Alto Neuroscience, Inc.
ANRO evidence brief
What we can confirm
What it means
What to watch
Prepared research question
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Traceable citations · Unknowns marked
BioSniper AI · ANRO
Alto Neuroscience is a clinical-stage biopharmaceutical company developing precision-based therapies for neuropsychiatric disorders, with a pipeline of product candidates in Phase 2b trials and a cash position of $244.2M as of June 30, 2026.
Key risk: Clinical trial failure risk
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates · 8 clinical trials for Alto Neuroscience, Inc..
Alto Neuroscience is a clinical-stage biopharmaceutical company developing precision-based therapies for neuropsychiatric disorders, with a pipeline of product candidates in Phase 2b trials and a cash position of $244.2M as of June 30, 2026.
- Cash and equivalents of $244.2M as of June 30, 2026 [sec].
- Net loss of $27.6M for the quarter ended June 30, 2026 [sec].
- Accumulated deficit of $255.5M as of June 30, 2026 [sec_mda · as of 2026-08-12].
- Pipeline includes ALTO-207 in Phase 2b, ALTO-100 and ALTO-300 in ongoing Phase 2b trials, and ALTO-203 and ALTO-208 in earlier development [sec_mda · as of 2026-08-12].
- Expects operating losses and negative cash flows for the foreseeable future, with increasing expenses as clinical programs advance [sec_mda · as of 2026-08-12].
What works
- Cash runway supported by $244.2M in cash and equivalents as of June 30, 2026, providing near-term funding for ongoing clinical trials [sec].
- Multiple product candidates in mid-to-late-stage development (Phase 2b) targeting large neuropsychiatric markets [sec_mda · as of 2026-08-12].
- Precision psychiatry approach may differentiate candidates if biomarkers or patient stratification prove effective in trials [sec_mda · as of 2026-08-12].
What to weigh
- Accumulated deficit of $255.5M as of June 30, 2026, with no approved products or revenue, indicating a history of operating losses [sec_mda · as of 2026-08-12].
- Expects operating expenses and capital expenditures to increase substantially as clinical programs advance, requiring additional capital [sec_mda · as of 2026-08-12].
- Clinical-stage pipeline carries inherent risk of trial failure or regulatory non-approval for any product candidate [sec_mda · as of 2026-08-12].
From the filings
Quoted directly from source documents.
Accumulated deficit as of June 30, 2026
“As of June 30, 2026, we had an accumulated deficit of $255.5 million.”
SEC MD&A · August 12, 2026
Pipeline includes ALTO-207 in Phase 2b and planned Phase 3
“continue to progress the clinical development of our product candidates, including ALTO-207 in our Phase 2b clinical trial and planned Phase 3 clinical trials, and ALTO-100 and ALTO-300 in ongoing Phase 2b clinical trials, as well as ALTO-203, and ALTO-208”
SEC MD&A · August 12, 2026
Expects to continue generating operating losses
“We expect to continue to generate operating losses and negative operating cash flows for the foreseeable future.”
SEC MD&A · August 12, 2026
Risks & what to watch (4)›
Key risks
- Clinical trial failure risk — All product candidates are in clinical development; any may fail to show efficacy or safety, leading to program discontinuation [sec_mda · as of 2026-08-12].
- Need for additional capital — Company expects substantial future expenses and will need additional funding to complete development and commercialization [sec_mda · as of 2026-08-12].
- Regulatory approval uncertainty — No product candidates have received regulatory approval; approval timelines and outcomes are uncertain [sec_mda · as of 2026-08-12].
- Operating loss history — Accumulated deficit of $255.5M as of June 30, 2026, with no revenue from product sales [sec_mda · as of 2026-08-12].
What to watch
- Phase 2b data readouts for ALTO-207, ALTO-100, and ALTO-300 [sec_mda · as of 2026-08-12].
- Initiation of planned Phase 3 trials for ALTO-207 [sec_mda · as of 2026-08-12].
- Cash burn rate and any future capital raises or partnerships [sec_mda · as of 2026-08-12].
- Regulatory interactions or updates on clinical trial designs [sec_mda · as of 2026-08-12].
Sources: SEC MD&A · Generated August 30, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
37.2 months
D/E 0.16 · 0% dilution
Lead: Phase 2
3 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Runway
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
107
Total value held
$493.7M
| Holder | Shares | Value |
|---|---|---|
| perceptive advisors llc | 4,019,786 | $90.4M |
| commodore capital lp | 2,723,196 | $61.2M |
| vanguard capital management llc | 2,414,050 | $54.3M |
| franklin resources inc | 1,101,874 | $24.8M |
| armistice capital, llc | 912,000 | $20.5M |
| millennium management llc | 821,982 | $18.5M |
| 72 investment holdings, llc | 667,778 | $15.0M |
| blackrock, inc. | 666,188 | $15.0M |
| susquehanna international group, llp | 637,598 | $14.3M |
| ikarian capital, llc | 515,000 | $11.6M |
Showing top 10 of 107 institutional holders of Alto Neuroscience, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 28, 2026- % of float
- 7.5%
- Days to cover
- 5.7
- Shares short
- 2,190,772
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
ANRO short interestGovernance
Frequently asked questions
What is the AI investment thesis for Alto Neuroscience, Inc.?
Alto Neuroscience is a clinical-stage biopharmaceutical company developing precision-based therapies for neuropsychiatric disorders, with a pipeline of product candidates in Phase 2b trials and a cash position of $244.2M as of June 30, 2026.
What is Alto Neuroscience, Inc.'s lead drug candidate?
Alto Neuroscience, Inc.'s most advanced tracked candidate is ALTO-101 (Phase 2) for Schizophrenia.
Who is the CEO of Alto Neuroscience, Inc.?
Dr. Amit Etkin M.D., Ph.D. is the chief executive officer of Alto Neuroscience, Inc. (ANRO).
Where is Alto Neuroscience, Inc. headquartered?
Alto Neuroscience, Inc. (ANRO) is headquartered in Mountain View, CA, United States.
What therapeutic areas does Alto Neuroscience, Inc. focus on?
Alto Neuroscience, Inc. develops therapies across Neurology, Psychiatry.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.