Tearsheet

Alamar Biosciences (ALMR)

Market Price (6/13/2026): $22.0 | Market Cap: $1.4 BilSector: Health Care | Industry: Life Sciences Tools & Services

Alamar Biosciences (ALMR)

Market Price (6/13/2026): $22.0
Market Cap: $1.4 Bil
Sector: Health Care
Industry: Life Sciences Tools & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Advanced Diagnostics, Personalized Diagnostics, Show more.

Weak multi-year price returns
2Y Excs Rtn is -39%, 3Y Excs Rtn is -74%

Key risks
ALMR key risks include [1] failure to obtain regulatory approval for its planned diagnostic IVD platform and [2] insufficient market adoption and revenue generation from its newly launched ARGO HT system.

0	Megatrend and thematic drivers Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Advanced Diagnostics, Personalized Diagnostics, Show more.
1	Weak multi-year price returns 2Y Excs Rtn is -39%, 3Y Excs Rtn is -74%
2	Key risks ALMR key risks include [1] failure to obtain regulatory approval for its planned diagnostic IVD platform and [2] insufficient market adoption and revenue generation from its newly launched ARGO HT system.

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	6/13/26	2025	2024
Share Price			$22.00	�	�
Mkt Cap ($ Bil)			1.4	-	-
+ Debt ($ Bil)			0.1	0.0	0.0
- Cash ($ Bil)			0.1	0.0	0.0
TEV ($ Bil)			1.5
Valuation Ratios
P/S	8.8	12.6	-	-	-
P/EBIT	—	—	-	-	-
P/E	—	—	-	-	-
P/FCF	—	—	-	-	-
Sector Ratios (* = sector average)
P/S *			3.7	4.2	3.8
P/EBIT *			-1.7	-1.7	-1.5
P/E *			-1.8	-1.8	-1.7
P/FCF *			-1.8	-1.8	-1.5

FYE: 12/31	Forward FYE		Now
	2027	2026	6/13/26
Share Price			$22.00
Mkt Cap ($ Bil)			1.4
+ Debt ($ Bil)			0.1
- Cash ($ Bil)			0.1
TEV ($ Bil)			1.5
Valuation Ratios
P/S	8.8	12.6	-
P/EBIT	—	—	-
P/E	—	—	-
P/FCF	—	—	-
Sector Ratios (* = sector average)
P/S *			3.7
P/EBIT *			-1.7
P/E *			-1.8
P/FCF *			-1.8

FYE: 12/31	ALMR [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	—	—
FY 2026 Sales	$113.3 Mil	—
FY 2027 Sales	$161.9 Mil	—
FY 2026 Sales Growth	—	—
FY 2027 Sales Growth	43.0%	7.8%
EARNINGS
LTM Net Income (GAAP) [3]	—	—
FY 2026 Net Income (Non-GAAP)	$-93.3 Mil	—
FY 2027 Net Income (Non-GAAP)	$-47.2 Mil	—
FY 2027 Net Income Growth	—	14.6%
FY 2026 EPS (Non-GAAP)	$-1.40	—
FY 2027 EPS (Non-GAAP)	$-0.71	—
FY 2027 EPS Growth	—	—
VALUATION
FY 2026 P/S	12.6	3.3
FY 2027 P/S	8.8	—
FY 2026 P/E	—	20.1
FY 2027 P/E	—	—

[1] ALMR forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 6/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

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Metric	Value	Date	Source
Instrument installed base	102	12312025	Link
Number of customers	more than 300	3272026	Link
Customer presence	25 countries	3272026	Link
Average annual pull-through per instrument	529000	12312025	Link
Number of scientific publications	over 100	3272026	Link
Total addressable market	nearly $50 billion	3272026	Link
Number of employees	222	4182026	Link
Number of patent families	4 granted, 14 pending	4182026	Link
Technology platforms	NULISA and ARGO HT System	5282025	Link

Price Chart

Upcoming
8/14/2026	Earnings Release	Rev: $25 Mil (E) EPS: $-0.36 (E)

Why The Stock Moved

Qualitative Assessment

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Updated on 6/10/2026

Alamar Biosciences (ALMR) stock has remained largely at the same level since it went public on 4/17/2026 because of the following key factors:

1. Post-IPO Price Discovery and Stabilization after Initial Surge. Alamar Biosciences (ALMR) priced its initial public offering at $17.00 per share on April 16, 2026, with the stock opening at $22.00 to $22.60 per share on its trading debut on April 17, 2026. This immediate price appreciation indicated robust investor interest. However, in the subsequent weeks, the stock has traded within a defined range, fluctuating but generally holding above its IPO price and settling into a period of price discovery. This trend suggests the market is assessing its longer-term valuation as a newly public entity without immediate major news to drive it sharply higher or lower beyond this initial post-IPO settling.

2. Balancing Robust Revenue Growth with Continued Unprofitability. The company demonstrated strong operational performance in its fiscal Q1 2026, which ended March 31, 2026, reporting a 99% year-over-year revenue increase to $26.0 million. This significant growth signals positive market adoption of its precision proteomics platform and products, including the newly launched NULISAseq™ Neuro 220 Panel. Despite this strong top-line growth, Alamar Biosciences reported a net loss of $21.3 million for the same quarter, indicating ongoing investment in growth initiatives and a lack of profitability. This combination of high growth potential and sustained losses contributes to a relatively stable trading range as investors weigh future prospects against current financial realities.

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Stock Movement Drivers

Fundamental Drivers

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Market Drivers

2/28/2026 to 6/13/2026

	Return	Correlation
ALMR
Market (SPY)	8.4%	13.5%
Sector (XLV)	-3.6%	0.2%

Fundamental Drivers

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Market Drivers

11/30/2025 to 6/13/2026

	Return	Correlation
ALMR
Market (SPY)	9.2%	13.5%
Sector (XLV)	-1.6%	0.2%

Fundamental Drivers

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Market Drivers

5/31/2025 to 6/13/2026

	Return	Correlation
ALMR
Market (SPY)	27.3%	13.5%
Sector (XLV)	18.0%	0.2%

Fundamental Drivers

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Market Drivers

5/31/2023 to 6/13/2026

	Return	Correlation
ALMR
Market (SPY)	84.5%	13.5%
Sector (XLV)	26.5%	0.2%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
ALMR Return	-	-	-	-	-	1%	1%
Peers Return	20%	-35%	-13%	2%	47%	8%	10%
S&P 500 Return	27%	-19%	24%	23%	16%	8%	97%
Monthly Win Rates [3]
ALMR Win Rate	-	-	-	-	-	67%
Peers Win Rate	70%	37%	45%	45%	50%	40%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
ALMR Max Drawdown	-	-	-	-	-	-
Peers Max Drawdown	-28%	-46%	-43%	-26%	-37%	-29%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: TMO, ILMN, A, RVTY, GH.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/12/2026 (YTD)

ALMR has limited trading history. Below is the Health Care sector ETF (XLV) in its place.

Event	XLV	S&P 500
2025 US Tariff Shock
% Loss	-11.7%	-18.8%
% Gain to Breakeven	13.3%	23.1%
Time to Breakeven	142 days	79 days
2022 Inflation Shock & Fed Tightening
% Loss	-13.8%	-24.5%
% Gain to Breakeven	15.9%	32.4%
Time to Breakeven	166 days	427 days
2020 COVID-19 Crash
% Loss	-27.9%	-33.7%
% Gain to Breakeven	38.8%	50.9%
Time to Breakeven	77 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-15.0%	-19.2%
% Gain to Breakeven	17.6%	23.8%
Time to Breakeven	191 days	105 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-15.9%	-12.2%
% Gain to Breakeven	18.9%	13.9%
Time to Breakeven	165 days	62 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-15.8%	-17.9%
% Gain to Breakeven	18.8%	21.8%
Time to Breakeven	153 days	123 days

Compare to TMO, ILMN, A, RVTY, GH

In The Past

State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

ALMR has limited trading history. Below is the Health Care sector ETF (XLV) in its place.

Event	XLV	S&P 500
2020 COVID-19 Crash
% Loss	-27.9%	-33.7%
% Gain to Breakeven	38.8%	50.9%
Time to Breakeven	77 days	140 days
2008-2009 Global Financial Crisis
% Loss	-37.9%	-53.4%
% Gain to Breakeven	61.1%	114.4%
Time to Breakeven	767 days	1085 days

Compare to TMO, ILMN, A, RVTY, GH

In The Past

State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Alamar Biosciences (ALMR)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Our mission is to power precision proteomics to enable the earliest detection of disease. We are a commercial-stage proteomics company establishing a gold standard in protein detection and analysis. Our proprietary NULISA technology was purpose-built to address the limitations of existing proteomics tools by detecting protein biomarkers at extremely low concentrations in non-invasive biological fluids, such as blood, with ultra-high sensitivity, high specificity, flexible multiplexing, broad dynamic range and seamless automation. We refer to this combination of features as “Precision Proteomics,” and believe it fills a critical gap in the field of advanced proteomics, enabling researchers to establish the relationship between incremental changes in multiplexed protein biomarkers and the clinically meaningful differences in health, disease and drug therapy. Our integrated platform consists of proprietary instruments, consumables and analytical software that is designed to provide scientists with an end-to-end solution to precisely and consistently measure from one to hundreds of low-abundance and difficult-to-detect biomarkers across the continuum of discovery, translational research and ultimately diagnostics. We commercially launched our proprietary instrument, the ARGO High Throughput (“HT”) System in January 2024 and have already experienced rapid adoption, with more than 300 customers across 25 countries and a cumulative installed base of over 100 instruments with an average annual pull-through greater than $400,000 per instrument for the year ended December 31, 2025. The robust performance of our platform is further evidenced in over 100 scientific publications since our commercial launch. Our customers include top global research and academic institutions, biopharmaceutical companies, contract research organizations and service labs. All ten of the top ten biopharma companies by 2024 revenue are customers of Alamar. We are also developing a second proprietary instrument as part of our IVD platform, called the ARGO HT/DX instrument, for which we intend to provide a submission to the FDA for marketing authorization in 2027. We have established multiple multi-million dollar collaborations with renowned research foundations to help support the development of our ARGO HT/DX instrument and the discovery of biomarkers in neurodegenerative disease. Proteins are essential for all life functions and the fundamental molecules behind healthy cellular operations and the causal mechanisms of disease, as illustrated by the fact that a large majority of effective drugs have proteins as targets. Proteomic analysis has great potential to identify “biomarkers” of health, to characterize disturbances in disease, to discover new drug targets, to assess risks and to measure the impact of interventions such as drugs and lifestyle changes. However, the complexity of disease and biology requires analysis of multiple proteins and pathways at once. As a result of this complexity, much of the human proteome has remained unmeasurable or unquantifiable by other proteomic technologies, and true Precision Proteomics has not been possible. Our proprietary and patented NULISA technology addresses these critical limitations, and we believe it is currently the only platform that enables Precision Proteomics. The chemistry underpinning our technology employs a unique sequential purification of immunocomplexes to suppress background noise and enable the detection of low-abundance protein targets in biofluids across large and diverse populations. Our platform is a fully integrated and fully automated proteomic analysis solution and provides scientists with an end-to-end solution to precisely and consistently measure from one to over one hundred low-abundance and difficult-to-detect biomarkers across the continuum of discovery, translational research, and ultimately, diagnostics. Scientists value our platform because it offers an accessible, easy-to-use and reliable ultra-high sensitivity and multiplexed biomarker analysis of large cohorts of samples. Our current instrument, the ARGO HT System, is designed to fully automate high-sensitivity and high-plex proteomics analysis and is currently available for research use only (“RUO”) applications. It was built to execute our NULISA chemistry in a simple and reproducible workflow for broad biomarker profiling, validation and potential translation into future clinical use. The ARGO HT System facilitates the seamless analysis of large cohorts and clinical research with minimal handling, rapid turnaround times and high data quality. Our initial assay menu focuses on neurology and immunology. We develop a significant portion of our assay panels in close partnership with our customers, who are experts in identifying important protein biomarkers in their respective fields. Our flagship multiplex assay, the CNS Disease Panel 120, provides broad coverage of neurodegeneration pathways. Additionally, our single-plex BD-pTau217 assay can distinctly measure brain-derived-pTau217, which is present in low abundance in blood and is critical for research involving biomarkers for early diagnosis of Alzheimer’s disease. Our assay enables BD-pTau217 quantitation using a small blood sample, offering a noninvasive, economical and convenient alternative to cerebrospinal fluid sample tests or PET scans. We also develop kits for customers to create their own assays, enabling our technology to meet the needs of customers operating in their disease areas of interest. The flexibility of our platform is designed to enable researchers to seamlessly transition from high-plex discovery panels to the development of low-plex diagnostics assays. As a result, our strategy is to continue driving adoption in the targeted discovery and translational markets and subsequently establish a foundation for clinical diagnostics through internal innovation and external collaborations. Ultimately, our platform is designed to support the entire customer journey from discovery to diagnostics, unlocking the full value of precision medicine and early disease detection. We were founded in May 2018 as a Delaware corporation. Our principal executive offices are located in Fremont, California.

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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.

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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.

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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.

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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.

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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.
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.
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.

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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.

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Alamar Biosciences (ALMR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives, focusing on expanding its commercial footprint and leveraging its proprietary NULISA technology platform. Here are 3-5 expected drivers of future revenue growth:

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.
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.
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.

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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.

Interactive Breakdown

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GENI	Genius Sports	1.8	62.7%	-37.8%
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CBRL	Cracker Barrel Old Country Store	1.0	61.3%	86.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ADCT	ADC Therapeutics	0.2	-69.8%	-70.3%
VRRM	Verra Mobility	0.7	-65.2%	-79.2%
BTGO	BitGo	0.5	-58.2%	-73.1%
FULC	Fulcrum Therapeutics	0.3	-52.4%	-69.5%
LWLG	Lightwave Logic	1.4	-47.4%	196.0%
MRAM	Everspin Technologies	0.6	-41.1%	163.0%
HYMC	Hycroft Mining	2.3	-41.0%	8.4%
OMER	Omeros	0.6	-39.3%	-49.1%
JBIO	Jade Biosciences	0.9	-38.8%	-0.6%
PLAB	Photronics	1.8	-38.7%	-0.7%

Peer Comparisons

Peers to compare with:

Financials

	ALMR	TMO	ILMN	A	RVTY	GH	Median
Name	Alamar B.	Thermo F.	Illumina	Agilent .	Revvity	Guardant.
Mkt Price	22.00	469.99	163.31	129.87	99.68	129.51	129.69
Mkt Cap	-	174.8	25.0	36.6	11.1	17.0	25.0
Rev LTM	-	45,196	4,393	7,232	2,902	1,080	4,393
Op Inc LTM	-	8,207	861	1,555	359	-448	861
FCF LTM	-	6,748	974	1,087	493	-237	974
FCF 3Y Avg	-	7,011	739	1,271	371	-281	739
CFO LTM	-	8,287	1,128	1,452	570	-188	1,128
CFO 3Y Avg	-	8,451	891	1,644	451	-247	891

Growth & Margins

	ALMR	TMO	ILMN	A	RVTY	GH	Median
Name	Alamar B.	Thermo F.	Illumina	Agilent .	Revvity	Guardant.
Rev Chg LTM	-	5.4%	1.3%	9.1%	4.8%	39.6%	5.4%
Rev Chg 3Y Avg	-	1.1%	-0.4%	1.1%	-1.1%	31.0%	1.1%
Rev Chg Q	-	6.2%	4.8%	10.0%	7.0%	48.3%	7.0%
QoQ Delta Rev Chg LTM	-	1.4%	1.2%	2.4%	1.6%	10.0%	1.6%
Op Inc Chg LTM	-	4.7%	0.2%	9.7%	-3.8%	1.6%	1.6%
Op Inc Chg 3Y Avg	-	3.7%	10.9%	-1.4%	-5.9%	6.8%	3.7%
Op Mgn LTM	-	18.2%	19.6%	21.5%	12.4%	-41.4%	18.2%
Op Mgn 3Y Avg	-	17.9%	11.0%	20.8%	11.9%	-62.7%	11.9%
QoQ Delta Op Mgn LTM	-	-0.0%	0.8%	0.9%	-0.1%	3.1%	0.8%
CFO/Rev LTM	-	18.3%	25.7%	20.1%	19.6%	-17.4%	19.6%
CFO/Rev 3Y Avg	-	19.4%	20.3%	24.3%	16.0%	-33.0%	19.4%
FCF/Rev LTM	-	14.9%	22.2%	15.0%	17.0%	-22.0%	15.0%
FCF/Rev 3Y Avg	-	16.1%	16.8%	18.8%	13.2%	-37.1%	16.1%

Valuation

	ALMR	TMO	ILMN	A	RVTY	GH	Median
Name	Alamar B.	Thermo F.	Illumina	Agilent .	Revvity	Guardant.
Mkt Cap	-	174.8	25.0	36.6	11.1	17.0	25.0
P/S	-	3.9	5.7	5.1	3.8	15.7	5.1
P/Op Inc	-	21.3	29.0	23.6	31.1	-38.0	23.6
P/EBIT	-	19.7	21.5	21.7	31.0	-39.5	21.5
P/E	-	25.5	29.3	25.9	46.5	-39.2	25.9
P/CFO	-	21.1	22.2	25.2	19.6	-90.6	21.1
Total Yield	-	3.9%	3.5%	4.6%	2.3%	-2.5%	3.5%
Dividend Yield	-	0.0%	0.0%	0.8%	0.1%	0.0%	0.0%
FCF Yield 3Y Avg	-	3.6%	4.6%	3.5%	3.3%	-6.6%	3.5%
D/E	-	0.2	0.1	0.1	0.3	0.1	0.1
Net D/E	-	0.2	0.1	0.0	0.2	0.0	0.1

Returns

	ALMR	TMO	ILMN	A	RVTY	GH	Median
Name	Alamar B.	Thermo F.	Illumina	Agilent .	Revvity	Guardant.
1M Rtn	-2.3%	4.9%	14.0%	14.7%	3.4%	31.3%	9.4%
3M Rtn	0.0%	1.2%	37.3%	16.7%	16.6%	51.5%	16.7%
6M Rtn	0.0%	-17.7%	21.1%	-6.6%	-0.7%	26.9%	-0.3%
12M Rtn	0.0%	17.0%	87.9%	11.8%	6.9%	162.8%	14.4%
3Y Rtn	0.0%	-8.9%	-18.0%	11.3%	-12.9%	240.8%	-4.4%
1M Excs Rtn	-4.2%	5.5%	12.8%	15.4%	5.1%	31.7%	9.2%
3M Excs Rtn	-12.1%	-10.9%	25.1%	4.7%	4.5%	39.6%	4.6%
6M Excs Rtn	-7.9%	-25.9%	13.0%	-17.0%	-11.5%	18.4%	-9.7%
12M Excs Rtn	-23.4%	-9.8%	62.8%	-14.0%	-19.3%	141.1%	-11.9%
3Y Excs Rtn	-74.1%	-83.2%	-92.2%	-60.2%	-86.7%	221.4%	-78.6%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024
Period End	3/31/2026	12/31/2025	12/31/2024
Filing Date	5/8/2026	4/17/2026	3/27/2026
Key Financials
Total Revenue	-	74	25
Gross Profit	-	42	9
EBITDA	-	-25	-42
Operating Income	-	-31	-50
Net Income	-	-30	-47
EPS	-	-0.45	-0.71
Growth Rates
Total Revenue Growth	-	195.2%	-
EBITDA Growth	-	40.4%	-
Operating Income Growth	-	36.8%	-
Net Income Growth	-	36.7%	-
Margins
Gross Margin	-	56.2%	34.2%
EBITDA Margin	-	-33.5%	-166.2%
Operating Income Margin	-	-42.2%	-197.2%
Net Income Margin	-	-40.2%	-187.2%
Cash & Debt
Total Cash	65	30	79
Total Debt	106	41	33
Net Debt / (Cash)	41	11	-46
Cash Flows & CapEx
Net Cash from Operations	-	-54	-55
Total CapEx	-2	-6	-3
Free Cash from Operations	-	-60	-59
Returns to Shareholders
Dividends	0	-0	-0
Share Repurchases	-0	-0	-0

$ Mil \| FY: 12/31	2026Q1
Period End	3/31/2026
Filing Date	5/8/2026
Key Financials Quarterly
Total Revenue	26
Ebitda	-19
Operating Income	-12
Net Income	-21
EPS	-0.32
Key Financials TTM
Total Revenue TTM	-
Ebitda TTM	-
Operating Income TTM	-
Net Income TTM	-
Growth Rates Quarterly
Total Revenue Growth	-
EBITDA Growth	-
Operating Income Growth	-
Net Income Growth	-
Margins Quarterly
EBITDA Margin	-74.8%
Operating Income Margin	-47.4%
Net Income Margin	-81.9%
Cash & Debt
Total Cash	65
Total Debt	106
Net Debt / (Cash)	41
Cash Flows Quarterly
FCF from Operations	-20
Cash Flows TTM
FCF from Operations TTM	-
Returns to Shareholders Quarterly
Dividends	0
Share Repurchases	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-93.2%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024
Consumables	37	8
Instruments	22	9
Services	15	9
Other	0	0
Total	74	25

	1M	2M	3M	6M	1Y	3Y
Beta	1.60	0.54	-0.21	0.21	-1.38	-0.31
Up Beta	-3.55	0.34	2.31	-2.24	-0.15	-1.47
Down Beta	1.63	-0.38	0.21	-1.11	0.00	1.78
Up Capture	22%	90%	63%	37%	15%	1%
Bmk +ve Days	13	28	36	67	141	432
Stock +ve Days	8	13	13	13	13	13
Down Capture	719%	496%	142%	81%	50%	25%
Bmk -ve Days	7	13	27	57	109	318
Stock -ve Days	12	14	14	14	14	14

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ALMR
ALMR	0.0%	65.6%	0.25	-
Sector ETF (XLV)	15.4%	15.0%	0.74	0.2%
Equity (SPY)	24.9%	12.3%	1.52	13.5%
Gold (GLD)	25.5%	27.4%	0.81	12.7%
Commodities (DBC)	30.1%	19.0%	1.25	-7.7%
Real Estate (VNQ)	13.5%	13.5%	0.69	5.7%
Bitcoin (BTCUSD)	-41.7%	42.2%	-1.16	9.2%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ALMR
ALMR	0.0%	65.6%	0.25	-
Sector ETF (XLV)	6.4%	14.8%	0.25	0.2%
Equity (SPY)	13.5%	17.1%	0.61	13.5%
Gold (GLD)	16.8%	18.2%	0.75	12.7%
Commodities (DBC)	8.4%	19.4%	0.33	-7.7%
Real Estate (VNQ)	2.8%	18.8%	0.05	5.7%
Bitcoin (BTCUSD)	13.6%	54.4%	0.44	9.2%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ALMR
ALMR	0.0%	65.6%	0.25	-
Sector ETF (XLV)	9.7%	16.6%	0.47	0.2%
Equity (SPY)	15.3%	17.9%	0.73	13.5%
Gold (GLD)	12.5%	16.1%	0.64	12.7%
Commodities (DBC)	6.7%	18.0%	0.29	-7.7%
Real Estate (VNQ)	5.7%	20.7%	0.24	5.7%
Bitcoin (BTCUSD)	60.3%	66.8%	1.00	9.2%

Short Interest

Short Interest: As Of Date	5292026
Short Interest: Shares Quantity	1.8 Mil
Short Interest: % Change Since 5152026	4.1%
Average Daily Volume	0.3 Mil
Days-to-Cover Short Interest	6.8 days
Basic Shares Quantity	64.9 Mil
Short % of Basic Shares	2.7%

Returns Analyses

null

Earnings Returns History

Updated 6/11/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
5/8/2026	1.3%	-4.9%	-18.8%
SUMMARY STATS
# Positive	1	0	0
# Negative	0	1	1
Median Positive	1.3%
Median Negative		-4.9%	-18.8%
Max Positive	1.3%
Max Negative		-4.9%	-18.8%

	Forward Returns
5/8/2026	1.3%	-4.9%	-18.8%
SUMMARY STATS
# Positive	1	0	0
# Negative	0	1	1
Median Positive	1.3%
Median Negative		-4.9%	-18.8%
Max Positive	1.3%
Max Negative		-4.9%	-18.8%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
03/31/2026	05/08/2026	10-Q
12/31/2025	04/17/2026	424B4
12/31/2024	03/27/2026	S-1

Recent Forward Guidance

Updated 5/31/2026

Latest: null Earnings Reported 5/8/2026

null

Insider Activity

Updated 4/26/2026

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Naclerio, Nicholas		See footnote	Buy	4202026	17.00	235,294	3,999,998	8,620,292	Form
2	Illumina, Innovation Fund II Gp, Llc		See footnote	Buy	4202026	17.00	235,294	3,999,998	8,620,292	Form

ALMR Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

Diversification Alternatives

How Is The Market Pricing ALMR?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What ALMR Makes & Who Pays

TTM figures based on

ALMR Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Life Sciences Tools & Services Resources

GenomeWeb

BioSpace

The Scientist

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Core Cache Last Updated: 6/13/2026

Alamar Biosciences (ALMR)

Market Price (6/13/2026): $22.0 | Market Cap: $1.4 BilSector: Health Care | Industry: Life Sciences Tools & Services

Alamar Biosciences (ALMR)

Market Price (6/13/2026): $22.0Market Cap: $1.4 BilSector: Health CareIndustry: Life Sciences Tools & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About Alamar Biosciences (ALMR)

Share Issuance

Inbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. Alamar Biosciences (ALMR)

Latest Trefis Analyses

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FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Recent Forward Guidance

Insider Activity

ALMR Trade Sentinel

null

CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Market Price (6/13/2026): $22.0
Market Cap: $1.4 Bil
Sector: Health Care
Industry: Life Sciences Tools & Services