ALTO-101 Phase 2 proof-of-concept study for cognitive impairment associated with schizophrenia (CIAS) did not achieve statistical significance on primary EEG or cognitive endpoints versus placebo. Directional improvements were observed across certain EEG measures, including a near-significant effect on theta-ITC (n=83, d=0.34, p=0.052), a measure correlated with cognitive performance. A pre-specified analysis in a more cognitively impaired subgroup (n=59) showed nominally significant effects on theta-ITC (d=0.44, p=0.03). ALTO-101 demonstrated a favorable tolerability profile, with nausea and vomiting rates in line with placebo, suggesting its pharmacokinetic profile may overcome a key PDE4 inhibitor tolerability barrier. Alto Neuroscience does not plan to independently advance ALTO-101 in CIAS and will explore partnering opportunities for a newly developed modified-release oral formulation. Development of ALTO-207 remains the top priority, with its Phase 2b trial for treatment-resistant depression (TRD) on track to initiate in 1H 2026. The company has a $275 million cash position.