Alto Neuroscience stock price drops as trials fail to meet primary endpoints

LootboxPhobia · 2026-04-01T20:57:55+00:00

Alto Neuroscience's ALTO-101 failed to achieve statistical significance for the primary endpoint in the Phase II study targeting cognitive impairment associated with schizophrenia, resulting in an 8% drop in stock price. Despite some indicators showing improvement, the company has decided not to continue this development and instead to focus resources on the ALTO-207 project, with plans to initiate related trials in 2026.

LootboxPhobia

2026-04-01 20:57:55

Abstract generation in progress

Investing.com – Alto Neuroscience (NYSE ticker: ANRO) shares fell 8% on Wednesday after the company reported that its ALTO-101 Phase 2 proof-of-concept study for cognitive impairments related to schizophrenia did not achieve statistical significance on the primary endpoints.

ALTO-101 did not reach statistical significance versus placebo on the primary electroencephalogram (EEG) or cognitive endpoints. However, the study showed directional improvements on certain EEG measures, including a near-significant effect on theta-ITC (n=83, d=0.34, p=0.052), a metric associated with cognitive performance.

In a pre-specified subgroup analysis of patients with more severe cognitive impairment (n=59), ALTO-101 showed a nominally significant effect versus placebo on theta-ITC (d=0.44, p=0.03). The drug demonstrated good tolerability, with nausea and vomiting rates consistent with placebo. In both the active drug and placebo groups, a high proportion of patients experienced skin reactions at the injection site.

Based on these results, Alto does not plan to independently advance the development of ALTO-101 for cognitive impairments related to schizophrenia, and will prioritize allocating resources to ALTO-207, its lead program for treatment-resistant depression. The company has developed an improved, once-daily oral modified-release formulation of ALTO-101 and plans to seek collaboration opportunities for the formulation.

Alto’s ALTO-207 program remains on track to initiate its Phase 2b trial in the first half of 2026. The planned study will evaluate ALTO-207 as an adjunctive therapy in approximately 178 adult patients with treatment-resistant depression who have failed 2 to 5 prior treatments.

The company reported cash on hand of $275 million.

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