Alamar Biosciences, Inc. Common Stock Morgan Stanley 24th Annual Global Healthcare Conference

Alamar is establishing a gold standard in protein detection and analysis. We all know proteomics has huge potential to improve our understanding of health and disease, leading to better treatment and healthier life. Despite all the great promise, this market remains to be largely untapped, mainly due to the limitation of the current technologies. The current proteomic solution is highly fragmented. On one end of solution, you have those high plex discovery technologies like mass spec or affinity-based high plex solutions. They are good for discovery, but they are not built for translation and diagnostics. The analytical performance are limiting, either lack sensitivity or specificity, or workflow are complicated. On the other hand, you have those clinical-grade, single plex immunodiagnostic assay that underlie the $20 billion diagnostic market, but their sensitivity are limited. They cannot multiplex. That is how we are going to change the game with our precision proteomics platform that will make changes in two aspect.

The first aspect is analytical performance. We build a precision proteomics platform that combines five critical pillars of performance. This include, first, ultra-high sensitivity, second, high specificity, third, flexible high multiplex capability, and fourth, broader range, and the last, seamless automation, push-a-button automation. There is no other solution in the market that has this unique combination of these five critical pillars. Trade-off, you either lack sensitivity or specificity or workflow simplicity. We are the only solution that combines all five in one solution, and with exceptional analytical performance. The second differentiation is that this is the only platform that was designed for translation and diagnostics, but having capability for high plex discovery.

It is the first platform that covers the entire customer journey from discovery to translation to future clinical diagnostics, connecting the multiplex protein measurement into a clinical outcome. So that really is the differentiation this platform have compared with all the solution in the marketplace.

Yeah. I think first is the science, right? There's more and more multiplex panels or signatures that's been discovered leveraging those high multiplex discovery platform, including ours. Those signatures have consistently show that they can characterize disease more precisely and better than a single marker-based test. Second, platform like ours finally have the capability to translate those signatures into future clinical diagnostics. That's one of the major bottleneck in the past, where you have thousands or tens of thousands of signature that's been discovered and published, very few of them have been translated into the diagnostics. I think we're going to change that, right?

Third part is that with our unique combination of ultra-high sensitivity for multiplex analysis, you open up a set of large market opportunity, such as early detection of disease risk prediction, minimal residual disease, where the disease signal is likely to be the weakest, that requires this combination of ultra-high sensitivity for multiplex analysis. Really, I think what our platform can do is that transition from a single marker-based test to a multiplex-based signatures for chronic disease. Very similar to genomics 20 years ago, where you see the transition from PCR-based singleplex test to NGS-based multiplex test, where the market application have grown from $10 billion to now $100 billion. I think we're going to see the transition in the proteomics as well, where single market test already underline $20 billion.

It's the multiplex test that enabled by our platform, that's going to be the future for chronic disease and pretty much every chronic disease. That's going to be the future for large market application like early detection, minimal residual disease, and disease risk prediction.

Yeah. We are in the advanced proteomic segment, which include ultra-high sensitivity plus multiplex applications. Within this market, in the research market today is about $3.7 billion and is estimated to reach around $11 billion. In this market, the fastest-growing segment is the mid to highplex discovery applications, anchored by discovery, translation, clinical study, and clinical trial, and expansion to different disease areas. Even the research market is a massive market opportunity over the next decade or so. Even bigger opportunity is the clinical diagnostic enabled by advanced proteomics technology like Alamar's. That market today is still small, roughly about $400 million, but expected to grow to $9 billion by 2035, and mainly driven by Alzheimer's disease, but other applications. We are quite excited about this market.

We believe we have a highly differentiated technology platform, which can take the lead and capture a significant portion of that growth.

I think the key differentiation is the combination of sensitivity and the multiplex in a fully automated workflow. This combination of sensitivity and specificity is uniquely enabling for a lot of applications. As I mentioned, multiplex signature-based approach is likely to be the future for chronic disease diagnostics, and this combination is uniquely enabling, and we are the only technology today that has this combination of ultra-high sensitivity for multiplex. The automation is also critical for translation, for future diagnostics, where the workflow is extremely important and the data quality is extremely important, and that's what we deliver.