Alto Neuroscience Q3 net loss $14.2M; cash $184.2M after $50M PIPE; ALTO-207 on track for Phase 3 by early 2027

Alto Neuroscience, Inc.

2025-Q3 EPS reported -$1.74 vs consensus -$0.68 ▼ miss (-155.5%)

Net loss $14.2M vs $16.8M in Q3 2024; R&D expense $10.5M, G&A $4.4M.
Cash $184.2M as of Oct 31 (incl. $49.9M net PIPE proceeds), projected to fund operations into 2028.
ALTO-207 Phase 2b TRD trial start 1H 2026; Phase 3 by early 2027 after successful FDA meeting.
Topline data expected: ALTO-101 CIAS (1Q 2026), ALTO-300 MDD (mid-2026), ALTO-100 BPD (2H 2026).
ALTO-101 granted FDA Fast Track Designation for CIAS; blinded PK analyses showed 100% positivity.

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