Alto Neuroscience, Inc. reported a net loss of $14.2 million for the third quarter of 2025, a decrease from the $16.8 million loss recorded in the same period of 2024. For the nine months ending September 30, 2025, the company’s net loss was $47.1 million, slightly higher than the $46.2 million loss for the corresponding period in the previous year. The company’s total operating expenses for the third quarter were $14.9 million, down from $18.9 million in the prior year, primarily due to reduced research and development costs, which fell to $10.5 million from $13.1 million. General and administrative expenses also decreased to $4.4 million from $5.8 million year-over-year.
In terms of financial position, Alto reported cash, cash equivalents, and restricted cash totaling $138.3 million as of September 30, 2025, a decline from $168.7 million at the end of 2024. The decrease in cash was attributed to ongoing operational losses and changes in working capital. The company has an accumulated deficit of approximately $185.5 million. Notably, Alto completed a private placement in October 2025, raising approximately $49.9 million in net proceeds, which is expected to support its operations into 2028.
Operationally, Alto has made significant strides in its clinical development pipeline, which includes seven clinical-stage assets targeting major depressive disorder, bipolar depression, treatment-resistant depression, and schizophrenia. The company has recently acquired ALTO-207 and ALTO-208 from Chase Therapeutics, expanding its portfolio. The ongoing Phase 2b trials for ALTO-100 and ALTO-300 are expected to yield results in 2026, while ALTO-101 has received Fast Track designation from the FDA for treating cognitive impairment associated with schizophrenia.
The company’s workforce has seen adjustments, with a reduction in headcount in May 2025 aimed at improving operational efficiency. As of September 30, 2025, Alto had 27,168,369 shares of common stock outstanding, reflecting a slight increase from the previous year. The company continues to face challenges in achieving profitability, relying heavily on equity financing and debt to fund its operations. Future funding will be critical as Alto advances its clinical programs and seeks regulatory approvals for its product candidates.
About Alto Neuroscience, Inc.
Alto Neuroscience, Inc. is a clinical-stage biopharmaceutical company focused on precision psychiatry. It develops personalized treatments for neuropsychiatric disorders such as major depressive disorder, bipolar depression, and schizophrenia using its proprietary Precision Psychiatry Platform. The platform integrates neurobiological data and machine learning to identify biomarkers for targeted patient populations. Alto’s pipeline includes novel small molecules and repurposed drugs designed to improve treatment efficacy and patient outcomes in CNS disorders.
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