Alto Neuroscience | 8-K: FY2026 Q1 Revenue: USD 0

Revenue: As of FY2026 Q1, the actual value is USD 0.

EPS: As of FY2026 Q1, the actual value is USD -0.8, missing the estimate of USD -0.5364.

EBIT: As of FY2026 Q1, the actual value is USD -28.15 M.

Cash Position

As of March 31, 2026, Alto Neuroscience, Inc. reported cash, cash equivalents, and restricted cash of approximately $264.2 million, an increase from approximately $177.0 million as of December 31, 2025. This increase primarily reflects net proceeds of approximately $115 million from the March 2026 PIPE, partially offset by cash used in operations during the quarter.

Operating Expenses

Research and Development (R&D) Expenses were $20.3 million for the quarter ended March 31, 2026, compared to $10.0 million for the same period in 2025. General and Administrative (G&A) Expenses for the quarter ended March 31, 2026, were $6.8 million, up from $5.7 million for the same period in 2025. Total Operating Expenses amounted to $27.1 million for the quarter ended March 31, 2026, compared to $15.7 million for the same period in 2025.

Loss from Operations

Alto Neuroscience, Inc.’s loss from operations for the quarter ended March 31, 2026, was - $27.1 million, compared to - $15.7 million for the same period in 2025.

Other Income (Expense), Net

Total other income, net, was $0.9 million for the quarter ended March 31, 2026, an increase from $0.5 million for the same period in 2025.

Net Loss

Alto Neuroscience, Inc. reported a net loss of - $26.2 million for the quarter ended March 31, 2026, compared to a net loss of - $15.2 million for the same period in 2025.

Unique Metrics / Corporate Updates

Alto Neuroscience, Inc. completed a private placement financing (PIPE) in March 2026, generating gross proceeds of approximately $120 million. This involved the sale of 2,900,000 shares of common stock at $20 per share and pre-funded warrants to purchase up to 3,100,000 shares of common stock at $19.9999 per pre-funded warrant.

Operational Metrics (Pipeline Highlights)

The company initiated the Phase 2b clinical trial of ALTO-207 in treatment-resistant depression (TRD). New analyses for ALTO-101 from its Phase 2 proof-of-concept trial demonstrated a Cohen’s d = 0.34 on theta-ITC versus placebo in the overall study population and a Cohen’s d = 0.44 (p = 0.03) in a more cognitively impaired subgroup, alongside significant effects on multiple EEG markers relevant to cognition and improved sustained attention. Enhanced eligibility review and patient quality measures have been implemented in ongoing Phase 2b trials for ALTO-300 in MDD and ALTO-100 in bipolar depression (BPD), resulting in 97% of samples showing expected drug concentration levels and 100% patient compliance with underlying antidepressant in the ALTO-300 MDD trial.

Outlook / Guidance

Alto Neuroscience, Inc. anticipates its cash balance of approximately $264 million will fund planned operations through 2029, which includes a potential NDA submission for ALTO-207. The company plans to commence a Phase 3 trial for ALTO-207 in TRD by early 2027. Topline data is expected for the ALTO-300 Phase 2b MDD trial in the first half of 2027, the ALTO-100 Phase 2b BPD trial in mid-2027, and the ALTO-207 Phase 2b TRD trial in the second half of 2027, with these timing adjustments for ALTO-300 and ALTO-100 not affecting the overall cash runway guidance.