Alto Neuroscience (ANRO) investor relations material

Executive summary

• Focused on developing personalized treatments for psychiatric disorders using a proprietary Precision Psychiatry Platform, with seven clinical-stage assets targeting major depressive disorder, bipolar depression, treatment-resistant depression, schizophrenia, and Parkinson's disease.

• Expanded ALTO-207 development with a new Phase 3 monotherapy trial in treatment-resistant depression (TRD), in addition to the ongoing Phase 2b trial; topline Phase 2b data expected in 2H 2027.

• Advanced multiple Phase 2b trials for ALTO-207, ALTO-300, and ALTO-100, with key data readouts expected in 2027; initiated pivotal trial preparations for ALTO-207.

• Independent study published in Nature Medicine reinforced ALTO-207's dopaminergic mechanism and significant effects on anhedonia.

• Achieved significant pipeline progress, including milestone payments and clinical trial initiations, particularly for ALTO-207.

Financial highlights

• Net loss was $27.6 million for Q2 2026 and $53.9 million for the six months ended June 30, 2026, compared to $17.7 million and $32.9 million for the same periods in 2025.

• Research and development expenses rose to $22.1 million for Q2 2026 (up from $13.1 million in Q2 2025), driven by ALTO-207 and increased personnel costs.

• General and administrative expenses increased to $7.0 million for Q2 2026 (from $5.6 million in Q2 2025), mainly due to higher professional fees.

• Cash, cash equivalents, and restricted cash totaled $244.2 million as of June 30, 2026; pro forma cash post-financing is $338 million.

• Net loss per share for Q2 2026 was $(0.65), with weighted-average shares outstanding at 42.8 million.

Outlook and guidance

• Pro forma cash runway is expected to fund planned operations through 2030.

• Existing cash, recent equity raises, and anticipated grant proceeds are expected to fund operations for at least the next 12 months.

• Substantial additional capital will be needed to advance clinical programs and support commercialization efforts.

• 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 data in 2H 2027.

• PACE-2 Phase 3 adjunctive TRD trial initiation planned for early 2027; PACE-3 Phase 3 monotherapy TRD trial initiation in 2H 2027.