Alto Neuroscience (ANRO) Q4 2025 earnings summary

Executive summary

• Acquired ALTO-207, targeting treatment-resistant depression, with Phase 2b trial initiation planned for 1H 2026 and Phase 3 by early 2027.

• ALTO-101 received FDA Fast Track for CIAS; topline Phase 2 proof-of-concept data expected around end of 1Q 2026.

• Four major data readouts expected over the next two years, supported by a strong cash position.

Financial highlights

• Year-end 2025 cash, cash equivalents, and restricted cash totaled $177 million, up from $169 million at year-end 2024.

• Research and development expenses for 2025 were $45.6 million, down from $47.0 million in 2024.

• General and administrative expenses for 2025 were $20.7 million, compared to $21.6 million in 2024.

• Net loss for 2025 was $63.2 million, compared to $61.4 million in 2024.

• Net loss per share was $2.19 (basic and diluted) on 28.9 million shares outstanding.

Outlook and guidance

• Cash balance expected to fund operations into 2028, covering four key data readouts.

• Topline data for ALTO-101 CIAS trial expected end of 1Q 2026; ALTO-207 Phase 2b trial to start 1H 2026.

• ALTO-300 Phase 2b MDD trial topline data expected mid-2026; ALTO-100 Phase 2b BPD trial topline data in 2H 2026.