Here are 1-2 brief analogies for Alto Neuroscience (ANRO):

• Like Tempus AI for mental health drug discovery.
• Like Vertex Pharmaceuticals for brain health, but using AI and biomarkers to precisely match patients to treatments.

• ALTO-100 (NRG-1): A brain-penetrant compound designed to improve cognitive and mood symptoms by modulating brain plasticity, currently in clinical trials for major depressive disorder (MDD) and schizophrenia.
• ALTO-300 (mianserin): A histamine H1 and serotonin 5-HT2A/C receptor antagonist being developed for MDD with anhedonia.
• ALTO-203 (AK-134): A selective modulator of GABA-A receptor function, in development for MDD.
• ALTO-301 (raloxifene): A selective estrogen receptor modulator being developed for MDD in women with perimenopausal depression.

Alto Neuroscience (ANRO) is a clinical-stage biopharmaceutical company focused on developing precision psychiatry medicines. As of now, the company does not have any approved products on the market available for commercial sale.

Therefore, Alto Neuroscience does not currently have major customers (either other companies or individuals) that purchase its products or services. Its operations are primarily funded through equity financing and potential future strategic collaborations or licensing agreements with larger pharmaceutical companies, should its drug candidates successfully progress through clinical development and receive regulatory approval.

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Amit Etkin, MD, PhD, Founder, President, and Chief Executive Officer

Dr. Amit Etkin founded Alto Neuroscience in 2019. Before establishing Alto, he served as a tenured professor of psychiatry and behavioral sciences at Stanford University for more than a decade, where he led a well-funded laboratory. He has authored over 100 peer-reviewed scientific articles and is recognized among the top 0.1% of researchers by citations worldwide. His research contributions at Stanford earned him the National Institutes of Health (NIH) Director's Pioneer Award, the first in clinical psychiatry, and he also received an EY (Entrepreneur of the Year) award. Dr. Etkin was appointed to the National Institute on Drug Abuse's (NIDA) National Advisory Council on Drug Abuse (NACDA).

Nicholas Smith, Chief Financial Officer and Chief Business Officer

Nicholas Smith brings over a decade of experience in central nervous system (CNS)-focused biopharmaceutical companies. His expertise spans business development, capital raising, commercial and portfolio strategy, and corporate finance. Previously, he was the Vice President of Corporate Development and Investor Relations at Aptinyx, where he was instrumental in raising over $300 million through private and public financings and played a key role in the company's IPO.

Michael Hanley, Chief Operating Officer

Michael Hanley serves as the Chief Operating Officer for Alto Neuroscience.

Jessica Powell, Chief Development Officer

Jessica Powell is the Chief Development Officer at Alto Neuroscience.

Adam Savitz, MD, PhD, Chief Medical Officer

Dr. Adam Savitz holds the position of Chief Medical Officer at Alto Neuroscience.

The rapid advancement and potential validation of rival precision psychiatry platforms or significantly more effective therapeutic candidates by larger, better-resourced pharmaceutical companies or other innovative biotechs. These competitors could leverage greater financial power, established R&D infrastructure, and broader talent pools to develop and bring to market biomarker-driven treatments for psychiatric disorders that are perceived as more effective, have a clearer regulatory path, or achieve broader clinical adoption than Alto Neuroscience's pipeline. This could undermine ANRO's first-mover advantage and specialized platform in precision psychiatry.

Alto Neuroscience (ANRO) is developing product candidates for several neuropsychiatric disorders. The addressable market size for their main product focus, Major Depressive Disorder (MDD), is projected to be significant.

• For Major Depressive Disorder (MDD), the market across the 8 major markets is expected to grow to $9.6 billion in 2029. The 8 major markets typically include the U.S., France, Germany, Italy, Spain, UK, Japan, and China.

Specific addressable market sizes for Alto Neuroscience's other pipeline products, such as those for bipolar depression (e.g., ALTO-100), cognitive impairment associated with schizophrenia (CIAS) (e.g., ALTO-101), or treatment-resistant depression (e.g., ALTO-207), were not explicitly provided in the search results.

Alto Neuroscience (ANRO), a clinical-stage biopharmaceutical company, anticipates its future revenue growth over the next 2-3 years to be primarily driven by the advancement and potential commercialization of its precision psychiatry pipeline. Given its current status, the key drivers are centered around successful clinical trial outcomes and the subsequent steps towards market entry.

Here are 3-5 expected drivers of Alto Neuroscience's future revenue growth:

1. Successful advancement and potential commercialization of ALTO-100 for Major Depressive Disorder (MDD) and Bipolar Depression: ALTO-100 is a lead product candidate with ongoing Phase 2b studies. Positive data readouts from these trials, particularly for bipolar depression expected in the second half of 2026, would be a significant step towards regulatory approval and eventual market entry, driving future revenue.
2. Progress and potential commercialization of ALTO-300 for Major Depressive Disorder (MDD): ALTO-300, another key candidate, is in Phase 2b trials for adjunctive MDD, with topline data expected in mid-2026. Favorable results would move the drug closer to commercialization, contributing to future revenue.
3. Positive data and subsequent development of ALTO-203 for MDD with anhedonia: ALTO-203 has completed enrollment in a Phase 2 proof-of-concept trial for MDD patients experiencing anhedonia, with data anticipated in the second quarter of 2025. Successful outcomes could accelerate its development and pathway to market.
4. Advancement of ALTO-101 for Cognitive Impairment Associated with Schizophrenia (CIAS): ALTO-101 is currently undergoing a Phase 2 proof-of-concept trial for CIAS, with data expected in the second half of 2025. Furthermore, the development of a novel transdermal formulation for ALTO-101, which has shown positive Phase 1 data with improved tolerability, could enhance its market potential.
5. Leveraging the Precision Psychiatry Platform and biomarker-driven approach: Alto Neuroscience's core strategy involves its proprietary Precision Psychiatry Platform and biomarker-driven approach to identify patient populations more likely to respond to its novel product candidates. The successful validation and application of this platform across its pipeline, by potentially leading to higher success rates in clinical trials, would underpin the long-term revenue growth across multiple indications and drug candidates by making the drug development process more efficient.

Share Issuance

• Alto Neuroscience completed an Initial Public Offering (IPO) in February 2024, selling 9,246,000 shares of common stock at $16.00 per share, resulting in gross proceeds of approximately $147.9 million, including the full exercise of the underwriters' option to purchase additional shares.
• In October 2025, the company secured approximately $50 million in gross proceeds through a private placement (PIPE) financing, issuing 3,832,263 shares of common stock at $5.914 per share and pre-funded warrants for up to 4,622,251 shares at $5.9139 per warrant.
• Alto Neuroscience terminated a $75 million at-the-market (ATM) offering agreement in October 2025, under which no shares were sold.

Inbound Investments

• Prior to its IPO, Alto Neuroscience raised $143 million in private financing, which included a Series C round in November that saw investment from Eli Lilly.
• The company's IPO in February 2024 generated approximately $147.9 million in gross proceeds.
• A private placement financing in October 2025 brought in approximately $50 million in gross proceeds, led by Perceptive Advisors and including other institutional investors.

Outbound Investments

• Alto Neuroscience acquired ALTO-207, a dopamine agonist combination therapy aimed at treatment-resistant depression, expanding its precision psychiatry pipeline.

Capital Expenditures

• Research and development expenses for the full year ended December 31, 2024, were $47.0 million, increasing from $30.3 million in 2023.
• For the first quarter of 2025, R&D expenses were $10.0 million, and for the second quarter of 2025, they were $13.1 million.
• The proceeds from the October 2025 private placement, approximately $50 million, are intended to accelerate the development of ALTO-207, including initiating a Phase 2b study by mid-2026 and a Phase 3 study by early 2027, along with covering working capital and general corporate purposes.