ANRO Stock — Alto Neuroscience Inc.: Cash, EV, Pipeline

What they do

We are a clinical-stage biopharmaceutical company with a mission to redefine psychiatry by leveraging neurobiology to develop personalized and highly effective treatment options. Through insig hts derived from our scalable and proprietary Precision Psychiatry Platform, or our Platform, we aim to discover brain-based biomarkers to better identify which patients are more likely to respond to our novel product candidates.

Source: 10-K FY2025 via SEC EDGAR

Share price

$25.16

Market cap

$987.3M

Cash

$337.6M

Enterprise value

$662.1M

Balance sheet

Cash	$337.6M
Debt	$12.4M
Net cash	$325.2M
Enterprise value	$662.1M
Basic shares	39.2M shares
Fully diluted shares	55.4M shares
Fully diluted market cap	$1,394.3M
Cash per share	$8.60
Quarterly burn	$19.8M
Cash runway	17.1 quarters

Cash figures as of 2026-07-14. Database snapshot: 2026-11-07.

Share structure

Common

39.2M

Pre-funded warrants

7.7M

Options

7.2M

RSUs

0.0M

Warrants

0.2M

Converts

0.8M

Conv preferred

0.0M

ESPP reserve

0.2M

FDSO

55.4M

Cap table as of 2026-06-30.

Price history

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Next catalyst

ALTO-300 · Jan 12 - Feb 23 in 9 wks · Phase 2 · Major Depressive Disorder

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Jan 12 - Feb 23 in 9 wks	ALTO-300	Phase 2	Major Depressive Disorder	1H 2027 Est. Apr 1, 2027 · half midpoint
GUIDEDEst. Jul 16, 2027 in 7 mo guidance midpoint	ALTO-100 Phase 2b in bipolar depression	Phase 2b	bipolar depression	mid-2027
Dec 13, 2027 - Jan 24, 2028 in 13 mo	ALTO-207	Phase 2	Treatment-resistant Depression (TRD)	2H 2027 Est. Sep 30, 2027 · half midpoint

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

ALTO-100

Phase 2 · Active

Partnerships Wellcome (convertible funding of up to ~$11.7M, solely for this program)

Indications

bipolar depression (Stage not disclosed)

Status note Phase 2b. Filing states seven clinical-stage assets; excerpt details only this one.

ALTO-207

Phase 2 · Active

Target dopamine D3/D2; 5-HT3

Indications

not disclosed (Stage not disclosed)

Status note Phase 2b initiated May 2026. Acquired from Chase.

ALTO-208

Stage not disclosed · Active

Target dopamine D3/D2; NK-1

Indications

not disclosed (Stage not disclosed)

Status note Acquired from Chase with ALTO-207; stage and indication not disclosed in excerpt. Aggregate Chase milestones up to $71.5M.

Per-asset detail extracted from the 10-Q filed 2026-08-12. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	ALTO-101
Lead indication	Schizophrenia
Lead phase	Phase 2
Active trials	4

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT05922878	Phase 2	Recruiting	Sponsor	Alto Neuroscience	—	Major Depressive Disorder	1H 2027 Est. Apr 1, 2027 · half midpoint
NCT07553637	Phase 2	Recruiting	Sponsor	Alto Neuroscience	—	Treatment-resistant Depression (TRD)	2H 2027 Est. Sep 30, 2027 · half midpoint
NCT06502964	Phase 2	Recruiting	Sponsor	Alto Neuroscience	—	Schizophrenia; Cognitive Impairment	—
NCT06656416	Phase 2	Recruiting	Sponsor	Alto Neuroscience	—	Bipolar Disorder I or II With a Major Depressive Episode	mid-2027 Est. Jul 16, 2027 · guidance midpoint

Sponsor-matched active trials from ClinicalTrials.gov (4 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 4 active trials for Alto Neuroscience on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Perceptive Advisors	1,609,893	-400,000	0.66%	2026-08-14
Vivo Capital	1,208,858	+173,307	2.91%	2026-08-14
Ikarian Capital	407,338	-107,662	1.76%	2026-08-14
OrbiMed Advisors	257,852	+90,352	0.13%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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ANRO — Alto Neuroscience Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

ANRO — Alto Neuroscience Inc.