Alto Neuroscience Q1 net loss $26.2M; initiates Phase 2b trial for ALTO-207 in TRD

Alto Neuroscience, Inc.

• Net loss of $26.2M for Q1 2026 vs $15.2M in Q1 2025; R&D expenses rose to $20.3M.
• Cash and equivalents of $264.2M as of March 31, 2026, up from $177.0M after $120M PIPE closed in March.
• Phase 2b trial of ALTO-207 in treatment-resistant depression (TRD) initiated; topline data expected 2H 2027.
• ALTO-101 Phase 2 POC trial missed primary endpoint (theta-ITC) but showed significant EEG biomarker effects and attention improvement.
• ALTO-300 and ALTO-100 Phase 2b topline data readouts delayed to 1H 2027 and mid-2027, respectively, due to enhanced patient eligibility review.

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