On April 1, 2026, Alto Neuroscience, Inc. (NYSE: ANRO) announced the results of its Phase 2 proof-of-concept study evaluating ALTO-101 for cognitive impairment associated with schizophrenia (CIAS). The study did not achieve statistical significance on its primary endpoints, which included key electroencephalography (EEG) and cognitive measures compared to placebo. However, the study did show directional improvements in certain EEG measures, particularly a near-significant effect on theta-ITC (p=0.052), which is correlated with cognitive performance. In a pre-specified analysis of a more cognitively impaired subgroup, ALTO-101 exhibited nominally significant effects on theta-ITC compared to placebo (d=0.44, p=0.03). Despite these findings, the company has decided not to independently advance ALTO-101 in CIAS and will instead focus on its lead program, ALTO-207, which is on track to enter a Phase 2b trial in the first half of 2026. The company is also exploring strategic partnerships for ALTO-101, particularly with a modified-release formulation that has shown improved pharmacokinetics and tolerability. The results of this study will be presented at a future medical conference, and the company remains optimistic about its pipeline and cash position of $275 million.

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