$ANRO

Alto Neuroscience, Inc.

CIK:0001999480|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 22,108	$ 13,124	$ 42,402	$ 23,098
General and administrative	7,021	5,558	13,865	11,260
Total operating expenses	29,129	18,682	56,267	34,358
Loss from operations	(29,129)	(18,682)	(56,267)	(34,358)
Other income (expense):
Interest income	2,112	1,683	3,673	3,510
Interest expense	(491)	(646)	(1,036)	(1,244)
Loss on debt extinguishment	0	0	0	(681)
Other, net	(130)	(61)	(245)	(102)
Total other income, net	1,491	976	2,392	1,483
Net loss	(27,638)	(17,706)	(53,875)	(32,875)
Other comprehensive income (loss):
Change in fair value attributable to instrument specific credit risk	0	22	7	156
Foreign currency translation	4	(5)	(12)	(24)
Total other comprehensive income (loss)	4	17	(5)	132
Comprehensive loss	$ (27,634)	$ (17,689)	$ (53,880)	$ (32,743)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.65)	$ (0.65)	$ (1.34)	$ (1.21)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.65)	$ (0.65)	$ (1.34)	$ (1.21)
Weighted-average number of common shares outstanding, basic (in shares)	42,813,000	27,072,000	40,179,000	27,061,000
Weighted-average number of common shares outstanding, diluted (in shares)	42,813,000	27,072,000	40,179,000	27,061,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net loss	$ (53,875)	$ (32,875)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	6,378	3,973
Depreciation	368	340
Non-cash interest expense related to term loan	371	362
Non-cash lease expense	403	382
Loss on disposal of assets	9	42
Change in other, net	246	124
Loss on extinguishment of debt	0	681
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(2,352)	(1,183)
Accounts payable	2,142	57
Accrued liabilities and other liabilities	(541)	(2,238)
Net cash used in operating activities	(46,851)	(30,335)
Cash Flows from Investing Activities:
Capital expenditures	(556)	(24)
Net cash used in investing activities	(556)	(24)
Cash Flows from Financing Activities:
Proceeds from sale of common stock and pre-funded warrants in 2026 private placement	120,000	0
Payments of issuance cost and underwriting fees related to the sale of common stock and pre-funded warrants in 2026 private placement	(5,223)	0
Payment of withholding taxes for stock-based compensation	(190)
Payments on issuance cost from registration statement	0	(556)
Proceeds from issuance of term loan, net	0	19,688
Repayment of former term loan	0	(10,213)
Payment of loan financing cost	0	(127)
Proceeds from exercise of stock options	81	198
Proceeds from Convertible Grant Agreement	0	750
Net cash provided by financing activities	114,668	9,740
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(12)	(25)
Net (decrease) increase in cash, cash equivalents and restricted cash	67,249	(20,644)
Cash, cash equivalents and restricted cash at the beginning of the period	176,984	168,729
Cash, cash equivalents and restricted cash at the end of the period	244,233	148,085
Supplemental Disclosure of Non-cash Activities
Conversion of K2 term loan into shares of common stock	941	0
Issuance of warrants in connection with term loan agreement	0	524
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	$ 676	$ 770

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 243,733	$ 176,484
Prepaid expenses and other current assets	3,586	1,234
Total current assets	247,319	177,718
Restricted cash	500	500
Property and equipment, net	2,051	1,872
Operating right-of-use asset	3,858	4,261
Other assets	338	338
Total assets	254,066	184,689
Current liabilities:
Accounts payable	4,021	1,878
Accrued expenses and other current liabilities	8,863	8,862
Term loan, current	3,768	585
Total current liabilities	16,652	11,325
Term loan, non-current	12,419	16,172
Convertible Grant Agreement	2,465	2,227
Lease liability, long-term	3,281	3,823
Total liabilities	34,817	33,547
Commitments and contingencies (Note 11)
Stockholders’ equity:
Common stock (par value $0.0001), 500,000 shares authorized; 35,094 and 31,924 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	3	3
Additional paid-in capital	474,738	352,751
Accumulated deficit	(255,509)	(201,634)
Accumulated other comprehensive loss	17	22
Total stockholders’ equity	219,249	151,142
Total liabilities and stockholders’ equity	$ 254,066	$ 184,689