Mid-stage CNS biotech Alto Neuroscience files for NYSE listing

Cal­i­for­nia biotech Al­to Neu­ro­science has filed to go pub­lic as it runs two Phase IIb tri­als for its two lead ma­jor de­pres­sive dis­or­der drug can­di­dates.

Al­to’s Fri­day night fil­ing comes as in­vestors and start­up ex­ec­u­tives ap­pear more up­beat than last year about the pub­lic mar­kets, with in­ter­est rate cuts po­ten­tial­ly on the hori­zon and a steady drum­beat of M&A ac­tiv­i­ty in re­cent months.

The com­pa­ny plans to list on the New York Stock Ex­change as “AN­RO.” The Eli Lil­ly-backed start­up last dis­closed a $45 mil­lion Se­ries C in No­vem­ber 2023. The biotech had $51 mil­lion in cash and equiv­a­lents as of Sept. 30, per its S-1 fil­ing, and had spent $20.6 mil­lion on R&D in the first nine months of 2023, about $3 mil­lion more than the same pe­ri­od of 2022.

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