Alamar Biosciences raises 2026 revenue outlook to $121M–$123M
Biopharma customers accounted for the largest portion of revenue for the first time in the third quarter.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Alamar Biosciences, Inc. (ALMR) reported third-quarter 2026 revenue of $33.5 million, up 68% from $19.9 million a year earlier. Gross margin was 61.5%, compared with 59.7%; operating expenses rose 81% to $35.8 million. Operating loss was $15.1 million, versus $7.9 million, and net loss was $13.3 million, compared with $8.0 million.
Alamar raised its 2026 revenue guidance to $121 million to $123 million, from its previous range of $116 million to $120 million; the new range represents 64% growth at the midpoint versus 2025. Cash, cash equivalents, short-term investments and restricted cash totaled $231.5 million as of September 30, 2026.
The company was selected by UK Biobank to profile 80,000 samples in a study of Parkinson’s disease, Alzheimer’s disease and other neurodegenerative conditions, and launched a GSK collaboration for a 60,000-sample study. President Timothy “Tod” White will retire effective December 31, 2026, and serve as a consultant from January 1 through June 30, 2027.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.Alamar raised 2026 revenue guidance to $121 million to $123 million.
- Moderate pointThird-quarter revenue increased 68% to $33.5 million year over year.
Negative
- Moderate pointThird-quarter net loss widened to $13.3 million from $8.0 million.
8-K Event Classification
Key Figures
Key Terms
precision proteomics technical
multiplex panels technical
gross margin financial
stock-based compensation financial
Earnings Snapshot
Full-year 2026 revenue of $121 million to $123 million, representing 64% growth at the midpoint compared with full-year 2025; previous range was $116 million to $120 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were ALMR’s third-quarter 2026 revenue and net loss?
What is ALMR’s 2026 revenue guidance?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On November 3, 2026, Alamar Biosciences, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
All of the information furnished in this Item 2.02 and Exhibit 99.1 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
After more than five years of exemplary service, on October 30, 2026, Timothy “Tod” White informed the Company that he will retire from his current position as President of the Company, effective as of December 31, 2026. Mr. White has agreed to remain as a consultant to the Company from January 1, 2027 through June 30, 2027 to ensure an orderly transition and continuity of operations.
Yuling Luo, Ph.D., Founder, Chief Executive Officer, and Chair of the Company said, “Tod has been an outstanding partner and leader during a pivotal period for Alamar.” Dr. Luo continued, “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.”
Item 9.01 Financial Statements and Exhibits.
Exhibit number |
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Description |
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99.1 |
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Press Release dated November 3, 2026 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Alamar Biosciences, Inc. |
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Date: |
November 3, 2026 |
By: |
/s/ Justin McAnear |
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Justin McAnear |
Exhibit 99.1
Alamar Biosciences Reports Third Quarter 2026 Financial Results and Raises 2026 Revenue Guidance
FREMONT, Calif. Nov. 03, 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 September 30, 2026.
Recent Highlights
“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.
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)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
2026 |
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2025 |
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Revenue: |
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Product revenue |
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$ |
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26,300 |
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$ |
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15,628 |
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$ |
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70,910 |
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$ |
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36,837 |
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Service and other revenue |
|
|
|
|
7,245 |
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|
|
|
4,285 |
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|
|
|
18,097 |
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|
|
|
12,329 |
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Total revenue(1) |
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33,545 |
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19,913 |
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89,007 |
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49,166 |
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Cost of revenue: |
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||||
Cost of product revenue(2) |
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10,879 |
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|
6,495 |
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|
|
|
30,547 |
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|
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18,355 |
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Cost of service and other revenue(2) |
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|
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2,022 |
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|
|
|
1,521 |
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|
|
|
5,641 |
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|
|
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3,944 |
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Total cost of revenue |
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|
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|
12,901 |
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8,016 |
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36,188 |
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22,299 |
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Gross profit |
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20,644 |
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11,897 |
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52,819 |
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26,867 |
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Operating expenses: |
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Research and development(2) |
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16,167 |
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10,206 |
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43,001 |
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27,403 |
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Selling, general and administrative(2) |
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19,616 |
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9,576 |
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50,836 |
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23,821 |
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Total operating expenses |
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35,783 |
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19,782 |
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93,837 |
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51,224 |
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Loss from operations |
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(15,139 |
) |
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(7,885 |
) |
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(41,018 |
) |
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(24,357 |
) |
Interest income, net |
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2,169 |
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|
410 |
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|
4,583 |
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|
|
|
1,826 |
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Interest expense |
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(153 |
) |
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(85 |
) |
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(600 |
) |
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(179 |
) |
Loss on remeasurement of convertible notes |
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- |
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— |
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(9,971 |
) |
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— |
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Other (expense) income, net |
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(125 |
) |
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(1 |
) |
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(395 |
) |
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|
467 |
|
Net loss before income tax |
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(13,248 |
) |
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(7,561 |
) |
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|
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(47,401 |
) |
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|
|
(22,243 |
) |
Provision for income taxes |
|
|
|
|
94 |
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|
|
|
440 |
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|
|
|
465 |
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|
|
|
440 |
|
Net loss |
|
|
$ |
|
(13,342 |
) |
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$ |
|
(8,001 |
) |
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$ |
|
(47,866 |
) |
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$ |
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(22,683 |
) |
Net loss per share, basic and diluted |
|
|
$ |
|
(0.19 |
) |
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$ |
|
(0.69 |
) |
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$ |
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(1.02 |
) |
|
$ |
|
(1.99 |
) |
Weighted-average common shares outstanding, basic and diluted |
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|
|
|
69,106,367 |
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|
|
11,599,353 |
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|
|
|
46,884,564 |
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|
|
|
11,423,840 |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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||||||||||||||
(in thousands) |
|
2026 |
|
|
2025 |
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2026 |
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2025 |
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||||||||
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 |
|
|
|
Three Months Ended September 30, |
|
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Nine Months Ended September 30, |
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(in thousands) |
|
2026 |
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2025 |
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2026 |
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2025 |
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||||||||
Cost of product revenue |
|
$ |
|
64 |
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|
$ |
|
7 |
|
|
$ |
|
123 |
|
|
$ |
|
22 |
|
Cost of service and other revenue |
|
|
|
66 |
|
|
|
|
14 |
|
|
|
|
146 |
|
|
|
|
39 |
|
Research and development |
|
|
|
991 |
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|
|
|
240 |
|
|
|
|
2,221 |
|
|
|
|
731 |
|
Selling, general and administrative |
|
|
|
2,795 |
|
|
|
|
444 |
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|
|
|
6,173 |
|
|
|
|
1,212 |
|
Total stock-based compensation expense |
|
$ |
|
3,916 |
|
|
$ |
|
705 |
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|
$ |
|
8,663 |
|
|
$ |
|
2,004 |
|
Alamar Biosciences, Inc.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)
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|
September 30, |
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December 31, |
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ASSETS |
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Current Assets |
|
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Cash and cash equivalents |
|
$ |
|
121,532 |
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|
$ |
|
30,002 |
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Short-term investments |
|
|
|
105,053 |
|
|
|
|
— |
|
Accounts receivable |
|
|
|
21,611 |
|
|
|
|
12,753 |
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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) |
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Current Liabilities |
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||
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 |
|