Alto Neuroscience prices $100 million offering, plans Phase 3 trial of ALTO-207
The company priced 3,776,436 shares at $26.48 each and will direct proceeds toward an additional Phase 3 trial of ALTO-207 for treatment resistant depression.
Alto Neuroscience priced an underwritten public offering of 3,776,436 shares of common stock at $26.48 per share on July 13, 2026, with underwriters expected to deliver the shares against payment in New York, New York on July 14, 2026.1
The gross offering size is $100,000,025.28, with underwriting discounts and commissions of $5,500,001.39, leaving proceeds to Alto Neuroscience, before expenses, of $94,500,023.89.1 The company said net proceeds to it from this offering will be approximately $93.9 million after deducting underwriting discounts and commissions and estimated offering expenses payable by it.1
Alto said it plans to direct the funds, along with existing cash, toward accelerating and expanding the clinical development of ALTO-207, including conducting an additional planned Phase 3 trial of the drug as monotherapy for treatment resistant depression, along with general working capital needs.1
The offering's joint book-running managers are BofA Securities, Stifel, William Blair and Baird, with Jones and H.C. Wainwright & Co. serving as co-managers.1 Per the underwriter allocation table, BofA Securities is purchasing 1,623,868 shares and Stifel, Nicolaus & Company is purchasing 944,109 shares1, while William Blair & Company is purchasing 566,465 shares and Robert W. Baird & Co. is purchasing 377,644 shares1, with JonesTrading Institutional Services and H.C. Wainwright & Co. rounding out the syndicate at 151,057 and 113,293 shares, respectively.1
Separately, Alto disclosed a preliminary cash update, estimating its cash, cash equivalents and restricted cash were approximately $244.2 million as of June 30, 2026, though this figure has not been audited, reviewed, or compiled by its independent registered public accounting firm.1
Investors in the offering will also face dilution. Based on the $26.48 offering price, the company said new investors will see an immediate dilution of $17.80 per share in as adjusted net tangible book value.1
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