial readouts, continued access to funding, and its ability to turn its data and intellectual property advantages into approved therapies and, eventually, sustainable revenue.

NEWS

November 12, 2025 · 7:57 AM UTC

Alto Neuroscience Reports Third Quarter 2025 Financial Results and Recent Business Highlights

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October 28, 2025 · 7:34 AM UTC

Alto Neuroscience to Participate in Upcoming Investor Conferences

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October 20, 2025 · 7:03 AM UTC

Alto Neuroscience Announces $50 Million Private Placement Financing

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October 20, 2025 · 7:01 AM UTC

Alto Neuroscience Announces Plans to Accelerate Development of ALTO-207 in Treatment Resistant Depression Following Successful Outcome from Recent FDA Meeting

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October 8, 2025 · 9:56 AM UTC

Johnson Fistel, PLLP Investigates Claims on Behalf of Alto Neuroscience, Inc. Long-Term Shareholders

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