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.