Alto Neuroscience, Inc. (ANRO) SEC Filings & Earnings Calls
EquiReason read 16 Alto Neuroscience, Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-08-27 — Alto Neuroscience promoted CFO and CBO Nicholas C. Smith to President and CFO, with a $6M retention payment. CEO Amit Etkin remains CEO but no longer President..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
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Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
27 Aug 20268-K · 5.02Alto Neuroscience promoted CFO and CBO Nicholas C. Smith to President and CFO, with a $6M retention payment. CEO Amit Etkin remains CEO but no longer President.open
Risks flagged
Retention payment with clawback provisions indicates risk of key person departure; CEO role change may signal succession planning.
“If Mr. Smith’s employment with the Company terminates for any reason ... prior to the two-year anniversary ... any previously paid portion of the Retention Payment will be subject to recoupment” · word for word
12 Aug 20268-K · 2.02Cash and cash equivalents (pro forma) $338Mearningsopen
Figures in the filing · each found in the filing text
| Cash and cash equivalents (pro forma) · Q2-2026 | $338M |
Risks flagged
Clinical trial risk: Phase 2b data not expected until 2H 2027; no revenue yet.
“topline Phase 2b data on track for 2H 2027” · word for word
12 Aug 202610-QAlto Neuroscience reported Q2 2026 net loss of $27.6 million, wider than $17.7 million in Q2 2025, driven by increased R&D spending on ALTO-207.earningsopen
Figures in the filing · each found in the filing text
| Net loss · Q2-2026 | $-28M | +56% y/y |
| Research and development expenses · Q2-2026 | $22M | +68% y/y |
| General and administrative expenses · Q2-2026 | $7M | +26% y/y |
| Cash, cash equivalents and restricted cash · 2026-06-30 | $244M | +38% y/y |
| Accumulated deficit · 2026-06-30 | $-256M | |
| Net cash used in operating activities · H1-2026 | $-47M | +54% y/y |
| Net proceeds from equity financings · H1-2026 | $115M |
Risks flagged
Clinical trial failure risk
“Our Phase 2 proof-of-concept, or POC, clinical trial evaluating ALTO-101 for the treatment of cognitive impairment associated with schizophrenia, or CIAS, did not achieve statistical significance on primary EEG or cognitive endpoints versus placebo.” · word for word
Financing dependency
“We will need substantial additional capital to develop our product candidates and fund operations for the foreseeable future.” · word for word
14 Jul 20268-K · 1.01Alto Neuroscience entered into an underwriting agreement to sell 3,776,436 shares at $26.48/share, expecting ~$93.9M net proceeds to fund ALTO-207 Phase 3 trial and working capital.open
Figures in the filing · each found in the filing text
| Net proceeds · Q3-2026 | $94M |
Risks flagged
Dilution from 3.78M new shares; use of proceeds for clinical trial carries execution risk.
“Issue and sell 3,776,436 shares of common stock; net proceeds used to accelerate and expand clinical development of ALTO-207” · word for word
13 Jul 20268-K · 2.02, 8.01Alto Neuroscience provided preliminary cash balance of ~$244.2M as of June 30, 2026 and announced plans to accelerate/expand clinical development of ALTO-207 including additional Phase 3 trial.open
Figures in the filing · each found in the filing text
| Cash, Cash Equivalents and Restricted Cash · Q2-2026 | $244M |
Risks flagged
Clinical development risk for ALTO-207 Phase 3 trial
“additional planned Phase 3 trial of ALTO-207 as monotherapy for treatment-resistant depression”
13 May 202610-QNet loss $-26M; Cash, cash equivalents and restricted cash $264M; Research and development expenses $20M; Guidance: Cash runway at least 12 monthsopen
Figures in the filing · each found in the filing text
| Net loss · Q1-2026 | $-26M | |
| Cash, cash equivalents and restricted cash · 2026-03-31 | $264M | |
| Research and development expenses · Q1-2026 | $20M | |
| Net cash used in operating activities · Q1-2026 | $-27M |
Guidance
Cash runway at least 12 months
Company expects cash to fund operations for at least 12 months; no revenue guidance.
Risks flagged
Pipeline failure risk
“our Phase 2 proof-of-concept, or POC, clinical trial evaluating ALTO-101 for the treatment of cognitive impairment associated with schizophrenia, or CIAS, did not achieve statistical significance on primary EEG or cognitive endpoints versus placebo” · word for word
Cash burn risk
“Net cash used in operating activities was $27.1 million for the three months ended March 31, 2026” · word for word
13 May 20268-K · 5.02, 5.07Reported the departure of a director or principal officer (CEO/CFO change); submitted matters to a vote of security holdersopen
Risks flagged
Failure to approve equity plan amendment may limit flexibility for future equity compensation.
“Proposal 3: 10,838,509 for vs 12,205,864 against; not approved.”
13 May 20268-K · 2.02Cash and Cash Equivalents $264Mearningsopen
Figures in the filing · each found in the filing text
| Cash and Cash Equivalents · Q1-2026 | $264M |
Risks flagged
Pre-revenue clinical-stage biotech; pipeline execution and regulatory approval risks.
“No approved products; Phase 2b trial for ALTO-207 initiated; ALTO-101 POC data reported.”
1 Apr 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement); filed financial statements and exhibits with this reportopen
Risks flagged
Clinical trial data readout may impact stock; no details provided in excerpt.
“Topline data from Phase 2 POC study of ALTO-101.”
16 Mar 202610-KEmployees 68; R&D headcount 54open
Figures in the filing · each found in the filing text
| Employees · FY2025 | 68 | |
| R&D headcount · FY2025 | 54 |
Risks flagged
Clinical trial failure risk
“All of our product candidates are in preclinical or clinical development and their risk of failure is high.” · word for word
Financing and dilution risk
“The Lender could declare a default upon the occurrence of any event that it interprets could have a material adverse effect...Any conversion of debt into equity...would cause dilution to our stockholders.” · word for word
16 Mar 20268-K · 2.02Cash and Cash Equivalents $177Mearningsopen
Figures in the filing · each found in the filing text
| Cash and Cash Equivalents · FY2025 | $177M |
Risks flagged
Pre-revenue biotech; acquisition of ALTO-207 adds execution risk; no approved products.
“Acquisition of ALTO-207; Phase 2b trial not yet initiated; no revenue.”
16 Mar 20268-K · 1.01, 3.02, 8.01Alto Neuroscience raised $120M via private placement of common stock and pre-funded warrants, with dilution and registration rights; no operational update.open
Figures in the filing · each found in the filing text
| Gross Proceeds from Private Placement · 2026-03-16 | $120M |
Risks flagged
Dilution from issuance of 6M shares; potential overhang from pre-funded warrants.
“2.9M shares + 3.1M pre-funded warrants issued at $20/share.”
12 Nov 20258-K · 2.02Cash and cash equivalents $184Mearningsopen
Figures in the filing · each found in the filing text
| Cash and cash equivalents · Q3-2025 | $184M |
Risks flagged
Clinical trial failure risk for multiple programs
“Multiple Phase 2 trials ongoing; data readouts in 2026.”
12 Nov 202510-QAlto Neuroscience reported Q3 2025 results with a narrower net loss of $14.2M, raised $49.9M in a private placement, and provided positive pipeline updates.earningsopen
Figures in the filing · each found in the filing text
| Net Loss · Q3-2025 | $-14M | |
| Cash, Cash Equivalents and Restricted Cash · Q3-2025 | $138M | |
| Research and Development Expenses · Q3-2025 | $11M | |
| Gross Proceeds from Private Placement · October 2025 | $50M |
Guidance
Cash runway into 2028
Alto reaffirmed its cash runway into 2028, including enhanced development of ALTO-207.
Risks flagged
Clinical trial failure risk
“We have not yet commercialized any of our product candidates, which are in various phases of development, and we do not expect to generate revenue from sales of any of our product candidates for several years, if at all.” · word for word
Need for additional capital
“We will need substantial additional capital to develop our product candidates and fund operations for the foreseeable future.” · word for word
Alto Neuroscience, Inc. — questions
- What did Alto Neuroscience, Inc. file recently?
- 16 SEC filings in the last 12 months. Latest: 8-K on 2026-08-27 — Alto Neuroscience promoted CFO and CBO Nicholas C. Smith to President and CFO, with a $6M retention payment. CEO Amit Etkin remains CEO but no longer President.
Every figure on this page comes from Alto Neuroscience, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.