{"url_path":"/sec/anro/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/1999480/0001999480-26-000012-index.html","accession_number":"0001999480-26-000012","cik":"0001999480","ticker":"ANRO","issuer_name":"Alto Neuroscience, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1999480/0001999480-26-000012-index.html","primary_entity_key":"0001999480","primary_entity_name":"Alto Neuroscience, Inc."},"word_count":1709,"has_tables":true,"body_markdown":"alto-20260331\n12-3100019994802026Q1False1Subsequent 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of Contents](#if33b9e8d46eb467b84758fa9b250d8f7_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n_________________________\n\nFORM 10-Q\n\n_________________________\n\n(Mark One)\n\nxQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\no\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to .\n\nCommission file number 001-41944\n\n_________________________\n\nAlto Neuroscience, Inc.\n\n(Exact name of registrant as specified in its charter)\n\n_________________________\n\nDelaware\n\n83-4210124\n\n(State or Other Jurisdiction of\nIncorporation or Organization)(I.R.S. Employer\nIdentification No.)\n\n650 Castro Street, Suite 450 Mountain View, CA\n94041\n\n(Address of Principal Executive Offices)(Zip Code)\n\n(650) 200-0412\n\nRegistrant’s Telephone Number, Including Area Code\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nCommon Stock, $0.0001 par value per shareANRONew York Stock Exchange\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x   No o\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x   No o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated fileroAccelerated filero\n\nNon-accelerated filerxSmaller reporting companyx\n\nEmerging growth companyx\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o   No x\n\nThe number of shares of registrant’s Common Stock outstanding as of May 8, 2026 was 35,093,940.\n\n[Table of Contents](#if33b9e8d46eb467b84758fa9b250d8f7_7)\n\nTable of Contents\n\nPage\n\n[Part I - Financial Information](#if33b9e8d46eb467b84758fa9b250d8f7_13)\n\n[Item 1. Financial Statements (Unaudited)](#if33b9e8d46eb467b84758fa9b250d8f7_16)\n\nF-[1](#if33b9e8d46eb467b84758fa9b250d8f7_16)\n\n[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#if33b9e8d46eb467b84758fa9b250d8f7_88)\n\n[20](#if33b9e8d46eb467b84758fa9b250d8f7_88)\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#if33b9e8d46eb467b84758fa9b250d8f7_115)\n\n[35](#if33b9e8d46eb467b84758fa9b250d8f7_115)\n\n[Item 4. Controls and Procedures](#if33b9e8d46eb467b84758fa9b250d8f7_118)\n\n[35](#if33b9e8d46eb467b84758fa9b250d8f7_118)\n\n[Part II - Other Information](#if33b9e8d46eb467b84758fa9b250d8f7_121)\n\n[Item 1. Legal Proceedings](#if33b9e8d46eb467b84758fa9b250d8f7_124)\n\n[37](#if33b9e8d46eb467b84758fa9b250d8f7_124)\n\n[Item 1A. Risk Factors](#if33b9e8d46eb467b84758fa9b250d8f7_127)\n\n[37](#if33b9e8d46eb467b84758fa9b250d8f7_127)\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#if33b9e8d46eb467b84758fa9b250d8f7_130)\n\n[37](#if33b9e8d46eb467b84758fa9b250d8f7_130)\n\n[Item 3. Defaults Upon Senior Securities](#if33b9e8d46eb467b84758fa9b250d8f7_133)\n\n[37](#if33b9e8d46eb467b84758fa9b250d8f7_133)\n\n[Item 4. Mine Safety Disclosures](#if33b9e8d46eb467b84758fa9b250d8f7_136)\n\n[37](#if33b9e8d46eb467b84758fa9b250d8f7_136)\n\n[Item 5. Other Information](#if33b9e8d46eb467b84758fa9b250d8f7_139)\n\n[38](#if33b9e8d46eb467b84758fa9b250d8f7_139)\n\n[Item 6. Exhibits](#if33b9e8d46eb467b84758fa9b250d8f7_142)\n\n[39](#if33b9e8d46eb467b84758fa9b250d8f7_142)\n\n[Signatures](#if33b9e8d46eb467b84758fa9b250d8f7_145)\n\n[40](#if33b9e8d46eb467b84758fa9b250d8f7_145)\n\nUnless context otherwise requires, the terms the “Company,” “Alto,” “we,” “us,” “our,” and similar references in this Quarterly Report on Form 10-Q refer to Alto Neuroscience, Inc. and its consolidated subsidiary.\n\n[Table of Contents](#if33b9e8d46eb467b84758fa9b250d8f7_7)\n\nSPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q, or Quarterly Report, contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this Quarterly Report, including statements regarding our plans, objectives, goals, strategies, future events, future revenues or performance, financing needs, plans, or intentions relating to product candidates and markets and business trends are forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “can,” “contemplate,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “plan,” “potential,” “predict,” “project,” “shall,” “should,” “target,” “will,” or “would,” or the negative of these words or other similar terms or expressions.\n\nThese statements involve known and unknown risks, uncertainties, and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, but are not limited to, statements about:\n\n•the initiation, timing, progress, and results of our research and development programs, preclinical studies, any clinical trials, and investigational new drug, or IND, and other regulatory submissions;\n\n•the ability of our approach to reproducibly predict treatment outcomes for product candidates amongst identified patient populations and achieve clinical success;\n\n•our ability to continue to identify appropriate biomarkers for use in further clinical development;\n\n•the timing of and costs involved in obtaining and maintaining regulatory approval of our current product candidates and any future product candidates that we may identify or develop;\n\n•the beneficial characteristics, including potential safety, efficacy, and therapeutic effects, of our product candidates;\n\n•our ability to efficiently and cost-effectively conduct our current and future clinical trials;\n\n•our ability to obtain funding for our operations necessary to complete further development and commercialization of our product candidates, if approved;\n\n•our ability to maintain existing, and establish new, strategic collaborations, licensing, or other arrangements, including our ability to comply with our financial obligations pursuant to the terms of such agreements;\n\n•the timing and likelihood of the achievement of milestones pursuant to our existing collaboration and licensing agreements;\n\n•our ability to identify and develop product candidates for treatment of additional indications;\n\n•the performance of our third-party service providers, including our suppliers and manufacturers;\n\n•the rate and degree of market acceptance and clinical utility for our current product candidates and any other product candidates we may develop;\n\n•the effects of competition with respect to our current product candidates or any of our future product candidates, as well as innovations by current and future competitors in our industry;\n\n•our estimates regarding the potential market opportunities and the number of patients for our product candidates and any future product candidates, if approved for commercial use;\n\n•the implementation of our strategic plans for our business, any product candidates we may develop;\n\n•our intellectual property position, including the scope of protection we are able to establish, maintain, defend and enforce for intellectual property rights covering our product candidates and our Precision Psychiatry Platform;\n\n•our ability to attract and retain key scientific or management personnel;\n\n[Table of Contents](#if33b9e8d46eb467b84758fa9b250d8f7_7)\n\n•regulatory and legal developments in the United States and foreign countries;\n\n•our ability to attract and retain employees and collaborators with development, regulatory, and commercialization expertise;\n\n•our ability to comply with the terms of our loan agreements and our expectations regarding our ability to access additional tranches thereunder;\n\n•the accuracy of our estimates regarding future expenses, future revenue, capital requirements, and need for additional financing;\n\n•the anticipated impact of global economic uncertainty, financial market conditions and geopolitical events, including the conflict between Ukraine and Russia, the conflict in the Middle East, geopolitical tensions, high levels of inflation, fluctuating interest rates, and tariffs on our business, results of operations, and financial condition;\n\n•the period over which we estimate our existing cash and cash equivalents will be sufficient to fund our future operating expenses and capital expenditure requirements; and\n\n•our expectations regarding the period during which we qualify as an emerging growth company under the JOBS Act.\n\nThese forward-looking statements reflect our management’s beliefs and views with respect to future events and are based on estimates and assumptions as of the date of this Quarterly Report and are subject to risks and uncertainties. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.\n\nYou are urged to carefully review the disclosures we make concerning risks and other factors that may affect our business and operating results under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, or Annual Report, under “Item 1A. Risk Factors” in this Quarterly Report, and in our other reports filed with the Securities and Exchange Commission, or SEC. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in such statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Given these uncertainties, you should not place undue reliance on these forward-looking statements.\n\nAny public statements or disclosures by us following this Quarterly Report that modify or impact any of the forward-looking statements contained in this Quarterly Report will be deemed to modify or supersede such statements in this Quarterly Report. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, whether as a result of new information, future events, or otherwise.\n\nAvailability of Information on Our Website\n\nWe routinely use our investor relations website to post presentations to investors and other important information, including information that may be material. Accordingly, we encourage investors and others interested in Alto to review the information it makes public on its investor relations website.\n\n[Table of Contents](#if33b9e8d46eb467b84758fa9b250d8f7_7)\n\nPART I\n\nFINANCIAL INFORMATION"}