Alto Neuroscience, Inc.
ANRO · Pharmaceutical Preparations · 35.1M shares · +559%/yr ↑ dilution · EDGAR filings ↗
Grade
D46Clinical/early-stage biotech — CNS clinical, heavy burn, very cash-rich.
Strengths
- Liquidity — current ratio 15.7 (92nd)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-51.8M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +559%/yr over 1y (dilution, book value/share -85%)
- Strong balance sheetStrong balance sheet — $176M cash & investments, ~14 quarters of runway
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
Key metrics
Return on equity
-41.8%
Return on assets
-34.2%
ROIC
-31.3%
Debt / equity
0.1×
Current ratio
15.7×
Free cash flow
-$52M
Tangible book value
$151M
Cash & investments
$176M
Cash runway
14q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-14 | Etkin Amit | Gift | 400K | — |
| 2026-03-01 | Smith Nicholas Conrad | Tax withheld | 2.8K | $19.69 |
| 2026-03-01 | Etkin Amit | Tax withheld | 6.2K | $19.69 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-28 | Exec/director change | filing ↗ |
| 2026-05-13 | ResultsExhibits | filing ↗ |
| 2026-05-13 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-04-01 | OtherExhibits | filing ↗ |
| 2026-03-16 | Material agreement3.02OtherExhibits | filing ↗ |
| 2026-03-16 | ResultsExhibits | filing ↗ |
| 2025-11-12 | ResultsExhibits | filing ↗ |
| 2025-10-20 | Material agreement1.023.02OtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-28 | 2026-05-27 | 0001999480-26-000016 ↗ |
| 8-K | 2026-05-13 | 2026-05-13 | 0001999480-26-000011 ↗ |
| 10-Q | 2026-05-13 | 2026-03-31 | 0001999480-26-000012 ↗ |
| 8-K | 2026-05-13 | 2026-05-12 | 0001999480-26-000014 ↗ |
| 8-K | 2026-04-01 | 2026-04-01 | 0001104659-26-038593 ↗ |
| 10-K | 2026-03-16 | 2025-12-31 | 0001999480-26-000002 ↗ |
| 8-K | 2026-03-16 | 2026-03-16 | 0001104659-26-027953 ↗ |
| 8-K | 2026-03-16 | 2026-03-16 | 0001999480-26-000001 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001999480-25-000089 ↗ |
| 10-Q | 2025-11-12 | 2025-09-30 | 0001999480-25-000090 ↗ |
| 8-K | 2025-10-20 | 2025-10-19 | 0001104659-25-100801 ↗ |
| 8-K | 2025-08-13 | 2025-08-12 | 0001999480-25-000075 ↗ |