Alto Neuroscience, Inc.
ANROHealthcare|Biotechnology|US
$25.16
+3.29 (+15.04%)
DCF Value
$5.91
Tangible Book / Share
$5.12
Cash / Share
$5.69
Financials
Financial Snapshot
Market Cap
$987.3M
Enterprise Value
$750.6M
Revenue (TTM)
$0.00
Net Income (TTM)
-$84.2M
Cash & Investments
$243.7M
Net Cash
$236.7M
Free Cash Flow (TTM)
-$68.8M
Operating CF (TTM)
-$68.3M
Debt/Equity
0.03
Cash Runway & Burn Rate
Cash on Hand
$243.7M
Quarterly Burn
$17.1M
Monthly Burn
$5.7M
Est. Runway
~14.3 quarters
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Cash & Investments | $25.7M | $48.3M | $82.5M | $168.2M | $176.5M | $243.7M | |
| Operating Cash Flow | -$9.3M | -$20.4M | -$33.4M | -$47.4M | -$51.8M | -$68.3M | |
| Free Cash Flow | -$9.9M | -$21.1M | -$33.9M | -$49.5M | -$51.8M | -$68.8M | |
| Capital Expenditure | -$680.0K | -$732.0K | -$470.0K | -$2.1M | -$24.0K | -$556.0K | |
| Financing Cash Flow | $31.7M | $43.8M | $68.1M | $135.7M | $60.1M | $165.0M |
R&D Spending
R&D (TTM)
$64.9M
R&D Intensity
—
R&D Growth vs Prior
+42.3%
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Revenue | $210.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $8.4M | $23.7M | $30.3M | $47.0M | $45.6M | $64.9M | |
| R&D % of Revenue | 3985.7% | — | — | — | — | — | |
| SG&A | $3.8M | $5.2M | $7.5M | $21.6M | $20.7M | $23.4M |
Income Statement
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Revenue | $210.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $145.0K | $342.0K | $0.00 | $502.0K | $661.0K | $184.0K | |
| Gross Profit | $65.0K | -$342.0K | $0.00 | -$502.0K | -$661.0K | -$184.0K | |
| R&D | $8.4M | $23.7M | $30.3M | $47.0M | $45.6M | $64.9M | |
| SG&A | $3.8M | $5.2M | $7.5M | $21.6M | $20.7M | $23.4M | |
| Operating Income | -$12.1M | -$29.2M | -$37.8M | -$68.6M | -$66.4M | $44.5M | |
| Interest Expense | $0.00 | $0.00 | $1.4M | -$1.4M | $2.5M | $2.3M | |
| Pretax Income | -$9.2M | -$27.7M | -$36.3M | -$61.4M | -$63.2M | -$84.2M | |
| Net Income | -$9.2M | -$27.7M | -$36.3M | -$61.4M | -$63.2M | -$84.2M | |
| EPS (Diluted) | -0.36 | -1.08 | -1.35 | -2.50 | -2.19 | -2.48 | |
| EBITDA | -$9.0M | -$27.4M | -$34.6M | -$62.3M | -$60.1M | -$81.3M | |
| Shares Out. (M) | 25.57 | 25.57 | 26.88 | 24.60 | 28.85 | 42.81 |
Balance Sheet
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $25.7M | $48.3M | $82.5M | $168.2M | $176.5M | $243.7M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $27.7M | $49.2M | $85.4M | $169.3M | $177.7M | $247.3M | |
| Total Assets | $28.8M | $50.9M | $86.6M | $177.5M | $184.7M | $254.1M | |
| Total Current Liabilities | $1.8M | $5.6M | $5.6M | $10.0M | $11.3M | $16.7M | |
| Long-Term Debt | $38.2M | $81.7M | $9.9M | $11.6M | $3.8M | $3.3M | |
| Total Liabilities | $41.3M | $89.3M | $158.3M | $26.1M | $33.5M | $34.8M | |
| Stockholders' Equity | -$12.5M | -$38.4M | -$71.7M | $151.5M | $151.1M | $219.2M | |
| Retained Earnings | -$12.9M | -$40.7M | -$77.0M | -$138.4M | -$201.6M | -$255.5M |
Cash Flow Statement
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.3M | -$20.4M | -$33.4M | -$47.4M | -$51.8M | -$68.3M | |
| Capital Expenditure | -$680.0K | -$732.0K | -$470.0K | -$2.1M | -$24.0K | -$556.0K | |
| Free Cash Flow | -$9.9M | -$21.1M | -$33.9M | -$49.5M | -$51.8M | -$68.8M | |
| Investing Cash Flow | -$680.0K | -$732.0K | -$470.0K | -$2.1M | -$24.0K | -$556.0K | |
| Financing Cash Flow | $31.7M | $43.8M | $68.1M | $135.7M | $60.1M | $165.0M | |
| Issuance of Stock | $7.0K | $43.0K | $181.0K | $137.6M | $50.7M | $45.6M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | -$167.0K | $4.7M | |
| Net Debt Issuance | $0.00 | $9.8M | $0.00 | $1.3M | $9.5M | $750.0K | |
| Stock Based Comp. | $227.0K | $1.8M | $2.9M | $7.6M | $8.1M | $8.6M | |
| Net Change in Cash | $21.7M | $22.6M | $34.2M | $86.2M | $8.3M | $96.1M |
Dilution Tracker
Shares Outstanding
39M
5-Year Share Growth
+12.8%
Stock Issuance (TTM)
$45.6M
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 25.57 | 25.57 | 26.88 | 24.60 | 28.85 | 42.81 | |
| Change vs Prior % | — | 0.0% | 5.1% | -8.5% | 17.3% | 48.4% | |
| Stock Issuance | $7.0K | $43.0K | $181.0K | $137.6M | $50.7M | $45.6M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | -$167.0K | $4.7M | |
| Stock Based Comp. | $227.0K | $1.8M | $2.9M | $7.6M | $8.1M | $8.6M |
Margins & Profitability
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Gross Margin % | 31.0% | — | — | — | — | — | |
| Operating Margin % | -5741.0% | — | — | — | — | — | |
| Net Margin % | -4374.8% | — | — | — | — | — | |
| EBITDA Margin % | -4305.7% | — | — | — | — | — | |
| FCF Margin % | -4734.3% | — | — | — | — | — | |
| ROE % | 73.6% | 72.2% | 50.7% | -40.6% | -41.8% | -46.5% | |
| ROA % | -31.9% | -54.5% | -41.9% | -34.6% | -34.2% | -33.2% | |
| ROIC % | -44.7% | -64.0% | -46.6% | -40.7% | -38.2% | 18.4% | |
| R&D / Revenue % | 3985.7% | — | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 0.0% | -100.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | -626.2% | 100.0% | 0.0% | -31.7% | |
| Operating Income | 0.0% | -142.1% | -29.5% | -81.5% | 3.3% | |
| Net Income | 0.0% | -201.6% | -31.0% | -69.2% | -2.9% | |
| EPS (Diluted) | 0.0% | -200.0% | -25.0% | -85.2% | 12.4% | |
| Operating Cash Flow | 0.0% | -120.2% | -64.0% | -41.8% | -9.2% | |
| Free Cash Flow | 0.0% | -112.5% | -60.6% | -45.9% | -4.6% | |
| R&D Expense | 0.0% | 183.0% | 27.9% | 55.1% | -2.9% | |
| SG&A Expense | 0.0% | 37.6% | 45.6% | 187.5% | -4.0% | |
| Total Assets | 0.0% | 76.6% | 70.3% | 104.9% | 4.0% | |
| Book Value / Share | 0.0% | -207.8% | -77.5% | 330.9% | -14.9% | |
| Debt | 0.0% | 115.1% | -87.8% | 69.7% | -74.0% | |
| Diluted Shares | 0.0% | 0.0% | 5.1% | -8.5% | 17.3% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B4.91
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$5.91
Tangible Book / Share
$5.12
Net Current Assets / Share
$5.42
Graham Net-Net
$4.88
Cash / Share
$5.69
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| P/E Ratio | -57.50 | -19.17 | -15.33 | -1.69 | -8.13 | -10.15 | |
| P/S Ratio | 2520.90 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | -42.43 | -13.78 | -7.76 | 0.69 | 3.40 | 4.91 | |
| EV/EBITDA | -59.93 | -20.58 | -14.00 | 0.76 | -5.68 | -9.23 | |
| EV/Revenue | 2580.23 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
15.63
Safe
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $0.00 | $0.00 | $6.2M |
| Net Income | -$78.1M | -$82.9M | -$94.6M |
| EPS | $-2.79 | $-3.01 | $-2.99 |
| # Analysts (EPS) | 7 | 8 | 6 |