Summary of Alto Neuroscience Conference Call Company Overview - **Company**: Alto Neuroscience (NYSE:ANRO) - **Focus**: Development of psychiatric drugs targeting disorders such as depression, treatment-resistant depression (TRD), bipolar depression, and schizophrenia, utilizing a biomarker-driven precision medicine approach [5][6][7] Key Programs and Milestones - **Current Pipeline**: Four drugs in phase 2 programs, with readouts expected in the next 12 to 24 months [5] - **Alto 101**: Focused on cognitive impairment in schizophrenia, with readout expected in Q1 2026 [6] - **Alto 207**: Targeting TRD, expected to enter phase 2B in 2026, with a promising mechanism involving dopamine agonism [6][12] - **Alto 300**: Adjunctive treatment in depression, targeting a biomarker derived from EEG signals, expected to read out in mid-2026 [7] - **Alto 100**: Targeting bipolar depression, also in phase 2B, with readout in the second half of 2026 [7] Strategic Acquisitions - **Acquisition of Alto 207**: Acquired from Chase Pharmaceuticals for a small upfront cost, motivated by a strong scientific rationale and clinical efficacy signals from previous studies [8][11][12] FDA Interactions and Regulatory Strategy - **FDA Meetings**: Discussed phase 2B design and requirements for phase 3, including a TOX study and dose-ranging study on ondansetron [14][15] - **Accelerated Timeline**: Phase 2B expected to launch in the first half of 2026, with potential for phase 3 to start by early 2027 [15][16] Efficacy and Study Design - **Phase 2B Design**: One-to-one randomization, targeting a higher dose than previous studies, with an eight-week duration [21][22] - **Efficacy Thresholds**: Aiming for a Cohen's d effect size greater than 0.5, with a target of at least a two-point delta in TRD population [26][28] Biomarker Approach - **Biomarker Strategy**: Utilizing EEG-derived biomarkers to identify patient populations likely to respond to treatments, with a focus on hypodopaminergic states in TRD [34][36] - **Alto 101**: Employing a theta response biomarker to assess cognitive improvement in schizophrenia [40][41] Future Outlook - **Upcoming Readouts**: Anticipated data for Alto 101 in early 2026 and Alto 300 in mid-2026, with a focus on expanding the pipeline and potential new business development opportunities [49][50] - **Market Potential**: Emphasis on addressing high unmet needs in psychiatric disorders with differentiated treatment profiles [6][7][49] Additional Insights - **Execution Rigor**: Implementation of enhanced trial execution standards and AI tools to improve patient selection and data integrity [52][53] - **Market Positioning**: Alto Neuroscience aims to leverage its unique biomarker-driven approach to differentiate itself in the competitive landscape of psychiatric drug development [38][39]

Company Performance - Alto Neuroscience, Inc. (ANRO) has returned 168.3% year-to-date, significantly outperforming the Medical sector, which has gained about 5.4% on average [4] - The Zacks Consensus Estimate for ANRO's full-year earnings has increased by 1.9% over the past quarter, indicating improved analyst sentiment and a more positive earnings outlook [3] - Alto Neuroscience, Inc. holds a Zacks Rank of 2 (Buy), suggesting strong potential for continued performance [3][6] Industry Context - Alto Neuroscience, Inc. is part of the Medical - Biomedical and Genetics industry, which includes 469 individual stocks and currently ranks 87 in the Zacks Industry Rank [6] - The Medical - Biomedical and Genetics industry has averaged a gain of 15% year-to-date, indicating that ANRO is performing better than its industry peers [6] - Editas Medicine (EDIT), another stock in the Medical sector, has also outperformed the sector with a year-to-date return of 100% [4][5]

Summary of Alto Neuroscience Conference Call Company Overview - Alto Neuroscience is a psychiatric drug developer focusing on treatment-resistant depression, bipolar depression, cognitive impairment, and schizophrenia [2][3] - The company employs a biology-forward precision approach to understand disease mechanisms and develop targeted drugs for specific patient subgroups [2][3] Key Programs and Developments Alto 300 (Agomelatine) - Agomelatine is an antidepressant approved in Europe and Australia, functioning as a melatonin agonist and 5-HT2C antagonist [4] - The drug is being developed as an adjunctive treatment for depression in the U.S. market, aiming to replace less tolerated antipsychotics [4][5] - A phase 2B trial is set to read out in mid-2026, involving 200 patients with a biomarker [6][40] - A biomarker based on EEG has been identified to predict better responses to treatment, enhancing patient targeting [5][6] Alto 207 (Pramipexole and Ondansetron Combination) - This fixed-dose combination targets treatment-resistant depression by stimulating dopamine receptors while mitigating nausea through ondansetron [21][25] - Historical data shows significant efficacy, with a Cohen's D effect size of 0.9 in a recent trial [23][25] - The phase 2B trial is expected to launch in the first half of 2026, with a phase 3 trial anticipated by early 2027 [25][33] Alto 101 (PDE4 Inhibitor) - Focused on cognitive impairment in schizophrenia, this program utilizes EEG biomarkers to measure outcomes [35][36] - A proof of concept trial is underway, with results expected in Q1 2026 [39][40] Alto 100 (Neuroplasticity Enhancer) - A phase 2B study is being conducted for bipolar depression, targeting patients with neuroplasticity deficits [39] - The readout for this program is scheduled for the second half of 2026 [40] Financial Outlook - The company has a cash runway extending into 2028, supporting multiple upcoming trials and readouts [40][41] - Recent funding of $50 million from a PIPE led by Perceptive has facilitated the acceleration of the Alto 207 program [40][41] Additional Insights - The company emphasizes the importance of rigorous patient compliance and documentation in clinical trials to mitigate risks observed in previous studies [8][9][10] - The FDA's feedback on the Alto 100 program has influenced the design and expectations for future trials, particularly regarding enrichment strategies [14][15] - The potential for agomelatine to replace antipsychotics is highlighted as a significant clinical opportunity due to its better tolerability profile [4][13] This summary encapsulates the key points discussed during the conference call, focusing on the company's strategic direction, ongoing clinical trials, and financial health.

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q _________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR Alto Neuroscience, Inc. (Exact name of registrant as specified in its charter) _________________________ Delaware 83-4210124 (State or Other Jurisdiction of Incorporation or Organization) 650 Castro Street, Suite 450 Mountain View, ...

Financial Performance - Net loss for Q3 2025 was $14.2 million, compared to a net loss of $16.8 million for the same period in 2024, a reduction of about 15.5%[13] - Total operating expenses for Q3 2025 were $14.95 million, down from $18.89 million in Q3 2024, a decrease of approximately 20.5%[20] - Research and development expenses for Q3 2025 were $10.5 million, down from $13.1 million in Q3 2024, a decrease of approximately 19.5%[12] Cash Position - Cash position of $184.2 million as of October 31, 2025, expected to fund operations into 2028[11] - Cash, cash equivalents, and restricted cash decreased from $168.729 million in December 2024 to $138.316 million in September 2025, representing a decline of approximately 18%[22] Assets and Liabilities - Total assets decreased from $177.542 million in December 2024 to $147.006 million in September 2025, reflecting a reduction of about 17%[22] - Total liabilities increased from $26.082 million in December 2024 to $35.449 million in September 2025, indicating an increase of approximately 36%[22] - Accumulated deficit widened from $(138.396) million in December 2024 to $(185.452) million in September 2025, representing a deterioration of about 34%[22] Clinical Trials and Developments - Successful outcome from FDA meeting on ALTO-207, with Phase 2b trial initiation expected in 1H 2026 and Phase 3 trial by early 2027[1] - ALTO-101 Phase 2 proof-of-concept trial topline data expected in 1Q 2026, with enrollment ongoing[4] - ALTO-300 Phase 2b trial data expected in mid-2026, with approximately 200 biomarker positive patients to be enrolled[6] - ALTO-100 Phase 2b trial topline data expected in 2H 2026, with approximately 200 patients with bipolar depression to be evaluated[9] - Positive blinded pharmacokinetic analysis for ALTO-100 showed 96% of samples qualified as PK positive[9] Financing Activities - Company closed a $50 million PIPE financing to support accelerated development of ALTO-207[10]

Core Insights - The third-quarter 2025 reporting cycle for the Medical sector, which includes pharma/biotech and medical device companies, is nearing completion [1] Earnings Performance - Major pharmaceutical companies like Amgen, Novo Nordisk, and Pfizer reported earnings, with Amgen and Pfizer showing strong results and raising their EPS outlook for 2025, while Novo Nordisk faced weaker-than-expected results and reduced its full-year guidance due to slower growth in its GLP-1 portfolio [2] - As of November 5, nearly 82% of companies in the Medical sector, representing 92% of the sector's market capitalization, reported quarterly earnings, with approximately 92% beating earnings estimates and around 84% exceeding revenue expectations. Year-over-year earnings rose over 4%, while revenues increased nearly 11%, with overall expected increases of 3.0% in earnings and 10.5% in sales compared to the previous year [3] Potential Earnings Surprises - Four biotech companies—Alto Neuroscience, Autolus Therapeutics, Ascendis Pharma, and Immuneering—are highlighted as likely to deliver earnings beats based on their positive Earnings ESP and solid Zacks ranks [4][10] - Alto Neuroscience has an Earnings ESP of +16.41% and a Zacks Rank 2, with a consensus estimate for a loss of 66 cents per share [7] - Autolus Therapeutics has an Earnings ESP of +22.30% and a Zacks Rank 2, with a consensus estimate for a loss of 23 cents per share [11] - Ascendis Pharma has an Earnings ESP of +34.28% and a Zacks Rank 3, with a consensus estimate for a loss of 41 cents per share [13] - Immuneering has an Earnings ESP of +21.62% and a Zacks Rank 3, with a consensus estimate for a loss of 37 cents per share [15]

Alto Neuroscience, Inc. (ANRO) closed the last trading session at $11.55, gaining 104.8% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $18.71 indicates a 62% upside potential.The mean estimate comprises seven short-term price targets with a standard deviation of $13.95. While the lowest estimate of $10.00 indicates a 13.4% decline from the current price level, the most optimistic ...

Core Insights - Alto Neuroscience is a clinical-stage biopharmaceutical company focused on developing precision medicines for neuropsychiatric disorders [2][8] - The company will participate in upcoming investor conferences, providing opportunities for management to present and engage with investors [1][4] Company Overview - Alto Neuroscience aims to redefine psychiatry by utilizing neurobiology to create personalized treatment options [2] - The company's Precision Psychiatry Platform™ analyzes various brain biomarkers to identify patients likely to respond to its product candidates [2] Recent Developments - Alto Neuroscience announced a $50 million private placement financing to support the development of its drug candidates, including ALTO-207 for treatment-resistant depression [7][8] - The FDA granted Fast Track designation to ALTO-101 for treating cognitive impairment associated with schizophrenia, highlighting the urgency and potential of this treatment [9] Investor Engagement - Upcoming presentations include participation in the Stifel 2025 Healthcare Conference and the Jefferies London Healthcare Conference, allowing for direct interaction with investors [4] - Presentations will be accessible via live webcast, with replays available on the company's investor relations website [1][3]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Alto Neuroscience, Inc. (ANRO) - ANRO currently holds a Momentum Style Score of B, indicating potential as a solid momentum pick [3] - The company has a Zacks Rank of 2 (Buy), suggesting strong performance potential [4] Price Performance - Over the past week, ANRO shares have increased by 7.8%, while the Zacks Medical - Biomedical and Genetics industry remained flat [6] - In the last month, ANRO's price has surged by 162.89%, significantly outperforming the industry's 3.04% [6] - ANRO shares have risen by 232.25% over the past quarter and 133.95% over the last year, compared to the S&P 500's gains of 6.56% and 15.83%, respectively [7] Trading Volume - ANRO's average 20-day trading volume is 4,367,903 shares, which is a useful indicator of market interest and price movement [8] Earnings Outlook - Recent earnings estimate revisions for ANRO show positive momentum, with two estimates moving higher for the current fiscal year, raising the consensus estimate from -$2.55 to -$2.47 [10] - For the next fiscal year, two estimates have also increased, with no downward revisions noted [10] Conclusion - Considering the positive price trends, trading volume, and earnings outlook, ANRO is positioned as a 2 (Buy) stock with a Momentum Score of B, making it a noteworthy candidate for near-term investment [12]

Group 1 - Alto Neuroscience, Inc. (ANRO) shares have increased by 162.9% over the past four weeks, closing at $10.2, with a mean price target of $13 indicating a potential upside of 27.5% [1] - The mean estimate consists of seven short-term price targets with a standard deviation of $2.45, where the lowest estimate is $10.00 (2% decline) and the highest is $16.00 (56.9% increase) [2] - Analysts show a consensus that ANRO will report better earnings than previously estimated, which supports the potential for stock price increases [4][11] Group 2 - The Zacks Consensus Estimate for ANRO has increased by 0.5% due to two upward revisions in earnings estimates over the last 30 days, with no negative revisions [12] - ANRO holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for near-term upside [13] - While consensus price targets may not be reliable for predicting exact gains, they can provide a directional guide for price movement [14]