As of December 31, 2023, Alto had cash and cash equivalents of $82.5 million. Following the closing of the Company’s initial public offering, the Company had approximately $210 million of cash and cash equivalents as of February 29, 2024. The Company expects its cash balance to support planned operations into 2027. “2024 is shaping up to be a transformational year for Alto as we advance our mission of redefining the treatment paradigm for patients with neuropsychiatric disorders,” said Amit Etkin, M.D., Ph.D., founder and CEO of Alto Neuroscience. “Our lead product candidates, ALTO-100 and ALTO-300, have demonstrated positive Phase 2a results and we remain focused on clinical execution to deliver value to patients and our shareholders. Looking ahead, we are on track to report data from the Phase 2b depression studies of ALTO-100 and ALTO-300 in the second half of 2024 and the first half of 2025, respectively, in biomarker characterized patients.”
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