Alto Neuroscience, Inc. (NYSE: ANRO) reported its financial results for the fiscal quarter ended September 30, 2026, and highlighted progress in its clinical pipeline, specifically regarding its lead candidate ALTO-207 for treatment-resistant depression (TRD). The company announced the completion of an underwritten registered direct offering in July 2026, which raised gross proceeds of $100.0 million through the sale of 3,776,436 shares of common stock at a price of $26.48 per share. Following the transaction, the company reported a cash position of approximately $319.8 million as of September 30, 2026, compared to $177.0 million at the end of 2025. Alto expects this financial position to fund planned operations through 2030.
The company provided an update on its ALTO-207 PACE program, which is advancing across three clinical trials. PACE-1 is a Phase 2b trial for adjunctive TRD with approximately 178 adults enrolled; topline data is expected in the second half of 2027. PACE-2 is a Phase 3 adjunctive TRD trial planned to initiate in early 2027, pending FDA alignment. Additionally, in July 2026, Alto announced plans to add a Phase 3 monotherapy trial for ALTO-207, with initiation expected in the second half of 2027. The company also noted the completion of a Phase 1 study on the modified-release formulation of ALTO-207, with data expected in late 2026 or early 2027.
Financially, Alto reported research and development expenses of $18.2 million for the quarter ended September 30, 2026, a significant increase from $10.5 million in the prior year period, driven by costs associated with the ALTO-207 PACE program. General and administrative expenses were $9.1 million for the quarter, compared to $4.4 million in the prior year, primarily due to increased headcount. The company incurred a net loss of $25.1 million for the quarter, compared to a net loss of $14.2 million in the prior year period.
