Tue, May 14, 8:38 PM (73 days ago)
Alto Neuroscience, Inc. filed its Form 10-Q for the quarter ended March 31, 2024, reporting significant financial changes and operational updates. The company raised approximately $132.9 million from its IPO, resulting in a cash balance of $205.9 million, up from $82.5 million at the end of 2023. Despite this capital influx, Alto reported a net loss of $13.4 million for Q1 2024, compared to $7.3 million in Q1 2023, driven by increased R&D and administrative expenses. R&D costs surged to $10.0 million, reflecting ongoing Phase 2b trials for ALTO-100 and ALTO-300, and new trials for ALTO-203 and ALTO-101. Administrative expenses rose to $4.4 million due to higher personnel and public company-related costs. The company’s focus remains on advancing its clinical pipeline targeting major depressive disorder and schizophrenia, leveraging its Precision Psychiatry Platform. Future funding needs are anticipated to support ongoing trials and operational expansion.