Alamar Biosciences files for IPO, plans Nasdaq listing as ALMR

Alamar Biosciences, Inc. filed a Form S-1 registration statement with the SEC on March 27, 2026 for an initial public offering of its common stock. The Delaware company, based in Fremont, California, has applied to list on The Nasdaq Global Market under the symbol "ALMR". The offering is contingent on that listing approval, and the company says there is no public market for its shares today. The cover leaves the number of shares and the expected price range blank, so the size of the raise is not yet known.

The offering and the banks

The cover names J.P. Morgan, BofA Securities, TD Cowen, Leerink Partners and Stifel as underwriters. It does not say which of them lead or run the books. Alamar has given the underwriters a 30-day option to buy additional shares at the offering price, less underwriting discounts and commissions. The registration statement lists copies to Cooley LLP and to Latham & Watkins LLP, and names Ernst & Young LLP as the independent auditor.

The company says it will use the net proceeds, together with existing cash, for general corporate purposes, including working capital, operating expenses and capital expenditures. Before the offering closes, Alamar plans a reverse stock split, the conversion of all convertible preferred stock into common stock, and the automatic conversion of $56.5 million of convertible notes issued in January 2026. The ratio of the split and the number of shares issued on conversion are blank.

What Alamar sells

Alamar was founded in May 2018 and is led by Yuling Luo as founder, chairman and chief executive. It calls itself a commercial-stage proteomics company. Its NULISA technology is meant to detect protein biomarkers at very low concentrations in blood. The ARGO HT System, its automated instrument, launched commercially in January 2024 and is sold for research use only. The company says it has more than 300 customers in 25 countries, an installed base of over 100 instruments and average annual pull-through above $400,000 per instrument for 2025. It also says all ten of the top ten biopharma companies by 2024 revenue are customers. These are the company's own claims.

Its assays focus on neurology and immunology, including a CNS Disease Panel 120 and a BD-pTau217 test for research on early Alzheimer's diagnosis. Alamar is developing a second instrument, the ARGO HT/DX, and says it intends to submit it to the FDA for marketing authorization in 2027. The ARGO HT System is currently sold for research use only, and the company lists failure to obtain marketing authorizations for future clinical products as a risk.

Growth, losses and the balance sheet

Alamar reports total revenue of $25.1 million for 2024 and $74.2 million for 2025. Product revenue grew from $16,730 thousand to $58,439 thousand, and service and other revenue from $8,772 thousand to $15,772 thousand. Gross margin was 34% in 2024 and 56% in 2025. About half of 2025 revenue came from consumables.

The company has lost money since inception. It reports net losses of $47.1 million in 2024 and $29.8 million in 2025. The narrower loss came even as selling, general and administrative expenses rose from $18,941 thousand to $35,568 thousand.

At December 31, 2025, Alamar held cash and cash equivalents of $30,002 thousand and debt, net of current portion, of $9,810 thousand. Total stockholders' deficit was $158,954 thousand, with $234,996 thousand of convertible preferred stock carried outside equity.

A table of preliminary first-quarter 2026 results has every figure and range blank.

Risks the company lists

The prospectus warns that investing in the stock "involves a high degree of risk." Its summary of risks says Alamar expects to keep losing money and may not reach profit. It cites a limited operating history, a highly competitive proteomics market, and dependence on researchers who rely on government funding, including NIH grants. It also names single-source and sole-source suppliers, tariffs and trade barriers, and possible FDA regulation of its products. Alamar says it is, and may again be, party to legal proceedings and intellectual property litigation.

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