08:52 AM EDT, 03/16/2026 (MT Newswires) -- Alto Neuroscience ( ANRO ) said Monday that it has initiated a private placement financing for gross proceeds of about $120 million.

Under the private placement, Alto Neuroscience ( ANRO ) is offering a total of 2.9 million shares priced at $20 apiece and pre-funded warrants to purchase up to 3.1 million shares at nearly $20 per pre-funded warrant, with an exercise price of $0.0001 per share, the company said.

The biopharmaceutical company said it intends to use the gross proceeds from the financing to fund the development of ALTO-207 through a planned phase 3 clinical trial and for working capital and general corporate purposes.

Additionally, Alto Neuroscience ( ANRO ) said it expects to initiate a phase 2b study of ALTO-207 in treatment-resistant depression in H1, while a phase 3 study is slated for early 2027.

The private placement is expected to close on Tuesday, the company said.