Alto Neuroscience, Inc. reported a net loss of $15.2 million for the first quarter of 2025, compared to a loss of $13.4 million in the same period of 2024. The company's total operating expenses increased to $15.7 million from $14.4 million year-over-year, primarily driven by higher general and administrative costs, which rose to $5.7 million from $4.4 million. Research and development expenses remained relatively stable at approximately $10 million, reflecting ongoing clinical trials for its product candidates, including ALTO-100 and ALTO-300.
The company experienced a significant decrease in accrued expenses and other current liabilities, which fell to $5.9 million as of March 31, 2025, down from $8.4 million at the end of 2024. This reduction was largely attributed to a decrease in accrued payroll and employee-related expenses. Additionally, Alto's cash, cash equivalents, and restricted cash totaled $161.3 million at the end of the first quarter, a decrease from $168.7 million at the end of 2024, primarily due to cash used in operating activities.
Strategically, Alto Neuroscience has made notable advancements in its clinical pipeline, which includes five product candidates targeting major depressive disorder, bipolar depression, and schizophrenia. The company is currently conducting Phase 2b trials for ALTO-100 and ALTO-300, with topline data expected in 2026. In January 2025, Alto amended its loan agreement with K2 HealthVentures, increasing the total available term loans to $75 million, of which $20 million was drawn down. This amendment extends the loan's maturity date to January 2029 and includes provisions for additional funding tied to clinical milestones.
Operationally, the company has focused on enhancing its clinical development capabilities, with a headcount increase to support ongoing trials. As of March 31, 2025, Alto had 5,216 stock options outstanding, reflecting its commitment to incentivizing employees. The company anticipates continued operating losses as it progresses through clinical trials and seeks regulatory approvals for its product candidates. Looking ahead, Alto expects to rely on a combination of equity financing, grants, and potential collaborations to fund its operations and development activities into 2028.
About Alto Neuroscience, Inc.
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