Alamar IPO: shares of the biotech, whose mission is the early diagnosis of diseases, became available

Preliminary trading in shares of biotech company Alamar Biosciences, a protein sequencing company that enables disease research and diagnosis, has begun on the Freedom client trading system. Alamar is one of several biotech companies that have continued to go public this year despite volatile market conditions, Reuters notes. Later on April 17, Alamar Biosciences securities will appear on the Nasdaq exchange under the ticker ALMR. To participate, click on the ticker ALMR.

Alamar Biosciences raised $191 mln in an IPO. The company offered 11.25 million shares at $17 per paper - this corresponds to the upper limit of the previously announced range ($15-17). Based on the results of the IPO, the value of the entire company can be estimated at about $1.1 billion, according to Bloomberg.

Alamar Biosciences' placement was organized by JPMorgan, Bank of America Securities, TD Cowen, Leerink Partners and Stifel.

Medical technology company Alamar Biosciences was founded in 2018. It is based in the US city of Fremont, California, and is engaged in proteomics, writes Reuters - that is - molecular biology research dedicated to the identification and quantitative analysis of proteins. This research enables the study of diseases and their diagnosis. Alamar's profile on The Scientist magazine's website says the company's mission is "to develop precision proteomics to ensure the earliest possible detection of disease."

In 2024, the company brought to the market an automatic protein analyzer Argo HT, writes the portal Fierce Biotech. This device allows researchers to automatically - at the touch of a button - measure the concentration of proteins in blood samples, allowing for early diagnosis of many diseases and inflammation. The system, Fierce Biotech points out, was launched at the same time as the NULISAseq panel, a platform for studying the body's inflammatory responses to autoimmune diseases, neurodegenerative diseases, cardiovascular disease and cancer. This platform Alamar is positioning as its flagship: the NULISA technology "utilizes a novel sequential protein capture and release method that significantly reduces background noise and increases the sensitivity [of the technology to detect protein concentrations in samples] compared to standard methods" of research, according to the company's Linkedin page.

The company's products are for research use only and are not approved for clinical diagnostics, notes Seeking Alpha analyst Donovan Jones. Alamar Biosciences' customers include leading research institutes, academic laboratories, biopharmaceutical companies and contract research organizations. In total, the company serves more than 300 clients in 25 countries.

According to documents filed by Alamar in late March with the U.S. Securities and Exchange Commission (SEC), the biotech generated $74.2 million in revenue last year, recording a 195% year-over-year increase.

The company plans to use the proceeds of the IPO to, among other things, repay its debt and expand its capabilities, including increasing its production capacity and improving its R&D base to increase its product range.

The company's investors include Chinese venture fund Qiming Venture Partners, corporate venture fund Illumina Innovation Fund, medtech investor Sherpa Healthcare Partners and growth investor Sands Capital, Seeking Alpha writes, pointing out that their investment in Alamar before the IPO was valued at $240 million.

Despite the fact that Alamar's revenue in 2025 increased by 195% and gross margin increased by 56.2%, its operating losses and cash outflow remain significant, notes Donovan Jones, analyst of Seeking Alpha. The company's net loss for 2025 is down by more than a third compared to 2024, from $47 million to $29.8 million, while operating cash outflow is virtually unchanged at $53.6 million in 2025 versus $55.2 million a year earlier.

Among the risks for Alamar, Jones cites fierce competition, regulatory risks and ongoing litigation (the company is involved in a patent infringement lawsuit and a counterclaim with competitor Olink, a division of Thermo Fisher Scientific). Among the positives - highlights Alamar's focus on the large, moderately growing protein diagnostics market. In 2025, this market, according to the analyst, was estimated at about $5.4 billion. By 2035, it should grow to $9.3 billion, SeekingAlpha writes.

Freedom Finance analyst Alem Bektemirov, in turn, notes that the current valuation of Alamar at the IPO gives the potential growth of the company's securities by 30% - with a target price of $22.1 per share. At the same time, the expert notes the strong dependence of this assessment on the revenue forecast. "In case the company ceases to maintain high growth rates in the coming years, the valuation may decline," he warns. Alamar itself, Bektemirov notes in a note (OnInvest has it), estimates its addressable market at more than $50 billion, covering the proteomic research markets, at about $19 billion, and clinical diagnostics (more than $30 billion). The company's competitors include Thermo Fisher and Quanterix.

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Freedom clients will be able to get access to shares of Alamar Biosciences before the opening of the main exchange session. Trading will begin in the early pre-market format 2-3 hours before the opening of the U.S. exchanges (from 15:30-16:30 Astana time). To participate, click on the ticker ALMR.

This article was AI-translated and verified by a human editor