Alamar Biosciences, Inc. Common Stock 2026 Q2 Earnings Call

Please proceed. Good afternoon, everyone, and thank you for joining us today to review Alamar Biosciences second quarter 2026 financial results.

Joining me on the call are Yuling Luo, our Chief Executive Officer, and Justin McAnear, Chief Financial Officer. Our President, Tod White, will join for Q&A. Earlier this afternoon, we issued a press release detailing our second quarter financial results, and we posted an accompanying presentation in the investor section of our website. Before we begin, I would like to remind you that statements we make during this call will include forward-looking statements as defined under applicable securities laws. Forward-looking statements are subject to risks and uncertainties, and the company can give no assurance that they will prove to be correct. Additionally, we are not under any obligation to provide further updates on our business trends or our performance during the quarter.

To better understand the risks and uncertainties that could cause actual results to differ, we refer you to the periodic reports that Alamar Biosciences files with the Securities and Exchange Commission, including our quarterly report on Form 10-Q, filed on May 8, 2026. I will now turn the call over to Yuling Luo, Alamar CEO.

Thank you, Kari, and thank you all for joining us this afternoon for our first earnings call as a public company. Before I begin, I want to thank our investors for their trust and support following our successful initial public offering. On behalf of the entire Alamar team, we remain committed to delivering meaningful impact while creating long-term shareholder value. I will start our call with a brief overview of Alamar and our platform, then walk through our Q2 business highlights, and close with our strategy to unlock the opportunity ahead. I will then turn it over to Justin to cover our financials and the revenue outlook for the remainder of the year. Starting on slide 3. Eight years ago, we founded Alamar with a singular mission: to power precision proteomics for the earliest possible detection of disease. That mission remains our North Star.

The proteomics market represents a massive, largely untapped opportunity. We believe the reason it has remained untapped is not because of lack of demand, but because of lack of sensitive and sophisticated tools. That is the technology gap Alamar was built to close, and today, I believe we are delivering on it. Turning to slide 4. What sets Alamar apart is simple. We are the only platform to combine all five elements essential for precision proteomics, ultra-high sensitivity, high specificity, flexible multiplexing, broad dynamic range, and seamless automation. Existing technologies have historically demanded a trade-off, a sacrifice in sensitivity, in multiplexing capability, or in workflow simplicity. Our platform was specifically designed to eliminate those trade-offs. Since launching our precision proteomics platform in January 2024, adoption has been phenomenal. Starting with our top-line results on slide 5. Q2 2026 was a strong quarter that reflects the momentum of our business.

Total revenue grew 82% year-over-year, driven by exceptional consumable performance. Consumable revenue accounted for 53% of our total revenue and was up 147% compared to Q2 2025. For the first time, we also achieved a 60% gross margin. Turning to slide 6. We're focused on three key drivers to sustain and expand adoption of our platform in the near term. First, growing our instrument installed base to reach new institutions and geographies. Second, developing novel content to extend our leadership in our beachhead neurology and inflammation research markets and enter adjacent disease areas with significant unmet need. Third, collaborating with leading institutions to develop new applications, support third-party studies, and grow our publication base to drive awareness and adoption of our platform. Turning to slide 7. We're making meaningful progress across each of these areas.

We continue to expand our installed base, launching three new RUO products that expand the reach and the utility of our platform, deepening our strategic partnership, surpassed 165 cumulative publications and preprints, and delivered our strongest scientific presence ever at Alzheimer's Association International Conference. I'll go through each of these achievements in a bit more detail. Turning to slide 8, we'll build a clear leadership position in neurodegenerative research. In middle March, we launched our new NULISAseq Neuro 220 Panel, and have seen incredible adoption. In early July, we launched the first commercial multiplex blood-based immunoassay for eMTBR-Tau, which is emerging as one of the most important biomarkers in Alzheimer's disease research. Our eMTBR-Tau provides a non-invasive, blood-based measurement of tau tangle burden with attomolar sensitivity, multiplexed alongside other neurodegeneration and neuroinflammation biomarkers from a single low-volume sample.

We have validated this across multiple cohorts, and we have already seen data being submitted for publication from multiple customer labs. We showcased this data at our workshop at the AAIC, and the reception was outstanding. It set the stage for what was our strongest AAIC presence today. Turning to slide 9, we came away from AAIC with a strong sense that the field is approaching an inflection point, and Alamar is at the center of it. We counted more than 140 posters and presentations featuring NULISA technology, a four-fold increase year-over-year. Three things from the conference reinforce our conviction in where the market is heading. First, blood-based biomarker are going mainstream. Second, tau is emerging as a central drug target, with Biogen advancing their tau-lowering drug into phase III, and others following. The timing of our eMTBR-Tau launch could not be better positioned.

Third, there is a growing appreciation for the complexity of the neurodegenerative disease. Researchers are increasingly focused on heterogeneity and co-pathology, including alpha-synuclein, frontotemporal dementia, and vascular disease, driving demand for the kind of deeply multiplexed, multi-target panels that only our platform can deliver. Turning to slide 10. Our leadership position in neurodegenerative disease research is translating into increasing use of our platform in large cohort studies. Today, we announced expansion of our strategic partnership with the Alzheimer's Disease Data Initiative and Gates Ventures, adding profiling of an additional 86,000 plasma samples using our NULISAseq Neuro 220 Panel. This builds on our June 2025 announcement of a multicenter initiative that profiled over 55,000 samples. Included within this expanded agreement is a national-scale initiative, co-led by researchers at three leading universities to profile approximately 21,000 plasma samples from 10,000 Alzheimer's Disease Research Center participants across the U.S.

Expected to complete in 2027, the combined dataset will encompass more than 140,000 samples profiled across multiple geographies and cohorts, made available to the global research community through the Global Neurodegeneration Proteomics Consortium. We believe this partnership will generate one of the most unique resources available today for understanding neurodegenerative disease. Turning to slide 11. Beyond neurology, we are also expanding content for our other initial market, inflammation. Two weeks ago, we launched our NULISAseq Immune 340 Panel, our broadest multiplex immune profiling panel. It expands on NULISAseq Inflammation Panel 250, our first immune panel. The biology driving this expansion is chronic low-grade inflammation, which is implicated across cancer, cardiovascular, metabolic disease, neurological disease, autoimmune disease, and aging. Until now, much of that biology has been out of reach because many immune mediators circulating at concentrations below the detection flow of conventional immunoassay.

The Immune 340 Panel addresses that directly with attomolar sensitivity and simultaneous measurement of approximately 340 immune-related proteins from a single blood sample. It captures the regulatory signals, feedback loops, and the low abundance mediators that other platforms routinely miss. We believe this panel opens a large and under-penetrated market opportunity, and we are replicating in immunology the same playbook that has driven our success in neurodegenerative disease. Turning to slide 12. We also expanded the capability of our platform with the launch of a NULISA Dried Blood Spot Extraction Kit, making home-collected fingerstick samples compatible with our ultra-high sensitivity multiplex proteomics platform. Historically, there has been a significant technical challenge to recover protein signals from small volume dried blood spots without losing the low abundance biology researchers care about.

Our NULISA Dried Blood Spot Extraction Kit delivers high target detectability across our neurology and inflammation panels using many micro-sampling platforms. We believe remote at-home sample collection will be the key requirement to power future population scale screening and health monitoring tests. Turning to slide 13. In Q2, we added more than 40 new publications and preprints, bringing our cumulative total to 165, spanning neurodegenerative disease, oncology, cardiovascular, metabolic, and autoimmune conditions. The breadth and depth of these rapidly growing publications really highlight the impact of our platform. A particularly compelling example comes from Dr. Carlos Cruchaga's lab at Washington University, highlighted on slide 14. Published in the Journal of the Alzheimer's Association, the study used our platform to develop an AI-based classifier capable of diagnosing neurodegenerative diseases and categorizing co-pathology from a blood sample.

What makes this study particularly striking is that a carefully selected panel of just 15 proteins delivers a strong diagnostic and co-pathology classification compared to hundreds of markers on a legacy platform. It reinforces a thesis central to our value proposition. Measuring the right proteins with sufficient sensitivity and precision can outperform larger, less targeted assays. A scalable, non-invasive method to categorize co-pathology has the potential to make clinical trials more productive and precision medicine more achievable. Turning to slide 15. As I mentioned at the start of the call, the opportunity ahead of us is massive. We serve the research market today, which is substantial on its own and estimated to reach $9 billion over the next decade.