Alto Neuroscience sinks as ALTO-100 misses goal in MDD

Shares of Californian clinical-stage biotech Alto Neuroscience (NYSE: ANRO) plummeted 70% to $4.36 yesterday, as is announced disappointing trial results for depression candidate.

Alto revealed that that the Phase IIb study of ALTO-100 in patients with major depressive disorder (MDD) did not meet its primary endpoint, assessed by a change from baseline in Montgomery-Åsberg Depression Rating Scale (MADRS), compared to placebo. The favorable safety and tolerability profile of ALTO-100 was consistent with previously reported studies.

“We are disheartened by the results from this study as the unmet need in this patient population is immense,” said Dr Amit Etkin, founder and chief executive officer of Alto Neuroscience. “While the results are surprising and disappointing, I am proud of our team for conducting a first-of-its-kind precision biomarker-based study in psychiatry. We will move quickly to evaluate the full data set to better understand these findings and incorporate learnings from this large data set across our platform. We remain committed to our mission of helping patients get better faster by bringing precision medicine to psychiatry, and we expect our strong cash balance to support us through multiple near-term clinical milestones across our pipeline,” Dr Etkin noted.