Alto Neuroscience Soars following Upsized IPO

Precision medicine company, Alto Neuroscience (NYSE: ANRO), began its first day of trading on Thursday last week with a mixed response from the market. Alto priced its upsized IPO offering of 8,040,000 shares of common stock at a public offering price of $16.00 per share for a total expected value of $128.6 million. Alto’s share price soared 29.37% in trading on Friday, and rose a further 4.78% in after hours trading.

Alto is focused on psychiatric drug development based on AI-derived brain biomarkers. It has candidates in development targeting depression, PTSD, and a number of undisclosed neurodegenerative and neuropsychiatric diseases.

The company said it plans to use the proceeds of the IPO to fund the development of its lead asset ALTO-100, an oral small molecule inhibitor of BDNF, which is currently in a Phase II study for major depressive disorder. Alto will also use the earnings to advance a second depression asset, ALTO-300, and ALTO-101, which is currently being evaluated for neurodegenerative and neuropsychiatric conditions.

Alto’s market cap stands at $501.462 million and more than 2.3 million shares changed hands on Friday.

About Alto Neuroscience

Alto Neuroscience is a clinical-stage biopharmaceutical company with a mission to redefine psychiatry by leveraging neurobiology to develop personalized and highly effective treatment options. Alto’s Precision Psychiatry Platform™ measures brain biomarkers by analyzing EEG activity, neurocognitive assessments, wearable data, and other factors to better identify which patients are more likely to respond to Alto product candidates. Alto’s clinical-stage pipeline includes novel drug candidates in depression, PTSD, schizophrenia, and other mental health conditions.