Alamar Biosciences makes and sells a proteomics platform for detecting and measuring protein biomarkers in biological fluids at very low concentrations. The core product is the ARGO HT System — a benchtop instrument — paired with proprietary consumable assay kits and analytical software. The underlying technology, called NULISA, suppresses background noise rather than amplifying signal, allowing the platform to simultaneously measure over 100 protein biomarkers from a small blood sample. Flagship assay panels target neurology (Alzheimer's, Parkinson's) and immunology. Customers are primarily academic research institutions and biopharma drug discovery teams, and Alamar counts all ten of the top ten biopharma companies as customers. The installed base was 102 instruments across more than 300 customers in 25 countries as of December 2025. Alamar operates a razor/razor blade model: instruments are sold at thin margins to build an installed base, and recurring high-margin consumable kits drive the real economics. Consumable pull-through per instrument averaged $529K in FY25. Services revenue comes primarily from the Technology Access Program, where customers ship samples to Alamar's lab before committing to a purchase. Alamar sells directly in North America, Europe, and China, and through distributors elsewhere. Looking ahead, Alamar plans to submit a clinical-grade version of the instrument for FDA authorization in 2027, targeting Alzheimer's diagnostics as an initial use case.