ANROAlto Neuroscience, Inc.
Alto Neuroscience, Inc. (ANRO) develops personalized psychiatric treatments using precision medicine, with a focus on dopamine agonists for mood disorders. The next catalyst is Oct 15, 2026 — FDA Type B Meeting / Regulatory Alignment, which will test the company’s ability to align its regulatory strategy with the FDA’s expectations for its lead asset, ALTO-207.
- The company has raised $100M in a registered direct offering, with a current cash runway extending through 2027.
- The board includes Andrew Miller, Ph.D., founder of Karuna Therapeutics, adding credibility to its precision medicine approach.
- A June 2026 study in Nature Medicine showed pramipexole reduced anhedonia in mood disorder patients, though it remains in Phase 2b.
The Read
Alto Neuroscience's stock surged about 119% after Q2 2026 earnings due to positive Phase 2a data and a new Phase 2b trial, but then fell about 15% after Q1 2026 earnings as in-line EPS and cash runway updates failed to boost investor confidence.
The schedule
- Thu15Oct
The meeting tests whether the FDA will align with the company's regulatory strategy for ALTO-300, which could unlock a path to Phase 3 trials. This differs from the last regulatory event, where the outcome was delayed due to unclear data interpretation.
- Sun8Nov
The earnings release will test whether the company can meet guidance and show progress in clinical trials, which is critical for investor confidence. This differs from the last print, where the guidance was cut due to cash burn concerns.
- Thu3Dec
The data readout will test whether the Phase 2b results meet expectations for ALTO-300, which is critical for securing further funding and advancing the trial. This differs from the last readout, where the data was mixed and led to a pullback.
- Mon11Jan
The conference will test whether the company can secure analyst coverage and investor interest, which is critical for raising capital. This differs from the last conference, where the company faced limited visibility due to regulatory delays.
- Sat6Feb
The earnings release will test whether the company can meet guidance and show progress in clinical trials, which is critical for investor confidence. This differs from the last print, where the guidance was cut due to cash burn concerns.
- Mon10May
The earnings release will test whether the company can meet guidance and show progress in clinical trials, which is critical for investor confidence. This differs from the last print, where the guidance was cut due to cash burn concerns.
- Mon9Aug
The earnings release will test whether the company can meet guidance and show progress in clinical trials, which is critical for investor confidence. This differs from the last print, where the guidance was cut due to cash burn concerns.
Past
- Sun9Aug
Actual outcome: Bull · $32.07 at outcome
Alto Neuroscience reported an EPS actual of -0.8, matching the estimate, but the stock rallied 13.3% due to expanded ALTO-207 Phase 3 trials and new funding secured, which aligned with the bull case. The price reached the bull target of $30.50, reflecting market confidence in the clinical progress and strategic advancements, despite the earnings miss.
Q2 2026 earnings focusing on cash burn rate and trial enrollment updates ahead of key clinical readouts.
- Wed13May
Actual outcome: Bear · $20.45 at outcome
Alto Neuroscience reported Q1 2026 EPS of -$0.51, which was exactly in line with consensus estimates. However, the accompanying business highlights and cash runway update failed to inspire investor confidence, causing the stock to drop 10.5% and breach the $21.50 bear floor as the market digested the company's clinical progress and cash burn.
Q1 2026 earnings print and cash runway update, anchored at the current $24.53 price.