Alto Neuroscience, Inc. (ANRO) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 13, 2026

Risk Assessment Details

Potential Dilution: 23.42% of current shares
Recent Dilution: 38.42% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
33M
Potential Supply
7.7M
Additional shares possible
Splits
None
Past 2 years

Summary

ANRO currently has 32.9M outstanding shares. with moderate dilution risk from 7.71M authorized shares representing 23.4% potential dilution. The company has significantly diluted shareholders by 38.42% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 13, 2026

10-Q filing | 32.9M shares outstanding

33M 7.7M
Mar 16, 2026

8-K filing: Alto Neuroscience, Inc. entered into a Securities Purchase Agreement for a private placement of 2,900,000 shares of common stock and pre-funded warrants to purchase 3,100,000 shares of common stock, anticipating gross proceeds of approximately $120.0 million. ($120.0M proceeds)

27M 7.7M
Mar 16, 2026

10-K filing | 28.9M shares outstanding

29M 7.7M
Oct 20, 2025

8-K filing: Alto Neuroscience, Inc. entered into a Securities Purchase Agreement for a private placement of 3,832,263 shares of common stock and pre-funded warrants to purchase 4,622,251 shares of common stock, anticipating gross proceeds of approximately $50.0 million. ($50.0M proceeds)

27M 7.7M
Aug 13, 2025

10-Q filing | 27.1M shares outstanding

27M 7.7M
Jun 03, 2025

8-K filing: Alto Neuroscience, Inc. entered into an Asset Purchase Agreement with Chase Therapeutics Corporation, where Alto may issue up to 5,387,353 shares of its common stock to Chase Therapeutics as Milestone Payments, representing 19.9% of the outstanding shares of Alto's common stock as of the Closing Date.

27M 7.7M
May 14, 2025

10-Q filing | 27.0M shares outstanding

27M 7.7M
Mar 20, 2025

10-K filing | 24.6M shares outstanding

25M 7.7M
Feb 03, 2025

S-3 filing: Alto Neuroscience, Inc. files an S-3 to offer common stock, preferred stock, and debt securities up to an aggregate amount of $300,000,000 from time to time.

27M 7.7M
Nov 12, 2024

10-Q filing | 27.0M shares outstanding

27M 7.7M
Aug 13, 2024

10-Q filing | 26.9M shares outstanding

27M 7.7M
Jul 29, 2024

8-K filing: Alto Neuroscience, Inc. entered into a convertible loan agreement with The Wellcome Trust Limited for up to approximately $11.7 million to support the Company's Phase 2b clinical trial evaluating ALTO-100 in patients with bipolar depression.

27M 7.7M
May 14, 2024

10-Q filing | 26.9M shares outstanding

27M 7.7M
Jan 29, 2024

S-1/A filing: This S-1/A filing registers common stock for an IPO, including an option for underwriters to purchase additional shares, and details the company's plans for the use of proceeds, risk factors, and directed share program.

18M 7.7M
Jan 12, 2024

S-1 filing: This is an S-1 filing for an initial public offering of common stock.

30M 80K
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