1. Illumina for proteomics: Like Illumina provides the advanced tools (sequencers, reagents) that unlocked genomics, Alamar Biosciences offers a proprietary platform (instruments, assays, software) for ultra-sensitive, high-plex protein detection that aims to be the gold standard for proteomics research and discovery.

2. Guardant Health for non-invasive protein diagnostics: Similar to how Guardant Health developed highly sensitive, blood-based liquid biopsies for cancer, Alamar Biosciences is developing technology to detect very low-abundance protein biomarkers in non-invasive blood samples, with a focus on early disease detection and a future path to clinical diagnostics.

• ARGO HT System: A proprietary, fully automated instrument for ultra-high sensitivity and multiplexed proteomics analysis, currently available for research use only.
• NULISA Assay Panels and Kits: Specialized assay panels, such as the CNS Disease Panel 120 and BD-pTau217 assay, along with kits that allow customers to develop their own custom assays.
• Consumables and Analytical Software: Proprietary consumables and analytical software that integrate with the ARGO HT System to provide an end-to-end solution for proteomic analysis.
• ARGO HT/DX Instrument: A second proprietary instrument currently under development for in vitro diagnostics (IVD) applications, intended for future clinical use.

Alamar Biosciences (ALMR) primarily sells its proprietary instruments, consumables, and analytical software to other companies and organizations, rather than individuals. The major customer categories include:

• Biopharmaceutical companies: This includes all ten of the top ten biopharma companies by 2024 revenue.
• Top global research and academic institutions: These are leading scientific and educational organizations.
• Contract research organizations (CROs) and service labs: Companies that provide research services and laboratory analysis.

While the company states that all ten of the top ten biopharma companies by 2024 revenue are customers, specific names of these companies are not provided in the background information.

Yuling Luo, Ph.D. Co-founder, CEO and Chairman

Dr. Yuling Luo is a serial entrepreneur who has dedicated his career to building life science startup companies. He founded Alamar Biosciences in 2018. Prior to Alamar, he was the founder and CEO of Advanced Cell Diagnostics (ACD), which was acquired by Bio-Techne in 2016 for $325 million. He also co-founded Panomics, which was later acquired by Affymetrix in 2008.

Justin McAnear Chief Financial Officer

Justin McAnear joined Alamar Biosciences as Chief Financial Officer on October 15, 2025, bringing over 25 years of operational and financial leadership experience. He played a key role in taking 10x Genomics public in 2019, where he served as CFO for over five years. Earlier in his career, he was the VP of Worldwide Finance and Operations at Tesla for over three years, supporting major initiatives including the Model X and Model 3 launches and the Solar City acquisition. He also held various positions at Apple and J&J.

Tod White, JD President

Tod White was promoted to President on October 15, 2025. Since joining Alamar, he has been central to the company's trajectory, leading across finance, HR, investor relations, fundraising, corporate development, and legal.

Steve Chen, Ph.D. Co-founder, COO and Director

Dr. Steve Chen is a co-founder of Alamar Biosciences.

Xiao-Jun Ma, Ph.D. Chief Technology Officer

Dr. Xiao-Jun Ma serves as the Chief Technology Officer at Alamar Biosciences.

1. Regulatory Approval for IVD Platform: Alamar Biosciences plans to submit its ARGO HT/DX instrument, intended for in vitro diagnostic (IVD) applications, for FDA marketing authorization in 2027. Failure to obtain timely or any regulatory approval would significantly impede the company's strategy to enter the clinical diagnostics market and fully realize its vision of supporting the customer journey from discovery to diagnostics. This is a critical future milestone with a high impact on the company's long-term growth and market expansion.

2. Intense Competition and Risk of Technological Obsolescence: Despite Alamar's assertion that its proprietary NULISA technology is currently the only platform enabling "Precision Proteomics," the proteomics market is highly dynamic and competitive. Existing competitors or new entrants may develop alternative, superior, or more cost-effective technologies that offer comparable or enhanced sensitivity, specificity, multiplexing, or automation. Such developments could erode Alamar's competitive advantage, impact market share, and potentially render aspects of its technology or platform less competitive over time.

3. Dependence on Market Adoption and Commercial Success of ARGO HT System and Assays: The ARGO HT System was commercially launched in January 2024, and while the company reports rapid initial adoption, its continued financial performance heavily relies on sustained market penetration, customer retention, and achieving the projected average annual pull-through of greater than $400,000 per instrument. The success of its initial assay menu, particularly in neurology and immunology, and its strategy of developing assays in partnership with customers, are crucial. Any slowdown in adoption rates, failure to meet pull-through targets, or limitations in the breadth and appeal of its assay menu could significantly impact revenue growth and profitability.

Alamar Biosciences (ALMR) operates in a significant addressable market spanning proteomics research and protein-based clinical diagnostics, which the company itself estimates to be nearly $50 billion globally today. This market is projected to grow to approximately $80 billion over the next decade.

A breakdown of this total addressable market, as estimated by Alamar Biosciences, includes:

•  **Proteomics Research Markets:** Approximately $19 billion globally.
•  **Immunoassay Markets:** Over $30 billion globally.

Within the broader proteomics landscape, the advanced proteomics segment, which Alamar's NULISA technology and ARGO HT System target, is estimated to be around $4.1 billion today and is expected to reach approximately $20 billion over the next decade globally.

For specific products like their BD-pTau217 assay, which is designed for early diagnosis of Alzheimer's disease using blood samples, the global blood-based biomarker for Alzheimer's disease diagnostics market was estimated at USD 169.22 million in 2025. This market is projected to reach between USD 529.90 million by 2033, growing at a CAGR of 17.37% from 2026 to 2033, and approximately USD 841.9 million by 2035 with a CAGR of 17.4% from 2026 to 2035. North America held a significant share of this market, accounting for 43.03% in 2025. The U.S. blood-based biomarker for Alzheimer's disease diagnostics market alone was estimated at USD 59.64 million in 2024 and is expected to grow at a CAGR of 14.60% from 2025 to 2033.

1. Increased Adoption and Expanded Installed Base of the ARGO HT System: Alamar Biosciences anticipates continued growth from the sales of its ARGO High Throughput (HT) System and the associated recurring revenue from consumables and assays. The company experienced significant revenue growth from $25.1 million in 2024 to $74.2 million in 2025, representing a 195% year-over-year increase, with momentum continuing into 2026. This growth is driven by expanding its customer base and increasing the utilization of instruments, leading to higher pull-through of consumables and assays.
2. Expansion of the Assay Menu into New Disease Areas and Broader Applications: The company plans to broaden its assay offerings beyond its initial focus on neurology and immunology. Recent product launches, such as the NULISAseq™ Neuro 220 Panel in March 2026 and the NULISAqpcr™ AD 5-plex Assay in January 2026, demonstrate this expansion in neurological disease research. Alamar Biosciences' growth strategy explicitly includes broadening its assay menu into new markets like oncology and cardiometabolic conditions, which is expected to increase revenue density per instrument.
3. Advancement Towards and Eventual Commercialization of the ARGO HT/DX Instrument for the Clinical Diagnostics Market: Alamar Biosciences is developing the ARGO HT/DX instrument for its IVD (In Vitro Diagnostics) platform, with an FDA marketing authorization submission targeted for 2027. This move represents a significant expansion into the clinical diagnostics market, which is a substantial long-term revenue opportunity. The company's platform is strategically positioned to scale across various disease areas, including high-value applications like Alzheimer's biomarker detection, which could lead to significant clinical adoption.

Share Issuance

• Alamar Biosciences priced its upsized Initial Public Offering (IPO) on April 16, 2026, offering 11,250,000 shares of common stock at $17.00 per share.
• The gross proceeds from this IPO are expected to be approximately $191.3 million, before deducting underwriting discounts and commissions and other offering expenses.
• The company granted underwriters a 30-day option to purchase up to an additional 1,687,500 shares of common stock at the initial public offering price.

Inbound Investments

• Alamar Biosciences raised $128 million in an oversubscribed Series C funding round in February 2024.
• The company has raised over $300 million in total capital since its founding in 2018, with early investors including Illumina Ventures, Qiming Venture Partners, Morningside Ventures, Samsara BioCapital, and Sherpa Healthcare Partners.
• More recent institutional investors include T. Rowe Price, Braidwell LP, and Sands Capital.

Capital Expenditures

• Capital expenditures for the year ended December 31, 2025, were $6.4 million.
• The company plans to use the net proceeds from its IPO for general corporate purposes, including capital expenditures aimed at scaling the business, such as expanding commercial sales and support capabilities, increasing manufacturing capacity, and continued investment in research and development.