Alto Neuroscience raises $120M via PIPE to fund ALTO-207 Phase 3 in TRD

Alto Neuroscience, Inc.

Gross proceeds ~$120M from sale of 2.9M shares at $20.00 and 3.1M pre-funded warrants at $19.9999.
Financing led by Commodore Capital with participation from new and existing biotech investors.
Proceeds to fund ALTO-207 (pramipexole/ondansetron combo) through planned Phase 3 TRD study and potential NDA.
Plan to initiate ALTO-207 Phase 2b in H1 2026 and Phase 3 in early 2027; pro forma cash ~$275M as of Feb 28, 2026.
Closing expected March 17, 2026; Jefferies, BofA, TD Cowen, Stifel, William Blair, Baird as placement agents.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Alto Neuroscience, Inc. entered into Securities Purchase Agreement with certain institutional investors valued at approximately $120.0 million (effective 2026-03-16).

Action: entry
Agreement: equity purchase
Counterparty: certain institutional investors
Value: approximately $120.0 million
Effective: 2026-03-16

Exact text from the filing

On March 16, 2026, Alto Neuroscience, Inc. (the “ Company ”) entered into a Securities Purchase Agreement (the “ Purchase Agreement ”) with certain institutional investors (the “ Purchasers ”), pursuant to which the Company agreed to sell and issue to the Purchasers in a private placement transaction (the “ Private Placement ”) (i) 2,900,000 shares (the “ Shares ”) of the Company’s common stock, par value $0.0001 (“ Common Stock ”), and (ii) with respect to certain Purchasers, pre-funded warrants to purchase 3,100,000 shares of Common Stock (the “ Pre-Funded Warrants ”) in lieu of Shares.

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Alto Neuroscience, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-26-027953

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