A
Alto Neuroscience, Inc.
ANROCIK 0001999480NYSEEmerging GrowthPharmaceutical PreparationsDelawareFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-63.24M
Total Assets
$184.69M
Equity
$151.14M
Shares Out
31.95M
Op. Cash Flow
$-51.77M
Business
Alto Neuroscience, Inc. is a clinical-stage biopharmaceutical company developing precision psychiatry treatments by leveraging neurobiology and a proprietary Precision Psychiatry Platform. Its main offerings include a pipeline of five clinical‑stage product candidates targeting major depressive disorder, bipolar depression and schizophrenia, plus biomarker discovery, companion diagnostic software (e.g., Spectra, TechCheck, Altoscope) and related neurobiological data services. Key business activities include drug discovery and clinical development, internal clinical operations and software development, and in‑licensing/partnerships. It conducts clinical trials across the United States and multiple international clinical sites and plans to commercialize through internal and third‑party channels and strategic partners.
Summary from filing dated 2025-03-20
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Research and development | 46 | 47 | 30 | |
| General and administrative | 21 | 22 | 8 | |
| Total operating expenses | 66 | 69 | 38 | |
| Loss from operations | −66 | −69 | −38 | |
| Interest income | 7 | 9 | 2 | |
| Interest expense | −2 | −1 | −1 | |
| Loss on debt extinguishment | −681,000 | 0 | — | |
| Other, net | −327,000 | −297,000 | 525,000 | |
| Total other income, net | 3 | 7 | 2 | |
| Net loss | −63 | −61 | −36 | |
| Change in fair value attributable to instrument specific credit risk | 153,000 | 0 | — | |
| Foreign currency translation | −30,000 | −22,000 | −33,000 | |
| Total other comprehensive income (loss) | 123,000 | −22,000 | −33,000 | |
| Comprehensive loss | −63 | −61 | −36 | |
| Net loss per share attributable to common stockholders, basic (in dollars per share) | −2.19 | −2.5 | −9.73 | |
| Net loss per share attributable to common stockholders, diluted (in dollars per share) | −2.19 | −2.5 | −9.73 | |
| Weighted-average number of common shares outstanding, basic (in shares) | 29 | 25 | 4 | |
| Weighted-average number of common shares outstanding, diluted (in shares) | 29 | 25 | 4 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2024 2024-09-30 | FY 2024 2024-08-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 177 | 168 | — | — | 83 | |
| Prepaid expenses and other current assets | 1 | 1 | — | — | 3 | |
| Total current assets | 178 | 169 | — | — | 85 | |
| Restricted cash | 500,000 | 500,000 | — | — | 0 | |
| Property and equipment, net | 2 | 3 | — | — | 1 | |
| Operating right-of-use asset | 4 | 5 | 5 | 5 | 0 | |
| Other assets | 338,000 | 4,000 | — | — | 131,000 | |
| Total assets | 185 | 178 | — | — | 87 | |
| Accounts payable | 2 | 2 | — | — | 1 | |
| Accrued expenses and other current liabilities | 9 | 8 | — | — | 5 | |
| Term loan, current | 585,000 | 0 | — | — | — | |
| Total current liabilities | 11 | 10 | — | — | 6 | |
| Term loan, non-current | 16 | 10 | — | — | 10 | |
| Convertible Grant Agreement | 2 | 1 | — | — | 0 | |
| Lease liability, long-term | 4 | 5 | — | — | 0 | |
| Total liabilities | 34 | 26 | — | — | 17 | |
| Commitments and contingencies (Note 15) | — | — | — | — | — | |
| Common stock (par value $0.0001), 500,000 shares authorized; 31,924 and 26,987 shares issued and outstanding as of December 31, 2025 and 2024 | 3,000 | 3,000 | — | — | 0 | |
| Additional paid-in capital | 353 | 290 | — | — | 5 | |
| Accumulated deficit | −202 | −138 | — | — | −77 | |
| Accumulated other comprehensive loss | 22,000 | −101,000 | — | — | −79,000 | |
| Total stockholders equity | 151 | 151 | — | — | −72 | |
| Total liabilities and stockholders equity | 185 | 178 | — | — | 87 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Stock-based compensation expense | 8 | 8 | 3 | |
| Depreciation | 700,000 | 500,000 | — | |
| Non-cash research and development license expense | 0 | 735,000 | 0 | |
| Non-cash lease expense | 774,000 | 337,000 | 280,000 | |
| Non-cash interest expense related to term loan | 729,000 | 393,000 | 396,000 | |
| Loss on disposal of assets | 156,000 | 52,000 | 140,000 | |
| Other | 327,000 | 297,000 | — | |
| Prepaid expenses and other assets | 101,000 | −463,000 | 291,000 | |
| Accounts payable | 221,000 | 516,000 | −632,000 | |
| Accrued liabilities and other liabilities | −289,000 | 4 | −357,000 | |
| Net cash used in operating activities | −52 | −47 | −33 | |
| Capital expenditures | −24,000 | −2 | −470,000 | |
| Net cash used in investing activities | −24,000 | −2 | −470,000 | |
| Proceeds from sale of common stock and pre-funded warrants in private placement | 50 | 0 | — | |
| Payments from sale of common stock and pre-funded warrants in private placement | −167,000 | 0 | — | |
| Proceeds from issuance of common stock from initial public offering | 0 | 138 | 0 | |
| Payments on issuance cost from registration statement | −556,000 | 0 | — | |
| Proceeds from issuance of term loan, net | 20 | 0 | — | |
| Repayment of former term loan | −10 | 0 | — | |
| Payment of loan financing cost | −127,000 | 0 | — | |
| Proceeds from Convertible Grant Agreement | 750,000 | 1 | 0 | |
| Proceeds from exercise of stock options | 703,000 | 187,000 | 181,000 | |
| Net cash provided by financing activities | 60 | 136 | 68 | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | −30,000 | −11,000 | −8,000 | |
| Net increase in cash, cash equivalents and restricted cash | 8 | 86 | 34 | |
| Conversion of K2 term loan into shares of common stock | 4 | 0 | — | |
| Costs from sale of common stock and pre-funded warrants in private placement not yet paid | 107,000 | 0 | — | |
| Conversion of preferred stock into common stock upon completion of initial public offering | 0 | 141 | 0 | |
| Reclassification of preferred warrant liability to equity | 0 | 2 | 0 | |
| Reclassification of deferred offering costs to equity | 0 | 1 | 0 | |
| Operating right-of-use asset obtained in exchange for lease obligation | 0 | 5 | 0 | |
| Deferred offering and share issue costs not yet paid | 0 | 8,000 | 916,000 | |
| Cash paid for interest | 2 | 999,000 | 912,000 |
Filings
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