Why did Alto Neuroscience's operating expenses surge in Q4 2024?

Alto Neuroscience's operating expenses surged in Q4 2024 due to several factors:

1. **Increased Personnel Costs**: The company reported higher research and development expenses, attributing the change to increased personnel costs, including $1.5 million of non-cash, stock-based compensation.
2. **Clinical Study Costs**: The company's pipeline of clinical-stage product candidates requires significant investment in clinical trials. The costs associated with the Phase 2b clinical study for ALTO-300 and the Phase 2 POC studies for ALTO-203 and ALTO-101 contributed to the increase in operating expenses.
3. **General and Administrative Expenses**: Alto Neuroscience also reported higher general and administrative expenses, primarily due to costs associated with higher headcount to support expanded clinical development efforts.

In summary, the surge in operating expenses in Q4 2024 was driven by increased personnel costs, clinical study costs, and general and administrative expenses.