7Baggers

Alto Neuroscience Inc
(NYSE:ANRO) 

ANRO stock logo

Alto Neuroscience, Inc. operates as a clinical-stage biopharmaceutical company in the United States. The company's product pipeline includes ALTO-100, which is in Phase 2b clinical trial for the treatment of patients with bipolar depression (BPD). It also develops ALTO-300, a small molecule melatone...

Founded: 2019
CEO / Founder: Amit Etkin 
Sector: TECHNOLOGY
Industry: GENERAL
Healthcare
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• Market Cap:
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 
              
      operating expenses:
    		          
      research and development
    		20,294,000 11,996,000 10,525,000 13,124,000 9,974,000 10,800,000 13,060,000 13,184,000 9,952,000  
      general and administrative
    		6,844,000 5,059,000 4,426,000 5,558,000 5,702,000 6,197,000 5,826,000 5,157,000 4,434,000  
      total operating expenses
    		27,138,000 17,055,000 14,951,000 18,682,000 15,676,000 16,997,000 18,886,000 18,341,000 14,386,000  
      income from operations
    		-27,138,000 -17,055,000 -14,951,000 -18,682,000 -15,676,000 -16,997,000 -18,886,000 -18,341,000 -14,386,000  
      yoy
    		73.12% 0.34% -20.84% 1.86% 8.97%      
      qoq
    		59.12% 14.07% -19.97% 19.18% -7.77% -10.00% 2.97% 27.49%   
      other income:
    		          
      interest income
    		1,561,000 1,561,000 1,532,000 1,683,000 1,827,000 2,135,000 2,500,000 2,658,000 1,558,000  
      interest expense
    		-545,000 -575,000 -650,000 -646,000 -598,000 -333,000 -349,000 -347,000 -346,000  
      loss on debt extinguishment
    		    -681,000      
      other
    		-115,000 -113,000 -112,000 -61,000 -41,000      
      total other income
    		901,000 873,000 770,000 976,000 507,000 1,796,000 2,103,000 2,311,000 969,000  
      net income
    		-26,237,000 -16,182,000 -14,181,000 -17,706,000 -15,169,000 -15,201,000 -16,783,000 -16,030,000 -13,417,000  
      yoy
    		72.96% 6.45% -15.50% 10.46% 13.06%      
      qoq
    		62.14% 14.11% -19.91% 16.72% -0.21% -9.43% 4.70% 19.48%   
      other comprehensive income:
    		          
      change in fair value attributable to instrument specific credit risk
    		7,000 9,000 -12,000 22,000 134,000      
      foreign currency translation
    		-16,000 -1,000 -5,000 -5,000 -19,000 -6,000 -6,000 -5,000 -5,000  
      total other comprehensive income
    		-9,000 8,000 -17,000 17,000 115,000      
      comprehensive loss
    		-26,246,000 -16,174,000 -14,198,000 -17,689,000 -15,054,000 -15,207,000 -16,789,000 -16,035,000 -13,422,000  
      net income per share
    		-0.8 -0.45 -0.52 -0.65 -0.56 -0.56 -0.62 -0.6 -0.76  
      weighted-average number of common shares outstanding, basic and diluted
    		32,893 28,852 27,104 27,072 27,049 24,602 26,959 26,913 17,600  
      change in fair value of warrant liability
    		     -60,750   -243,000  
      change in fair value of convertible grant agreement
    		     -12,000 -48,000    
      other comprehensive loss
    		          
      total other comprehensive loss
    		     -6,000 -6,000 -5,000 -5,000  
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 
                
        assets
      		          
        current assets:
      		          
        cash and cash equivalents
      		263,762,000 176,484,000 137,816,000 147,585,000 160,754,000 168,229,000 181,701,000 193,122,000 205,895,000  
        prepaid expenses and other current assets
      		5,364,000 1,234,000 1,632,000 2,261,000 2,769,000 1,108,000 1,825,000 2,292,000 2,415,000 2,835,000 
        total current assets
      		269,126,000 177,718,000 139,448,000 149,846,000 163,523,000 169,337,000 183,526,000 195,414,000 208,310,000 85,391,000 
        restricted cash
      		500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000   
        property and equipment
      		2,234,000 1,872,000 2,029,000 2,308,000 2,477,000 2,666,000 2,353,000 1,442,000 1,554,000 1,106,000 
        operating right-of-use asset
      		4,061,000 4,261,000 4,459,000 4,653,000 4,846,000 5,035,000 5,225,000    
        other assets
      		338,000 338,000 570,000 570,000 569,000 4,000 4,000 4,000 58,000 131,000 
        total assets
      		276,259,000 184,689,000 147,006,000 157,877,000 171,915,000 177,542,000 191,608,000 197,360,000 209,922,000 86,628,000 
        liabilities and stockholders’ equity
      		          
        current liabilities:
      		          
        accounts payable
      		3,369,000 1,878,000 2,059,000 1,671,000 1,384,000 1,579,000 2,252,000 1,843,000 2,412,000 1,074,000 
        accrued expenses and other current liabilities
      		7,610,000 8,862,000 6,986,000 6,458,000 5,873,000 8,429,000 8,234,000 5,683,000 4,447,000 4,536,000 
        term loan, current
      		2,136,000 585,000     3,529,000 2,317,000 1,147,000  
        total current liabilities
      		13,115,000 11,325,000 9,045,000 8,129,000 7,257,000 10,008,000 14,015,000 9,843,000 8,006,000 5,610,000 
        term loan, non-current
      		13,885,000 16,172,000 20,314,000 20,122,000 19,940,000 10,254,000 6,627,000 7,741,000 8,812,000 9,861,000 
        convertible grant agreement
      		2,335,000 2,227,000 2,124,000 2,000,000 1,211,000 1,304,000 1,298,000    
        lease liability, long-term
      		3,555,000 3,823,000 3,966,000 4,214,000 4,411,000 4,516,000 4,616,000    
        total liabilities
      		32,890,000 33,547,000 35,449,000 34,465,000 32,819,000 26,082,000 26,556,000 17,584,000 16,818,000 16,823,000 
        commitments and contingencies
      		          
        stockholders’ equity:
      		          
        common stock (par value 0.0001...
      		3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000  
        additional paid-in capital
      		471,224,000 352,751,000 296,992,000 294,649,000 292,644,000 289,954,000 288,339,000 286,274,000 283,567,000 5,372,000 
        accumulated deficit
      		-227,871,000 -201,634,000 -185,452,000 -171,271,000 -153,565,000 -138,396,000 -123,195,000 -106,412,000 -90,382,000 -76,965,000 
        accumulated other comprehensive loss
      		13,000 22,000    -101,000 -95,000 -89,000 -84,000 -79,000 
        total stockholders’ equity
      		243,369,000 151,142,000 111,557,000 123,412,000 139,096,000 151,460,000 165,052,000 179,776,000 193,104,000  
        total liabilities and stockholders’ equity
      		276,259,000 184,689,000 147,006,000 157,877,000 171,915,000      
        accumulated other comprehensive income
      		  14,000 31,000 14,000      
        liabilities, convertible preferred stock and stockholders’ equity
      		          
        preferred stock warrant liability
      		         1,352,000 
        convertible preferred stock
      		          
        stockholders’ equity
      		          
        total liabilities, convertible preferred stock and stockholders’ equity
      		     177,542,000 191,608,000 197,360,000 209,922,000  
        other receivables
      		         8,000 
        cash & cash equivalents
      		         82,548,000 
        liabilities, convertible preferred stock and stockholders’ deficit
      		          
        other long-term liabilities
      		          
        convertible preferred stock:
      		          
        series seed preferred stock (par value 0.0001...
      		         7,674,000 
        series a preferred stock (par value 0.0001...
      		         30,489,000 
        series b preferred stock (par value 0.0001...
      		         58,918,000 
        series c preferred stock (par value 0.0001...
      		         44,396,000 
        stockholders’ deficit:
      		          
        total stockholders’ deficit
      		         -71,672,000 
        total liabilities, convertible preferred stock and stockholders’ deficit
      		         86,628,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 
                 
          cash flows from operating activities:
        		         
          net loss
        		-26,237,000 -16,182,000 -14,181,000 -17,706,000 -15,169,000 -15,201,000 -16,783,000 -16,030,000 -13,417,000 
          adjustments to reconcile net loss to net cash from operating activities:
        		         
          stock-based compensation expense
        		2,824,000 1,946,000 2,189,000 2,005,000 1,968,000     
          depreciation
        		184,000 157,000        
          non-cash interest expense related to term loan
        		206,000 175,000 192,000 182,000 180,000 98,000 99,000 98,000 98,000 
          non-cash lease expense
        		200,000 197,000 195,000 192,000 190,000 211,000 0 54,000 72,000 
          loss on disposal of assets
        		9,000 0 114,000 1,000 41,000 30,000 4,000   
          change in other
        		116,000  112,000 83,000 41,000     
          loss on extinguishment of debt
        		  0 0 681,000     
          changes in operating assets and liabilities:
        		         
          prepaid expenses and other assets
        		-4,130,000 656,000 628,000 509,000 -1,692,000 458,000 744,000 124,000 -1,789,000 
          accounts payable
        		1,490,000 -297,000 461,000 323,000 -266,000 -762,000 409,000 -251,000 1,120,000 
          accrued liabilities and other liabilities
        		-1,753,000 1,741,000 208,000 463,000 -2,701,000 411,000 1,633,000 1,557,000 406,000 
          net cash from operating activities
        		-27,091,000 -11,516,000 -9,918,000 -13,779,000 -16,556,000 -13,021,000 -11,726,000 -11,694,000 -10,983,000 
          cash flows from investing activities:
        		         
          capital expenditures
        		-556,000 0 0 0 -24,000 -506,000 -1,005,000 -340,000 -224,000 
          free cash flows
        		-27,647,000 -11,516,000 -9,918,000 -13,779,000 -16,580,000 -13,527,000 -12,731,000 -12,034,000 -11,207,000 
          net cash from investing activities
        		-556,000 0 0 0 -24,000 -506,000 -1,005,000 -340,000 -224,000 
          cash flows from financing activities:
        		         
          proceeds from sale of common stock and pre-funded warrants in 2026 private placement
        		120,000,000         
          payments from sale of common stock and pre-funded warrants in 2026 private placement
        		-4,875,000         
          payment of withholding taxes for stock-based compensation
        		-190,000         
          payments on issuance cost from registration statement
        		 0 0 -137,000 -419,000     
          proceeds from issuance of term loan
        		 0 0 0 19,688,000     
          repayment of former term loan
        		 0 0 0 -10,213,000     
          payment of loan financing cost
        		 0 0 0 -127,000     
          proceeds from exercise of stock options
        		6,000 352,000 153,000 0 198,000 49,000 67,000 61,000 10,000 
          net cash from financing activities
        		114,941,000 50,185,000 153,000 613,000 9,127,000 49,000 1,317,000 -234,000 134,559,000 
          effect of exchange rate changes on cash, cash equivalents and restricted cash
        		-16,000 -1,000 -4,000 -3,000 -22,000 6,000 -7,000   
          net increase in cash, cash equivalents and restricted cash
        		87,278,000 38,668,000 -9,769,000 -13,169,000 -7,475,000 -13,472,000 -11,421,000   
          cash, cash equivalents and restricted cash at the beginning of the period
        		176,984,000 0 0 0 168,729,000 0 0   
          cash, cash equivalents and restricted cash at the end of the period
        		264,262,000 38,668,000 -9,769,000 -13,169,000 161,254,000 -13,472,000 -11,421,000   
          supplemental disclosure of non-cash activities
        		         
          conversion of k2 term loan into shares of common stock
        		941,000         
          costs from sale of common stock and pre-funded warrants in 2026 private placement not yet paid
        		233,000         
          deferred offering and share issue costs not yet paid
        		    138,000    320,000 
          issuance of warrants in connection with term loan agreement
        		  0 0 524,000     
          supplemental disclosure of cash flow information
        		         
          cash paid for interest
        		342,000 425,000 465,000 459,000 311,000 248,000 252,000 251,000 248,000 
          non-cash research and development license expense
        		     0 0   
          other
        		         
          loss on debt extinguishment
        		         
          proceeds from sale of common stock and pre-funded warrants in private placement
        		         
          payments from sale of common stock and pre-funded warrants in private placement
        		         
          proceeds from issuance of common stock from initial public offering
        		     0 0 0 137,579,000 
          payments of initial public offering costs
        		         
          payments on issuance cost from series c preferred stock financing
        		      0 0 -100,000 
          proceeds from convertible grant agreement
        		 0 0   0    
          issuance of warrants in connection with term loan
        		         
          costs from sale of common stock and pre-funded warrants in private placement not yet paid
        		         
          conversion of preferred stock into common stock upon completion of initial public offering
        		     0 0 0 141,477,000 
          reclassification of preferred warrant liability to equity
        		     0 0 0 1,595,000 
          reclassification of deferred offering costs to equity
        		     0 0 0 1,393,000 
          operating right-of-use asset obtained in exchange for lease obligation
        		     0    
          payments on issuance cost from initial public offering
        		      0 -295,000 -2,930,000 
          purchase of property and equipment not yet paid
        		        321,000 
          depreciation and amortization
        		   169,000 171,000 170,000 122,000 113,000 97,000 
          issuance of convertible preferred stock
        		         
          payments on issuance cost from series b and series c preferred stock financings
        		         
          stock compensation expense
        		      1,998,000 1,888,000 2,179,000 
          change in fair value of preferred stock warrant liability
        		      0 0 243,000 
          change in fair value of convertible grant agreement
        		         
          other receivables
        		      0 0 8,000 
          payments on issuance cost from series b preferred stock financing
        		         
          purchase of property, plant and equipment not yet paid
        		         
          effect of exchange rate changes on cash and cash equivalents
        		        -5,000 
          net increase in cash and cash equivalents
        		        123,347,000 
          cash at the beginning of the period
        		        82,548,000 
          cash at the end of the period
        		        205,895,000 
          issuance of common stock
        		         
          share issue costs
        		         
          payment of debt issuance costs
        		         
          payment of deferred offering costs
        		         
          effect of exchange rate changes on cash & cash equivalents
        		         
          allocation of proceeds to the k2 warrant in connection with term loan issuance