Alto Neuroscience announced that it has filed for a proposed initial public offering (IPO) to raise up to $100 million.
It plans to list on the NYSE under the symbol ‘ANRO’, but no pricing terms were disclosed.
The Phase 2 biotechnology company is developing biomarker-focused therapies for depression and schizophrenia, with a focus on leveraging neurobiology to develop personalized and highly effective treatment options.
Alto, through its proprietary Precision Psychiatry Platform, 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.
Its most advanced programs are being evaluated in ongoing Phase 2b trials in MDD patients characterized by cognitive or electroencephalography biomarkers, with topline data from the trials expected between the second half of 2024 and the first half of 2025.
Jefferies, TD Cowen, Stifel, William Blair, and Baird are the joint bookrunners on the company’s proposed IPO.