Alto Neuroscience, Inc.
For the period ended Dec 31, 2025. Filed Mar 16, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 16, 2026
ANRO$28.61+2.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash Flows from Operating Activities: | ||
| Net loss | $(63,238) | $(61,431) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation expense | 8,108 | 7,631 |
| Depreciation | 661 | 502 |
| Non-cash research and development license expense | — | 735 |
| Non-cash lease expense | 774 | 337 |
| Non-cash interest expense related to term loan | 729 | 393 |
| Loss on disposal of assets | 156 | 52 |
| Other | 327 | 297 |
| Loss on debt extinguishment | 681 | — |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other assets | 101 | (463) |
| Accounts payable | 221 | 516 |
| Accrued liabilities and other liabilities | (289) | 4,007 |
| Net cash used in operating activities | (51,769) | (47,424) |
| Cash Flows from Investing Activities: | ||
| Capital expenditures | (24) | (2,075) |
| Net cash used in investing activities | (24) | (2,075) |
| Cash Flows from Financing Activities: | ||
| Proceeds from sale of common stock and pre-funded warrants in private placement | 50,000 | — |
| Payments from sale of common stock and pre-funded warrants in private placement | (167) | — |
| Proceeds from issuance of common stock from initial public offering | — | 137,579 |
| Payments of initial public offering costs | — | (3,225) |
| Payments on issuance cost from registration statement | (556) | — |
| Proceeds from issuance of term loan, net | 19,688 | — |
| Repayment of former term loan | (10,213) | — |
| Payment of loan financing cost | (127) | — |
| Payments on issuance cost from Series C preferred stock financing | — | (100) |
| Proceeds from Convertible Grant Agreement | 750 | 1,250 |
| Proceeds from exercise of stock options | 703 | 187 |
| Net cash provided by financing activities | 60,078 | 135,691 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (30) | (11) |
| Net increase in cash, cash equivalents and restricted cash | 8,255 | 86,181 |
| Cash, cash equivalents and restricted cash at the beginning of the period | 168,729 | 82,548 |
| Cash, cash equivalents and restricted cash at the end of the period | $176,984 | $168,729 |
| Supplemental Disclosure of Non-cash Activities | ||
| Conversion of K2 term loan into shares of common stock | $3,732 | $— |
| Issuance of warrants in connection with term loan | $524 | $— |
| Costs from sale of common stock and pre-funded warrants in private placement not yet paid | $107 | $— |
| Conversion of preferred stock into common stock upon completion of initial public offering | $— | $141,477 |
| Reclassification of preferred warrant liability to equity | $— | $1,595 |
| Reclassification of deferred offering costs to equity | $— | $1,393 |
| Operating right-of-use asset obtained in exchange for lease obligation | $— | $5,246 |
| Deferred offering and share issue costs not yet paid | $— | $8 |
| Supplemental Disclosure of Cash Flow Information | ||
| Cash paid for interest | $1,660 | $999 |
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