Renaissance Capital logo

CNS disorder biotech Alto Neuroscience sets terms for $101 million IPO

January 29, 2024

Alto Neuroscience, a Phase 2 biotech developing biomarker-focused therapies for depression and schizophrenia, announced terms for its IPO on Monday.

The Los Altos, CA-based company plans to raise $101 million by offering 6.7 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Alto Neuroscience would command a fully diluted market value of $407 million.

Alto Neuroscience is focused on leveraging neurobiology to develop personalized and highly effective treatment options. Through its proprietary Precision Psychiatry Platform, it aims to discover brain-based biomarkers to better identify which patients are more likely to respond to its novel product candidates. The company's current pipeline consists of five clinical-stage assets initially targeting major depressive disorder (MDD) and schizophrenia populations characterized by independent brain-based biomarkers. Its most advanced programs are being evaluated in ongoing Phase 2b trials in MDD patients characterized by cognitive or electroencephalography biomarkers. Topline data from these trials is expected between the 2H24 and the 1H25.

Alto Neuroscience was founded in 2019 and plans to list on the NYSE under the symbol ANRO. Jefferies, TD Cowen, Stifel, William Blair, and Baird are the joint bookrunners on the deal. It is expected to price during the week of January 29, 2024.