Alto Neuroscience, Inc.: Promising Future with Strategic Advancements and Strong Financial PositionWe value Alto Neuroscience using a sum-of-the-parts (SOTP) and risk-adjusted discounted cash flow (DCF) methodology. We assign probabilities of success of 30% to BPD, reflecting varying levels of clinical maturity and risk. We model annual equity raises of $100M-$200M from 2026E to 2029E, to fund clinical development and potential commercial launch expenses, which could dilute existing shareholders.