Alamar Biosciences ALMR
Alamar Biosciences reported a $13.34 million net loss
- Form
- 10-Q
- Filed
- Importance
- Notable
- Accession
- 0001193125-26-445905
- Revenue of $33.55 million for the three months ended Sep 30, 2026
- Net loss of $13.34 million for the three months ended Sep 30, 2026
- Cash and equivalents of $121.53 million as of Sep 30, 2026
Written from the 10-Q on EDGAR. AI can make mistakes. Check the filing.
The reading, claim by claim
- For the quarter ended September 30, 2026, its financial statements data shows revenue of $33.5 million, net income of -$13.3 million, and revenue change from a year earlier of +68.5%.
- In the statements of operations for the three months ended September 30, 2026, total revenue was $33,545 thousand, against $19,913 thousand a year earlier.
- Product revenue was $26,300 thousand and service and other revenue was $7,245 thousand.
- Net loss was $13,342 thousand, or $(0.19) per share, versus $(0.69) in 2025.
- Net loss was $47,866 thousand.
- That period includes a loss on remeasurement of convertible notes of $9,971 thousand, with none in the three-month periods.
- The balance sheet shows cash and cash equivalents of $121,532 thousand at September 30, 2026, against $30,002 thousand at December 31, 2025.
- Short-term investments were $105,053 thousand, and total assets were $378,027 thousand.
- Convertible preferred stock and term debt, $234,996 thousand and $9,810 thousand at December 31, 2025, showed no balance at September 30, 2026.
- The filing's summary of risks lists losses since inception and a limited operating history.
- It also lists a highly competitive proteomics market, reliance on researchers who depend on government funding including NIH grants, and dependence on single-source and sole-source suppliers.
11 of 12 claims matched the filing text.
Not found in the filing text
- For the nine months ended September 30, 2026, total revenue was $89,007 thousand, compared with $49,166 thousand in the same period of 2025.
From the filing
Item 6.
Exhibits
Signatures
SUMMARY OF RISKS ASSOCIATED WITH OUR BUSINESS
An investment in shares of our common stock involves a high degree of risk. Below is a list of some of the material risks associated with our business. This summary does not address all of the risks that we face. Additional discussion of the risks listed in this summary, as well as other risks that we face, is set forth under Part II, Item 1A, "Risk Factors" in this Quarterly Report on Form 10-Q:
• We have incurred losses since inception, we expect to incur losses in the future10, and we may not be able to generate sufficient revenue to achieve and maintain cash flows from operating activities in excess of our capital investment requirements or to achieve and sustain profitability.
• Our limited operating history makes it difficult to evaluate our future prospects10 and the risks and challenges we may encounter.
• The proteomics market is highly competitive.11 If we fail to compete effectively, our business, financial condition and results of operations will suffer.
• We have been, and in the future may be, involved in legal proceedings, regulatory inquiries and other legal matters, which may have an adverse effect on our business, financial condition, results of operations and prospects.
• If we do not successfully develop and introduce new assays for our ARGO HT instrument and new versions of our ARGO HT instrument, we may not generate new sources of revenue and may not be able to successfully implement our growth strategy.
• Our business is significantly dependent on researchers who rely heavily on government funding, including NIH grants11, and any reduction in, modification of the terms of or delay in such funding could adversely affect our sales and financial performance.
• A significant portion of our revenue is comprised of research and development spending by research and academic institutions, a reduction in which could limit demand for our products and services and materially and adversely affect our business, financial condition and results of operations.
• We and/or our third-party manufacturing partner may be unable to consistently manufacture our products to the necessary specifications or in quantities necessary to meet demand at an acceptable cost or at an acceptable performance level.
• We are dependent on single-source and sole-source suppliers11 for some of the equipment, components and materials used in our products and in conjunction with our products, and the loss of any of these suppliers could harm our business.
• Enhanced trade tariffs, import restrictions, export restrictions, foreign regulations or other trade barriers may materially harm our business, financial condition and results of operations.
• Our ARGO HT instrument and consumables are specialized, complex and difficult to manufacture. We could experience production problems that impact our or our third-party manufacturer's ability to manufacture and ship our ARGO HT instrument and consumables, which would materially and adversely affect our business, financial condition and results of operations.
• Our long-term results depend upon our ability to improve existing products and technology and develop and introduce new products and technologies successfully.
• Conducting business internationally creates operational and financial risks for our business.
• Our products could become subject to more onerous regulation by the U.S. Food and Drug Administration ("FDA") or other regulatory agencies in the future, which could increase our costs and delay or prevent commercialization of our products, thereby materially and adversely affecting our business, financial condition, results of operations and prospects.
• Failure to timely obtain necessary marketing authorizations for our future products that are intended for clinical or diagnostic uses may have a material adverse effect on our business, financial condition, results of operations, and prospects.
• Our success will depend on our ability to obtain, maintain and protect our intellectual property rights, including through any related litigation. We are and may in the future be party to intellectual property litigation.
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
Alamar Biosciences, Inc.
Condensed Consolidated Balance Sheets
| September 30, 2026 | December 31, 2025 | |
|---|---|---|
| ASSETS | ||
| Current Assets | ||
| Cash and cash equivalents7 | $7121,5327 | $730,0027 |
| Short-term investments8 | 105,0538 | —8 |
| Accounts receivable | 21,611 | 12,753 |
| 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 assets8 | $8378,0278 | $8139,9928 |
| LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) | ||
| Current Liabilities | ||
| 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 debt9 | —9 | 9,8109 |
| Other noncurrent liabilities | 974 | 599 |
| Total liabilities | 74,323 | 63,950 |
| Convertible preferred stock9 | —9 | 234,9969 |
| 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 |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Alamar Biosciences, Inc.
Condensed Consolidated Statements of Operations
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Revenue: | ||||
| Product revenue3 | $326,3003 | $315,6283 | $370,9103 | $336,8373 |
| Service and other revenue3 | 7,2453 | 4,2853 | 18,0973 | 12,3293 |
| Total revenue1 | 33,5451 | 19,9132 | 89,0072 | 49,1662 |
| Cost of revenue: | ||||
| Cost of product revenue | 10,879 | 6,495 | 30,547 | 18,355 |
| Cost of service and other revenue | 2,022 | 1,521 | 5,641 | 3,944 |
| Total cost of revenue | 12,901 | 8,016 | 36,188 | 22,299 |
| Gross profit | 20,644 | 11,897 | 52,819 | 26,867 |
| Operating expenses: | ||||
| Research and development | 16,167 | 10,206 | 43,001 | 27,403 |
| Selling, general and administrative | 19,616 | 9,576 | 50,836 | 23,821 |
| Total operating expenses | 35,783 | 19,782 | 93,837 | 51,224 |
| Loss from operations | (15,139) | (7,885) | (41,018) | (24,357) |
| Interest income, net | 2,169 | 410 | 4,583 | 1,826 |
| Interest expense | (153) | (85) | (600) | (179) |
| Loss on remeasurement of convertible notes6 | —6 | —6 | (9,9716)6 | —6 |
| Other (expense) income, net | (125) | (1) | (395) | 467 |
| Net loss before income tax | (13,248) | (7,561) | (47,401) | (22,243) |
| Provision for income taxes | 94 | 440 | 465 | 440 |
| Net loss4 | $4(13,3424)4 | $4(8,0014)4 | $5(47,8665)5 | $5(22,6835)5 |
| Net loss per share, basic and diluted4 | $4(0.194)4 | $4(0.694)4 | $(1.02) | $(1.99) |
| Weighted-average common shares outstanding, basic and diluted | 69,106,367 | 11,599,353 | 46,884,564 | 11,423,840 |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Alamar Biosciences, Inc.
Condensed Consolidated Statements of Comprehensive Loss
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Net loss | $(13,342) | $(8,001) | $(47,866) | $(22,683) |
| Other comprehensive income (loss): | ||||
| Currency translation adjustment | 37 | (3) | 70 | (96) |
| Unrealized loss on available-for-sale debt securities | (71) | (8) | (171) | (150) |
| Comprehensive loss | $(13,376) | $(8,012) | $(47,967) | $(22,929) |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Alamar Biosciences, Inc.
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit)
| Additional | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Accumulated other | ||||||||||
| Total | ||||||||||
| Convertible preferred stock | ||||||||||
| Founders preferred stock | ||||||||||
| Common stock paid-in- comprehensive | ||||||||||
| Accumulated stockholders' | ||||||||||
| Shares | ||||||||||
| Amount | ||||||||||
| Shares | ||||||||||
| Amount | ||||||||||
| Shares | ||||||||||
| Amount capital income (loss) deficit equity (deficit) | ||||||||||
| Balance at December 31, 2024 | 92,344,110 | $234,996 | 488,831 | $— | 11,090,304 | $1 | $5,395 | $149 | $(138,956) | $(133,411) |
| Issuance of common stock upon exercise of stock options | — | — | — | — | 287,985 | — | 243 | — | — | 243 |
| Vesting of early exercised stock options | — | — | — | — | — | — | 7 | — | — | 7 |
| Stock-based compensation expense | — | — | — | — | — | — | 619 | — | — | 619 |
| Other comprehensive loss | — | — | — | — | — | — | — | (92) | — | (92) |
| Net loss | — | — | — | — | — | — | — | — | (7,659) | (7,659) |
| Balance at March 31, 2025 | 92,344,110 | 234,996 | 488,831 | — | 11,378,289 | 1 | 6,264 | 57 | (146,615) | (140,293) |
| Issuance of common stock upon exercise of stock options | — | — | — | — | 70,694 | — | 164 | — | — | 164 |
| Vesting of early exercised stock options | — | — | — | — | — | — | 2 | — | — | 2 |
| Stock-based compensation expense | — | — | — | — | — | — | 680 | — | — | 680 |
| Other comprehensive loss | — | — | — | — | — | — | — | (143) | — | (143) |
| Net loss | — | — | — | — | — | — | — | — | (7,023) | (7,023) |
| Balance at June 30, 2025 | 92,344,110 | 234,996 | 488,831 | — | 11,448,983 | 1 | 7,110 | (86) | (153,638) | (146,613) |
| Issuance of common stock upon exercise of stock options | — | — | — | — | 290,849 | — | 473 | — | — | 473 |
| Issuance of restricted stock awards | — | — | — | — | 43,423 | — | — | — | — | — |
| Vesting of early exercised stock options | — | — | — | — | — | — | 2 | — | — | 2 |
| Issuance of common stock warrants in connection with term loan | — | — | — | — | — | — | 103 | — | — | 103 |
| Stock-based compensation expense | — | — | — | — | — | — | 705 | — | — | 705 |
| Other comprehensive loss | — | — | — | — | — | — | — | (11) | — | (11) |
| Net loss | — | — | — | — | — | — | — | — | (8,001) | (8,001) |
| Balance at September 30, 2025 | 92,344,110 | $234,996 | 488,831 | $— | 11,783,255 | $1 | $8,393 | $(97) | $(161,639) | $(153,342) |
| Balance at December 31, 2025 | 92,344,110 | $234,996 | 488,831 | $— | 12,047,585 | $1 | $9,892 | $(72) | $(168,775) | $(158,954) |
| Issuance of common stock upon exercise of stock options | — | — | — | — | 824,237 | — | 661 | — | — | 661 |
| Vesting of early exercised stock options | — | — | — | — | — | — | 102 | — | — | 102 |
| Stock-based compensation expense | — | — | — | — | — | — | 1,45 | |||
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