Alto Neuroscience prices $100M stock offering to fund depression trial

Alto Neuroscience, Inc. (NYSE: ANRO) has priced an underwritten registered direct offering of 3,776,436 shares of common stock at $26.48 per share, according to a company statement.

The clinical-stage biopharmaceutical company expects gross proceeds of approximately $100.0 million before underwriting discounts, commissions, and estimated offering expenses. The offering is expected to close on July 14, 2026, subject to customary closing conditions.

Alto Neuroscience said it intends to use the proceeds, combined with existing cash and cash equivalents, to accelerate and expand clinical development of its drug candidate ALTO-207. This includes funding an additional planned Phase 3 trial of ALTO-207 as a monotherapy treatment for treatment-resistant depression, as well as for general working capital purposes.

The financing was led by EcoR1 Capital with participation from new and existing healthcare-focused investors. BofA Securities, Stifel, William Blair, and Baird are acting as joint book-running managers. Jones is serving as co-manager.

The shares are being offered under a shelf registration statement on Form S-3 declared effective by the Securities and Exchange Commission on February 11, 2025.

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