Biotechnology: 1Q26 SMid Biotech Earnings: ANRO, APGE, FATE, PEPG, and STRO

Research evidence excerpt

Biotechnology: 1Q26 SMid Biotech Earnings: ANRO, APGE, FATE, PEPG, and STRO

Accessible version

Biotechnology

1Q26 SMid Biotech Earnings: ANRO, APGE,

FATE, PEPG, and STRO

Price Objective Change

1Q26 SMid-cap biotech earnings review 21 May 2026

We review 1Q26 updates from Alto Neuroscience (ANRO), Apogee Therapeutics (APGE), Equity

Fate Therapeutics (FATE), PepGen (PEPG), and Sutro Biopharma (STRO). See inside United States

for more. Biotechnology

ANRO: ALTO-300 and ALTO-100 readouts pushed to 2027 TazeenResearchAhmadAnalyst

Alto Neuroscience (ANRO, Buy, $33 PO) pushed readout timelines for ALTO-300 in BofAS tazeen.ahmad@bofa.com

MDD and ALTO-100 in BPD to 1H27 and mid-27, respectively (from mid-2026 and

Daniel Giraldo

2H26). Management highlighted the timeline delay is due to the implementation of more Research Analyst

stringent patient selection and trial oversight, resulting in higher patient screen out and BofAS daniel.giraldoperez@bofa.com

slower enrollment. As such, ANRO emphasized the delay is not a signal of reduced

Jeremiah Lorentz

confidence but potentially improves the likelihood of success as they reduce the risk of Research Analyst

enrolling “professional patients”. Additionally, the company reported favorable BofASjeremiah.lorentz@bofa.com

compliance trends for ALTO-300, which we note was key reason for the prior ALTO-100 Wesley Yon

failure in MDD. On lead program ALTO-207 in treatment-resistant depression (TRD), Research Analyst

management reported no impact to timelines with phase 2b data still expected in 2H27. BofASwesley.yon@bofa.com

We highlight ALTO-207 is the key driver to our Buy thesis given supportive clinical data Amy Qian

and significant commercial opportunity (see our 5/4 initiation report). Overall, we Research Analyst