04:06 AM EDT, 10/23/2024 (MT Newswires) -- Alto Neuroscience ( ANRO ) said late Tuesday a phase 2b study of ALTO-100 in patients with major depressive disorder failed to meet its primary endpoint compared with placebo.

"Treatment with ALTO-100 did not demonstrate improvement in depressive symptoms compared to placebo in patients with a memory-based cognitive biomarker," Alto Neuroscience ( ANRO ) said.

ALTO-100 is also being evaluated as an adjunctive treatment in a phase 2b study for bipolar depression, the company said.

Alto expects its current cash position to fund planned operations into 2027 and through multiple upcoming clinical readouts.

Shares of the company plunged 60% in after-hours activity on Tuesday.

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