Alamar Biosciences (ALMR) Registration filing summary

Company overview and business model

• Commercial-stage proteomics company offering a proprietary NULISA technology platform for ultra-sensitive, multiplexed protein detection in biofluids.

• Integrated platform includes instruments, consumables, and analytical software, serving research, translational, and future diagnostic markets.

• Business model is based on instrument sales and recurring consumable revenue, with a razor/razor blade approach.

• Customers include top academic institutions, biopharma, CROs, and service labs across 25 countries.

• Initial focus on neurology and immunology, with expansion into diagnostics and additional disease areas planned.

Financial performance and metrics

• 2025 revenue was $74.2 million, up 195% from $25.1 million in 2024.

• Gross margin improved from 34% in 2024 to 56% in 2025.

• Net losses were $47.1 million in 2024 and $29.8 million in 2025; accumulated deficit of $168.8 million as of December 31, 2025.

• Instrument installed base grew from 36 in 2024 to 102 in 2025; average annual consumable pull-through per instrument increased from $357K to $529K.

• As of December 31, 2025, cash and cash equivalents were $30.0 million, with access to $50 million in unused committed term loan and revolver.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used for general corporate purposes, including working capital, operating expenses, capital expenditures, and potential strategic investments.

• No material one-time capital expenditures identified; management has broad discretion over use of funds.