Revenue: As of FY2026 Q2, the actual value is USD 0.

EPS: As of FY2026 Q2, the actual value is USD -0.65, beating the estimate of USD -0.7346.

EBIT: As of FY2026 Q2, the actual value is USD -27.15 M.

Alto Neuroscience, Inc. reported its financial results for the fiscal quarter ended June 30, 2026.

Cash Position

As of June 30, 2026, cash, cash equivalents, and restricted cash totaled $244.2 million, an increase from $177.0 million as of December 31, 2025. Giving effect to the net proceeds from the July 2026 offering, the pro forma cash position was approximately $338 million.

Operating Expenses (Three Months Ended June 30)

Research and development expenses increased to $22,108 thousand in 2026 from $13,124 thousand in 2025. General and administrative expenses rose to $7,021 thousand in 2026 from $5,558 thousand in 2025. Total operating expenses were $29,129 thousand in 2026, compared to $18,682 thousand in 2025.

Operating Expenses (Six Months Ended June 30)

Research and development expenses increased to $42,402 thousand in 2026 from $23,098 thousand in 2025. General and administrative expenses increased to $13,865 thousand in 2026 from $11,260 thousand in 2025. Total operating expenses were $56,267 thousand in 2026, compared to $34,358 thousand in 2025.

Loss from Operations

Loss from operations for the three months ended June 30, 2026, was -$29,129 thousand, compared to -$18,682 thousand for the same period in 2025. For the six months ended June 30, 2026, loss from operations was -$56,267 thousand, compared to -$34,358 thousand for the same period in 2025.

Net Loss

Net loss for the three months ended June 30, 2026, was -$27,638 thousand, compared to -$17,706 thousand for the same period in 2025. For the six months ended June 30, 2026, net loss was -$53,875 thousand, compared to -$32,875 thousand for the same period in 2025.

Other Income (Expense) (Three Months Ended June 30)

Interest income was $2,112 thousand in 2026, up from $1,683 thousand in 2025. Interest expense was -$491 thousand in 2026, an improvement from -$646 thousand in 2025. Other, net, was -$130 thousand in 2026, compared to -$61 thousand in 2025. Total other income, net, was $1,491 thousand in 2026, up from $976 thousand in 2025.

Other Income (Expense) (Six Months Ended June 30)

Interest income was $3,673 thousand in 2026, up from $3,510 thousand in 2025. Interest expense was -$1,036 thousand in 2026, an improvement from -$1,244 thousand in 2025. Loss on debt extinguishment was -$0 thousand in 2026, compared to -$681 thousand in 2025. Other, net, was -$245 thousand in 2026, compared to -$102 thousand in 2025. Total other income, net, was $2,392 thousand in 2026, up from $1,483 thousand in 2025.

Balance Sheet Data

Total assets were $254,066 thousand as of June 30, 2026, compared to $184,689 thousand as of December 31, 2025. Total liabilities were $34,817 thousand as of June 30, 2026, compared to $33,547 thousand as of December 31, 2025. Accumulated deficit was -$255,509 thousand as of June 30, 2026, compared to -$201,634 thousand as of December 31, 2025.

Financing

In July 2026, Alto Neuroscience, Inc. completed an underwritten registered direct offering, generating gross proceeds of approximately $100.0 million and net proceeds of approximately $94.6 million.

Outlook / Guidance

Alto Neuroscience, Inc. anticipates its pro forma cash position of approximately $338 million will fund planned operations through 2030. Key upcoming milestones include the initiation of the ALTO-207 PACE-2 and PACE-3 trials in early and second half of 2027, respectively. Topline data for the ALTO-300 Phase 2b MDD trial is expected in the first half of 2027, for ALTO-100 Phase 2b BPD trial in mid-2027, and for ALTO-207 PACE-1 trial in the second half of 2027.