By Stephen Nakrosis
Shares of Alto Neuroscience have fallen to all-time lows in the after-hours market, following news a Phase 2 study of the company's ALTO-100 failed to meet its primary endpoint.
After the bell, the stock had lost 63% and was trading at $5.36. Shares, which debuted in February, recorded their lowest intraday price of $7.91 on Aug. 12.
Alto said its ALTO-100 treatment in patients with major depressive disorder failed to meet its primary endpoint in a Phase 2 study. The treatment didn't demonstrate improvement in depressive symptoms compared to placebo in patients with a memory-based cognitive biomarker, according to Alto.
However, ALTO-100 did demonstrate a favorable safety and tolerability profile, which was consistent with earlier studies, the company said.
Amit Etkin, the company's founder and chief executive officer, said Alto will evaluate the full data set and incorporate learnings set across its platform.
The company said it expects its current cash position to fund planned operations into 2027.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
October 22, 2024 17:31 ET (21:31 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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