Alto Neuroscience, Inc. (ANRO) Cash Flow Statement
Where ANRO’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- −$51.8M
- Capital expenditures
- $24,000
- Free cash flow
- −$51.8M
- Returned to shareholders
- $167,000
- Change in cash
- $8.3M cash at year-end $177.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ANRO operating cash flow, capex and free cash flow
ANRO cash flow trends, FY2021–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$9.3MFY2021 | −$51.8MFY2025 | — | |
| Capital expenditures | $680,000FY2021 | $24,000FY2025 | −56.7%/yr | |
| Free cash flow | −$9.9MFY2021 | −$51.8MFY2025 | — | |
| Stock-based compensation | $227,000FY2021 | $8.1MFY2025 | +144.5%/yr | |
| Share buybacks (net) | $0FY2024 | $167,000FY2025 | — |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ANRO cash flow by activity
ANRO net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ANRO cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | −$63.2M | −$61.4M | −$36.3M | −$27.7M | −$9.2M |
| Depreciation & amortization | $661,000 | $502,000 | $373,000 | $342,000 | $145,000 |
| Stock-based compensation | $8.1M | $7.6M | $2.9M | $1.8M | $227,000 |
| Change in working capital | $33,000 | $4.1M | −$698,000 | $4.6M | −$572,000 |
| Other non-cash items | $2.7M | $1.8M | $291,000 | $632,000 | $125,000 |
| Cash from operating activities | −$51.8M | −$47.4M | −$33.4M | −$20.4M | −$9.3M |
| Investing activities | |||||
| Capital expenditures | −$24,000 | −$2.1M | −$470,000 | −$732,000 | −$680,000 |
| Investments (net) | — | −$2.1M | −$470,000 | −$732,000 | −$680,000 |
| Acquisitions & other investing | $0 | $2.1M | $470,000 | $732,000 | $680,000 |
| Cash from investing activities | −$24,000 | −$2.1M | −$470,000 | −$732,000 | −$680,000 |
| Financing activities | |||||
| Share repurchases & issuance (net) | −$167,000 | $0 | — | — | — |
| Net borrowing (repayment) | $9.5M | $0 | $0 | $9.8M | $0 |
| Shares issued | $50.0M | $137.6M | $70.2M | $34.3M | $31.9M |
| Other financing | $770,000 | −$1.9M | −$2.1M | −$341,000 | −$205,000 |
| Cash from financing activities | $60.1M | $135.7M | $68.1M | $43.8M | $31.7M |
| Summary | |||||
| Net change in cash | $8.3M | $86.2M | $34.2M | $22.6M | $21.7M |
| Cash at end of period | $177.0M | $168.7M | $82.5M | $48.3M | $25.7M |
| Free cash flow | −$51.8M | −$49.5M | −$33.9M | −$21.1M | −$9.9M |
| Free cash flow margin | — | — | — | — | −4,734.3% |
| Capex / revenue | — | — | — | — | 323.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$27.6M | −$26.2M | −$16.2M | −$14.2M | −$17.7M | −$15.2M | −$15.2M | −$16.8M | −$16.0M | −$13.4M | −$11.2M | −$9.1M |
| Depreciation & amortization | $184,000 | $184,000 | $157,000 | $164,000 | $169,000 | $171,000 | $170,000 | $135,000 | $113,000 | $97,000 | $92,000 | $63,000 |
| Stock-based compensation | $3.6M | $2.8M | $1.9M | $2.2M | $2.0M | $2.0M | $1.6M | $2.0M | $1.9M | $2.2M | $606,000 | $541,000 |
| Change in working capital | $3.6M | −$4.4M | $2.1M | $1.3M | $1.3M | −$4.7M | $99,000 | $2.8M | $1.4M | −$255,000 | −$1.2M | $834,000 |
| Other non-cash items | $498,000 | $531,000 | $462,999 | $613,000 | $458,000 | $1.1M | $345,000 | $138,000 | $905,000 | $413,000 | $151,000 | −$62,000 |
| Cash from operating activities | −$19.8M | −$27.1M | −$11.5M | −$9.9M | −$13.8M | −$16.6M | −$13.0M | −$11.7M | −$11.7M | −$11.0M | −$11.5M | −$7.8M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | −$556,000 | $0 | $0 | $0 | −$24,000 | −$506,000 | −$1.0M | −$340,000 | −$224,000 | −$352,000 | −$43,000 |
| Investments (net) | — | — | — | $0 | $0 | −$24,000 | −$506,000 | −$1.0M | −$340,000 | −$224,000 | −$352,000 | −$43,000 |
| Acquisitions & other investing | — | $0 | — | — | — | $24,000 | $506,000 | $1.0M | $340,000 | $224,000 | $352,000 | $43,000 |
| Cash from investing activities | — | −$556,000 | — | — | — | −$24,000 | −$506,000 | −$1.0M | −$340,000 | −$224,000 | −$352,000 | −$43,000 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | $4.9M | −$4.9M | −$167,000 | — | $0 | $0 | — | $100,000 | — | — | — | −$60,000 |
| Net borrowing (repayment) | $0 | $0 | $0 | $0 | $0 | $9.5M | — | $0 | — | — | — | — |
| Shares issued | $0 | $120.0M | $50.0M | $0 | $0 | $0 | $0 | $0 | $0 | $137.6M | $45.0M | $152,000 |
| Other financing | −$5.1M | −$184,000 | $352,000 | $153,000 | $613,000 | −$348,000 | $49,000 | $1.2M | −$234,000 | −$3.0M | −$1.9M | −$43,000 |
| Cash from financing activities | −$273,000 | $114.9M | $50.2M | $153,000 | $613,000 | $9.1M | $49,000 | $1.3M | −$234,000 | $134.6M | $43.1M | $49,000 |
| Summary | ||||||||||||
| Net change in cash | −$20.0M | $87.3M | $38.7M | −$9.8M | −$13.2M | −$7.5M | −$13.5M | −$11.4M | −$12.3M | $123.3M | $31.3M | −$7.7M |
| Cash at end of period | $244.2M | $263.8M | $176.5M | $137.8M | $148.1M | $161.3M | $168.7M | $182.2M | $193.6M | $205.9M | $82.5M | $51.3M |
| Free cash flow | −$19.8M | −$27.6M | −$11.5M | −$9.9M | −$13.8M | −$16.6M | −$13.5M | −$12.7M | −$12.0M | −$11.2M | −$11.9M | −$7.8M |
| Free cash flow margin | — | — | — | — | — | — | −3,433.2% | — | — | — | −3,192.5% | — |
| Capex / revenue | — | — | — | — | — | — | 128.4% | — | — | — | 94.6% | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ANRO cash generation
In fiscal 2025 (ended September 30, 2025), Alto Neuroscience generated -$51.8 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of -$51.8 million. It returned $0.2 million to shareholders through dividends ($0) and net share buybacks ($0.2 million). Cash and equivalents rose by $8.3 million over the year.
Related: ANRO income statement, ANRO balance sheet. See the ANRO stock overview for the latest quote and news.
ANRO cash flow FAQ
What is Alto Neuroscience's free cash flow?
Alto Neuroscience's free cash flow was -$51.8 million in fiscal 2025: -$51.8 million of operating cash flow minus $0.0 million of capital expenditures It was -$49.5 million a year earlier..
How much cash does Alto Neuroscience generate from operations?
Alto Neuroscience generated -$51.8 million of cash from operating activities in fiscal 2025.
How much does Alto Neuroscience spend on capital expenditures?
Alto Neuroscience spent $0.0 million on capital expenditures in fiscal 2025, compared with $2.1 million the year before.
How much stock does Alto Neuroscience buy back?
Alto Neuroscience spent $0.2 million on net share repurchases in fiscal 2025.