Alto Neuroscience(ANRO) - 2024 Q2 - Quarterly Results

Clinical Trials - Completed enrollment of 301 patients in Phase 2b MDD study for ALTO-100, with topline data expected in October 2024[1] - Initiated multiple Phase 2 studies, including ALTO-101 in schizophrenia and ALTO-203 in MDD with anhedonia, with five Phase 2 studies ongoing across four product candidates[2] - ALTO-100 is being evaluated in a 301-patient Phase 2b study in MDD, with a primary endpoint based on the Montgomery-Åsberg Depression Rating Scale (MADRS)[3] - ALTO-101's Phase 2 proof-of-concept study for cognitive impairment associated with schizophrenia is ongoing, with topline data expected in the second half of 2025[9] - ALTO-203's proof-of-concept study for MDD with anhedonia is enrolling approximately 60 participants, with topline data expected in the first half of 2025[12] - The company plans to host an investor day on September 9, 2024, focused on ALTO-100, providing insights into study participant characteristics and mechanisms[14] Financial Performance - Strong cash position of approximately $194 million expected to fund operations into 2027[1] - R&D expenses for Q2 2024 were $13.2 million, up from $7.1 million in Q2 2023, primarily due to ongoing Phase 2b studies[16] - General and administrative expenses for Q2 2024 were $5.2 million, compared to $2.1 million in Q2 2023, driven by increased headcount and operational costs[16] - Net loss for Q2 2024 was $16.0 million, compared to $8.7 million for the same period in 2023[17] - Total operating expenses for the three months ended June 30, 2024, were $18,341,000, compared to $9,125,000 for the same period in 2023, representing a 101% increase[21] - Research and development expenses increased to $13,184,000 for the three months ended June 30, 2024, from $5,157,000 in the same period last year, a 156% increase[21] - The net loss for the three months ended June 30, 2024, was $16,030,000, compared to a net loss of $8,663,000 for the same period in 2023, reflecting an 85% increase in losses[21] - Interest income for the three months ended June 30, 2024, was $2,658,000, compared to $667,000 for the same period in 2023, a 298% increase[21] - Net loss per share attributable to common stockholders for the three months ended June 30, 2024, was $(0.60), compared to $(2.33) for the same period in 2023[21] - Weighted-average number of common shares outstanding for the three months ended June 30, 2024, was 26,913,000, compared to 3,716,000 for the same period in 2023, indicating a significant increase in shares[21] Assets and Liabilities - Cash, cash equivalents, and restricted cash as of June 30, 2024, totaled $193,622,000, significantly up from $82,548,000 as of December 31, 2023, indicating a 134% increase[22] - Total assets increased to $197,360,000 as of June 30, 2024, from $86,628,000 as of December 31, 2023, marking a 128% growth[22] - The accumulated deficit as of June 30, 2024, was $(106,412,000), up from $(76,965,000) at the end of 2023, indicating a 38% increase in the deficit[22] - Total liabilities as of June 30, 2024, were $17,584,000, slightly up from $16,823,000 as of December 31, 2023, reflecting a 5% increase[22]