Alto Neuroscience (NYSE:ANRO) reported its full-year 2025 financial results, highlighting a strengthened balance sheet and a disciplined approach to research and development.
The Los Altos, California-based company ended the year with approximately $177 million in cash, cash equivalents, and restricted cash, a slight increase from the $169 million reported at the end of 2024.
Management noted that this capital is sufficient to fund planned operations into 2028, providing a significant multi-year runway to advance its "precision psychiatry" platform.
The company’s net loss for the 2025 fiscal year was $63.2 million, compared to $61.4 million in the prior year.
While the net loss widened slightly, it was primarily driven by non-cash items and the scaling of newer clinical programs.
Research and development expenses actually decreased to $45.6 million from $47 million in 2024.
This reduction was largely due to the successful completion of a Phase 2b study for ALTO-100 and a proof-of-concept study for ALTO-203 earlier in the year, which offset increased spending on the ongoing ALTO-101 and expanded ALTO-100 trials.
General and administrative expenses also saw a modest decline, falling to $20.7 million from $21.6 million.
This reduction reflects a leaner corporate structure as Alto shifts its focus from early infrastructure building to the execution of its clinical pipeline.
The company continues to utilize its proprietary brain-based biomarkers—including EEG and wearable data—to identify patients most likely to respond to its candidates for major depressive disorder (MDD) and schizophrenia.
As Alto enters 2026, the company is focused on the continued enrollment of its transdermal ALTO-101 program, which is being developed for cognitive impairment associated with schizophrenia.