Alto Neuroscience Phase 2 miss for ALTO-101; shifts focus to ALTO-207

Alto Neuroscience, Inc.

ALTO-101 did not meet primary EEG or cognitive endpoints in Phase 2 CIAS study.
Near-significant theta-ITC effect (p=0.052); nominal in cognitively impaired subgroup (p=0.03).
Company developed modified-release ALTO-101 formulation; will pursue partnerships, not further internal development.
ALTO-207 Phase 2b in treatment-resistant depression on track for 1H 2026; cash position $275M.
Tolerability favorable with nausea/vomiting in line with placebo; high skin reaction rates observed.

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