Alto Neuroscience has raised $120 million from institutional and accredited investors to advance ALTO-207 - a fixed-dose combination of pramipexole and ondansetron - for treatment-resistant depression.
The financing, led by Commodore Capital, will support Phase 2b and Phase 3 clinical trials and potentially enable a New Drug Application submission. Alto plans Phase 2b testing in the first half of 2026 and Phase 3 in early 2027.
Alto reported a $63 million net loss for 2025, with $45 million in R&D expenses. Its $177 million cash balance is expected to fund operations into 2028.
The company’s stock (ANRO) rose 7% in premarket trading following the announcement. Founder Amit Etkin called the investment a validation of Alto’s precision neuroscience strategy.