Press Release · Alamar Biosciences, Inc.
Alamar Biosciences Reports Third Quarter 2026 Financial Results and Raises 2026 Revenue Guidance
Distributed by Standard Wisdom · Originally issued via GlobeNewswire
FREMONT, Calif. Nov. 03, 2026 — Alamar Biosciences, Inc. (Nasdaq: ALMR), a leader in precision proteomics dedicated to enabling the earliest detection of disease, today reported financial results for the quarter ended September 30, 2026.
Recent Highlights
Generated $33.5 million of total revenue for the third quarter of 2026, an increase of 68% as compared to the corresponding period of 2025
Selected by UK Biobank to profile 80,000 samples for study targeting earlier detection, prevention and treatment of Parkinson’s disease, Alzheimer’s disease and other neurodegenerative conditions
Launched a strategic scientific collaboration with GSK for large-scale 60,000-sample study to advance precision medicine across respiratory, liver, kidney, neurological and autoimmune conditions
Announced publication of first longitudinal treatment response for Alzheimer’s disease using NULISA platform published in Lancet Neurology
Raising full-year 2026 revenue guidance to $121 million to $123 million, representing growth of 64% at the midpoint of the range as compared to 2025
“Our third quarter results reflect continued strong demand for our platform, with revenue up 68% and biopharma customers accounting for the largest portion of our revenue for the first time,” said Yuling Luo, PhD, founder, CEO, and chair of Alamar Biosciences. “Our selection by UK Biobank and new collaboration with GSK show that leading institutions and drug developers are choosing NULISA to reach the low-abundance proteome at scale.”
Third Quarter 2026 Financial Results
Revenue was $33.5 million for the third quarter of 2026, a 68% increase from $19.9 million for the corresponding prior-year period. Instrument revenue grew 50% to $8.5 million, from $5.7 million for the corresponding prior-year period, driven primarily by continued growth in new instrument placements. Consumable revenue grew 79% to $17.8 million, from $10.0 million for the corresponding prior-year period, driven primarily by strong demand for multiplex panels. Services and other revenue grew 69% to $7.2 million, from $4.3 million for the corresponding prior-year period, driven primarily by strong demand for custom assay development services.
Gross margin was 61.5% for the third quarter of 2026, as compared to 59.7% for the corresponding prior-year period. The increase in gross margin was primarily driven by lower instrument costs, higher average selling prices for consumables, improved margins on services, and a favorable shift in product mix.
Operating expenses were $35.8 million for the third quarter of 2026, an 81% increase from $19.8 million for the corresponding prior-year period. The year-over-year increase in operating expenses was primarily related to planned investments in headcount, infrastructure and R&D supplies as well as incremental public company costs.
Operating loss was $15.1 million for the third quarter of 2026, as compared to an operating loss of $7.9 million for the corresponding prior-year period. This includes $3.9 million of stock-based compensation for the third quarter of 2026, as compared to $0.7 million for the third quarter of 2025.
Net loss was $13.3 million for the third quarter of 2026 compared to an $8.0 million net loss in the corresponding prior-year period.
Cash, cash equivalents, short-term investments and restricted cash were $231.5 million as of September 30, 2026.
2026 Guidance
Alamar Biosciences now expects full year 2026 revenue to be in the range of $121 to $123 million, representing growth of 64% at the midpoint of the range compared to full year 2025. This compares to its previous expectations of $116 to $120 million for full year 2026.
President Tod White to Retire at Year-End
Tod White, president, will retire from Alamar at the end of 2026, after which he will continue to serve as an advisor to the company through June 2027. Mr. White joined Alamar as chief financial officer and chief business officer in March of 2021 and was promoted to president in October 2025. During his tenure, he led Alamar’s financial organization, scaled its operations, established numerous collaborations and partnerships, and helped guide the company through its initial public offering.
“Tod has been an outstanding partner and leader during a pivotal period for Alamar,” said Yuling Luo, PhD, founder, CEO and chair of Alamar Biosciences. “He helped build the foundation that is driving our growth today, managed multiple rounds of fundraising, and leaves the company well-positioned for its next phase. On behalf of our board and the entire team, I thank Tod for his many contributions and wish him the very best in his retirement.”
“It has been a privilege to work alongside this exceptional team,” said Mr. White. “Their talent, dedication, and belief in what precision proteomics can do to improve human health have driven everything we have accomplished. Alamar is well positioned to lead the next era of proteomics, and I have never been more confident in the company’s future.”
Webcast Information
Alamar Biosciences will host a conference call to discuss the third quarter 2026 financial results after market close on Tuesday, November 3, 2026 at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at https://investors.alamarbio.com/.
About Alamar Biosciences, Inc.
Alamar is a commercial-stage proteomics company establishing a gold standard in protein detection and analysis. Leveraging our proprietary NULISA™ technology and the ARGO™ HT System, our platform is designed to detect protein biomarkers at extremely low concentrations in 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, helping researchers unlock the full spectrum of protein biomarkers across disease states. Learn more at alamarbio.com.
Forward Looking Statements
This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "aims," "anticipates," "believes," "could," "estimates," "expects," "forecasts," "intends," "may," "plans," "possible," "potential," "seeks," "will" and variations of these words or similar expressions that are intended to identify forward-looking statements. Any such statements in this
press release that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements include, without limitation, statements regarding Alamar Biosciences’ future plans and prospects, its ability to accelerate adoption of its platform and establish a new gold standard in protein detection and analysis, anticipated timing and content regarding full-year 2026 guidance, and Alamar Biosciences’ ability to grow its business. Any forward-looking statements in this press release are based on Alamar Biosciences’ current expectations, estimates and projections only as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Readers are cautioned that actual results could differ materially from those expressed or implied in Alamar Biosciences’ forward-looking statements due to a variety of risks and uncertainties, which include, without limitation, risks and uncertainties related to intense competition in the proteomics market, exposure to legal proceedings, regulatory inquiries and other legal matters, failure to develop new assays or instruments, dependence on researchers who rely heavily on government funding, reductions in spending by research and academic institutions, the potential for products to be subject to more onerous regulation by the FDA or other regulatory requirements, the complexity of manufacturing Alamar Biosciences’ instruments and consumables, failure to obtain marketing authorizations for future products that are intended for clinical or diagnostic use, Alamar Biosciences’ ability to protect its intellectual property and other risks and uncertainties described in Alamar Biosciences’ filings with the Securities and Exchange Commission (SEC), including those described from time to time under the caption “Risk Factors” and elsewhere in Alamar Biosciences’ filings with the SEC, including its Quarterly Report on Form 10-Q filed with the SEC, on August 11, 2026. Alamar Biosciences explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law.
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Alamar Biosciences, Inc.
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except share and per share data)
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||||||||
2026 |
2025 |
2026 |
2025 |
||||||||||||||||||
Revenue: |
|||||||||||||||||||||
Product revenue |
$ |
26,300 |
$ |
15,628 |
$ |
70,910 |
$ |
36,837 |
|||||||||||||
Service and other revenue |
7,245 |
4,285 |
18,097 |
12,329 |
|||||||||||||||||
Total revenue(1) |
33,545 |
19,913 |
89,007 |
49,166 |
|||||||||||||||||
Cost of revenue: |
|||||||||||||||||||||
Cost of product revenue(2) |
10,879 |
6,495 |
30,547 |
18,355 |
|||||||||||||||||
Cost of service and other revenue(2) |
2,022 |
1,521 |
5,641 |
3,944 |
|||||||||||||||||
Total cost of revenue |
12,901 |
8,016 |
36,188 |
22,299 |
|||||||||||||||||
Gross profit |
20,644 |
11,897 |
52,819 |
26,867 |
|||||||||||||||||
Operating expenses: |
|||||||||||||||||||||
Research and development(2) |
16,167 |
10,206 |
43,001 |
27,403 |
|||||||||||||||||
Selling, general and administrative(2) |
19,616 |
9,576 |
50,836 |
23,821 |
|||||||||||||||||
Total operating expenses |
35,783 |
19,782 |
93,837 |
51,224 |
|||||||||||||||||
Loss from operations |
(15,139 |
) |
(7,885 |
) |
(41,018 |
) |
(24,357 |
) |
|||||||||||||
Interest income, net |
2,169 |
410 |
4,583 |
1,826 |
|||||||||||||||||
Interest expense |
(153 |
) |
(85 |
) |
(600 |
) |
(179 |
) |
|||||||||||||
Loss on remeasurement of convertible notes |
- |
— |
(9,971 |
) |
— |
||||||||||||||||
Other (expense) income, net |
(125 |
) |
(1 |
) |
(395 |
) |
467 |
||||||||||||||
Net loss before income tax |
(13,248 |
) |
(7,561 |
) |
(47,401 |
) |
(22,243 |
) |
|||||||||||||
Provision for income taxes |
94 |
440 |
465 |
440 |
|||||||||||||||||
Net loss |
$ |
(13,342 |
) |
$ |
(8,001 |
) |
$ |
(47,866 |
) |
$ |
(22,683 |
) |
|||||||||
Net loss per share, basic and diluted |
$ |
(0.19 |
) |
$ |
(0.69 |
) |
$ |
(1.02 |
) |
$ |
(1.99 |
) |
|||||||||
Weighted-average common shares outstanding, basic and diluted |
69,106,367 |
11,599,353 |
46,884,564 |
11,423,840 |
|||||||||||||||||
The following table represents revenue by source for the periods indicated:
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||
(in thousands) |
2026 |
2025 |
2026 |
2025 |
||||||||||||||||
Instruments |
$ |
8,468 |
$ |
5,652 |
$ |
23,637 |
$ |
15,571 |
||||||||||||
Consumables |
17,832 |
9,976 |
47,273 |
21,266 |
||||||||||||||||
Services |
7,245 |
4,285 |
18,097 |
12,079 |
||||||||||||||||
Other revenue |
— |
— |
— |
250 |
||||||||||||||||
Total |
$ |
33,545 |
$ |
19,913 |
$ |
89,007 |
$ |
49,166 |
||||||||||||
Includes stock-based compensation expense as follows:
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||
(in thousands) |
2026 |
2025 |
2026 |
2025 |
||||||||||||||||
Cost of product revenue |
$ |
64 |
$ |
7 |
$ |
123 |
$ |
22 |
||||||||||||
Cost of service and other revenue |
66 |
14 |
146 |
39 |
||||||||||||||||
Research and development |
991 |
240 |
2,221 |
731 |
||||||||||||||||
Selling, general and administrative |
2,795 |
444 |
6,173 |
1,212 |
||||||||||||||||
Total stock-based compensation expense |
$ |
3,916 |
$ |
705 |
$ |
8,663 |
$ |
2,004 |
||||||||||||
Alamar Biosciences, Inc.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)
September 30, |
December 31, |
|||||||||
ASSETS |
||||||||||
Current Assets |
||||||||||
Cash and cash equivalents |
$ |
121,532 |
$ |
30,002 |
||||||
Short-term investments |
105,053 |
— |
||||||||
Accounts receivable |
21,611 |
12,753 |
||||||||
Inventory |
54,133 |
38,482 |
||||||||
Prepaid expenses and other current assets |
15,359 |
13,468 |
||||||||
Total current assets |
317,688 |
94,705 |
||||||||
Restricted cash |
4,907 |
4,907 |
||||||||
Property and equipment, net |
15,244 |
10,498 |
||||||||
Operating lease right-of-use assets |
36,236 |
26,130 |
||||||||
Capitalized software, net |
1,443 |
1,988 |
||||||||
Other assets—noncurrent |
2,509 |
1,764 |
||||||||
Total assets |
$ |
378,027 |
$ |
139,992 |
||||||
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) |
||||||||||
Current Liabilities |
||||||||||
Accounts payable |
$ |
16,549 |
$ |
5,872 |
||||||
Accrued and other current liabilities |
14,450 |
15,759 |
||||||||
Short-term operating lease liabilities |
2,483 |
2,099 |
||||||||
Total current liabilities |
33,482 |
23,730 |
||||||||
Long-term operating lease liabilities |
39,867 |
29,564 |
||||||||
Warrant liabilities |
— |
247 |
||||||||
Term debt |
— |
9,810 |
||||||||
Other noncurrent liabilities |
974 |
599 |
||||||||
Total liabilities |
74,323 |
63,950 |
||||||||
Convertible preferred stock |
— |
234,996 |
||||||||
Stockholders’ equity (deficit) |
||||||||||
Founders preferred stock |
— |
— |
||||||||
Common stock |
7 |
1 |
||||||||
Additional paid-in capital |
520,511 |
9,892 |
||||||||
Accumulated other comprehensive loss |
(173 |
) |
(72 |
) |
||||||
Accumulated deficit |
(216,641 |
) |
(168,775 |
) |
||||||
Total stockholders’ equity (deficit) |
303,704 |
(158,954 |
) |
|||||||
Total liabilities, convertible preferred stock and stockholders' equity (deficit) |
$ |
378,027 |
$ |
139,992 |
||||||