Alto Neuroscience, Inc.

Alto Neuroscience, Inc. (ANRO), a clinical-stage biopharmaceutical company, reported a net loss of $63.2 million for FY 2025, widening slightly by 3% from $61.4 million in FY 2024, driven by higher other expenses offsetting reduced operating costs. Total operating expenses decreased 3% YoY to $66.4 million, with R&D at $45.6 million (down 3% from $47.0 million) and G&A at $20.7 million (down 4% from $21.6 million). Loss from operations improved to -$66.4 million from -$68.6 million. No revenue was generated, consistent with its pre-commercial stage focused on psychiatry pipeline including ALTO-100, ALTO-300, and others. Cash burn from operations was $51.8 million, offset by $60.1 million in financing inflows, primarily $50.0 million from private placement of common stock and pre-funded warrants, plus term loan proceeds. Ending cash and equivalents stood at $176.5 million, with total liquidity of $177.0 million including restricted cash, supporting operations for at least 12 months. Balance sheet remains solid with $184.7 million total assets and $151.1 million equity. Forward-looking, the company anticipates increasing losses as it advances clinical trials but believes current cash funds needs through mid-2026, though additional financing will be required for full development.

Key Takeaways