Alto Neuroscience, Inc. reported its financial results for the full year ended December 31, 2024, alongside updates on its clinical-stage product candidates. The company ended 2024 with approximately $169 million in cash, cash equivalents, and restricted cash, an increase from approximately $83 million at the end of 2023.
Research and development expenses for the full year 2024 were $47.0 million, compared to $30.3 million in 2023, primarily due to increased personnel costs and clinical study expenses for ALTO-300, ALTO-203, and ALTO-101. General and administrative expenses also rose to $21.6 million from $7.5 million in 2023, driven by higher headcount and costs associated with operating as a public company.
The company incurred a net loss of $61.4 million for the full year 2024, an increase from $36.3 million in 2023. Despite the increased losses, management projects that its cash balance will support planned operations into 2028, through at least four upcoming clinical study readouts.
Key pipeline highlights include a favorable interim analysis for the ALTO-300 Phase 2b MDD trial, with topline results expected in mid-2026. Enrollment was completed in the ALTO-203 Phase 2 proof-of-concept MDD trial, with data expected in the second quarter of 2025. Additionally, a novel transdermal formulation of ALTO-101 demonstrated greater drug exposure and improved tolerability, with topline data from its Phase 2 trial in schizophrenia expected in the second half of 2025.
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