The company's strong revenue growth, expanding installed base, and high consumable pull-through suggest a successful commercial adoption of its technology. The IPO could provide capital to accelerate growth in the advanced proteomics market.
Executive Summary
Alamar Biosciences is conducting an IPO to raise capital, leveraging strong revenue growth (196% YoY) and a growing installed base of its ARGO HT System. The company is positioned in the high-growth advanced proteomics market with a proprietary NULISA technology platform.
Key Financial Metrics
Key Facts
- IPO to raise capital with a proposed offering range of $15.00 to $17.00 per share
- Revenue grew 196% year-over-year to $74.2 million in 2025
- Installed base of ARGO instruments grew to over 100 units as of December 31, 2025
- Average annual consumable pull-through per instrument exceeded $400,000
- Company has been featured in over 100 scientific publications since commercial launch
Financial Impact
Revenue growth of 196% YoY to $74.2 million in 2025, with gross margin improving from 34% to 56%
Risk Factors
- Dependence on government funding for research institutions
- Competition from established players like Olink and Quanterix
- Intellectual property litigation risks
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1/A Filing (Primary) | 0001193125-26-158122 |
| Document: d39680dex231.htm | 0001193125-26-158122 |
| Document: 0001193125-26-158122-index-headers.html | 0001193125-26-158122 |
| Document: 0001193125-26-158122-index.html | 0001193125-26-158122 |
| Document: 0001193125-26-158122.txt | 0001193125-26-158122 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 14, 2026 12d ago | 144 | $27.42 | awaiting T+60 | — | $31.94 (−16.48%) |
Oct 14, 2026 12d ago | 144 | $27.42 | awaiting T+60 | — | $31.94 (−16.48%) |
Oct 14, 2026 12d ago | 144 | $27.42 | awaiting T+60 | — | $31.94 (+16.48%) |
Oct 5, 2026 21d ago | Press Release | $32.26 | awaiting T+60 | — | $31.94 (−0.99%) |
Sep 24, 2026 4w ago | Press Release | $32.80 | awaiting T+60 | — | $31.94 (−2.62%) |
Sep 1, 2026 7w ago | 8-K | $30.49 | awaiting T+60 | — | $31.94 (+4.76%) |
Aug 10, 2026 11w ago | 8-K | $36.57 | awaiting T+60 | — | $31.94 (−12.66%) |
Jul 13, 2026 15w ago | Press Release | $27.40 $32.26 | ▲ +17.74% | ▲ +13.74% | $31.94 (+16.57%) |
Jul 10, 2026 15w ago | Press Release | $28.42 $38.13 | ▲ +34.17% | ▲ +31.53% | $31.94 (+12.39%) |
May 8, 2026 24w ago | 8-K | $23.96 $27.11 | ▲ +13.15% | ▲ +8.31% | $31.94 (+33.31%) |
US Market Status
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