R&D Expenses: Research and development expenses for the quarter ended September 30, 2024 were $13.1 million, as compared to $8.0 million for the same period in 2023. The increase was primarily attributable to costs associated with the Phase 2b clinical studies for ALTO-100 and ALTO-300, and the Phase 2 POC studies for ALTO-203 and ALTO-101.
G&A Expenses: General and administrative expenses for the quarter ended September 30, 2024 were $5.8 million, as compared to $1.8 million for the same period in 2023. The increase was primarily attributable to costs associated with higher headcount to support expanded clinical development efforts, growing operational requirements, and costs associated with operating as a public company. The increase in personnel costs includes $0.9 million of non-cash stock-based compensation expense.
Net Loss: The Company incurred a net loss of $16.8 million for the quarter ended September 30, 2024, as compared to $9.1 million for the quarter ended September 30, 2023.
About Alto Neuroscience
Alto Neuroscience is a clinical-stage biopharmaceutical company with a mission to redefine psychiatry by leveraging neurobiology to develop personalized and highly effective treatment options. Alto's Precision Psychiatry Platform$(TM)$ measures brain biomarkers by analyzing EEG activity, neurocognitive assessments, wearable data, and other factors to better identify which patients are more likely to respond to Alto product candidates. Alto's clinical-stage pipeline includes novel drug candidates in depression, PTSD, schizophrenia, and other mental health conditions. For more information, visit www.altoneuroscience.com or follow Alto on X.
Forward-Looking Statements
This press release may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "aims," "anticipates," "believes," "could," "estimates," "expects," "forecasts," "goal," "intends," "look forward," "may," "plans," "possible," "potential," "seeks," "will" and variations of these words or similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements regarding Alto's expectations with regard to the potential benefits, activity, effectiveness and safety of its product candidates and Precision Psychiatry Platform ("Platform"); Alto's expectations with regard to the design and results of its research and development programs and clinical trials, including the timing of enrollment and the timing and availability of data from such trials; Alto's clinical and regulatory development plans for its product candidates, including the timing or likelihood of regulatory filings and approvals for its product candidates; Alto's business strategy, financial position and the sufficiency of its financial resources to fund its operations through expected milestones; and other statements that are not historical fact. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including: uncertainties inherent in the initiation, progress and completion of clinical trials and clinical development of Alto's product candidates; the risk that Alto may not realize the intended benefits of its Platform; availability and timing of results from clinical trials; whether initial or interim results from a clinical trial will be predictive of the final results of the trial or the results of future trials; the risk that clinical trials may have unsatisfactory outcomes; the risk that Alto's projections regarding its financial position and expected cash runway are inaccurate or that its conduct of its business requires more cash than anticipated; and other important factors, any of which could cause Alto's actual results to differ from those contained in the forward-looking statements, which are described in greater detail in Alto's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024 filed with the Securities and Exchange Commission ("SEC") as well as in other filings Alto may make with the SEC in the future. Any forward-looking statements contained in this press release speak only as of the date hereof, and Alto expressly disclaims any obligation to update any forward-looking statements contained herein, whether because of any new information, future events, changed circumstances or otherwise, except as required by law.
Availability of Information on Alto's Website
Alto routinely uses its investor relations website to post presentations to investors and other important information, including information that may be material. Accordingly, Alto encourages investors and others interested in Alto to review the information it makes public on its investor relations website.
ALTO NEUROSCIENCE, INC. Condensed Consolidated Statements of
Operations and Comprehensive Loss (in thousands, except per share
amounts) (unaudited)
Three months ended Nine months ended
September 30, September 30,
2024 2023 2024 2023
------- ------ ------- -------
Operating expenses:
Research and
development $ 13,060 $ 7,967 $ 36,196 $ 20,648
General and
administrative 5,826 1,751 15,417 5,396
------- ------ ------- -------
Total operating
expenses 18,886 9,718 51,613 26,044
------- ------ ------- -------
Loss from operations (18,886) (9,718) (51,613) (26,044)
------- ------ ------- -------
Other income
(expense):
Interest income 2,500 714 6,716 1,611
Interest
expense (349) (363) (1,042) (1,014)
Change in fair
value of
warrant
liability -- 226 (243) 359
Change in fair
value of
Convertible
Grant
Agreement (48) -- (48) --
------- ------ ------- -------
Total other income
(expense), net 2,103 577 5,383 956
------- ------ ------- -------
Net loss $(16,783) $(9,141) $(46,230) $(25,088)
======= ====== ======= =======
Other comprehensive
loss
Foreign currency
translation (6) (10) (16) (40)
------- ------ ------- -------
Total other
comprehensive loss (6) (10) (16) (40)
------- ------ ------- -------
Comprehensive loss $(16,789) $(9,151) $(46,246) $(25,128)
======= ====== ======= =======
Net loss per share
attributable to
common
stockholders, basic
and diluted $ (0.62) $ (2.44) $ (1.94) $ (6.75)
------- ------ ------- -------
Weighted-average
number of common
shares outstanding,
basic and diluted 26,959 3,742 23,878 3,717
------- ------ ------- -------
ALTO NEUROSCIENCE, INC.
Selected Condensed Consolidated Balance Sheet Data
(in thousands)
(unaudited)
September 30, December 31,
--------------- ----------------
2024 2023
---------- ---------
Cash, cash equivalents, and restricted
cash $ 182,201 $ 82,548
Total assets 191,608 86,628
Total liabilities 26,556 16,823
Accumulated deficit (123,195) (76,965)
View source version on businesswire.com: https://www.businesswire.com/news/home/20241112527626/en/
CONTACT: Investor Contact:
Nick Smith
investors@altoneuroscience.com
Media Contact:
Mari Purpura
media@altoneuroscience.com
(END) Dow Jones Newswires
November 12, 2024 16:10 ET (21:10 GMT)
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