Alto Neuroscience Inc. (ANRO) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ANRO SEC filings page.
This page shows Alto Neuroscience Inc. (ANRO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
ANRO remains a research-funded business: operating losses consume cash, while financing rather than operations has built its balance sheet.
In FY2025, the net loss was$63.2M while operating cash flow was-$51.8M , so accounting losses translated into nearly comparable cash use rather than being mainly noncash. With capital spending of only$24K , the cash requirement reflects ongoing operations more than reinvestment in physical assets.
The cost base is development-led: R&D was
Funding, not operations, changed the capital structure. Equity moved from
Financial Health Signals
Alto Neuroscience Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Alto Neuroscience Inc. passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Alto Neuroscience Inc. reported a net loss of $63.2M while operations used $51.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Alto Neuroscience Inc. reported an operating loss of $66.4M against $2.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Alto Neuroscience Inc.'s EBITDA was -$28.9M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 55.7% from the same quarter a year earlier. Against the prior quarter it is down 7.3%.
Alto Neuroscience Inc. reported -$27.6M in net income in Q2 2026. This represents a decrease of 56.1% from the same quarter a year earlier. Against the prior quarter it is down 5.3%.
Alto Neuroscience Inc. earned -$0.65 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 18.8%.
Not reported for Q2 2026.
Cash & Balance Sheet
Alto Neuroscience Inc. recorded an outflow of $19.8M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 43.4% from the same quarter a year earlier. Against the prior quarter it is up 28.5%.
Alto Neuroscience Inc. held $243.7M in cash against $12.4M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Alto Neuroscience Inc.'s ROE was -12.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 1.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.8 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Alto Neuroscience Inc. invested $22.1M in research and development in Q2 2026. This represents an increase of 68.5% from the same quarter a year earlier. Against the prior quarter it is up 8.9%.
Alto Neuroscience Inc. reported no capital expenditure in Q2 2026. Against the prior quarter it is down 100.0%.
Not reported for Q2 2026.
ANRO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| R&D Expenses | $22.1M+68.5% | $20.3M+103.5% | N/A | $10.5M-19.4% | $13.1M-0.5% | $10.0M+0.2% | N/A | $13.1M+63.9% |
| SG&A Expenses | $7.0M+26.3% | $6.8M+20.0% | N/A | $4.4M-24.0% | $5.6M+7.8% | $5.7M+28.6% | N/A | $5.8M+232.7% |
| Operating Income | -$29.1M-55.9% | -$27.1M-73.1% | N/A | -$15.0M+20.8% | -$18.7M-1.9% | -$15.7M-9.0% | N/A | -$18.9M-94.3% |
| EBITDA | -$28.9M-55.7% | -$27.0M-73.8% | N/A | -$14.8M+21.1% | -$18.6M-1.9% | -$15.5M-8.5% | N/A | -$18.7M-94.3% |
| Interest Expense | $491K-24.0% | $545K-8.9% | N/A | $650K+86.2% | $646K+86.2% | $598K+72.8% | N/A | $349K-3.9% |
| Income Tax | N/A | N/A | N/A | N/A | N/A | $0 | N/A | N/A |
| Net Income | -$27.6M-56.1% | -$26.2M-73.0% | N/A | -$14.2M+15.5% | -$17.7M-10.5% | -$15.2M-13.1% | N/A | -$16.8M-83.6% |
| EPS (Basic) | -$0.650.0% | -$0.80-42.9% | -$0.45+19.6% | -$0.52+16.1% | -$0.65-8.3% | -$0.56+26.3% | -$0.56+81.2% | -$0.62+74.6% |
| EPS (Diluted) | -$0.65 | -$0.80-42.9% | -$0.45+19.6% | -$0.52+16.1% | -$0.65-8.3% | -$0.56 | -$0.56 | -$0.62 |
| Diluted Shares (Avg) | 43M | 33M+21.6% | N/A | 27M+0.5% | 27M+0.6% | 27M | N/A | 27M |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit.
ANRO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $254.1M+60.9% | $276.3M+60.7% | $184.7M+4.0% | $147.0M-23.3% | $157.9M-20.0% | $171.9M-18.1% | $177.5M+104.9% | $191.6M |
| Current Assets | $247.3M+65.0% | $269.1M+64.6% | $177.7M+4.9% | $139.4M-24.0% | $149.8M-23.3% | $163.5M-21.5% | $169.3M+98.3% | $183.5M |
| Cash & Equivalents | $243.7M+65.1% | $263.8M+64.1% | $176.5M+4.9% | $137.8M-24.2% | $147.6M-23.6% | $160.8M-21.9% | $168.2M+103.8% | $181.7M+254.3% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $34.8M+1.0% | $32.9M+0.2% | $33.5M+28.6% | $35.4M+33.5% | $34.5M+96.0% | $32.8M+95.1% | $26.1M-83.5% | $26.6M |
| Current Liabilities | $16.7M+104.8% | $13.1M+80.7% | $11.3M+13.2% | $9.0M-35.5% | $8.1M-17.4% | $7.3M-9.4% | $10.0M+78.4% | $14.0M |
| Non-Current Liabilities | $18.2M-31.0% | $19.8M-22.6% | $22.2M+38.2% | $26.4M+110.5% | $26.3M+240.2% | $25.6M+190.1% | $16.1M-89.5% | $12.5M |
| Long-Term Debt | $12.4M-38.3% | $13.9M-30.4% | $16.2M+57.7% | $20.3M+206.5% | $20.1M+159.9% | $19.9M+126.3% | $10.3M+4.0% | $6.6M |
| Total Equity | $219.2M+77.7% | $243.4M+75.0% | $151.1M-0.2% | $111.6M-32.4% | $123.4M-31.4% | $139.1M-28.0% | $151.5M+311.3% | $165.1M+370.1% |
| Retained Earnings | -$255.5M-49.2% | -$227.9M-48.4% | -$201.6M-45.7% | -$185.5M-50.5% | -$171.3M-61.0% | -$153.6M-69.9% | -$138.4M-79.8% | -$123.2M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
ANRO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$19.8M-43.4% | -$27.1M-63.6% | -$11.5M+11.6% | -$9.9M+15.4% | -$13.8M-17.8% | -$16.6M-50.7% | -$13.0M-13.0% | -$11.7M-51.0% |
| Depreciation & Amortization | $200K+100.0% | $184K+7.6% | $157K | $200K0.0% | $100K0.0% | $171K+76.3% | N/A | $200K+100.0% |
| Stock-Based Compensation | $3.6M+77.3% | $2.8M+43.5% | N/A | $2.2M+9.6% | $2.0M+6.2% | $2.0M-9.7% | N/A | $2.0M+269.3% |
| Capital Expenditures | $0 | $556K+2216.7% | $0-100.0% | $0-100.0% | $0-100.0% | $24K-89.3% | $506K+43.8% | $1.0M+2237.2% |
| Free Cash Flow | -$19.8M-43.4% | -$27.6M-66.7% | -$11.5M+14.9% | -$9.9M+22.1% | -$13.8M-14.5% | -$16.6M-47.9% | -$13.5M-13.9% | -$12.7M-63.1% |
| Investing Cash Flow | $0 | -$556K-2216.7% | $0+100.0% | $0+100.0% | $0+100.0% | -$24K+89.3% | -$506K-43.8% | -$1.0M-2237.2% |
| Financing Cash Flow | -$273K-144.5% | $114.9M+1159.4% | $50.2M+102318.4% | $153K-88.4% | $613K+362.0% | $9.1M-93.2% | $49K-99.9% | $1.3M+2587.8% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
ANRO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -12.6%+1.7pp | -10.8%+0.1pp | N/A | -12.7%-2.5pp | -14.3%-5.4pp | -10.9%-4.0pp | N/A | -10.2% |
| Return on Assets | -10.9%+0.3pp | -9.5%-0.7pp | N/A | -9.7%-0.9pp | -11.2%-3.1pp | -8.8%-2.4pp | N/A | -8.8% |
| Current Ratio | 14.85-3.6x | 20.52-2.0x | 15.69-1.2x | 15.42+2.3x | 18.43-1.4x | 22.53-3.5x | 16.92+1.7x | 13.10 |
| Debt-to-Equity | 0.06-0.1x | 0.06-0.1x | 0.110.0x | 0.18+0.1x | 0.16+0.1x | 0.14+0.1x | 0.07 | 0.04 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Alto Neuroscience Inc. ANRO | FY2025 | N/A | -$63.2M | N/A | $866.9M | — |
| Atossa Therapeutics, Inc. ATOS | FY2025 | N/A | -$34.8M | N/A | $23.8M | — |
| Cassava Sciences, Inc. SAVA | FY2025 | N/A | -$91.0M | N/A | $115.0M | — |
| MacroGenics, Inc. MGNX | FY2025 | $149.5M | -$75K | -0.1% | $237.0M | 57/100 |
| Adagene Inc. ADAG | FY2025 | $7.7M | -$17.6M | N/A | $184.0M | 63/100 |
| Spero Therapeutics, Inc. SPRO | FY2025 | $66.8M | $8.6M | 12.8% | $68.7M | 65/100 |
Where Alto Neuroscience Inc. Ranks
Frequently Asked Questions
Is Alto Neuroscience Inc. profitable?
No, Alto Neuroscience Inc. (ANRO) reported a net income of -$63.2M in fiscal year 2025.
What is Alto Neuroscience Inc.'s EBITDA?
Alto Neuroscience Inc. (ANRO) had EBITDA of -$65.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Alto Neuroscience Inc. have?
As of fiscal year 2025, Alto Neuroscience Inc. (ANRO) had $176.5M in cash and equivalents against $16.2M in long-term debt.
What is Alto Neuroscience Inc.'s return on equity (ROE)?
Alto Neuroscience Inc. (ANRO) has a return on equity of -41.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Alto Neuroscience Inc.'s free cash flow?
Alto Neuroscience Inc. (ANRO) recorded an outflow of $51.8M in free cash flow during fiscal year 2025. This represents a -4.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Alto Neuroscience Inc.'s operating cash flow?
Alto Neuroscience Inc. (ANRO) recorded an outflow of $51.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Alto Neuroscience Inc.'s total assets?
Alto Neuroscience Inc. (ANRO) had $184.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Alto Neuroscience Inc.'s capital expenditures?
Alto Neuroscience Inc. (ANRO) invested $24K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Alto Neuroscience Inc. spend on research and development?
Alto Neuroscience Inc. (ANRO) invested $45.6M in research and development during fiscal year 2025.
What is Alto Neuroscience Inc.'s current ratio?
Alto Neuroscience Inc. (ANRO) had a current ratio of 15.69 as of fiscal year 2025, which is generally considered healthy.
What is Alto Neuroscience Inc.'s debt-to-equity ratio?
Alto Neuroscience Inc. (ANRO) had a debt-to-equity ratio of 0.11 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Alto Neuroscience Inc.'s return on assets (ROA)?
Alto Neuroscience Inc. (ANRO) had a return on assets of -34.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Alto Neuroscience Inc.'s P/E ratio?
Alto Neuroscience Inc. (ANRO) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $866.9M as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Alto Neuroscience Inc.'s price-to-sales ratio?
Alto Neuroscience Inc. (ANRO) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $866.9M as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Alto Neuroscience Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Alto Neuroscience Inc. (ANRO) held $176.5M in cash, cash equivalents and investments, and reported an operating cash outflow of $51.8M over that year. Dividing the one by the other, the reported balance equals about 41 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Alto Neuroscience Inc.'s Piotroski F-Score?
Alto Neuroscience Inc. (ANRO) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Alto Neuroscience Inc.'s earnings high quality?
Alto Neuroscience Inc. (ANRO) reported a net loss of $63.2M while operations used $51.8M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Alto Neuroscience Inc. cover its interest payments?
Alto Neuroscience Inc. (ANRO) reported an operating loss of $66.4M against $2.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.