Financial Performance - The company incurred a net loss of $16.8 million for Q3 2024, compared to a net loss of $9.1 million for the same period in 2023[13]. - The net loss for the three months ended September 30, 2024, was $16,783,000, compared to a net loss of $9,141,000 in the same period last year, reflecting an 83.5% increase in losses[18]. - The net loss per share attributable to common stockholders for the three months ended September 30, 2024, was $(0.62), compared to $(2.44) for the same period in 2023[18]. - Other income for the three months ended September 30, 2024, was $2,103,000, compared to $577,000 in the same period last year, showing a 264.5% increase[18]. Research and Development - Research and development expenses for Q3 2024 were $13.1 million, up from $8.0 million in Q3 2023, primarily due to costs associated with ongoing Phase 2b studies[11]. - Research and development expenses for the three months ended September 30, 2024, were $13,060,000, compared to $7,967,000 for the same period in 2023, representing a 64.5% increase[18]. - The company plans to incorporate learnings from the ALTO-100 study into its other ongoing clinical programs[2]. Clinical Trials - Topline data from two major depressive disorder (MDD) trials, ALTO-300 and ALTO-203, are expected in the first half of 2025[1]. - Enrollment for the Phase 2b trial of ALTO-300 is on track, with 200 patients expected to participate, and topline data anticipated in the first half of 2025[5]. - ALTO-203 is also on track for its Phase 2 proof-of-concept trial, with approximately 60 patients expected to be enrolled and topline data expected in the first half of 2025[6]. - ALTO-101's Phase 2 proof-of-concept trial is ongoing, with topline data expected by the end of 2025[7]. - ALTO-100 did not achieve the primary outcome in its Phase 2b study for MDD, but showed a clinically meaningful effect in a pre-specified analysis of biomarker-positive patients[3]. Financial Position - The company has a strong cash position of approximately $182 million, expected to fund operations into 2027[10]. - Cash, cash equivalents, and restricted cash as of September 30, 2024, totaled $182,201,000, significantly up from $82,548,000 at December 31, 2023, marking a 120.5% increase[19]. - Total assets increased to $191,608,000 as of September 30, 2024, compared to $86,628,000 at the end of 2023, representing a 120.5% growth[19]. - Total liabilities rose to $26,556,000 as of September 30, 2024, compared to $16,823,000 at December 31, 2023, indicating a 58.0% increase[19]. - The accumulated deficit increased to $(123,195,000) as of September 30, 2024, from $(76,965,000) at the end of 2023, reflecting a 60.0% increase[19]. Operating Expenses - General and administrative expenses for Q3 2024 were $5.8 million, compared to $1.8 million in Q3 2023, driven by increased headcount and operational requirements[12]. - Total operating expenses for the nine months ended September 30, 2024, were $51,613,000, up from $26,044,000 in 2023, indicating a 97.9% increase[18].
Alto Neuroscience(ANRO) - 2024 Q3 - Quarterly Results