The company continues to report zero revenue while operating losses have expanded to $27.1 million in 2026Q1, driven by intensive R&D expenditures of $20.3 million.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 210K |
| Revenue Growth % | - | - | - | - | -100% | - |
| Cost of Goods Sold | 284K | 661K | 502K | 0 | 342K | 145K |
| COGS % of Revenue | - | - | - | - | - | 69.05% |
| Gross Profit | -284K | -661K | -502K | 0 | -342K | 65K |
| Gross Margin % | - | - | - | - | - | 30.95% |
| Gross Profit Growth % | - | -31.67% | - | 100% | -626.15% | - |
| Operating Expenses | -55.19M | 65.7M | 68.11M | 37.81M | 28.85M | 12.12M |
| OpEx % of Revenue | - | - | - | - | - | 5771.9% |
| Selling, General & Admin | 21.89M | 20.75M | 21.61M | 7.52M | 5.16M | 3.75M |
| SG&A % of Revenue | - | - | - | - | - | 1786.19% |
| Research & Development | 55.94M | 45.62M | 47M | 30.29M | 23.69M | 8.37M |
| R&D % of Revenue | - | - | - | - | - | 3985.71% |
| Other Operating Expenses | -1.28M | -661K | -502K | 0 | 0 | 0 |
| Operating Income | 54.9M | -66.36M | -68.61M | -37.81M | -29.19M | -12.06M |
| Operating Margin % | - | - | - | - | - | -5740.95% |
| Operating Income Growth % | - | 3.27% | -81.46% | -29.52% | -142.14% | - |
| EBITDA | 55.51M | -65.7M | -74.41M | -37.44M | -28.85M | -11.91M |
| EBITDA Margin % | - | - | - | - | - | -5671.9% |
| EBITDA Growth % | 180.07% | 11.71% | -98.78% | -29.76% | -142.21% | - |
| D&A (Non-Cash Add-back) | 605K | 661K | -5.8M | 373K | 342K | 145K |
| EBIT | -73.34M | -66.36M | -62.81M | -34.94M | -27.71M | -9.19M |
| Net Interest Income | 3.92M | 4.13M | 10.23M | 979K | 114K | 2K |
| Interest Income | 6.34M | 6.6M | 8.85M | 2.35M | 114K | 2K |
| Interest Expense | 2.42M | 2.47M | -1.38M | 1.37M | 0 | 0 |
| Other Income/Expense | -129.21M | 3.13M | 7.18M | 1.5M | 1.48M | 2.87M |
| Pretax Income | -74.31M | -63.24M | -61.43M | -36.3M | -27.71M | -9.19M |
| Pretax Margin % | - | - | - | - | - | -4374.76% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -74.31M | -63.24M | -61.43M | -36.3M | -27.71M | -9.19M |
| Net Margin % | - | - | - | - | - | -4374.76% |
| Net Income Growth % | -17.6% | -2.94% | -69.21% | -31.02% | -201.62% | - |
| Net Income (Continuing) | -74.31M | -63.24M | -61.43M | -36.3M | -27.71M | -9.19M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.26 | -2.19 | -2.50 | -1.35 | -1.08 | -0.36 |
| EPS Growth % | -6.44% | 12.4% | -85.19% | -25% | -200% | - |
| EPS (Basic) | - | -2.19 | -2.50 | -1.35 | -1.08 | -0.36 |
| Diluted Shares Outstanding | 32.89M | 28.85M | 24.6M | 26.88M | 25.57M | 25.57M |
| Basic Shares Outstanding | 32.89M | 28.85M | 24.6M | 26.88M | 25.57M | 25.57M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Binary clinical trial outcomes
As reported in financial statements, Alto Neuroscience maintains a high-cost structure characterized by R&D expenditures that reached $20.3 million in 2026Q1, reflecting the intensive capital requirements of executing multiple concurrent clinical trials while simultaneously refining the company's proprietary neurophysiological biomarker platform for patient stratification.
The company's cost profile is dominated by R&D, which consistently outpaces SG&A, indicating a singular focus on pipeline advancement over commercial infrastructure. Investors should monitor whether the current level of R&D spending remains sustainable without further dilutive financing, as the lack of revenue leaves the firm entirely dependent on its existing cash reserves.
Based on the company's reported figures, operating losses have widened to $27.1 million in 2026Q1, demonstrating that the firm has yet to achieve any meaningful operating leverage as it continues to scale its clinical operations and specialized personnel headcount in the absence of commercial revenue.
The absence of revenue means that every dollar of operating expense directly impacts the net loss, preventing the realization of traditional operating leverage. The trend suggests that management is prioritizing clinical velocity over expense control, which may be necessary for long-term value creation but creates significant short-term financial pressure.
According to recent SEC filings, the company's net income figures are frequently impacted by non-cash items, including stock-based compensation that reached $2.2 million in 2025Q3, which complicates the assessment of the underlying cash burn rate and the true cost of talent acquisition.
Analysts should adjust reported net losses to isolate these non-cash charges to better understand the actual cash runway available for clinical development. The volatility in these items suggests that investors should focus on cash flow from operations rather than headline EPS to gauge the company's financial health.
While the company emphasizes its precision psychiatry model, the lack of commercial revenue and the reliance on binary clinical data readouts, such as the upcoming ALTO-100 results, suggest that the market may be overestimating the predictive power of the biomarker platform relative to standard drug development.
Short-term risks include the possibility that the biomarker platform is merely prognostic rather than predictive, which would undermine the company's core competitive advantage. If the platform fails to demonstrate superior patient outcomes in late-stage trials, the current valuation premium may face significant downward pressure.
Quick answers to the most common questions about buying ANRO stock.
For fiscal year 2025, Alto Neuroscience, Inc. (ANRO) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.2M in 2021.
Alto Neuroscience, Inc. (ANRO) reported a net loss of $63.2M for the fiscal year ending 2025.