Alamar Biosciences, Inc. (ALMR)

Price$30.80Cached quoteAs of 2026-09-05 12:01 UTC

AI: Fair-priced

Price checkThe market price looks demanding, but rapid growth and net cash keep it from looking extreme.

Alamar Biosciences, Inc., listed on Nasdaq as ALMR, carries a market value near $2.0 billion against management's 2026 revenue guidance of $116-$120 million. That implies roughly a high-teens price-to-sales ratio, meaning investors are paying many dollars of equity value for each dollar of expected annual sales. The multiple is rich for an unprofitable life-science tools company, but unusually fast growth, improving gross margin and a large cash cushion support part of the premium.

Big pictureRevenue momentum is exceptional, while losses and cash burn remain the main valuation constraint.

Second-quarter revenue rose 82% year over year, consumables rose 147%, and gross margin improved to 60%, while the company still posted a quarterly net loss. First-half operating cash use, meaning cash consumed by day-to-day operations, was $31.7 million. The April IPO delivered $197.8 million of net proceeds, and unrestricted cash plus short-term investments reached $250.1 million by June end. That supports multiple years of runway at the first-half burn pace, although planned R&D, manufacturing and commercial investment could increase spending.

Business strengthRecurring consumables and ample liquidity are strengths, offset by funding cyclicality and meaningful dilution risk.

The business has an attractive instrument-and-consumables model: ARGO placements can seed recurring kit demand, which already carries better economics. Term debt was about $10 million at June end, and an August refinancing expanded revolving capacity while keeping the existing borrowing modest. The counterweight is cyclicality: a majority of revenue came from research and academic institutions dependent on government grants, and customer budget cycles can swing purchases. Dilution also matters: as of July 31, up to 8.7 million shares could come from outstanding options or RSUs, with 5.7 million more available under employee equity plans.

What could change the storySustained hypergrowth could justify the premium; slower grant-funded demand or margin setbacks could compress it quickly.

Bull case: revenue keeps compounding above 40% for several years, consumables remain the fastest-growing stream, gross margin holds near or above recent levels, and operating leverage gradually reduces losses. Under that path, today's premium multiple can be earned into rather than expanded. Bear case: growth falls toward 20-30% as research budgets tighten, instrument placements slow, or competitors pressure pricing; cash burn stays elevated and equity issuance rises. That combination would likely force a lower sales multiple and materially weaker equity value.

AI: News

Q2 growth and guidanceQuarterly growth accelerated, margins improved, and management introduced strong full-year revenue guidance despite continued losses.

On August 10, Alamar reported second-quarter revenue of $29.4 million, up 82% year over year. Consumables grew 147%, helping gross margin rise to 60%, while net loss widened to $13.2 million as operating investment increased. Management also introduced 2026 revenue guidance of $116-$120 million, which implies 59% growth at the midpoint and sets a demanding benchmark for the second half.

Alzheimer's partnership expandsThe Alzheimer's collaboration expanded by 86,000 samples, deepening a large-scale validation opportunity for the Neuro 220 platform.

On August 10, Alamar expanded its partnership with the Alzheimer's Disease Data Initiative and Gates Ventures. The agreement adds profiling of 86,000 plasma samples using the NULISAseq Neuro 220 panel. Combined with prior programs, the dataset is expected to exceed 140,000 samples by 2027, potentially strengthening scientific validation, recurring consumables demand and the platform's position in neurodegenerative research.

Credit facility expandedAn August refinancing enlarged committed borrowing capacity while keeping the existing drawn balance modest and maturity longer-dated.

On August 6, Alamar amended its Silicon Valley Bank financing. The prior $10 million term loan and $10 million revolver were replaced with a single revolving facility of up to $60 million, with the existing $10 million borrowing reallocated into the new line. An additional uncommitted accordion could lift potential capacity to $100 million, and the facility matures in July 2029 without scheduled amortization beforehand.

Immune 340 launchesThe new Immune 340 panel broadens Alamar's content menu across oncology, cardiovascular, metabolic and autoimmune research.

On July 28, Alamar launched the NULISAseq Immune 340 Panel, its broadest multiplexed immune-profiling product. The panel measures about 340 immune-related proteins from one sample and targets translational research and drug development across several disease areas. Strategically, it expands the consumables menu for the installed ARGO base, which matters because higher consumables utilization can improve recurring revenue and gross margin.

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Revenue

2024

2025

Net income

2024

2025

Free cash flow

2024

2025

Total cash / debt

CashTotal debt

2024

2025

Financial statements

	2025	2024
Revenue	$74.2M	$25.1M
Gross profit	$41.7M	$8.6M
Gross margin	56.20%	34.23%
Research & development	$37.5M	$39.2M
Operating expenses	$73.0M	$58.2M
Operating income	−$31.3M	−$49.6M
Operating margin	−42.22%	−197.15%
EBITDA	−$27.5M	−$46.4M
EBITDA margin	−37.02%	−184.45%
Net income	−$29.2M	−$47.1M
Net profit margin	−39.29%	−187.18%
Basic EPSper basic share	-$0.45	-$0.71
Diluted EPSper diluted share	-$2.58	-$4.60

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of ALMR
Holder	Shares held
Qiming GP VIII-HC, LLC / Qiming Venture Partners VIII Investments, LLC / Qiming Venture Partners VI, L.P. / Qiming Venture Partners VIII-HC, L.P. / Qiming Corporate GP VI, Ltd. / Qiming Managing Directors Fund VI, L.P. / Qiming GP VIII, LLC	10.59M
Illumina Innovation Fund II GP, L.L.C. / Illumina Innovation Fund II, L.P. / Illumina Innovation Fund III GP, L.L.C. / Illumina Innovation Fund III, L.P. / Naclerio Nicholas	6.36M
Sands Capital Alternatives, LLC	4.23M
Luo Yuling	3.16M
SAMSARA BIOCAPITAL, LLC	2.48M
T. Rowe Price Investment Management, Inc.	2.2M
ARK Investment Management LLC	1.37M
BRAIDWELL LP	1.08M
ALLIANCEBERNSTEIN L.P.	1M
HHLR ADVISORS, LTD.	956.46K
BlackRock, Inc.	911.45K
MILLENNIUM MANAGEMENT LLC	865.76K
FMR LLC	829.42K
Chen Shiping	760.11K
PURA VIDA INVESTMENTS, LLC	755.91K
EMERALD ADVISERS, LLC	647.18K
Artisan Partners Limited Partnership	613.74K
DEERFIELD MANAGEMENT COMPANY, L.P.	600K
White Timothy Ogden	491.8K
VANGUARD CAPITAL MANAGEMENT LLC	463.39K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$8.00M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Apr 20, 2026Form 4	Naclerio NicholasDirector	BuyCommon Stock · indirect	235.3K	$17.00	$4.00M	507.1K
Apr 20, 2026Form 4	Illumina Innovation Fund II GP, L.L.C. +4TenPercentOwner	BuyCommon Stock · indirect	235.3K	$17.00	$4.00M	507.1K

Review ownership filings at SEC.gov ↗

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Alamar Biosciences, Inc. (ALMR)

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