ANRO · Alto Neuroscience, Inc.

Alto Neuroscience's Phase 2 proof-of-concept study of ALTO-101 for cognitive impairment associated with schizophrenia failed to achieve statistical significance on primary endpoints, representing a clinical setback for this exploratory program. While the company observed directional improvements across certain EEG measures, including a near-significant effect on theta-ITC (p=0.052), and nominally significant effects in a more cognitively impaired subgroup (p=0.03), these signals were insufficient to support independent advancement. The company's decision to deprioritize ALTO-101 in CIAS reflects a strategic reallocation of resources toward its lead program ALTO-207, which the company describes as its most advanced and differentiated program. ALTO-207's development for treatment-resistant depression remains on track, with Phase 2b initiation planned for the first half of 2026, supported by prior clinical data and external validation. The company's $275 million cash position provides financial runway to advance its pipeline while exploring partnering opportunities for ALTO-101's modified-release formulation, which demonstrated improved pharmacokinetic and tolerability profiles. This clinical update represents a significant pipeline reprioritization that shifts investor focus to ALTO-207 as the company's primary value driver.