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what it is
Alto Neuroscience tests psychiatry drugs against patient biomarkers to find who responds.
how it gets paid
Last year Alto Neuroscience made n/a in revenue. ALTO-100 was the main engine at $0, or 40% of sales.
what just happened
Alto posted $0 of revenue and -$1.74 EPS, so the business is still a cash burn story.
At a glance
C++ balance sheet — some cracks in the foundation
-$2.50 fy2024 eps est
n/a operating margin
1.2 beta
~$692M market cap
xvary composite: 38/100 — weak
What they do
Alto Neuroscience tests psychiatry drugs against patient biomarkers to find who responds.
Alto ran Phase 2a trials for ALTO-100 and ALTO-300 in more than 200 patients each. biomarker → measurable body signal → so what: it can split responders from non-responders before you waste another trial. You are not betting on a random antidepressant. You are betting on a narrower bet with 2 shots instead of 1.
How they make money
n/a
annual revenue
ALTO-100
$0
ALTO-300
$0
ALTO-207
$0
Precision psychiatry platform
$0
The products that matter
lead clinical asset
alto-100
2026 proof-of-concept readout
this is the lead asset tied to top-line results in major depressive disorder expected in 2026. With $0 revenue today, readouts like this are the business.
lead readout
biomarker selection platform
precision psychiatry platform
$0 revenue today
the pitch is smarter matching between drug candidates and patients. That's the story behind the valuation. The company still has $0 product revenue, so the proof has to come from clinical results, not adoption metrics.
platform bet
development-stage pipeline
clinical pipeline
-$2.19 EPS
this is still a development-stage operation losing $2.19 per share. If the science works, that loss was investment. If it does not, it was burn.
binary setup
Key numbers
$26M
long debt
That is small next to a $692M market cap, but it still gets paid from cash, not sales.
76
employees
That is a tiny team for multiple trials. Small headcount keeps burn lower, but it leaves less room for mistakes.
1.2
beta
The stock moves about 20% more than the market. You get more swing for the same headline.
5/100
price stability
That is the chart version of a loose wheel. Small bad news can move the stock hard.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $26M (4% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for ANRO right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Alto posted $0 of revenue and -$1.74 EPS, so the business is still a cash burn story.
EDGAR did not show revenue, and the latest quarter EPS was a loss. The company is still funding trials, not selling a product.
$0
revenue
-$1.74
eps
0.0%
gross margin
the number that mattered
The -$1.74 EPS matters because it shows the company is still spending before any product sale.
source: company earnings report, 2026
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What could go wrong
ANRO's risk profile is not abstract. It starts with alto-100 failing to produce convincing proof-of-concept data in major depressive disorder, then widens into funding pressure and credibility damage from the 2025 litigation backdrop.
med
alto-100 can miss in 2026
The lead proof-of-concept readout in major depressive disorder is the core value event. This is a $692M company with $0 revenue, so the readout is not one catalyst among many. It is the main event.
A miss would pressure the entire valuation framework because there is no commercial revenue stream to offset it.
med
pre-revenue biotech math is still biotech math
EPS is -$2.19, the balance sheet grade is C++, and long-term debt is $26M. Debt is only 4% of capital, which helps. It does not change the fact that every quarter is still research spend.
If timelines slip or data disappoints, financing risk can move from background issue to headline fast.
med
the securities suit keeps trust in play
A class action filed in September 2025 followed a 70% stock drop. Litigation does not decide whether the science works, but it can affect how investors judge management credibility while the company is still asking the market to fund belief.
That can weigh on sentiment, financing optics, and the multiple investors are willing to pay for future data.
$0 of revenue and $26M of debt leave you depending on trial data and capital markets.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
alto-100 proof-of-concept data in major depressive disorder
Top-line results are expected in 2026. This readout matters more than any backward-looking financial metric on the page because there is still $0 revenue.
trading
whether volatility stays glued to every trial and legal headline
A 5 / 100 price stability score already tells you this trades like an event vehicle. If expectations run ahead of data again, the stock can move before the science does.
legal
developments in the september 2025 securities litigation
The suit stems from a 70% stock drop allegation. Even if it does not change the science, it can change how investors price trust.
balance sheet
whether pre-revenue losses start dragging funding into the foreground
EPS is -$2.19 and the balance sheet grade is C++. Debt is only $26M, but you still own a company where every quarter is spend before sales.
Analyst rankings
source: institutional data
Institutional activity
institutional ownership data for ANRO is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$17
current price
n/a
target midpoint · n/a from current
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