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Alto Neuroscience, Inc.
(NYSE:ANRO)
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Rating:56Neutral
Price Target:
$29.00
▲(4.62% Upside)
Action:Reiterated
Date:07/15/26
The score is primarily constrained by weak operating fundamentals (no revenue, large and rising losses, and significant cash burn). This is partly offset by a strong, low-leverage balance sheet and positive technical trend, with corporate events improving liquidity and supporting expanded late-stage development efforts but adding some dilution risk.
Positive Factors
Balance sheet strength
ANRO's very low leverage and improved capitalization provide durable financing flexibility: modest debt (~$5.7M) vs equity (~$243M) reduces near-term solvency risk, supports multi-phase clinical programs, licensing or partnerships, and cushions R&D spend over coming months.
Negative Factors
Pre-revenue business model
ANRO is pre-revenue with no product sales across 2022–TTM, meaning no commercial cash inflow to offset R&D. This structural absence of revenue keeps the company dependent on external financing and clinical outcomes for value creation over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
ANRO's very low leverage and improved capitalization provide durable financing flexibility: modest debt (~$5.7M) vs equity (~$243M) reduces near-term solvency risk, supports multi-phase clinical programs, licensing or partnerships, and cushions R&D spend over coming months.
Read all positive factors
Alto Neuroscience, Inc. (ANRO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.07B
Dividend YieldN/A
Average Volume (3M)2.30M
Price to Earnings (P/E)―
Beta (1Y)1.99
Revenue GrowthN/A
EPS Growth-6.01%
CountryUS
Employees68
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-2.48
Shares Outstanding38,870,377
10 Day Avg. Volume557,199
30 Day Avg. Volume2,303,174
Financial Highlights & Ratios
PEG Ratio0.66
Price to Book (P/B)3.40
Price to Sales (P/S)0.00
P/FCF Ratio-9.92
Enterprise Value/Market Cap0.47
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-1.78K
Enterprise Value/Ebitda-7.11
Forecast
1Y Price Target
$35.00Price Target Upside26.26% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)-3
Revenue Forecast (FY)N/A
Alto Neuroscience, Inc. Business Overview & Revenue Model
Company Description
Alto Neuroscience, Inc. operates as a biopharmaceutical entity in the clinical stage, specializing in the creation of novel psychiatric medications. Its development pipeline includes ALTO-100, an investigational therapy targeting individuals affec...
How the Company Makes Money
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Alto Neuroscience, Inc. Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
63
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 210.00K |
| Gross Profit | -284.00K | -661.00K | -502.00K | -373.00K | -342.00K | 65.00K |
| EBITDA | -71.28M | -60.11M | -62.30M | -34.56M | -27.37M | -9.04M |
| Net Income | -74.31M | -63.24M | -61.43M | -36.30M | -27.71M | -9.19M |
Balance Sheet | ||||||
| Total Assets | 276.26M | 184.69M | 177.54M | 86.63M | 50.85M | 28.79M |
| Cash, Cash Equivalents and Short-Term Investments | 263.76M | 176.48M | 168.23M | 82.55M | 48.34M | 25.70M |
| Total Debt | 5.69M | 4.41M | 16.94M | 9.99M | 82.11M | 38.16M |
| Total Liabilities | 32.89M | 33.55M | 26.08M | 158.30M | 89.26M | 41.27M |
| Stockholders Equity | 243.37M | 151.14M | 151.46M | -71.67M | -38.41M | -12.48M |
Cash Flow | ||||||
| Free Cash Flow | -62.86M | -51.79M | -49.50M | -33.92M | -21.13M | -9.94M |
| Operating Cash Flow | -62.30M | -51.77M | -47.42M | -33.45M | -20.39M | -9.26M |
| Investing Cash Flow | -556.00K | -24.00K | -2.08M | -470.00K | -732.00K | -680.00K |
| Financing Cash Flow | 165.89M | 60.08M | 135.69M | 68.13M | 43.79M | 31.69M |
Alto Neuroscience, Inc. Technical Analysis
Positive
27.72
Price Trends
23.26
Positive
23.03
Positive
18.47
Positive
Market Momentum
1.37
Negative
60.71
Neutral
71.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ANRO, the sentiment is Positive. The current price of 27.72 is above the 20-day moving average (MA) of 26.11, above the 50-day MA of 23.26, and above the 200-day MA of 18.47, indicating a bullish trend. The MACD of 1.37 indicates Negative momentum. The RSI at 60.71 is Neutral, neither overbought nor oversold. The STOCH value of 71.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ANRO.
Alto Neuroscience, Inc. Risk Analysis
Alto Neuroscience, Inc. disclosed 93 risk factors in its most recent earnings report. Alto Neuroscience, Inc. reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Alto Neuroscience, Inc. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
58 Neutral | $166.94M | -1.37 | -70.89% | ― | ― | -37.60% | |
56 Neutral | $1.07B | -11.10 | -47.22% | ― | ― | -6.01% | |
56 Neutral | $1.00B | -10.67 | -106.16% | ― | ― | 63.03% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $147.53M | -1.74 | -339.38% | ― | ― | 17.64% | |
42 Neutral | $72.98M | -1.32 | -2748.16% | ― | ― | 43.68% |
* Healthcare Sector Average
ANRO
Alto Neuroscience, Inc.
27.54
24.81
908.79%
CRBP
Corbus Pharmaceuticals
9.01
0.45
5.26%
FBRX
Forte Biosciences
48.86
38.75
383.28%
MIST
Milestone Pharmaceuticals
1.19
-0.30
-20.47%
ELTX
Elicio Therapeutics
3.11
-6.13
-66.34%
Alto Neuroscience, Inc. Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Alto Neuroscience Raises Capital to Advance ALTO-207
Positive
Jul 15, 2026
On July 13, 2026, Alto Neuroscience entered into an underwriting agreement with a syndicate led by BofA Securities to sell 3,776,436 shares of common stock in a registered direct offering at $26.48 per share. The transaction is expected to generat...
Business Operations and StrategyFinancial Disclosures
Alto Neuroscience Highlights Strong Cash, Expands ALTO-207 Trials
Positive
Jul 13, 2026
On July 13, 2026, Alto Neuroscience, Inc. reported preliminary estimates that its cash, cash equivalents and restricted cash totaled approximately $244.2 million as of June 30, 2026, noting that these figures have not yet been audited and could ch...
Executive/Board Changes
Alto Neuroscience Appoints Andrew Miller to Board
Positive
May 28, 2026
On May 27, 2026, Alto Neuroscience, Inc. expanded its board of directors from six to seven members and unanimously appointed Andrew Miller, Ph.D., as a Class III director with a term running through the 2027 annual stockholder meeting. Miller, dee...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Alto Neuroscience Shareholders Shape Governance and Equity Plans
Neutral
May 13, 2026
On May 12, 2026, Alto Neuroscience, Inc. held its Annual Meeting, at which stockholders elected Class II directors Raymond Sanchez, M.D., and Gwill York to serve until the 2029 annual meeting, and ratified Deloitte Touche LLP as the independent r...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.