Alamar Biosciences (ALMR) Morgan Stanley 24th Annual Global Healthcare Conference summary

Platform differentiation and market opportunity

• Precision proteomics platform combines ultra-high sensitivity, specificity, flexible multiplexing, broad measurement range and automation for discovery through translation and future diagnostics.

• Research market for advanced proteomics estimated at $3.7B today and $11B over the coming years; fastest growth in mid- to high-plex discovery, translation, clinical studies and trials.

• Advanced-proteomics clinical diagnostics estimated at ~$400M today and $9B by 2035, led by Alzheimer’s applications and other disease areas.

• Multiplex disease signatures may better characterize disease than single markers; ultra-high sensitivity could enable early detection, risk prediction and minimal residual disease applications.

Technology moat and sensitivity

• Chemistry suppresses background noise to improve signal-to-noise ratio by ~10,000-fold; protection combines issued patents and trade secrets after nearly six years of development.

• High sensitivity in multiplex assays supports low-abundance biomarkers, including brain-derived blood biomarkers, urine proteins and small-volume or dried-blood-spot samples.

• Brain-specific p-tau217 and MTBR assays were described as first-to-market offerings; brain specificity may reduce false positives, while MTBR reflects tau pathology at even lower abundance.

Commercial model and placements

• Customer sales cycle is 6–9 months; customers typically start with the TAP sample-testing program, then may buy an instrument and expand into panels, applications and additional instruments.

• Goal is 100 instrument placements in 2026, mostly expected with new customers; additional placements include existing academic and biopharma customers, with CRO traction also building.

• Biopharma customers often add instruments sooner to improve throughput; academic core labs typically load existing instruments more heavily before adding capacity.

• Sales capacity investment is planned now and into 2027, adding commissioned representatives and support infrastructure while balancing efficient growth.