FREMONT, Calif., May 08, 2026 (GLOBE NEWSWIRE) -- 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 March 31, 2026.
Recent Highlights
-- Generated $26.0 million of total revenue for the first quarter of 2026,
an increase of 99% as compared to the corresponding period of 2025.
-- Launched two new products, NULISAseq$(TM)$ Neuro 220 Panel and
NULISAqpcr(TM) AD 5-plex Assay, furthering our leadership in
neurodegenerative disease research.
-- Raised approximately $220 million in gross proceeds from our initial
public offering in April 2026.
"We began 2026 with a record quarter, nearly doubling revenue year over year as our NULISA platform gained rapid global traction among leading academic research and biopharma customers," said Yuling Luo, PhD, founder, CEO, and chair of Alamar Biosciences. "With our balance sheet significantly strengthened by the proceeds of our recent IPO, we are well-positioned to accelerate adoption of our Precision Proteomics platform and establish a new gold standard in protein detection and analysis."
First Quarter 2026 Financial Results
Revenue was $26.0 million for the first quarter of 2026, a 99% increase from $13.1 million for the corresponding prior-year period. Instrument revenue grew 78% to $7.4 million, from $4.1 million for the corresponding prior-year period, driven primarily by an increase in instrument placements. Consumable revenue grew 178% to $14.0 million, from $5.0 million for the corresponding prior-year period, driven primarily by pull-through tied to the larger instrument installed base as well as by a slight increase in the average selling price of our consumables. Services and other revenue grew 20% to $4.7 million, from $3.9 million for the corresponding prior-year period.
Gross margin was 56% for the first quarter of 2026, as compared to 49% for the corresponding prior-year period. The increase in gross margin was primarily driven by manufacturing efficiencies realized through larger consumables production volumes, higher average selling prices across both instruments and consumables, and by a favorable shift in product mix toward higher-margin consumables.
Operating expenses were $26.8 million for the first quarter of 2026, a 79% increase from $14.9 million for the corresponding prior-year period. The year-over-year increase in operating expenses was primarily related to increased personnel costs, increased costs related to expansion of our product offerings, and increased professional costs for legal and accounting services.
Operating loss was $12.3 million for the first quarter of 2026, as compared to an operating loss of $8.6 million for the corresponding prior-year period. This includes $1.5 million of stock-based compensation for the first quarter of 2026, as compared to $0.6 million for the first quarter of 2025.
Net loss was $21.3 million for the first quarter of 2026, including a loss of $8.6 million related to the remeasurement of convertible notes, and higher than the $7.7 million net loss in the corresponding prior-year period.
Cash, cash equivalents, and restricted cash were $69.5 million as of March 31, 2026.
Recent Developments
In April, after quarter end, Alamar Biosciences completed its initial public offering, raising $197.8 million of net proceeds, after deducting underwriter commissions, discounts and other expenses incurred by the company.
The company intends to provide full-year 2026 revenue guidance in conjunction with its second quarter 2026 earnings release in August 2026.
About Alamar Biosciences, Inc.
Alamar is a commercial-stage proteomics company establishing a gold standard in protein detection and analysis. Leveraging our proprietary NULISA(TM) technology and the ARGO(TM) 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.
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 prospectus filed with the SEC pursuant to Rule 424(b)(4), dated April 16, 2026. Alamar Biosciences explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law.
Investor contact:
investors@alamarbio.com
Media contact:
media@alamarbio.com
Alamar Biosciences, Inc.
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except share and per share
data)
Three Months Ended March 31,
--------------------------------
2026 2025
---------------- -------------
Revenue:
Product revenue $ 21,341 $ 9,169
Service and other revenue 4,694 3,922
------------ ------------
Total revenue((1) 26,035 13,091
------------ ------------
Cost of revenue:
Cost of product revenue((2) () 9,810 5,371
Cost of service and other
revenue((2) () 1,768 1,331
------------ ------------
Total cost of revenue 11,578 6,702
------------ ------------
Gross profit 14,457 6,389
------------ ------------
Operating expenses:
Research and development((2)
() 13,017 8,302
Selling, general and
administrative((2) () 13,787 6,640
------------ ------------
Total operating expenses 26,804 14,942
------------ ------------
Loss from operations (12,347) (8,553)
Interest income, net 539 786
Interest expense (223) (46)
Loss on remeasurement of
convertible notes (8,594) --
Other (expense) income, net (236) 154
------------ ------------
Net loss before income tax (20,861) (7,659)
Provision for income taxes 464 --
------------ ------------
Net loss $ (21,325) $ (7,659)
============ ============
Net loss per share, basic and
diluted $ (1.74) $ (0.68)
============ ============
Weighted-average common shares
outstanding, basic and diluted 12,259,811 11,258,870
============ ============
(1) The following table represents revenue by source for the periods indicated:
Three Months Ended March 31,
----------------------------------
(in thousands) 2026 2025
---------------- ----------------
Instruments $ 7,381 $ 4,146
Consumables 13,960 5,023
Services 4,694 3,672
Other revenue -- 250
------------ ------------
Total $ 26,035 $ 13,091
============ ============
(2) Includes stock-based compensation expense as follows:
Three Months Ended March 31,
----------------------------------
(in thousands) 2026 2025
-------------------- ------------
Cost of product revenue $ 14 $ 8
Cost of service and other revenue 22 13
Research and development 392 229
Selling, general and
administrative 1,039 369
--- --------------- --------
Total stock-based compensation
expense $ 1,467 $ 619
=== =============== ========
Alamar Biosciences, Inc.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)
March 31, December 31,
2026 2025
--------- --------------
ASSETS
Current Assets
Cash and cash equivalents $ 64,586 $ 30,002
Accounts receivable 19,524 12,753
Inventory 39,931 38,482
Prepaid expenses and other current
assets 17,432 13,468
-------- ----------
Total current assets 141,473 94,705
Restricted cash 4,907 4,907
Property and equipment, net 10,472 10,498
Operating lease right-of-use assets 25,671 26,130
Capitalized software, net 1,836 1,988
Other assets--noncurrent 2,092 1,764
-------- ----------
Total assets $ 186,451 $ 139,992
======== ==========
LIABILITIES, CONVERTIBLE PREFERRED
STOCK AND STOCKHOLDERS' DEFICIT
Current Liabilities
Accounts payable $ 5,635 $ 5,872
Accrued and other current
liabilities 16,814 15,759
Short-term operating lease
liabilities 1,599 2,099
-------- ----------
Total current liabilities 24,048 23,730
Long-term operating lease
liabilities 28,979 29,564
Warrant liabilities 331 247
Term debt 9,877 9,810
Convertible note 65,094 --
Other noncurrent liabilities 1,197 599
-------- ----------
Total liabilities 129,526 63,950
-------- ----------
Convertible preferred stock 234,996 234,996
Stockholders' deficit
Founders preferred stock -- --
Common stock 1 1
Additional paid-in capital 12,108 9,892
Accumulated other comprehensive
loss (80) (72)
Accumulated deficit (190,100) (168,775)
-------- ----------
Total stockholders' deficit (178,071) (158,954)
-------- ----------
Total liabilities, convertible
preferred stock and
stockholders' deficit $ 186,451 $ 139,992
======== ==========
(END) Dow Jones Newswires
May 08, 2026 08:00 ET (12:00 GMT)
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