- Alto Neuroscience, Inc. (ANRO) announced a **$50 million private placement financing** led by Perceptive Advisors, with the closing expected on **October 21, 2025**.  **[1999480_0001104659-25-100801_tm2529007d1_ex99-1.htm:0]** 
- The financing includes the sale of **3,832,263 shares of common stock at $5.914 per share** and pre-funded warrants to purchase up to **4,622,251 shares** at $5.9139 per pre-funded warrant.  **[1999480_0001104659-25-100801_tm2529007d1_ex99-1.htm:0]** **[1999480_0001104659-25-100801_tm2529007d1_8k.htm:1]** 
- Proceeds from the financing will be used to **accelerate the development of ALTO-207** in Treatment Resistant Depression (TRD).  **[1999480_0001104659-25-100801_tm2529007d1_ex99-1.htm:0]** 
- This acceleration includes plans to initiate a **Phase 2b study by mid-2026** and a **Phase 3 study by early 2027**.  **[1999480_0001104659-25-100801_tm2529007d1_ex99-1.htm:0]** **[1999480_0001104659-25-100801_tm2529007d1_ex99-2.htm:0]** 
- Alto maintains **cash guidance into 2028**, now incorporating these additional development activities for ALTO-207.  **[1999480_0001104659-25-100801_tm2529007d1_ex99-2.htm:0]**

Alto Neuroscience Announces $50 Million Private Placement Financing

- A class action lawsuit has been filed against Alto Neuroscience, Inc. and certain officers, covering securities purchased between **February 2, 2024, and October 22, 2024**.  **[1999480_20250918DC74956:0]** 
- The lawsuit alleges that the company made materially false and misleading statements regarding the effectiveness of its drug **ALTO-100** in treating Major Depressive Disorder (MDD).  **[1999480_20250918DC74956:1]** 
- This follows Alto's announcement on **October 22, 2024**, that ALTO-100 did not meet its primary endpoint in a Phase 2b clinical trial for MDD.  **[1999480_20250918DC74956:1]** 
- Following this news, Alto's stock price **fell $10.17 per share**, or **69.99%**, to close at **$4.36** on October 23, 2024.  **[1999480_20250918DC74956:1]** 
- Investors who purchased Alto securities during the Class Period have until **September 19, 2025**, to ask the Court to appoint them as Lead Plaintiff.  **[1999480_20250918DC74956:0]**

Alto Neuroscience Faces Class Action Lawsuit Over ALTO-100 Trial Results

- Alto Neuroscience employs a **biomarker-driven platform** utilizing tools like EEG and cognitive tests to select patients and de-risk drug development, an approach that aligns with **FDA enrichment guidelines**.  **[1999480_2146318_0]** **[1999480_2146318_1]** 
- The company provided updates on its late-stage pipeline, including **ALTO-101** (cognitive impairment in schizophrenia) with topline data anticipated in the **second half of next year**, and **ALTO-207** (treatment-resistant depression), acquired from Chase Therapeutics, which will begin its Phase IIB trial in the **first half of next year**.  **[1999480_2146318_2]** **[1999480_2146318_5]**  ALTO-207 previously demonstrated strong efficacy with Cohen's D values of **0.9 to 1.1** in prior studies.  **[1999480_2146318_3]** **[1999480_2146318_4]** 
- For **ALTO-300** (adjunctive depression treatment), the Phase IIB study was upsizing after a positive interim analysis, with enrollment completion projected for **mid-next year**.  **[1999480_2146318_2]** **[1999480_2146318_6]** **[1999480_2146318_7]** 
- To improve data quality and mitigate risks, Alto Neuroscience is implementing **higher rigor in its clinical trials**, including requiring medical/pharmacy records and blood/urine samples to confirm drug adherence.  **[1999480_2146318_7]**

Alto Neuroscience (ANRO)