Alamar Biosciences (ALMR) Registration filing summary

Company overview and business model

• Commercial-stage proteomics company focused on ultra-sensitive protein detection and analysis using proprietary NULISA technology.

• Offers integrated platform of instruments, consumables, and analytical software for end-to-end biomarker measurement.

• ARGO HT System launched in January 2024, with rapid adoption by over 300 customers in 25 countries and an installed base of 102 instruments by end of 2025.

• Business model is razor/razor blade, generating recurring revenue from consumables used with installed instruments.

• Customers include top academic institutions, biopharma companies, CROs, and service labs; all top 10 biopharma companies by 2024 revenue are customers.

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.

• Average annual consumable pull-through per instrument was $529,000 in 2025, up from $357,000 in 2024.

• As of December 31, 2025, cash and cash equivalents were $30.0 million, with access to $50 million in unused committed term loan and $56.5 million in convertible notes issued January 2026.

Use of proceeds and capital allocation

• Net proceeds from the IPO (estimated at $133.2 million at $16.00/share) will be used for working capital, operating expenses, capital expenditures, and general corporate purposes.

• Funds will support scaling commercial sales, manufacturing capacity, R&D, and potential strategic investments.