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ANRO · Alto Neuroscience, Inc.

Company guidance, FDA catalysts, dilution risk and cash runway, built from SEC, FDA and ClinicalTrials.gov filings and updated every day.

$243.7M Cash on Hand

31.2mo Cash Runway

12.5% Short Interest

$38.38 Analyst Target (10)

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📣 What ANRO Says Is Next

1H 2027 · “Topline data remain expected in 1H 2027 for the ALTO-300 Phase 2b MDD trial and mid-2027 for the ALTO-100 Phase 2b BPD trial.”
Company press release, Aug 12, 2026 · SEC filing
second half of 2027 · “Alto expects to initiate this trial in the second half of 2027 pending alignment with the FDA.”
Company press release, Aug 12, 2026 · SEC filing
early 2027 · “PACE-2 Trial (Phase 3 adjunctive TRD trial) : Alto remains on track to initiate its Phase 3 trial of ALTO-207 as adjunctive treatment in TRD by early 2027, following alignment with the FDA on the planned trial design.”
Company press release, Aug 12, 2026 · SEC filing

Quoted word for word from the company's press releases filed with the SEC. Timing is the company's own guidance, not a BioRadar estimate.

🧪 Trial & FDA Catalysts

Dec 2026 · Phase 2 · Recruiting · Study of ALTO-300 in MDD
Registry primary completion date, not a results date
Nov 2027 · Phase 2 · Recruiting · ALTO-207 in Adults With Treatment-resistant Depression (TRD)
Registry primary completion date, not a results date
Aug 2026 · Phase 2 · Recruiting · ALTO-100 in Bipolar Disorder With Depression (BD-D)
Registry date passed, readout not confirmed
Feb 2026 · Phase 2 · Recruiting · Study of ALTO-101 in Patients With Schizophrenia
Registry date passed, readout not confirmed

📊 Drug Pipeline

Drug	Indication	Most advanced trial	Status
Bupropion	Major Depressive Disorder	Phase 4 · NCT04388189	Withdrawn
ALTO-100	Bipolar Disorder I or II With a Major Depressive E	Phase 2 · NCT06656416	Recruiting
ALTO-100 PO Tablet	Major Depressive Disorder	Phase 2 · NCT05419869	Completed
ALTO-101	Schizophrenia	Phase 2 · NCT06502964	Recruiting
ALTO-203 25 μg	Major Depressive Disorder	Phase 2 · NCT06391593	Completed
ALTO-203 75 μg	Major Depressive Disorder	Phase 2 · NCT06391593	Completed
ALTO-207	Treatment-resistant Depression (TRD)	Phase 2 · NCT07553637	Recruiting
ALTO-300	Major Depressive Disorder	Phase 2 · NCT05922878	Recruiting
ALTO-300 PO Tablet	Major Depressive Disorder	Phase 2 · NCT05157945	Completed

Also used in these trials (approved or third-party drugs, not ANRO's own candidates): Duloxetine, Escitalopram Oral, Sertraline.

Source: ClinicalTrials.gov trials sponsored by the company, one row per candidate at its most advanced registered trial. FDA approvals: Drugs@FDA. Wrong or missing drug? Report it

💰 Cash Runway & Dilution Risk

ANRO holds $243.7M in cash and short-term investments (as of Jun 30, 2026) and burns about $23.4M/quarter from operations, an estimated runway of 31.2 months at that rate (BioRadar estimate, not company guidance).

Dilution pressure: 29 · Moderate

Cash runway 31 months
ATM program on file since Feb 2025 +15
Shelf registration (S-3, Feb 2025) +10
Share count +45% in a year +14
Raised after last reported balance sheet (Jul 2026) -10

Recent financing filings on SEC EDGAR:

Jul 14, 2026 · Underwritten offering · 424B5
Mar 16, 2026 · Private placement (8-K Item 3.02) · 8-K
Oct 20, 2025 · Private placement (8-K Item 3.02) · 8-K
Jun 3, 2025 · Private placement (8-K Item 3.02) · 8-K
Feb 3, 2025 · Shelf registration with ATM program, up to $75M · S-3
Jan 16, 2025 · Private placement (8-K Item 3.02) · 8-K

Source: SEC EDGAR (XBRL cash flow and financing filings). Dilution Watch: every company ranked → · Get an alert when ANRO files for a raise →

👥 Who Owns ANRO

Insiders 2.3% Institutions (163 holders) 87.1% Public and other holders 10.6%

Holder	Type	Shares	% of shares	As of
Perceptive Advisors LLC	Institution (13G, 5%+)	4,176,711	10.64%	2026-06-30
Alpha Wave Global, LP	Institution (13F)	3,707,757	9.45%	2026-06-30
Commodore Capital LP	Institution (13G, 5%+)	3,588,180	9.14%	2026-03-31
EcoR1 Capital, LLC	Institution (13G, 5%+)	2,232,000	5.69%	2026-07-13
Sirenia Capital Management LP	Institution (13G, 5%+)	2,219,568	5.66%	2026-06-30
BlackRock, Inc.	Institution (13G, 5%+)	2,104,406	5.36%	2026-06-30
Adage Capital Partners GP L.L.C.	Institution (13F)	1,600,000	4.08%	2026-06-30
Vanguard Capital Management LLC	Institution (13F)	1,389,477	3.54%	2026-06-30
Spruce Street Capital LP	Institution (13F)	1,353,047	3.45%	2026-06-30
Vivo Capital, LLC	Institution (13F)	1,208,858	3.08%	2026-06-30
Franklin Resources, Inc.	Institution (13F)	1,013,307	2.58%	2026-06-30
Armistice Capital, LLC	Institution (13F)	864,000	2.20%	2026-06-30

Share count 39,242,104 (latest 10-Q/10-K). Insiders: each officer's, director's and 10% owner's latest Form 3, 4 or 5, direct and indirect shares; options are not counted. 5%+ holders: latest Schedule 13D or 13G of each holder above 5%. Institutions: the total held by all 13F filers (Yahoo Finance); the table lists the largest (13F quarter ending 2026-06-30). Sources have different dates, so the split is approximate. Source: SEC EDGAR.

📈 Recent Insider Activity (Form 4)

Trade date	Insider	Transaction	Shares	Price	Owned after
2026-05-27 filed 2026-05-29	Miller Andrew Craig	Option award (A)	26,000	–	–
2026-05-14 filed 2026-05-15	Etkin Amit	Gift (G)	400,000	–	833,949
2026-05-12 filed 2026-05-14	Manji Husseini	Option award (A)	10,958	–	–
2026-05-12 filed 2026-05-14	York Gwill	Option award (A)	10,958	–	–
2026-05-12 filed 2026-05-14	Cox Christopher Nixon	Option award (A)	10,958	–	–

Only open-market purchases (P) and sales (S) are trading decisions. Awards (A), option exercises (M) and tax withholding (F) are compensation mechanics. Source: SEC Form 4.

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Data: SEC EDGAR, FDA, ClinicalTrials.gov, Yahoo Finance • Informational purposes only, not investment advice. • All tracked stocks A–Z