ANRO Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About ANRO Interactive Breakdown Better Bets vs. ANRO Peer Outperformance Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Clinical Pipeline Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    Alto Neuroscience (ANRO)

    Market Price (10/8/2026): $0 | Market Cap: $-Sector: Health Care | Industry: Biotechnology

    Alto Neuroscience (ANRO)

    Market Price (10/8/2026): $0
    Market Cap: $-
    Sector: Health Care
    Industry: Biotechnology

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -22%

    Megatrend and thematic drivers
    Megatrends include Precision Medicine, and Digital Health & Telemedicine. Themes include Personalized Diagnostics, Targeted Therapies, Show more.

    Weak multi-year price returns
    3Y Excs Rtn is -68%

    Very low revenue
    Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -88 Mil

    Stock price has recently run up significantly
    12M Rtn12 month market price return is 296%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14%

    High stock price volatility
    Vol 12M is 113%

    Key risks
    ANRO key risks include [1] critical pipeline dependence following the recent clinical trial failure of its lead drug candidate, Show more.

    0 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -22%
    1 Megatrend and thematic drivers
    Megatrends include Precision Medicine, and Digital Health & Telemedicine. Themes include Personalized Diagnostics, Targeted Therapies, Show more.
    2 Weak multi-year price returns
    3Y Excs Rtn is -68%
    3 Very low revenue
    Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
    4 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -88 Mil
    5 Stock price has recently run up significantly
    12M Rtn12 month market price return is 296%
    6 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14%
    7 High stock price volatility
    Vol 12M is 113%
    8 Key risks
    ANRO key risks include [1] critical pipeline dependence following the recent clinical trial failure of its lead drug candidate, Show more.

    ANRO in ETFs

    Weight = ANRO's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.03%
    IBB0.06%
    IWO0.05%
    VTWO0.03%
    SCHA0.02%
    SCHB0.00%
    +3 more covered ETFs

    Valuation & Metrics

    FYE: 12/31ANRO [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$0.0 Mil—
    FY 2026 Sales$0.0 Mil—
    FY 2027 Sales$0.0 Mil—
    FY 2026 Sales Growth——
    FY 2027 Sales Growth—13.1%
    EARNINGS
    LTM Net Income (GAAP) [3]$-84.2 Mil—
    FY 2026 Net Income (Non-GAAP)$-78.4 Mil—
    FY 2027 Net Income (Non-GAAP)$-84.0 Mil—
    FY 2027 Net Income Growth—18.8%
    FY 2026 EPS (Non-GAAP)$-2.78—
    FY 2027 EPS (Non-GAAP)$-3.07—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S—1.7
    FY 2027 P/S——
    FY 2026 P/E—7.8
    FY 2027 P/E——

    [1] ANRO forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
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    AI Analysis | Feedback

    MetricValueDateSource
    Number of Clinical-Stage Drug Candidates55152025Link
    Number of Ongoing Phase 2 Clinical Trials45142025Link
    ALTO-100 Bipolar Depression Phase 2b Trial Enrollment TargetApproximately 200 patients5142025Link
    ALTO-300 Major Depressive Disorder Phase 2b Trial Enrollment Target (Biomarker-Positive)Approximately 250 patients2132025Link
    FDA Fast Track Designations1 (for ALTO-101)10282025Link

    Price Chart

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    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/6/2026

    Alto Neuroscience (ANRO) stock has lost about 10% since 6/30/2026 because of the following key factors:

    1. Shareholder dilution from July 2026 equity offering.

    Alto Neuroscience completed a $100.0 million underwritten registered direct offering of common stock in July 2026, which led to significant dilution for existing shareholders, with total shares outstanding increasing by 44.9% over the past year.

    2. Persistent net losses despite Q2 2026 earnings beat.

    While Alto Neuroscience reported a narrower-than-expected net loss of $0.65 per share for fiscal Q2 2026, beating the consensus estimate of -$0.73, the company still incurred a net loss of $27.6 million for the quarter and a six-month net loss of $53.88 million. As a clinical-stage biopharmaceutical company with no current revenue, the continued burn rate and the long, costly development pathway for its drug candidates, such as ALTO-207, which has Phase 3 trial readouts not expected until the second half of 2027, remain a concern for investors.

    Show more
    Updated on 10/6/2026

    Alto Neuroscience (ANRO) stock has lost about 10% since 6/30/2026 because of the following key factors:

    1. Shareholder dilution from July 2026 equity offering.

    Alto Neuroscience completed a $100.0 million underwritten registered direct offering of common stock in July 2026, which led to significant dilution for existing shareholders, with total shares outstanding increasing by 44.9% over the past year.

    2. Persistent net losses despite Q2 2026 earnings beat.

    While Alto Neuroscience reported a narrower-than-expected net loss of $0.65 per share for fiscal Q2 2026, beating the consensus estimate of -$0.73, the company still incurred a net loss of $27.6 million for the quarter and a six-month net loss of $53.88 million. As a clinical-stage biopharmaceutical company with no current revenue, the continued burn rate and the long, costly development pathway for its drug candidates, such as ALTO-207, which has Phase 3 trial readouts not expected until the second half of 2027, remain a concern for investors.

    3. Broader biopharma sector headwinds and investor selectivity.

    The overall biopharmaceutical sector, particularly for clinical-stage companies, faced a more selective investment environment during fiscal Q3 2026. While the XBI biotech index experienced a strong performance earlier in the quarter, it subsequently sold off into quarter-end, with smaller, clinical-stage companies often lagging larger-cap peers. This cautious sentiment was reinforced by interest rate hikes by the Federal Reserve in September 2026, leading investors to favor more advanced and de-risked assets.

    Show less
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    Stock Movement Drivers

    Fundamental Drivers

    The -10.9% change in ANRO stock from 6/30/2026 to 10/7/2026 was primarily driven by a -23.2% change in the company's Shares Outstanding (Mil).
    (LTM values as of)630202610072026Change
    Stock Price ($)26.3923.52-10.9%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)3343-23.2%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/7/2026
    ReturnCorrelation
    ANRO-10.9% 
    Market (SPY)4.1%34.9%
    Sector (XLV)6.4%6.2%

    Fundamental Drivers

    The 4.6% change in ANRO stock from 3/31/2026 to 10/7/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)331202610072026Change
    Stock Price ($)22.4823.524.6%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)3443-20.2%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/7/2026
    ReturnCorrelation
    ANRO4.6% 
    Market (SPY)19.8%31.0%
    Sector (XLV)15.7%25.2%

    Fundamental Drivers

    The 485.1% change in ANRO stock from 9/30/2025 to 10/7/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)930202510072026Change
    Stock Price ($)4.0223.52485.1%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)2743-36.8%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/7/2026
    ReturnCorrelation
    ANRO485.1% 
    Market (SPY)17.6%23.7%
    Sector (XLV)22.9%20.2%

    Fundamental Drivers

    null
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    Market Drivers

    9/30/2023 to 10/7/2026
    ReturnCorrelation
    ANRO  
    Market (SPY)88.1%16.4%
    Sector (XLV)37.3%18.5%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    ANRO Return----80%321%33%14%
    Peers Return-51%-25%17%17%238%-28%22%
    S&P 500 Return27%-19%24%23%16%14%108%

    Monthly Win Rates [3]
    ANRO Win Rate---36%67%60% 
    Peers Win Rate44%46%55%43%57%38% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    ANRO Max Drawdown-----63%-35% 
    Peers Max Drawdown-70%-73%-53%-56%-57%-49% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: AXSM, ACAD, NMRA, PRAX, RLMD.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 10/7/2026 (YTD)

    How Low Can It Go

    EventANROS&P 500
    2025 US Tariff Shock
      % Loss-43.8%-18.8%
      % Gain to Breakeven77.8%23.1%
      Time to Breakeven136 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-34.7%-7.8%
      % Gain to Breakeven53.0%8.5%
      Time to Breakeven18 days18 days

    Compare to AXSM, ACAD, NMRA, PRAX, RLMD

    In The Past

    Alto Neuroscience's stock fell -43.7% during the 2025 US Tariff Shock. Such a loss loss requires a 77.8% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventANROS&P 500
    2025 US Tariff Shock
      % Loss-43.8%-18.8%
      % Gain to Breakeven77.8%23.1%
      Time to Breakeven136 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-34.7%-7.8%
      % Gain to Breakeven53.0%8.5%
      Time to Breakeven18 days18 days

    Compare to AXSM, ACAD, NMRA, PRAX, RLMD

    In The Past

    Alto Neuroscience's stock fell -43.7% during the 2025 US Tariff Shock. Such a loss loss requires a 77.8% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Alto Neuroscience (ANRO)

    Alto Neuroscience (ANRO) is a clinical-stage biopharmaceutical company dedicated to transforming psychiatry through a personalized, neurobiology-driven approach. The company utilizes its proprietary "Precision Psychiatry Platform" to identify specific brain-based biomarkers in patients. This platform integrates data from neurocognitive assessments, electroencephalography (EEG), and wearable devices to deeply understand brain function. The core aim is to match patients more effectively to novel treatment options, thereby helping them avoid the lengthy and often frustrating trial-and-error process currently standard in central nervous system (CNS) disorders, ultimately improving patient outcomes and the success rate of drug development.

    The company's pipeline includes five clinical-stage product candidates, with initial focuses on Major Depressive Disorder (MDD) and schizophrenia. Their most advanced programs are ALTO-100 and ALTO-300, both in late-stage Phase 2b trials for MDD in biomarker-characterized patient populations; ALTO-100 targets patients with a cognitive biomarker, while ALTO-300 focuses on those with an EEG biomarker. Additionally, Alto Neuroscience is advancing ALTO-101 for cognitive impairment associated with schizophrenia and ALTO-203 for MDD with higher levels of anhedonia, with further candidates in development. These product candidates are designed to address significant unmet needs in mental health where current treatments often lack broad efficacy.

    Alto Neuroscience targets the vast global market of individuals suffering from severe mental health conditions, particularly MDD and schizophrenia, which represent major causes of disability. By focusing on precision medicine and biomarker-guided therapies, the company aims to provide more effective and tailored treatments than the traditional, untargeted approaches prevalent today. This innovative strategy seeks to offer patients quicker access to effective care, potentially reducing the substantial societal and economic burdens associated with psychiatric disorders and unsuccessful treatment attempts.

    AI Analysis | Feedback

    Here are a few analogies to describe Alto Neuroscience:

    • Genentech for brain disorders. (Bringing precision medicine and targeted therapies to mental health, similar to how Genentech pioneered targeted oncology treatments.)
    • Foundation Medicine for mental health treatments. (Using objective brain biomarkers like EEG and cognitive assessments to identify specific patient populations and match them to the right psychiatric drugs, much like Foundation Medicine uses genomic profiling to guide cancer therapies.)

    AI Analysis | Feedback

    Here are the major products of Alto Neuroscience:
    • ALTO-100: A clinical-stage product candidate targeting major depressive disorder (MDD) in patients characterized by a cognitive biomarker.
    • ALTO-300: A clinical-stage product candidate targeting major depressive disorder (MDD) in patients characterized by an electroencephalography (EEG) biomarker.
    • ALTO-101: A clinical-stage product candidate being developed for patients with cognitive impairment associated with schizophrenia (CIAS).
    • ALTO-203: A clinical-stage product candidate being developed for patients with major depressive disorder (MDD) and higher levels of anhedonia.
    • ALTO-202: A novel, oral N-methyl-D-aspartate (NMDA) receptor antagonist planned for the treatment of patients with major depressive disorder (MDD).

    AI Analysis | Feedback

    Alto Neuroscience (ANRO) is a clinical-stage biopharmaceutical company focused on the development of novel treatment options for psychiatric disorders such as major depressive disorder (MDD) and schizophrenia. As a clinical-stage company, Alto Neuroscience is currently engaged in research and development, conducting clinical trials for its product candidates (e.g., ALTO-100, ALTO-300).

    At its current stage, Alto Neuroscience does not have major customers, as it is not yet selling approved products or services. The company's primary focus is on advancing its drug candidates through clinical development and obtaining regulatory approvals.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Amit Etkin, MD, PhD - Founder, President, Chief Executive Officer, and Chairman of the Board

    Dr. Amit Etkin founded Alto Neuroscience in 2019. Before establishing Alto, he served for over a decade as a tenured professor of psychiatry and behavioral sciences at Stanford University, where he directed a prominent laboratory. A trained psychiatrist and neuroscientist, Dr. Etkin received the highly competitive NIH Director's Pioneer Award, the first of its kind in clinical psychiatry. His entrepreneurial achievements were also recognized with an EY (Entrepreneur of the Year) award.

    Nicholas Smith - Chief Financial Officer and Chief Business Officer

    Nicholas Smith serves as Alto Neuroscience's Chief Financial Officer and Chief Business Officer. He joined the company as Director of Finance/CFO in October 2022.

    Michael Hanley - Chief Operating Officer

    Michael Hanley is the Chief Operating Officer at Alto Neuroscience, having taken on this role in 2024. Prior to joining Alto, he was the Chief Business Officer at Spyre Therapeutics, Inc. from 2022 to 2023 and also held a position at Horizon Therapeutics Ltd. (Ireland).

    Erin R. McQuade - General Counsel and Chief Administrative Officer

    Erin R. McQuade holds the titles of General Counsel and Chief Administrative Officer at Alto Neuroscience. She is also a co-founder of the company. Her background includes legal and administrative roles at various companies, such as SPSS, Inc., Assertio Therapeutics, Inc., Mead Johnson Nutrition Co., Hyatt Hotels Corp., and Levo Therapeutics, Inc.

    Adam Savitz, MD, PhD - Chief Medical Officer

    Dr. Adam Savitz is Alto Neuroscience's Chief Medical Officer, a position he assumed in 2021. Before joining Alto, he was the Senior Director of Clinical Research at Janssen Research & Development LLC from 2017 to 2021.

    AI Analysis | Feedback

    The key risks to Alto Neuroscience's business are:

    1. The unproven nature of its novel Precision Psychiatry Platform and biomarker-driven approach for regulatory approval. The company explicitly states, "Our Platform is unproven and clinical evidence to support our approach is preliminary and limited at this time, and, as such, there can be no guarantee that our approach will result in an increased rate of approval for our therapeutic candidates."
    2. The inherent risk of clinical trial failure for its novel product candidates. As a clinical-stage biopharmaceutical company, the success and commercial viability of Alto Neuroscience depend entirely on its drug candidates, such as ALTO-100 and ALTO-300, successfully completing ongoing and future clinical trials, demonstrating efficacy in biomarker-characterized populations, and receiving regulatory approvals.
    3. The anticipated requirement to develop and obtain FDA approval for companion diagnostics alongside its product candidates. This adds a significant layer of complexity, cost, and regulatory uncertainty to the development and commercialization pathway for drugs utilizing their biomarker modalities.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Alto Neuroscience's primary products target specific patient populations within Major Depressive Disorder (MDD) and schizophrenia in the United States. The addressable markets for their main products are:
    • For Major Depressive Disorder (MDD), specifically the patient population characterized by Alto's cognitive or electroencephalography (EEG) biomarkers (targeted by ALTO-100 and ALTO-300), the estimated market size is approximately 15.75 million adults in the United States. This is based on an estimated 21 million adults in the U.S. experiencing at least one major depressive episode in 2021, and Alto's estimate that three-quarters of this population are characterized by one or both of their independent biomarkers.
    • For schizophrenia, specifically cognitive impairment associated with schizophrenia (CIAS), which is targeted by ALTO-101, the overall market size for schizophrenia affects approximately 2.8 million adults in the United States as of 2020. While a specific sub-population size for CIAS is not provided, the company notes that CIAS is a core feature of schizophrenia that "severely impacts daily functioning and quality of life for millions of patients" and that there are currently no approved treatments for CIAS.

    AI Analysis | Feedback

    Expected Drivers of Future Revenue Growth for Alto Neuroscience (ANRO)

    1. Successful Clinical Trial Outcomes and Regulatory Progress for Lead Candidates: The successful completion and positive topline data from the ongoing Phase 2b trials for ALTO-100 (expected in the second half of 2024) and ALTO-300 (expected in the first half of 2025) are critical. Positive results would significantly de-risk these lead assets, paving the way for further clinical development, regulatory submissions, and eventual market entry, which are fundamental for generating future product sales revenue.
    2. Expansion and Successful Progression of the Clinical Pipeline: The initiation of Phase 2 proof-of-concept (POC) trials for ALTO-101 (for patients with cognitive impairment associated with schizophrenia) and ALTO-203 (for patients with MDD and higher levels of anhedonia) in the first half of 2024, with topline data expected in 2025 and the first half of 2025 respectively, along with the planned development of ALTO-202, contributes to a broader portfolio of potential revenue-generating products. Positive outcomes in these trials would increase the likelihood of multiple future revenue streams.
    3. Formation of Strategic Partnerships and Licensing Agreements: As a clinical-stage biopharmaceutical company, securing strategic partnerships or licensing agreements for its product candidates (especially after achieving positive clinical milestones) would be a significant driver of revenue growth. These agreements can provide upfront payments, milestone payments, and potential future royalties, directly contributing to the company's financial profile within the 2-3 year timeframe.
    4. Development and Potential Commercialization of Companion Diagnostics: Alto Neuroscience anticipates the need to develop and obtain FDA approval for companion diagnostics for some of its product candidates, specifically mentioning discussions for ALTO-100 and ALTO-300. The successful development and eventual commercialization of these diagnostics could represent a distinct revenue stream, either through direct sales or associated licensing, alongside the sales of the therapeutic products.

    AI Analysis | Feedback

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    Peer Outperformance in Biotechnology

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    Share of Biotechnology constituents that ANRO has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    97%
    of 453 industry peers · 296.0% return
    3Y
    —
    insufficient peer history
    5Y
    —
    insufficient peer history
    null
    Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is ANRO's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Health Care Distributors 6 12.7%44.7%92.5% CAH 428% · MCK 366% · COR 180%
    Health Care Services 20 21.2%34.0%9.6% HIMS 300% · RDNT 143% · DGX 76%
    Health Care Facilities 24 -1.4%5.5%7.1% THC 320% · NHC 272% · ENSG 136%
    Managed Health Care 8 25.6%-6.5%0.9% OSCR 122% · HQY 42% · ELV 13%
    Health Care Equipment 50 -8.7%-3.6%-18.9% POCI 11200% · UFPT 356% · GKOS 281%
    Pharmaceuticals 62 -10.2%-6.6%-32.5% INDV 1112% · ETON 1000% · LQDA 877%
    Health Care Supplies 11 12.8%-12.6%-42.4% LNTH 322% · HAE 51% · MMSI 17%
    Life Sciences Tools & Services 109 -8.8%-16.9%-63.9% SNWV 2161% · NTRA 247% · MEDP 220%
    Biotechnology ← 364 -19.4%-25.4%-79.9% CELZ 1170% · DNTH 1128% · TRVI 995%
    Health Care Technology 20 -32.8%-54.6%-80.2% SPOK 79% · HSTM 15% · VEEV -1%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

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    Peer Comparisons

    Peers to compare with:

    Financials

    ANROAXSMACADNMRAPRAXRLMDMedian
    NameAlto Neu.Axsome T.Acadia P.Neumora .Praxis P.Relmada . 
    Mkt Price23.52173.0219.640.47278.333.2521.58
    Mkt Cap1.09.03.40.18.10.42.2
    Rev LTM07771,1390000
    Op Inc LTM-88-18386-211-378-65-136
    FCF LTM-69-7251-181-306-46-70
    FCF 3Y Avg-56-12073-192-198-48-88
    CFO LTM-68-71160-181-305-46-70
    CFO 3Y Avg-55-120143-192-197-48-87

    Growth & Margins

    ANROAXSMACADNMRAPRAXRLMDMedian
    NameAlto Neu.Axsome T.Acadia P.Neumora .Praxis P.Relmada . 
    Rev Chg LTM-56.9%11.8%--100.0%-11.8%
    Rev Chg 3Y Avg-62.1%29.3%-86.5%-62.1%
    Rev Chg Q-45.5%16.4%---31.0%
    QoQ Delta Rev Chg LTM-9.6%4.0%---6.8%
    Op Inc Chg LTM-25.7%12.2%-4.4%20.2%-39.2%7.6%1.6%
    Op Inc Chg 3Y Avg--9.1%136.4%-25.5%-42.5%20.3%-9.1%
    Op Mgn LTM--23.5%7.6%----8.0%
    Op Mgn 3Y Avg--51.8%6.3%----22.7%
    QoQ Delta Op Mgn LTM-1.4%0.2%---0.8%
    CFO/Rev LTM--9.2%14.1%---2.5%
    CFO/Rev 3Y Avg--30.3%13.9%----8.2%
    FCF/Rev LTM--9.3%4.5%----2.4%
    FCF/Rev 3Y Avg--30.5%7.4%----11.5%

    Valuation

    ANROAXSMACADNMRAPRAXRLMDMedian
    NameAlto Neu.Axsome T.Acadia P.Neumora .Praxis P.Relmada . 
    Mkt Cap1.09.03.40.18.10.42.2
    P/S-11.53.0---7.3
    P/Op Inc-11.4-49.039.0-0.4-21.4-5.6-8.5
    P/EBIT-12.3-48.239.0-0.4-21.4-5.6-8.9
    P/E-12.0-46.88.9-0.4-23.9-5.9-8.9
    P/CFO-14.7-125.821.0-0.5-26.6-8.0-11.3
    Total Yield-8.4%-2.1%11.3%-244.5%-4.2%-17.0%-6.3%
    Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
    FCF Yield 3Y Avg-24.1%-2.2%2.4%-78.4%-12.2%-103.2%-18.1%
    D/E0.00.00.00.60.00.00.0
    Net D/E-0.2-0.0-0.3-0.7-0.1-0.6-0.2

    Returns

    ANROAXSMACADNMRAPRAXRLMDMedian
    NameAlto Neu.Axsome T.Acadia P.Neumora .Praxis P.Relmada . 
    1M Rtn-33.8%-16.3%-29.9%-64.1%-20.9%-26.5%-28.2%
    3M Rtn-9.9%-29.5%-24.4%-70.4%-16.4%-49.2%-27.0%
    6M Rtn8.3%-0.1%-12.9%-78.4%-13.1%-53.6%-13.0%
    12M Rtn296.0%45.8%-8.8%-74.7%434.8%63.6%54.7%
    3Y Rtn13.6%152.2%-9.4%-96.1%1,112.8%7.1%10.3%
    1M Excs Rtn-36.0%-18.4%-30.4%-64.0%-22.7%-25.1%-27.8%
    3M Excs Rtn-18.3%-33.9%-29.0%-74.9%-19.9%-53.4%-31.5%
    6M Excs Rtn-6.7%-15.1%-27.9%-93.5%-28.1%-68.6%-28.0%
    12M Excs Rtn243.9%28.5%-24.8%-90.9%430.2%40.7%34.6%
    3Y Excs Rtn-68.3%76.9%-90.4%-178.0%929.1%-75.3%-71.8%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/12/20265/13/20263/16/202611/12/20258/13/20255/14/20253/20/202511/12/20248/13/20245/14/20243/21/20242/5/2024
    Key Financials Quarterly            
    Total Revenue000000000000
    Ebitda-27-26-15-13-17-14-15-16-16-13-11-9
    Operating Income-29-27-17-15-19-16-17-19-18-14-12-10
    Net Income-28-26-16-14-18-15-15-17-16-13-11-9
    EPS-0.65-0.80-0.45-0.52-0.65-0.56-0.56-0.62-0.60-0.76-0.44-0.36
    Key Financials TTM            
    Total Revenue TTM000000000000
    Ebitda TTM-81-71-60-59-62-61-60-56-48-41-35-31
    Operating Income TTM-88-78-66-66-70-70-69-63-54-45-38-34
    Net Income TTM-84-74-63-62-65-63-61-57-50-42-36-33
    Growth Rates Quarterly            
    Total Revenue Growth------------
    EBITDA Growth-59.6%-77.1%-5.1%18.1%-8.5%-11.0%-36.7%-87.2%-89.3%-88.7%-42.3%-
    Operating Income Growth-55.9%-73.1%-0.3%20.8%-1.9%-9.0%-44.5%-94.3%-101.0%-99.8%-46.5%-
    Net Income Growth-56.1%-73.0%-6.5%15.5%-10.5%-13.1%-35.5%-83.6%-85.0%-84.2%-46.6%-
    Margins Quarterly            
    EBITDA Margin------------
    Operating Income Margin------------
    Net Income Margin------------
    Cash & Debt            
    Total Cash2442641761381481611681821932068351
    Total Debt232324282726171710101010
    Net Debt / (Cash)-220-241-153-110-120-134-151-165-183-196-73-41
    Cash Flows Quarterly            
    FCF from Operations-20-27-12-10-14-17-13-12-12-11-12-8
    Cash Flows TTM            
    FCF from Operations TTM-68-62-52-53-55-53-47-46-42-37-33-28
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases15-0-0-0-0-0-0-0-0-00
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-45.8%-47.1%-34.1%-32.0%-42.8%-39.6%-49.1%-61.3%-71.1%-65.7%--
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-34.7%-33.7%-33.1%-35.5%-40.3%-44.1%-49.5%-51.4%-52.6%-51.4%--

    Segment Financials

    Revenue by Segment
    $ Mil2022
    Single Segment0
    Total0


    Operating Income by Segment
    $ Mil202520242023
    Single Segment-66-69-38
    Total-66-69-38


    Assets by Segment
    $ Mil2022
    Single Segment51
    Total51


    Price Behavior

    Price Behavior
    Market Price$23.52 
    Market Cap ($ Bil)1.0 
    First Trading Date02/02/2024 
    Distance from 52W High-35.8% 
       50 Days200 Days
    DMA Price$30.68$23.70
    DMA Trendupup
    Distance from DMA-23.3%-0.8%
     3M1YR
    Volatility55.2%113.3%
    Downside Capture235.27140.53
    Upside Capture133.11275.15
    Correlation (SPY)32.3%27.0%
    ANRO Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta2.512.082.001.732.360.19
    Up Beta0.300.652.112.443.35-0.24
    Down Beta4.583.030.281.312.35-0.60
    Up Capture112%225%238%160%816%127%
    Bmk +ve Days6162766132424
    Stock +ve Days8223265139346
    Down Capture510%284%231%159%93%106%
    Bmk -ve Days16263760120328
    Stock -ve Days14203261113311

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ANRO
    ANRO261.5%113.5%1.56-
    Sector ETF (XLV)18.7%15.7%0.8919.6%
    Equity (SPY)16.8%13.0%0.9226.9%
    Gold (GLD)3.2%29.5%0.1117.7%
    Commodities (DBC)44.6%20.9%1.66-1.7%
    Real Estate (VNQ)1.6%13.7%-0.1318.0%
    Bitcoin (BTCUSD)-31.7%44.2%-0.7320.4%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ANRO
    ANRO2.8%110.6%0.60-
    Sector ETF (XLV)7.2%15.2%0.2818.5%
    Equity (SPY)13.8%17.1%0.6216.4%
    Gold (GLD)18.4%18.9%0.799.2%
    Commodities (DBC)10.3%19.6%0.40-3.4%
    Real Estate (VNQ)0.8%18.8%-0.0711.0%
    Bitcoin (BTCUSD)15.5%52.2%0.4615.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ANRO
    ANRO1.4%110.6%0.60-
    Sector ETF (XLV)10.6%16.7%0.5218.5%
    Equity (SPY)15.5%17.9%0.7316.4%
    Gold (GLD)11.5%16.4%0.579.2%
    Commodities (DBC)8.4%18.1%0.38-3.4%
    Real Estate (VNQ)4.2%20.7%0.1611.0%
    Bitcoin (BTCUSD)64.0%66.2%1.0415.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9152026
    Short Interest: Shares Quantity4.2 Mil
    Short Interest: % Change Since 83120268.8%
    Average Daily Volume0.5 Mil
    Days-to-Cover Short Interest9.1 days
    Basic Shares Quantity42.8 Mil
    Short % of Basic Shares9.7%

    Earnings Returns History

    Updated 9/15/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/12/202610.7%19.6%9.7%
    5/13/2026-7.2%-17.0%-13.0%
    3/16/20269.1%-3.5%16.0%
    11/12/20256.0%10.1%12.9%
    8/13/2025-0.3%9.6%24.3%
    5/14/202510.5%29.5%9.5%
    3/20/2025-1.5%-10.4%-13.8%
    11/12/20240.7%-0.4%-14.9%
    ...
    SUMMARY STATS   
    # Positive766
    # Negative455
    Median Positive6.0%11.2%14.5%
    Median Negative-1.9%-10.4%-13.8%
    Max Positive10.7%29.5%44.8%
    Max Negative-7.2%-17.0%-15.1%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/12/202610.7%19.6%9.7%
    5/13/2026-7.2%-17.0%-13.0%
    3/16/20269.1%-3.5%16.0%
    11/12/20256.0%10.1%12.9%
    8/13/2025-0.3%9.6%24.3%
    5/14/202510.5%29.5%9.5%
    3/20/2025-1.5%-10.4%-13.8%
    11/12/20240.7%-0.4%-14.9%
    8/13/20246.0%12.2%44.8%
    5/14/2024-2.3%-10.4%-15.1%
    3/21/20245.4%1.3%-10.0%
    SUMMARY STATS   
    # Positive766
    # Negative455
    Median Positive6.0%11.2%14.5%
    Median Negative-1.9%-10.4%-13.8%
    Max Positive10.7%29.5%44.8%
    Max Negative-7.2%-17.0%-15.1%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/12/202610-Q
    03/31/202605/13/202610-Q
    12/31/202503/16/202610-K
    09/30/202511/12/202510-Q
    06/30/202508/13/202510-Q
    03/31/202505/14/202510-Q
    12/31/202403/20/202510-K
    09/30/202411/12/202410-Q
    06/30/202408/13/202410-Q
    03/31/202405/14/202410-Q
    12/31/202303/21/202410-K
    09/30/202302/05/2024424B4
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/12/202610-Q
    03/31/202605/13/202610-Q
    12/31/202503/16/202610-K
    09/30/202511/12/202510-Q
    06/30/202508/13/202510-Q
    03/31/202505/14/202510-Q
    12/31/202403/20/202510-K
    09/30/202411/12/202410-Q
    06/30/202408/13/202410-Q
    03/31/202405/14/202410-Q
    12/31/202303/21/202410-K
    09/30/202302/05/2024424B4

    Recent Forward Guidance

    Updated 10/4/2026

    Latest: Q2 2026 Earnings Reported 8/12/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2030 Cash RunwayReported 338.00 Mil    


    Prior: Q1 2026 Earnings Reported 5/13/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2029 Cash RunwayReported 2029   Higher NewGuidance: 2028 for 2028

    Q4 2025 Earnings Reported 3/16/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2028 Cash RunwayReported 2028   AffirmedGuidance: 2028 for 2028

    Q3 2025 Earnings Reported 11/12/2025

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2028 Cash RunwayReported 2028   AffirmedGuidance: 2028 for 2028

    Insider Activity

    Updated 10/5/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Smith, Nicholas ConradPRESIDENT AND CFODirectSell1001202625.8224,056621,097621,200Form
    2Smith, Nicholas ConradPRESIDENT AND CFODirectSell1001202626.58110,8302,946,150639,577Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Smith, Nicholas ConradPRESIDENT AND CFODirectSell1001202625.8224,056621,097621,200Form
    2Smith, Nicholas ConradPRESIDENT AND CFODirectSell1001202626.58110,8302,946,150639,577Form

    Investor Activity (13F)

    Updated Oct 8, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Alpha Wave Global, LP$83.4 Mil10.5%20Hold13F
    Spruce Street Capital LP$29.1 Mil7.0%28ADD +494.7%13F
    Commodore Capital LP$61.2 Mil3.5%36ADD +49.4%13F
    Vivo Capital, LLC$23.3 Mil1.9%46Hold13F
    Venrock Adviser, LLC$11.2 Mil0.4%33New13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Venrock Adviser, LLC$11.2 Mil0.4%33New13F
    Spruce Street Capital LP$29.1 Mil7.0%28ADD +494.7%13F
    Commodore Capital LP$61.2 Mil3.5%36ADD +49.4%13F
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Alpha Wave Global, LP$83.4 Mil10.5%20Hold13F
    Commodore Capital LP$61.2 Mil3.5%36ADD +49.4%13F
    Spruce Street Capital LP$29.1 Mil7.0%28ADD +494.7%13F
    Vivo Capital, LLC$23.3 Mil1.9%46Hold13F
    Venrock Adviser, LLC$11.2 Mil0.4%33New13F

    Industry Resources

    External Quote Links


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    Core Cache Last Updated: 10/7/2026