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Alto Neuroscience (ANRO) Financials

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$24.47 -0.98 (-3.83%)
Closing price 05/6/2026 03:59 PM Eastern
Extended Trading
$24.70 +0.23 (+0.92%)
As of 05/6/2026 07:54 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
Annual Income Statements for Alto Neuroscience

Annual Income Statements for Alto Neuroscience

This table shows Alto Neuroscience's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders
-36 -61 -63
Consolidated Net Income / (Loss)
-36 -61 -63
Net Income / (Loss) Continuing Operations
-36 -61 -63
Total Pre-Tax Income
-36 -61 -63
Total Operating Income
-38 -69 -66
Total Gross Profit
0.00 0.00 0.00
Total Revenue
0.00 0.00 0.00
Total Cost of Revenue
0.00 0.00 0.00
Total Operating Expenses
38 69 66
Selling, General & Admin Expense
7.52 22 21
Research & Development Expense
30 47 46
Total Other Income / (Expense), net
1.50 7.18 3.13
Interest Expense
1.37 1.38 3.15
Interest & Investment Income
2.35 8.85 6.60
Other Income / (Expense), net
0.53 -0.30 -0.33
Basic Earnings per Share
($9.73) ($2.50) ($2.19)
Weighted Average Basic Shares Outstanding
3.73M 24.60M 28.85M
Diluted Earnings per Share
($9.73) ($2.50) ($2.19)
Weighted Average Diluted Shares Outstanding
3.73M 24.60M 28.85M
Weighted Average Basic & Diluted Shares Outstanding
- 27.07M 31.95M

Quarterly Income Statements for Alto Neuroscience

This table shows Alto Neuroscience's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders
-8.66 -9.14 -11 -13 -16 -17 -15 -15 -18 -14 -16
Consolidated Net Income / (Loss)
-8.66 -9.14 -11 -13 -16 -17 -15 -15 -18 -14 -16
Net Income / (Loss) Continuing Operations
-8.66 -9.14 -11 -13 -16 -17 -15 -15 -18 -14 -16
Total Pre-Tax Income
-8.66 -9.14 -11 -13 -16 -17 -15 -15 -18 -14 -16
Total Operating Income
-9.13 -9.72 -12 -14 -18 -19 -17 -16 -19 -15 -17
Total Operating Expenses
9.13 9.72 12 14 18 19 17 16 19 15 17
Selling, General & Admin Expense
2.05 1.75 2.12 4.43 5.16 5.83 6.20 5.70 5.56 4.43 5.06
Research & Development Expense
7.07 7.97 9.64 9.95 13 13 11 9.97 13 11 12
Total Other Income / (Expense), net
0.46 0.58 0.55 0.97 2.31 2.10 1.80 0.51 0.98 0.77 0.87
Interest Expense
0.33 0.36 0.36 0.35 0.35 0.35 0.33 1.28 0.65 0.65 0.58
Interest & Investment Income
0.67 0.71 0.74 1.56 2.66 2.50 2.14 1.83 1.68 1.53 1.56
Other Income / (Expense), net
0.12 0.23 0.17 -0.24 0.00 -0.05 -0.01 -0.04 -0.06 -0.11 -0.11
Basic Earnings per Share
($2.33) ($2.44) ($2.99) ($0.76) ($0.60) ($0.62) ($0.52) ($0.56) ($0.65) ($0.52) ($0.46)
Weighted Average Basic Shares Outstanding
3.72M 3.74M 3.73M 17.60M 26.91M 26.96M 24.60M 27.05M 27.07M 27.10M 28.85M
Diluted Earnings per Share
($2.33) ($2.44) ($2.99) ($0.76) ($0.60) ($0.62) ($0.52) ($0.56) ($0.65) ($0.52) ($0.46)
Weighted Average Diluted Shares Outstanding
3.72M 3.74M 3.73M 17.60M 26.91M 26.96M 24.60M 27.05M 27.07M 27.10M 28.85M
Weighted Average Basic & Diluted Shares Outstanding
- - 0.00 26.88M 26.96M 26.97M 27.07M 27.07M 27.08M 31.07M 31.95M

Annual Cash Flow Statements for Alto Neuroscience

This table details how cash moves in and out of Alto Neuroscience's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents
34 86 8.29
Net Cash From Operating Activities
-33 -47 -52
Net Cash From Continuing Operating Activities
-33 -48 -52
Net Income / (Loss) Continuing Operations
-36 -61 -63
Consolidated Net Income / (Loss)
-36 -61 -63
Depreciation Expense
0.37 0.50 0.66
Non-Cash Adjustments To Reconcile Net Income
2.90 8.37 11
Changes in Operating Assets and Liabilities, net
-0.70 4.06 0.03
Net Cash From Investing Activities
-0.47 -2.08 -0.02
Net Cash From Continuing Investing Activities
-0.47 -2.08 -0.02
Purchase of Property, Plant & Equipment
-0.47 -2.08 -0.02
Net Cash From Financing Activities
68 136 60
Net Cash From Continuing Financing Activities
68 136 60
Repayment of Debt
- 0.00 -10
Repurchase of Common Equity
-2.05 -3.33 0.00
Issuance of Debt
0.00 1.25 20
Issuance of Common Equity
0.00 138 0.00
Other Financing Activities, net
0.18 0.19 50
Cash Interest Paid
0.91 1.00 1.66

Quarterly Cash Flow Statements for Alto Neuroscience

This table details how cash moves in and out of Alto Neuroscience's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Change in Cash & Equivalents
-6.75 -7.74 31 123 -12 -11 -13 -7.45 -13 -9.77 39
Net Cash From Operating Activities
-6.64 -7.77 -12 -11 -12 -12 -13 -17 -14 -9.92 -12
Net Cash From Continuing Operating Activities
-6.56 -7.77 -12 -11 -13 -11 -14 -17 -14 -9.67 -11
Net Income / (Loss) Continuing Operations
-8.66 -9.14 -11 -13 -16 -17 -15 -15 -18 -14 -16
Consolidated Net Income / (Loss)
-8.66 -9.14 -11 -13 -16 -17 -15 -15 -18 -14 -16
Depreciation Expense
0.11 0.06 0.11 0.10 0.11 0.12 0.17 0.17 0.17 0.16 0.16
Non-Cash Adjustments To Reconcile Net Income
1.25 0.41 0.67 2.52 1.76 3.25 0.84 3.10 1.98 2.48 3.22
Changes in Operating Assets and Liabilities, net
0.60 0.83 -1.16 -0.26 1.43 2.79 0.10 -4.66 1.30 1.30 2.10
Net Cash From Financing Activities
-0.05 0.05 43 135 -0.23 1.32 0.05 9.13 0.61 0.15 50
Net Cash From Continuing Financing Activities
-0.05 0.05 43 135 -0.23 1.32 0.05 9.13 1.17 -0.40 50
Other Financing Activities, net
0.04 0.11 0.03 0.01 0.06 0.07 0.05 -0.22 0.42 -0.40 50
Cash Interest Paid
0.24 0.25 0.25 0.25 0.25 0.25 0.25 0.31 0.46 0.47 0.43

Annual Balance Sheets for Alto Neuroscience

This table presents Alto Neuroscience's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Total Assets
87 178 185
Total Current Assets
85 169 178
Cash & Equivalents
83 168 176
Prepaid Expenses
2.84 1.11 1.23
Plant, Property, & Equipment, net
1.11 2.67 1.87
Total Noncurrent Assets
0.13 5.54 5.10
Other Noncurrent Operating Assets
0.13 5.54 5.10
Total Liabilities & Shareholders' Equity
87 178 185
Total Liabilities
17 26 34
Total Current Liabilities
5.61 10 11
Short-Term Debt
- 0.00 0.59
Accounts Payable
1.07 1.58 1.88
Accrued Expenses
4.54 8.43 8.86
Total Noncurrent Liabilities
11 16 22
Long-Term Debt
9.86 10 16
Other Noncurrent Operating Liabilities
1.35 5.82 6.05
Commitments & Contingencies
0.00 0.00 0.00
Total Equity & Noncontrolling Interests
-72 151 151
Total Preferred & Common Equity
-72 151 151
Total Common Equity
-72 151 151
Common Stock
5.37 290 353
Retained Earnings
-77 -138 -202
Accumulated Other Comprehensive Income / (Loss)
-0.08 -0.10 0.02

Quarterly Balance Sheets for Alto Neuroscience

This table presents Alto Neuroscience's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025
Total Assets
210 197 192 172 158 147
Total Current Assets
208 195 184 164 150 139
Cash & Equivalents
206 193 182 161 148 138
Prepaid Expenses
2.42 2.29 1.83 2.77 2.26 1.63
Plant, Property, & Equipment, net
1.55 1.44 2.35 2.48 2.31 2.03
Total Noncurrent Assets
0.06 0.50 5.73 5.92 5.72 5.53
Other Noncurrent Operating Assets
0.06 0.50 5.73 5.92 5.72 5.53
Total Liabilities & Shareholders' Equity
210 197 192 172 158 147
Total Liabilities
17 18 27 33 34 35
Total Current Liabilities
8.01 9.84 14 7.26 8.13 9.05
Accounts Payable
2.41 1.84 2.25 1.38 1.67 2.06
Accrued Expenses
4.45 5.68 8.23 5.87 6.46 6.99
Total Noncurrent Liabilities
8.81 7.74 13 26 26 26
Long-Term Debt
8.81 7.74 6.63 20 20 20
Other Noncurrent Operating Liabilities
0.00 0.00 5.91 5.62 6.21 6.09
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
193 180 165 139 123 112
Total Preferred & Common Equity
193 180 165 139 123 112
Total Common Equity
193 180 165 139 123 112
Common Stock
284 286 288 293 295 297
Retained Earnings
-90 -106 -123 -154 -171 -185
Accumulated Other Comprehensive Income / (Loss)
-0.08 -0.09 -0.10 0.01 0.03 0.01

Annual Metrics And Ratios for Alto Neuroscience

This table displays calculated financial ratios and metrics derived from Alto Neuroscience's official financial filings.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding
0.00 26,970,168.00 31,066,335.00
DEI Adjusted Shares Outstanding
0.00 26,970,168.00 31,066,335.00
DEI Earnings Per Adjusted Shares Outstanding
0.00 -2.28 -2.04
Growth Metrics
- - -
Profitability Metrics
- - -
Net Operating Profit after Tax (NOPAT)
-26 -48 -46
Return On Investment Capital (ROIC_SIMPLE)
42.82% -29.70% -27.67%
Earnings before Interest and Taxes (EBIT)
-37 -69 -67
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-37 -68 -66
Valuation Ratios
- - -
Leverage & Solvency
- - -
Liquidity Ratios
- - -
Cash Flow Metrics
- - -
Free Cash Flow to Firm (FCFF)
0.00 -44 -44
Efficiency Ratios
- - -
Capital & Investment Metrics
- - -
Invested Capital
-2.88 -6.52 -8.59
Increase / (Decrease) in Invested Capital
0.00 -3.63 -2.07
Book Value per Share
($19.21) $5.62 $4.87
Tangible Book Value per Share
($19.21) $5.62 $4.87
Total Capital
80 162 168
Total Debt
9.86 10 17
Total Long-Term Debt
9.86 10 16
Net Debt
-73 -158 -160
Capital Expenditures (CapEx)
0.47 2.08 0.02
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-2.77 -8.90 -9.51
Debt-free Net Working Capital (DFNWC)
80 159 167
Net Working Capital (NWC)
80 159 166
Net Nonoperating Expense (NNE)
9.84 13 17
Net Nonoperating Obligations (NNO)
-73 -158 -160
Total Depreciation and Amortization (D&A)
0.65 0.84 0.66
Earnings Adjustments
- - -
Adjusted Basic Earnings per Share
$0.00 ($2.50) ($2.19)
Adjusted Weighted Average Basic Shares Outstanding
0.00 24.60M 28.85M
Adjusted Diluted Earnings per Share
$0.00 ($2.50) ($2.19)
Adjusted Weighted Average Diluted Shares Outstanding
0.00 24.60M 28.85M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 27.07M 31.95M
Normalized Net Operating Profit after Tax (NOPAT)
-26 -48 -46
Debt Service Ratios
- - -
Payout Ratios
- - -

Quarterly Metrics And Ratios for Alto Neuroscience

This table displays calculated financial ratios and metrics derived from Alto Neuroscience's official financial filings.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
DEI Shares Outstanding
0.00 0.00 0.00 0.00 26,883,990.00 26,958,973.00 26,970,168.00 27,072,129.00 27,072,129.00 27,076,629.00 31,066,335.00
DEI Adjusted Shares Outstanding
0.00 0.00 0.00 0.00 26,883,990.00 26,958,973.00 26,970,168.00 27,072,129.00 27,072,129.00 27,076,629.00 31,066,335.00
DEI Earnings Per Adjusted Shares Outstanding
0.00 0.00 0.00 0.00 -0.60 -0.62 -0.56 -0.56 -0.65 -0.52 -0.52
Growth Metrics
- - - - - - - - - - -
Profitability Metrics
- - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)
-6.39 -6.80 -8.24 -10 -13 -13 -12 -11 -13 -10 -12
Return On Investment Capital (ROIC_SIMPLE)
- - 13.32% -4.96% -6.76% -7.55% -7.36% -6.90% -9.11% -7.94% -7.11%
Earnings before Interest and Taxes (EBIT)
-9.00 -9.49 -12 -15 -18 -19 -17 -16 -19 -15 -17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-8.89 -9.36 -11 -14 -18 -19 -17 -16 -19 -15 -17
Valuation Ratios
- - - - - - - - - - -
Leverage & Solvency
- - - - - - - - - - -
Liquidity Ratios
- - - - - - - - - - -
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
0.00 0.00 0.00 -7.24 -9.55 -6.73 -8.26 -12 -12 -11 -9.87
Efficiency Ratios
- - - - - - - - - - -
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
0.00 0.00 -2.88 -2.83 -3.29 -6.49 -6.52 -1.72 -4.05 -5.95 -8.59
Increase / (Decrease) in Invested Capital
0.00 0.00 0.00 -2.83 -3.29 -6.49 -3.63 1.11 -0.76 0.55 -2.07
Book Value per Share
$0.00 $0.00 ($19.21) $10.97 $6.69 $6.12 $5.62 $5.14 $4.56 $4.12 $4.87
Tangible Book Value per Share
$0.00 $0.00 ($19.21) $10.97 $6.69 $6.12 $5.62 $5.14 $4.56 $4.12 $4.87
Total Capital
0.00 0.00 80 203 190 175 162 159 144 132 168
Total Debt
0.00 0.00 9.86 9.96 10 10 10 20 20 20 17
Total Long-Term Debt
0.00 0.00 9.86 8.81 7.74 6.63 10 20 20 20 16
Net Debt
0.00 0.00 -73 -196 -183 -172 -158 -141 -127 -118 -160
Capital Expenditures (CapEx)
0.05 0.04 0.35 0.22 0.34 1.01 0.51 0.02 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)
0.00 0.00 -2.77 -4.44 -5.23 -8.66 -8.90 -4.49 -5.87 -7.41 -9.51
Debt-free Net Working Capital (DFNWC)
0.00 0.00 80 201 188 173 159 156 142 130 167
Net Working Capital (NWC)
0.00 0.00 80 200 186 170 159 156 142 130 166
Net Nonoperating Expense (NNE)
2.28 2.34 2.98 3.35 3.19 3.56 3.30 4.20 4.63 3.72 4.24
Net Nonoperating Obligations (NNO)
0.00 0.00 -73 -196 -183 -172 -158 -141 -127 -118 -160
Total Depreciation and Amortization (D&A)
0.11 0.13 0.18 0.17 0.17 0.12 0.17 0.17 0.17 0.16 0.16
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$0.00 $0.00 ($2.99) ($0.76) ($0.60) ($0.62) ($0.52) ($0.56) ($0.65) ($0.52) ($0.46)
Adjusted Weighted Average Basic Shares Outstanding
0.00 0.00 3.73M 17.60M 26.91M 26.96M 24.60M 27.05M 27.07M 27.10M 28.85M
Adjusted Diluted Earnings per Share
$0.00 $0.00 ($2.99) ($0.76) ($0.60) ($0.62) ($0.52) ($0.56) ($0.65) ($0.52) ($0.46)
Adjusted Weighted Average Diluted Shares Outstanding
0.00 0.00 3.73M 17.60M 26.91M 26.96M 24.60M 27.05M 27.07M 27.10M 28.85M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 0.00 0.00 26.88M 26.96M 26.97M 27.07M 27.07M 27.08M 31.07M 31.95M
Normalized Net Operating Profit after Tax (NOPAT)
-6.39 -6.80 -8.24 -10 -13 -13 -12 -11 -13 -10 -12
Debt Service Ratios
- - - - - - - - - - -
Payout Ratios
- - - - - - - - - - -

Financials Breakdown Chart

Key Financial Trends

Alto Neuroscience (ANRO) shows a pre-revenue biotech profile with ongoing heavy R&D investment. The company has built liquidity primarily through financing activities in 2025, but continues to incur quarterly net losses and utilizes financing to fund operations.

  • Net cash from financing activities in Q4 2025 was about +$50.2 million, boosting liquidity.
  • Across 2025 quarters, cash balances remained strong (Q1 around $160.8m, Q2 about $147.6m, Q3 about $137.8m), providing a liquidity runway for continued development.
  • Q1 2025 featured a large equity issuance, adding about $137.6 million in cash and expanding the balance sheet.
  • Total revenue was $0 in Q4 2025, consistent with a pre-revenue development stage.
  • R&D spending remains a dominant cost driver, reflecting ongoing product development efforts typical of a biotech startup.
  • Net income (loss) across 2025 quarters were all negative: Q1 -$15.17m, Q2 -$17.71m, Q3 -$14.18m, Q4 -$16.18m.
  • Operating cash flow from continuing activities was negative in each 2025 quarter: Q1 -$16.56m, Q2 -$14.27m, Q3 -$9.67m, Q4 -$11.28m.
  • Total Common Equity declined through 2025 (about $139.1m in Q1 2025 to about $111.6m in Q3 2025), signaling dilution risk if earnings don’t improve.
  • There is a continued reliance on financing to fund operations, indicating ongoing fundraising needs and potential dilution for shareholders.
05/07/26 06:09 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Alto Neuroscience's Financials

When does Alto Neuroscience's fiscal year end?

According to the most recent income statement we have on file, Alto Neuroscience's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Alto Neuroscience's net income changed over the last 2 years?

Alto Neuroscience's net income appears to be on an upward trend, with a most recent value of -$63.24 million in 2025, rising from -$36.31 million in 2023. The previous period was -$61.43 million in 2024. Find out what analysts predict for Alto Neuroscience in the coming months.

What is Alto Neuroscience's operating income?
Alto Neuroscience's total operating income in 2025 was -$66.36 million, based on the following breakdown:
  • Total Gross Profit: $0.00
  • Total Operating Expenses: $66.36 million
How has Alto Neuroscience's revenue changed over the last 2 years?

Over the last 2 years, Alto Neuroscience's total revenue changed from $0.00 in 2023 to $0.00 in 2025, a change of 0.0%.

How much debt does Alto Neuroscience have?

Alto Neuroscience's total liabilities were at $33.55 million at the end of 2025, a 28.6% increase from 2024, and a 99.4% increase since 2023.

How much cash does Alto Neuroscience have?

In the past 2 years, Alto Neuroscience's cash and equivalents has ranged from $82.55 million in 2023 to $176.48 million in 2025, and is currently $176.48 million as of their latest financial filing in 2025.

How has Alto Neuroscience's book value per share changed over the last 2 years?

Over the last 2 years, Alto Neuroscience's book value per share changed from -19.21 in 2023 to 4.87 in 2025, a change of -125.3%.



Financial statements for NYSE:ANRO last updated on 4/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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