The ALTO-101 miss is a partial negative, but the secondary EEG signals and attention data may support partnering. The ALTO-300/100 delays remove near-term catalysts but the company is well-capitalized. The key catalyst is now ALTO-207 Phase 2b data in 2H 2027 — a binary event with high upside given the PAX-D validation. Watch for partnership announcements on ALTO-101 oral formulation.
Price Chart
Executive Summary
Alto Neuroscience reported Q1 2026 results: net loss of $26.2M ($-0.80/share) vs $-15.2M ($-0.56/share) a year ago, with R&D spend doubling to $20.3M as the ALTO-207 Phase 2b trial launched. The ALTO-101 Phase 2 CIAS trial missed its primary EEG endpoint (theta-ITC, p=0.052), though secondary EEG and attention signals were positive. Cash balance rose to $264M after a $120M PIPE, extending runway through 2029. Key readout timelines for ALTO-300 and ALTO-100 were pushed back 6-12 months due to enhanced patient screening.
Key Financial Metrics
Key Facts
- Net loss of $26.2M for Q1 2026 vs $15.2M in Q1 2025, driven by R&D spend doubling to $20.3M
- ALTO-101 Phase 2 CIAS trial missed primary EEG endpoint (theta-ITC, d=0.34, p=0.052), but showed significant effects on general cognition EEG markers and sustained attention
- ALTO-207 Phase 2b TRD trial initiated in April 2026; topline data expected 2H 2027
- ALTO-300 Phase 2b MDD topline data delayed to 1H 2027 (from mid-2026); ALTO-100 Phase 2b BPD topline data delayed to mid-2027 (from 2H 2026)
- Cash balance of $264.2M as of March 31, 2026, up from $177.0M at year-end 2025, after $120M PIPE in March 2026
- Cash runway expected through 2029, covering ALTO-207 Phase 3 and potential NDA submission
Financial Impact
Net loss widened to $26.2M from $15.2M YoY; R&D expenses doubled to $20.3M; cash increased $87M to $264.2M
Risk Factors
- ALTO-101 primary endpoint miss reduces confidence in the CIAS program and may limit partnership value
- ALTO-300 and ALTO-100 data readouts delayed 6-12 months, pushing back potential catalysts
- Pre-revenue clinical-stage biotech with no approved products; depends entirely on trial success
- Dilution risk from $120M PIPE (2.9M shares + 3.1M pre-funded warrants at $20/share)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001999480-26-000011 |
| Document: alto-20260513.htm | 0001999480-26-000011 |
| Document: 0001999480-26-000011-index-headers.html | 0001999480-26-000011 |
| Document: 0001999480-26-000011-index.html | 0001999480-26-000011 |
| Document: 0001999480-26-000011.txt | 0001999480-26-000011 |
| 8-K Data (Synthetic) | 0001999480-26-000011 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 12, 2026 10w ago | Institutional Cluster | $32.30 $34.25 | ▲ +6.04% | ▲ +8.00% | $23.19 (−28.20%) |
Jul 14, 2026 15w ago | 8-K | $27.80 $25.90 | ▲ +6.83% | ▲ +5.54% | $23.19 (+16.58%) |
Jul 14, 2026 15w ago | 424B5 | $27.80 $25.90 | ▲ +6.83% | ▲ +5.54% | $23.19 (+16.58%) |
Jul 13, 2026 15w ago | 8-K | $28.03 $27.54 | ▼ −1.75% | ▼ −0.96% | $23.19 (−17.27%) |
Jun 11, 2026 19w ago | Institutional Cluster | $21.47 $22.74 | ▲ +5.92% | ▲ +5.24% | $23.19 (+8.01%) |
May 29, 2026 21w ago | 3 | $19.80 $18.26 | ▼ −7.78% | ▼ −5.03% | $23.19 (+17.12%) |
May 28, 2026 21w ago | 8-K | $20.22 $18.85 | ▼ −6.78% | ▼ −6.73% | $23.19 (+14.69%) |
May 13, 2026 23w ago | 8-K | $22.85 $20.45 | ▼ −10.50% | ▼ −9.35% | $23.19 (+1.49%) |
Apr 21, 2026 27w ago | EFFECT | $25.59 $24.47 | ▼ −4.38% | ▼ −5.46% | $23.19 (−9.38%) |
Apr 10, 2026 28w ago | S-3 | $25.75 $27.33 | ▲ +6.14% | ▲ +2.84% | $23.19 (−9.94%) |
US Market Status
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