Alto Neuroscience (ANRO) Q1 2026 earnings summary

Executive summary

• Clinical-stage biopharma focused on neurobiology-driven, personalized psychiatry treatments, with seven clinical-stage assets targeting major depressive disorder, bipolar depression, treatment-resistant depression, schizophrenia, and Parkinson's disease.

• Initiated pivotal Phase 2b trial for ALTO-207 in TRD, with rapid site initiations and patient recruitment, and planning for Phase 3 underway.

• Advanced ALTO-101 with new analyses supporting significant effects on EEG markers of cognition and attention, despite not meeting the primary endpoint.

• Net loss for Q1 2026 was $26.2 million, up from $15.2 million in Q1 2025, reflecting increased R&D and G&A expenses.

• Cash, cash equivalents, and restricted cash totaled $264.3 million as of March 31, 2026, bolstered by recent private placements and PIPE financing.

Financial highlights

• Q1 2026 research and development expenses rose to $20.3 million from $10.0 million in Q1 2025, driven by ALTO-101 and ALTO-207 program costs and higher personnel expenses.

• General and administrative expenses increased to $6.8 million from $5.7 million year-over-year, mainly due to higher professional fees.

• Net loss per share was $(0.80) in Q1 2026 versus $(0.56) in Q1 2025.

• Net cash used in operating activities was $27.1 million in Q1 2026, up from $16.6 million in Q1 2025.

• Cash, cash equivalents, and restricted cash totaled $264.2 million as of March 31, 2026, up from $177.0 million at December 31, 2025, reflecting PIPE proceeds.

Outlook and guidance

• Cash runway expected to support operations for at least the next 12 months and potentially through 2029, including planned Phase 3 trial and potential NDA submission for ALTO-207.

• Topline data for ALTO-300 Phase 2b MDD trial expected in 1H 2027; ALTO-100 Phase 2b BPD trial in mid-2027; ALTO-207 Phase 2b TRD trial in 2H 2027.

• Phase 3 trial for ALTO-207 in TRD planned for early 2027.

• Continued operating losses and negative cash flows are anticipated as clinical programs advance.

• Substantial additional capital will be required for future development, regulatory, and commercialization activities.