Dilution profile // every instrument, one screen, from SEC filings

Alto Neuroscience, Inc. (ANRO)

CIK 1999480 · all EDGAR filings →

Overall dilution risk
HIGHworst of 3 computed sub-ratings (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
not every sub-rating was computable; treat as a floor
Offering ability
HIGH$240M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
one or more live registrations had no structured fee data, so the true total is AT LEAST this
Overhead supply
NOT COMPUTEDno warrant count tagged in XBRL
= warrant shares outstanding divided by current shares outstanding
absence of a tag is not proof of absence of warrants
Historical dilution
MEDIUM+46% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
Cash need
LOW~56.5 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2024-05-102026-08-07

Latest: 39.2M shares as of Aug 7, 2026 (10-Q).

⊙
EVIDENCE — filed/published fact
SourceSEC XBRL, cover-page share count
Fielddei:EntityCommonStockSharesOutstanding
As of2026-08-07
HowThe newest cover-page count as filed. It is used as the current count only while it is no more than about 15 months older than the company’s newest periodic filing; the float checker applies a 200-day rule and sets it beside the balance-sheet count.
Open the source document →

Cash runway

Self-funding

generates cash

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
Additional K2 Warrants168,363not tagged——
New K2 Warrant134,691not tagged——
K2 Warrant35,773$3.71——
Two Thousand Twenty Five Pre Funded Warrantsnot tagged$0.0001——

Tranches exactly as the company dimensioned them in its 10-Q filed Aug 12, 2026 →. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Balance-sheet fair value of warrants: $0 as of Dec 31, 2024.

Convertible notes

NotePrincipalCarryingConv. priceRateIf converted
Amended Loan Agreement$75.0M$15.0M$3.71—~20.2M sh
Grant Agreement$11.7M—not tagged——
Loan and Security Agreementnot tagged—$4.83——

If every note above converted at its tagged price: ~20.2M new shares on 39.2M currently outstanding. An estimate from principal ÷ conversion price, with inputs carrying different as-of dates; make-whole adjustments, capped calls and partial repurchases are not modeled.

Notes exactly as the company dimensioned them in its 10-Q filed Aug 12, 2026 →. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding39.2MAug 7, 2026
+ Additional K2 Warrants (if exercised)168,363Jun 30, 2026
+ New K2 Warrant (if exercised)134,691Jun 30, 2026
+ K2 Warrant (if exercised)35,773Feb 29, 2024
+ Amended Loan Agreement (if fully converted)20.2MJan 13, 2025
Fully diluted estimate59.8M+52.4% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Registered offering capacity on live registrations: $240.1Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3Apr 10, 2026$129.7M registeredfiling →
S-3Nov 28, 2025$110.4M registeredfiling →
S-3Feb 3, 2025no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 2 executed · 2 registered.

EXECUTEDJul 14, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EFFECTIVEApr 20, 2026SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDApr 10, 2026S-3 registration — capacity to sell shares, not a sale yetS-3 →
EXECUTEDMar 16, 2026Unregistered share sale disclosed (8-K item 3.02)8-K →
EFFECTIVEDec 10, 2025SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDNov 28, 2025S-3 registration — capacity to sell shares, not a sale yetS-3 →
EXECUTEDOct 20, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →
EXECUTEDJun 3, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →
EFFECTIVEFeb 11, 2025SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDFeb 3, 2025S-3 registration — capacity to sell shares, not a sale yetS-3 →
EXECUTEDJan 16, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →
EXECUTEDJul 29, 2024Unregistered share sale disclosed (8-K item 3.02)8-K →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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