Alto Neuroscience entered a Securities Purchase Agreement on March 16, 2026, for a private placement of 2,900,000 shares of common stock at $20.00 per share and pre-funded warrants to purchase 3,100,000 shares, expecting gross proceeds of approximately $120 million before expenses. Proceeds will fund ALTO-207 development through Phase 3 and potential NDA in treatment resistant depression.
Key takeaways
Entered Securities Purchase Agreement with institutional investors for 2,900,000 shares at $20.00 per share
Issued pre-funded warrants to purchase 3,100,000 shares at $19.9999 per warrant with $0.0001 exercise price
Anticipated gross proceeds of $120 million before deducting offering expenses
Financing led by Commodore Capital with participation from Dellora Investments, Driehaus Capital Management, Perceptive Advisors and others
Proceeds to support ALTO-207 Phase 3 study in treatment resistant depression and working capital
Agreed to expand Board of Directors to seven members effective March 16, 2026