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November 3, 2026 ©2026 Alamar Biosciences, Inc. Q3 2026 Earnings Presentation
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©2026 Alamar Biosciences, Inc. 2 ©2026 Alamar Biosciences, Inc. 2 Disclaimers Certain information contained in this presentation relates to or is based on studies, publications, surveys, and other data obtained from third-party sources and the internal estimates and research of Alamar Biosciences, Inc. (the “Company,” “Alamar,” “we,” “us,” or “our”). While the Company believes these third-party sources to be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy, or completeness of any information. This presentation discusses products that have not yet been approved for clinical use by the U.S. Food and Drug Administration (the “FDA”). This presentation contains trademarks, service marks, trade names and copyrights of Alamar and other companies which are the property of their respective owners. Alamar’s products are for research use only. FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Such statements are based upon current plans, estimates and expectations of management in light of historical results and trends, current conditions and potential future developments, and are subject to various risks and uncertainties that could cause actual results to materially differ from such statements. All statements other than statements of historical facts contained in this presentation, including statements regarding our estimates for the full year 2026, our financial outlook, our growth strategy and business priorities, our expected operations, the features, performance, capabilities, uses, opportunities, growth drivers and adoption of current and potential future solutions as well as product roadmap, the potential impact of AI in the proteomics field, expected development directions, timing of regulatory submissions and expected release of potential products, market and category leadership position, key priorities for growth in 2026 and beyond, and market opportunity are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. Risks and uncertainties include, among other things, risks and uncertainties related to intense competition in the proteomics market, exposure to legal proceedings, regulatory inquiries and other legal matters, failure to develop new assays or instruments, dependence on researchers who rely heavily on government funding, reductions in spending by research and academic institutions, the potential for products to be subject to more onerous regulation by the FDA or other regulatory requirements, the complexity of manufacturing our instruments and consumables, failure to obtain marketing authorizations for future products that are intended for clinical or diagnostic use, our ability to protect its intellectual property and other risks and uncertainties described in our filings with the Securities and Exchange Commission (the “SEC”), including those described from time to time under the caption “Risk Factors” in our Quarterly Report on Form 10-Q filed with the SEC on August 11, 2026. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. ADDITIONAL INFORMATION AND WHERE TO FIND IT Copies of documents filed with the SEC by Alamar are available free of charge under the SEC Filings heading of the Investor Relations section of Alamar’s website at investors.alamarbio.com.
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Powering precision proteomics to enable the earliest detection of disease OUR MISSION ©2026 Alamar Biosciences, Inc. 3
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©2026 Alamar Biosciences, Inc. 4 ©2026 Alamar Biosciences, Inc. 4 The only platform combining all five pillars required for precision proteomics Alamar brings exceptional analytical performance and avoids the trade-offs Up to 12 Logs Range without dilution and manipulation Broad Dynamic Range 1 – 1,000s Plex capabilities Flexible Multiplex <30 Minutes Hands-on time High precision Seamless Automation >10 – 250X Improvement Ultra-high Sensitivity Proteoforms E.g., post-translational modification changes High Specificity
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©2026 Alamar Biosciences, Inc. 5 ©2026 Alamar Biosciences, Inc. 5 Delivered strong Q3 revenue growth Consumable revenue increased 79% compared to Q3 2025 Total Revenue Q3 2025 Q3 2026 $19.9M $33.5M Services & Other Instruments Consumables Gross margin reached 61.5% in Q3 2026 Total revenue increased 68% compared to Q3 2025
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©2026 Alamar Biosciences, Inc. 66 ©2026 Alamar Biosciences, Inc. 6 Our near-term growth strategy Novel Content Expansion Further extend leadership in neurology & inflammation Expand content to address new markets Grow Installed Base Grow instrument placements and drive utilization with existing customers Expand team while maintaining an efficient commercial organization Use Cases & Applications Collaborate with customers to develop new applications Grow publication base to drive awareness and adoption ALAMAR ALAMAR ALAMAR
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©2026 Alamar Biosciences, Inc. 7 ©2026 Alamar Biosciences, Inc. 7 Key business highlights NULISA is the platform of choice to explore the low abundance proteome Selected for UK Biobank study to profile 80,000 samples to build a neurodegeneration dataset Selected for large-scale healthcare collaboration with GSK to advance its drug discovery programs Literature footprint grew to more than 200 publications and preprints, adding >35 in Q3 2026 First AD treatment response publication using NULISA platform published in Lancet Neurology Added Bob Ragusa, former CEO of Grail, to board of directors Added John Brottem as general counsel and Amelia Merrill as chief people officer
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©2026 Alamar Biosciences, Inc. 8 ©2026 Alamar Biosciences, Inc. 8 Customers are choosing NULISA to reach the low- abundance proteome Many of the most informative biomarkers circulate at very low levels in blood. Measuring them among many proteins and at scale sets NULISA apart. 1 mg/mL Albumin, immunoglobulins 1 µg/mL CRP, acute phase proteins 1 ng/mL Many established markers (PSA) 1 pg/mL Cytokines, brain proteins and early signals of disease1 fg/mL • Low-abundance proteins are central to key applications, including early disease detection, disease risk prediction and minimal residual disease (MRD) • Reliable detection across healthy and diseased samples gives AI models a more accurate foundation , making data generated on NULISA increasingly valuable as AI becomes central to biomarker discovery NULISA measures this range across many proteins at once
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©2026 Alamar Biosciences, Inc. 9 ©2026 Alamar Biosciences, Inc. 9 Profiling 80,000 samples for UK Biobank study aiming to deepen understanding of neurodegeneration Expected to be completed by the end of 2027 This is the first time brain-derived and other low abundance proteins will be measured for UK Biobank Profiling protein biomarkers from initially healthy individuals to target earlier detection, prevention and treatment Establishing a definitive data set for Parkinson’s disease Findings will create one of the world's largest open-access resources for understanding the early molecular indicators of neurodegeneration
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©2026 Alamar Biosciences, Inc. 10 ©2026 Alamar Biosciences, Inc. 10 Collaboration with GSK to generate large biomarker dataset for its drug discovery programs Proteomic profiling at scale will examine how circulating protein signatures relate to disease progression, biological subtypes and treatment response Respiratory Liver Kidney Neurological Autoimmune conditions >60K Blood samples from diverse patient cohort NULISAseqTM Immune 340 NULISAseqTM Neuro 220 SCALE PANELSDISEASE AREAS
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©2026 Alamar Biosciences, Inc. 11 ©2026 Alamar Biosciences, Inc. 11 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Strong and rapidly growing scientific publications >200 Publications & pre-prints since commercial launch Source: Chart of cumulative customer peer-reviewed publications and pre-prints First eMTBR pre-print supports staging for Alzheimer’s disease Nature Medicine publication supports new application areas in women’s health KEY HIGHLIGHTS FROM Q3 Breadth and depth of publications demonstrate the impact of our platform Nature Communications publication identifies protein signature that detects ALS with 98% accuracy
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©2026 Alamar Biosciences, Inc. 12 ©2026 Alamar Biosciences, Inc. 12 Patients with early symptomatic Alzheimer’s disease exhibit markedly different biological responses during treatment with lecanemab Carlos Cruchaga, Ph.D. Source: Rui M (Nov 2026) The Lancet Neurology 25:11 (997-1009) First longitudinal cohort study to evaluate a broad panel of plasma biomarkers in patients receiving anti- amyloid antibody therapy in real-world clinical practice Lancet Neurology study reveals divergent biological responses to Alzheimer’s treatment Findings show that amyloid clearance and cognitive response reflect different biological processes, helping explain why clearing amyloid does not produce the same degree of clinical benefit in every patient
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©2026 Alamar Biosciences, Inc. 13 ©2026 Alamar Biosciences, Inc. 13 Beyond confirmative diagnosis, complex diseases like Alzheimer’s need tests that measure more than one protein Patients with the same diagnosis can differ in their biology, capturing those differences takes ultra-sensitive detection across many proteins at once WHAT IT TAKES Ultra-high sensitivity To detect low-abundance proteins in blood + Multiplex measurement To see the whole biology, not one pathway + Seamless automated workflow To make it practical at clinical scale MANY APPLICATIONS ALONG THE PATIENT JOURNEY Screening Early Detection Therapy Selection Therapy Response Disease Monitoring Shown in Lancet Neurology study Staging + Prognosis Co-pathology Dx eMTBR pre-print
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©2026 Alamar Biosciences, Inc. 14 Our strategy to unlock the precision proteomics market ©2026 Alamar Biosciences, Inc. 14 PRECISION PROTEOMICS RUO Flexible-plex LEGACY PROTEOMICS RUO large-plex “hits” and lists PRECISION PROTEOMICS PRECISION PROTEOMICS Early disease detection and health monitoring Clinical Dx LDT/IVD Note: Alamar’s products are currently available for research use only and have not yet been approved for clinical use by the FDA.
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©2026 Alamar Biosciences, Inc. 15 ©2026 Alamar Biosciences, Inc. 15 Strong topline growth driven by both consumables and instruments Q3 2025 Q3 2026 YOY growth 68% Q3 2025 Q3 2026 Q3 2025 Q3 2026 YOY growth 50% YOY growth 79% Total Revenue Consumable Revenue (M)Consumable Revenue Instrument Revenue $33.5M $19.9M $17.8M $10.0M $8.5M $5.7M
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©2026 Alamar Biosciences, Inc. 16 ©2026 Alamar Biosciences, Inc. 16 Diverse Q3 revenue composition across customers and geographies EMEA 20% APAC 10% Americas 70% 1. Biopharma includes pharmaceutical, biotechnology, and CROs Biopharma1 49% Academic 44% Distributor 7% Geographic Split Customer Split For the first time ever, biopharma customers were the largest portion of revenue
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©2026 Alamar Biosciences, Inc. 17 ©2026 Alamar Biosciences, Inc. 17 Q3 2026 financial highlights Q3 2026 Q3 2025 Revenue $33.5M $19.9M Gross Margin 61.5% 59.7% R&D $16.2M $10.2M SG&A $19.6M $9.6M Total Operating expense $35.8M $19.8M Net loss ($13.3M) ($8.0M) Net loss per share ($0.19) ($0.69) Sept 30, 2026 June 30, 2026 Cash, cash equivalents, short-term investments & restricted cash $231.5M $256.3M
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©2026 Alamar Biosciences, Inc. 18 ©2026 Alamar Biosciences, Inc. 18 Raising revenue guidance for FY 2026 $74.2M 2025 2026 Total Revenue $121 – 123M Guidance range reflects expected annual growth of 64% at midpoint Expect FY revenue for 2026 to be in the range of $121 – $123 million Compares to previous guidance range of $116 - $120 million
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©2026 Alamar Biosciences, Inc. 19 ©2026 Alamar Biosciences, Inc. 19 Key growth drivers in 2026 & beyond 2026 2027 Grow installed base & drive utilization Launch multiplex panel for new disease areas Submit ARGO HT/DX for FDA marketing authorization Establish partnerships for Dx enablement strategy Grow installed base by ≥100 instruments, bringing total placements to >200 Maintain per instrument pull through >$400K Become the reference standard through adoption into additional large, population-scale studies
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©2026 Alamar Biosciences, Inc.