Alto Neuroscience Announces Pricing of Upsized Initial Public Offering

Alto Neuroscience, Inc. (“Alto”) (NYSE: ANRO) today announced the pricing of its upsized initial public offering of 8,040,000 shares of common stock at a public offering price of $16.00 per share. The aggregate gross proceeds to Alto from the offering are expected to be approximately $128.6 million before deducting underwriting discounts and commissions and other offering expenses payable by Alto. In addition, Alto has granted the underwriters a 30-day option to purchase up to an additional 1,206,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions. All of the shares of common stock are being offered by Alto.

The shares are expected to begin trading on the New York Stock Exchange on February 2, 2024 under the ticker symbol “ANRO.” The offering is expected to close on February 6, 2024, subject to the satisfaction of customary closing conditions.

Jefferies, TD Cowen, Stifel and William Blair are acting as joint book-running managers for the offering. Baird is acting as lead manager for the offering.

Registration statements relating to these securities have been filed with the Securities and Exchange Commission and became effective on February 1, 2024. The offering is being made only by means of a written prospectus. A copy of the final prospectus relating to the offering, when available, may be obtained from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; Cowen and Company, LLC, 599 Lexington Avenue, New York, NY 10022, by telephone at (833) 297-2926, or by e-mail at Prospectus_ECM@cowen.com; Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at (415) 364-2720, or by e-mail at syndprospectus@stifel.com; or William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606, by telephone at (800) 621-0687, or by email at prospectus@williamblair.com.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Alto Neuroscience

Alto Neuroscience is a clinical-stage biopharmaceutical company with a mission to redefine psychiatry by leveraging neurobiology to develop personalized and highly effective treatment options. Alto's Precision Psychiatry Platform™ measures brain biomarkers by analyzing EEG activity, neurocognitive assessments, wearable data, and other factors to better identify which patients are more likely to respond to Alto product candidates. Alto’s clinical-stage pipeline includes novel drug candidates in depression, PTSD, schizophrenia, and other mental health conditions.

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