Alamar Biosciences, Inc. 10-Q

Item 1. Financial Statements Alamar Biosciences, Inc. Condensed Consolidated Balance Sheets (Unaudited, in thousands) June 30, 2026 December 31, 2025 ASSETS Current Assets Cash and cash equivalents $ 132,969 $ 30,002 Short-term investments 117,083 — Accounts receivable 20,344 12,753 Inventory 45,409 38,482 Prepaid expenses and other current assets 15,577 13,468 Total current assets 331,382 94,705 Restricted cash 6,254 4,907 Property and equipment, net 13,358 10,498 Operating lease right-of-use assets 35,798 26,130 Capitalized software, net 1,605 1,988 Other assets—noncurrent 2,578 1,764 Total assets $ 390,975 $ 139,992 LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) Current Liabilities Accounts payable $ 13,790 $ 5,872 Accrued and other current liabilities 11,893 15,759 Short-term operating lease liabilities 2,277 2,099 Total current liabilities 27,960 23,730 Long-term operating lease liabilities 39,182 29,564 Warrant liabilities — 247 Term debt 9,947 9,810 Other noncurrent liabilities 1,029 599 Total liabilities 78,118 63,950 Convertible preferred stock — 234,996 Stockholders’ equity (deficit) Founders preferred stock — — Common stock 7 1 Additional paid-in capital 516,288 9,892 Accumulated other comprehensive loss ( 139 ) ( 72 ) Accumulated deficit ( 203,299 ) ( 168,775 ) Total stockholders’ equity (deficit) 312,857 ( 158,954 ) Total liabilities, convertible preferred stock and stockholders' equity (deficit) $ 390,975 $ 139,992 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 Table of Contents Alamar Biosciences, Inc. Condensed Consolidated Statements of Operations (Unaudited, in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue: Product revenue $ 23,269 $ 12,040 $ 44,610 $ 21,209 Service and other revenue 6,158 4,122 10,852 8,044 Total revenue 29,427 16,162 55,462 29,253 Cost of revenue: Cost of product revenue 9,858 6,489 19,668 11,860 Cost of service and other revenue 1,851 1,092 3,619 2,423 Total cost of revenue 11,709 7,581 23,287 14,283 Gross profit 17,718 8,581 32,175 14,970 Operating expenses: Research and development 13,817 8,895 26,834 17,197 Selling, general and administrative 17,433 7,605 31,220 14,245 Total operating expenses 31,250 16,500 58,054 31,442 Loss from operations ( 13,532 ) ( 7,919 ) ( 25,879 ) ( 16,472 ) Interest income, net 1,875 630 2,414 1,416 Interest expense ( 224 ) ( 48 ) ( 447 ) ( 94 ) Loss on remeasurement of convertible notes ( 1,377 ) — ( 9,971 ) — Other (expense) income, net ( 34 ) 314 ( 270 ) 468 Net loss before income tax ( 13,292 ) ( 7,023 ) ( 34,153 ) ( 14,682 ) Provision (benefit) for income taxes ( 93 ) — 371 — Net loss $ ( 13,199 ) $ ( 7,023 ) $ ( 34,524 ) $ ( 14,682 ) Net loss per share, basic and diluted $ ( 0.22 ) $ ( 0.62 ) $ ( 0.97 ) $ ( 1.30 ) Weighted-average common shares outstanding, basic and diluted 58,665,055 11,409,556 35,589,492 11,334,630 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 2 Table of Contents Alamar Biosciences, Inc. Condensed Consolidated Statements of Comprehensive Loss (Unaudited, in thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net loss $ ( 13,199 ) $ ( 7,023 ) $ ( 34,524 ) $ ( 14,682 ) Other comprehensive income (loss): Currency translation adjustment 41 ( 96 ) 33 ( 93 ) Unrealized loss on available-for-sale debt securities ( 100 ) ( 47 ) ( 100 ) ( 142 ) Comprehensive loss $ ( 13,258 ) $ ( 7,166 ) $ ( 34,591 ) $ ( 14,917 ) The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 Table of Contents Alamar Biosciences, Inc. Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Unaudited, in thousands, except share data) 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 ) 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 — — — — — — 1,453 — — 1,453 Other comprehensive loss — — — — — — — ( 8 ) — ( 8 ) Net loss — — — — — — — — ( 21,325 ) ( 21,325 ) Balance at March 31, 2026 92,344,110 234,996 488,831 — 12,871,822 1 12,108 ( 80 ) ( 190,100 ) ( 178,071 ) Conversion of convertible preferred stock to common stock ( 92,344,110 ) ( 234,996 ) — — 38,824,974 4 234,992 — — 234,996 Conversion of convertible notes to common stock — — — — 3,910,025 1 66,470 — — 66,471 Conversion of founders preferred stock to common stock — — ( 488,831 ) — 488,831 — — — — — Issuance of common stock in connection with initial public offering, net of underwriting and offering costs — — — — 12,937,500 1 197,836 — — 197,837 Conversion of preferred stock warrants to common stock warrants — — — — — — 364 — — 364 Issuance of common stock upon exercise of common stock warrants — — — — 97,828 — — — — — Issuance of common stock upon exercise of stock options — — — — 256,752 — 1,213 — — 1,213 Vesting of early exercised stock options — — — — — — 128 — — 128 Stock-based compensation expense — — — — — — 3,177 — — 3,177 Other comprehensive loss — — — — — — — ( 59 ) — ( 59 ) Net loss — — — — — — — — ( 13,199 ) ( 13,199 ) Balance at June 30, 2026 — $ — — $ — 69,387,732 $ 7 $ 516,288 $ ( 139 ) $ ( 203,299 ) $ 312,857 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 4 Table of Contents Alamar Biosciences, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited, in thousands) Six Months Ended June 30, 2026 2025 Cash flows from operating activities: Net loss $ ( 34,524 ) $ ( 14,682 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization expense 2,301 1,807 Stock-based compensation 4,747 1,299 Accretion and amortization of premiums and discounts on investments, net ( 137 ) ( 222 ) Loss on remeasurement of convertible notes 9,971 — Convertible note issuance costs included in net loss 361 — Unrealized foreign exchange loss (gain) 245 ( 527 ) Non-cash operating lease costs 1,145 867 Amortization of debt issuance costs 137 86 Change in fair value of warrant liabilities 117 23 Provision for expected credit losses 135 — Changes in assets and liabilities: Accounts receivable ( 7,821 ) ( 2,849 ) Inventory ( 6,990 ) ( 9,418 ) Contract assets — 413 Net investment in sales-type lease — 173 Prepaid expenses and other current assets ( 2,860 ) 349 Other noncurrent assets ( 811 ) 120 Accounts payable 7,658 ( 1,235 ) Operating lease liabilities ( 903 ) ( 955 ) Accrued expenses and other liabilities ( 4,440 ) ( 199 ) Net cash used in operating activities ( 31,669 ) ( 24,950 ) Cash flows from investing activities: Purchases of short-term investments ( 117,045 ) ( 4,940 ) Maturities of short-term investments — 42,000 Purchases of property and equipment ( 4,242 ) ( 1,307 ) Capitalized software development costs ( 287 ) ( 790 ) Net cash (used in) provided by investing activities ( 121,574 ) 34,963 Cash flows from financing activities: Proceeds from issuance of common stock in connection with IPO, net of underwriting costs 204,542 — Payment of third-party IPO costs ( 6,150 ) — Proceeds from issuance of convertible notes 56,500 — Payment of third-party debt issuance costs ( 324 ) — Proceeds from issuance of common stock upon exercise of stock options 3,034 407 Net cash provided by financing activities 257,602 407 Effect of exchange rate changes on cash and cash equivalents, and restricted cash ( 45 ) 469 Net increase in cash, cash equivalents and restricted cash 104,314 10,889 Cash, cash equivalents and restricted cash at beginning of period 34,909 31,677 Cash, cash equivalents and restricted cash at end of period $ 139,223 $ 42,566 Supplemental disclosure of cash-flow information: Cash paid for interest $ 303 $ 6 Noncash investing and financing items: Conversion of convertible preferred stock to common stock $ 234,996 $ — Conversion of convertible notes to common stock $ 66,471 $ — Reclassification of deferred offering costs to additional paid-in capital upon IPO $ 6,705 $ — Vesting of early exercised stock options $ 230 $ 9 Right-of-use assets obtained in exchange for new operating lease liabilities $ 10,807 $ 134 Conversion of preferred stock warrants to common stock warrants $ 364 $ — Equipment transferred to inventory $ 10 $ 169 Property and equipment included in accounts payable and accrued liabilities $ 601 $ 196 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 5 Table of Contents ALAMAR BIOSCIENCES, INC. Notes to Unaudited Condensed Consolidated Financial Statements 1. Description of business and basis of presentation Organization and description of business —Alamar Biosciences, Inc. (the “Company”) was incorporated in the State of Delaware on May 7, 2018 , and is based in Fremont, California. The Company develops a highly sensitive proteomic liquid biopsy platform and sells instruments, consumables and services based on this platform to enable early detection of diseases. As of June 30, 2026 , the Company has wholly-owned subsidiaries in Asia, Europe and North America. Reverse stock split —On April 8, 2026, the Company’s stockholders and board of directors approved an amendment to the Company’s certificate of incorporation to effect a reverse split of shares of the Company’s Class A and Class B common stock (collectively “Common Stock”) and Founders Preferred Stock on a one-for-2.418 basis, which was effected on April 10, 2026 (the “Reverse Stock Split”). The number of authorized shares and the par values of the Common Stock and Series A-1, Series A-2, Series A-3, Series A-4, Series B, Series B-Plus and Series C convertible preferred stock ( “ Preferred Stock ” ) and Founders Preferred Stock (collectively with Preferred Stock “ Convertible Preferred Stock ” ) were not adjusted as a result of the Reverse Stock Split. The number of issued and outstanding Preferred Stock were not adjusted as a result of the Reverse Stock Split. However, the conversion ratios for the Company’s Preferred Stock were proportionally adjusted such that the common stock issuable upon conversion of such Preferred Stock was decreased in proportion to the Reverse Stock Split. Likewise, the number of shares issuable upon exercise of outstanding options and common stock warrants and the related exercise price were adjusted in proportion to the Reverse Stock Split. All share and per share references, other than Preferred Stock, have been retroactively adjusted to reflect the effect of the Reverse Stock Split for all periods presented . Initial public offering — On April 16, 2026, the Company’s Registration Statement on Form S-1 for its initial public offering (“IPO”) was declared effective, and on April 20, 2026, the Company completed its IPO of 12,937,500 shares of its common stock (which includes the exercise in full of the underwriters’ option to purchase an additional 1,687,500 shares of common stock), at a price to the public of $ 17.00 per share. The gross proceeds to the Company from the IPO were $ 219.9 million and the net proceeds amounted t o $ 197.8 million after deducting underwriting discounts and commissions and estimated offering expenses incurred by the Company. Immediately prior to the IPO, all of the shares of the Company's Class A common stock, Preferred Stock and Founders Preferred Stock then outstanding converted into shares of the Company's Class B common stock (the "Stock Conversions"). The Company immediately thereafter filed an amended and restated certificate of incorporation, and upon filing of the amended and restated certificate of incorporation, the Company’s Class B common stock was redesignated as common stock (the "Redesignation"). T he Company's outstanding preferred stock warrants also converted into warrants to purchase 31,251 shares of common stock (together with the Stock Conversions, the “Conversions”). Additionally, the Company’s outstanding convertible notes were settled through the issuance of 3,910,025 shares of common stock. In connection with the closing of the Company’s IPO, the Company increased the authorized number of shares to 1,000,000,000 shares of common stock and 20,000,000 shares of preferred stock. Basis of presentation —The Company’s condensed consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented. The condensed results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the year ended December 31, 2026 or for any other future annual or interim period. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the final prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on April 17, 2026 (the “Prospectus” ). 6 Table of Contents ALAMAR BIOSCIENCES, INC. Notes to Unaudited Condensed Consolidated Financial Statements Principles of con solidation —The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Risks and uncertainties —The Company is subject to certain risks and uncertainties, including but not limited to the following areas: dependence on key personnel, existing competitors or new market entrants, and dependence upon the availability of cash to sustain operations. The Company’s financial position or operating results may be materially affected by the foregoing factors. 2. Summary of significant accounting policies For a summary of the Company’s significant accounting policies refer to “Note 2—Summary of significant accounting policies” in the notes to the financial statements as of and for the year ended December 31, 2025 included in the Prospectus. There have been no significant changes to these policies during the three and six months ended June 30, 2026. Use of estimates —The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements, disclosure of contingent liabilities, and the reported amounts of revenue and expense. These judgments, estimates, and assumptions are used for, but not limited to, revenue recognition, the estimates of the fair values of convertible notes and common stock, stock-based compensation, inventory, expected credit losses, accrued liabilities, the fair value of the warrant liability, discount rate associated with leases, the estimates of the warranty expenses, and the valuation of allowances associated with deferred tax assets. The Company bases its estimates on various factors and information, which may include, but are not limited to, history and prior experience, the Company’s forecasts and future plans, current economic conditions and information from third-party professionals that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities and recorded amounts of expenses that are not readily apparent from other sources. To the extent there are material differences between the Company’s estimates and the actual results, the Company’s future consolidated results of operations may be affected. Segments —The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer , who manages the business globally within one operating and reportable segment. The segment focuses on developing a highly sensitive proteomic liquid biopsy platform and sells instruments, consumables, and services based on this platform to enable early detection of diseases. The CODM reviews and evaluates operating performance based on consolidated net loss, which is reported on the condensed consolidated statements of operations. The CODM manages operations on a consolidated basis for the purposes of allocating resources, making operating decisions, and evaluating financial performance. Assets, measures of profitability and significant segment expenses reviewed by the CODM are consistent with the presentation and disclosure in these condensed consolidated financial statements. Cash and cash equivalents —The Company considers all highly liquid investments with an original maturity from the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents consist of cash deposited with banks, money market funds and U.S. treasury securities. Restricted cash —Restricted cash consists of cash and cash equivalents held in a bank deposit account to secure standby letters of credit from JPMorgan Chase Bank and Silicon Valley Bank ("SVB"), a division of First Citizens Bank in lieu of security deposits for the leases of the Company’s Fremont facilities. 7 Table of Contents ALAMAR BIOSCIENCES, INC. Notes to Unaudited Condensed Consolidated Financial Statements The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum totals of the same amounts shown in the condensed consolidated statements of cash flows (in thousands): June 30, 2026 December 31, 2025 Cash and cash equivalents $ 132,969 $ 30,002 Restricted cash 6,254 4,907 Total cash, cash equivalents and restricted cash $ 139,223 $ 34,909 Accounts receivable —Accounts receivable consists of amounts due from customers for the sales of products and services. The Company regularly evaluates the collectability of its trade receivable balances based on a combination of factors. In estimating expected credit losses, the Company applies the practical expedient to assume that current conditions as of the balance sheet date will remain unchanged over the remaining contractual term of its current accounts receivable and current contract assets when developing its reasonable and supportable forecasts. If it is determined that the customer will be unable to meet its financial obligation to the Company, such as in the case of a bankruptcy filing, deterioration in the customer’s operating results, financial position, or other material events impacting its business, a specific allowance for credit losses is recorded to reduce the related receivable to the amount expected to be recovered, given all information presently available. Except for this allowance, the Company believes its receivables are collectible. Delinquency of accounts receivable is determined based on contractual terms, customer payment history and current creditworthiness. The Company recorded an allowance for expected credit losses of $ 0.1 million on the outstanding accounts receivable balance as of June 30, 2026 . No allowance was required as of December 31, 2025. During the three months ended June 30, 2026, there was one customer that represented 11 % of total revenue. No customer represented 10 % or more of total revenue during the three months ended June 30, 2025 and six months ended June 30, 2026 and 2025. As of June 30, 2026 and December 31, 2025 , one customer represented 10 % or more of net accounts receivable. Software development costs —Costs to develop software for use in research and development activities with no alternative future use are charged to expense when incurred. The Company capitalizes certain costs incurred during the application development phase for other internal-use software. Software embedded in the Company's instruments is considered software that is sold or otherwise marketed. Accordingly, the Company expenses development costs as incurred prior to establishing technological feasibility of the software. To date, no material costs have been incurred subsequent to establishment of technological feasibility. Deferred offering costs —The Company capitalizes certain legal, accounting, and other third-party fees that are directly related to the Company’s equity offering until s uch offering is consummated. As of December 31, 2025, a total of $ 1.3 million in deferred offering costs related to the Company’s IPO were classified as prepaid expenses and other current assets in the condensed balance sheet. The Company closed its IPO on April 20, 2026, accordingly these costs as well as offering costs incurred subsequent to December 31, 2025 were recorded in stockholders’ equity as a reduction of the proceeds from the offering. Revenue recognition —The Company recognizes revenue in accordance with ASC 606 , Revenue from Contracts with Customers . Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. As part of its assessment of each contract, the Company evaluates certain factors including the customer’s ability to pay, or credit risk. For each contract, the Company considers the promises to transfer products, each of which is distinct, to be the identified performance obligations. In determining the transaction price, the price stated on the purchase order is typically fixed and represents the net consideration which the Company expects to be entitled to, 8 Table of Contents ALAMAR BIOSCIENCES, INC. Notes to Unaudited Condensed Consolidated Financial Statements and therefore there is no variable consideration. Revenue is recorded net of sales taxes collected on behalf of governmental authorities. The Company allocates the transaction price to each distinct product based on its relative standalone selling price. The Company determines standalone selling price using internal costs, profit objectives, and historical pricing practices with consideration of current market conditions. If the product or service has no history of sales or if the sales volume is not sufficient, the Company relies upon prices set by management, adjusted for applicable discounts. The Company's revenue arrangements generally do not provide a right of return. The payment term is usually net 30 days or other customer negotiated terms. The Company sells its products through multiple channels, including direct sales to end customers and, to a lesser extent, through distributors. In certain instances, the Company may drop-ship products directly to end customers on behalf of distributors. The distributors have pricing discretion with the end customer, are viewed by the end customer as primarily responsible for fulfilling the obligation and obtain risks and rewards of ownership upon shipment even in drop-shipment arrangements. As a result, distributors are considered the Company’s customer in these arrangements. Revenue is recognized at the point in time when control of the product transfers to the customer, which is typically upon shipment or delivery, based on the contractual delivery terms. The Company generates revenue from sales of its analytical research equipment along with related reagents. The Company also recognizes service revenue under its Technology Access Program (“TAP”) and maintenance contracts. The Company recognizes revenue from these revenue streams as follows: • Sale of ARGO TM HT instruments —The ARGO HT System is a fully automated, high-throughput Precision Proteomics instrument which facilitates the analysis of large sets of biological samples. Revenue from the sale of ARGO HT instruments is generally recognized upon delivery to the end customer. • Sale of reagent kits and other consumables —The reagents used to run on the ARGO HT System are specialized and proprietary and can be provided to the customers only by the Company. Revenue from the sale of reagent kits and other consumables is generally recognized upon shipment. • TAP —TAP provides customers the opportunity to ship samples to be tested at the Company’s lab using either NULISA multiplex or single-plex assays, and analytical reports are delivered via an electronic file. Revenue from TAP services is generally recognized when the analysis data is made available to the customer. • Sale of maintenance contracts —The Company typically provides a one-year limited warranty for the ARGO HT System. After expiration of the initial warranty period, the Company offers a further 12-month maintenance contract, which can be purchased separately or together with the ARGO HT System. Revenue from these maintenance contracts is recognized as the services are rendered, typically ratably over the contract term. For the three and six months ended June 30, 2026 and 2025, no material amounts were recognized as revenue under maintenance contracts. Functional currency and foreign currency translation —The Company uses the U.S. dollar as its reporting currency. Transactions in the subsidiary are recorded in the functional currency of the respective subsidiary and transactions denominated in currencies other than the functional currency give rise to foreign exchange remeasurement (monetary assets and liabilities) and related gains and losses that are classified in other (expense) income, net in the condensed consolidated statements of operations. The Company has not entered into any foreign currency derivative instruments to hedge its foreign currency positions. For the subsidiary whose functional currency is not the U.S. dollar, the Company uses the average exchange rate for the period and the exchange rate at the balance sheet date to translate the operating results and financial position to the U.S. dollar, respectively, which is the Company’s reporting currency. Translation differences are recorded in accumulated other comprehensive loss, a component of stockholders’ equity (deficit). 9 Table of Contents ALAMAR BIOSCIENCES, INC. Notes to Unaudited Condensed Consolidated Financial Statements Recent accounting pronouncements not yet adopted In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) : Disaggregation of Income Statement Expenses . This update requires that at each interim and annual reporting period public entities disclose (1) the amounts of purchases of inventory, employee compensation, depreciation, amortization, and depletion in commonly presented expense captions; (2) certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements; (3) a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and (4) the total amount of selling expenses and, in annual reporting periods, the definition of selling expenses. This update is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact on its financial statements of adopting this guidance. In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for internal-use software . The standard removes references to development stages and requires capitalization of software costs when management has authorized and committed to funding the software project, it is probable that the project will be completed, and the software will be used to perform the function intended. The ASU is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact on its financial statements of adopting this guidance. 3. Revenue The Company reported revenue in the following categories for the three and six months ended June 30, 2026 and 2025 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Instruments $ 7,788 $ 5,773 $ 15,169 $ 9,919 Consumables 15,481 6,267 29,441 11,290 Services 6,158 4,122 10,852 7,794 Other revenue — — — 250 Total $ 29,427 $ 16,162 $ 55,462 $ 29,253 The Company reported revenue in the following geographic areas for the three and six months ended June 30, 2026 and 2025 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 United States $ 19,658 $ 9,524 $ 34,563 $ 18,993 Europe, Middle East and Africa 6,581 3,950 14,015 7,102 Asia-Pacific 2,685 2,324 5,094 2,774 Americas (excluding United States) 503 364 1,790 384 Total $ 29,427 $ 16,162 $ 55,462 $ 29,253 Deferred revenue activity during the three and six months ended June 30, 2026 and 2025 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue recognized that was included in the contract liability at the beginning of the period $ 838 $ 339 $ 249 $ 386 10 Table of Contents ALAMAR BIOSCIENCES, INC. Notes to Unaudited Condensed Consolidated Financial Statements As of June 30, 2026 , deferred revenue was $ 2.4 million, of which $ 2.2 million is included within accrued and other current liabilities and is expected to be recognized to revenue in the next 12 months. The remainder will be recognized thereafter and is included within other noncurrent liabilities. Deferred revenue as of December 31, 2025 was $ 0.8 million. 4. Fair value measurements Carrying amounts of certain of the Company’s financial instruments, including accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued liabilities approximate fair value due to their relatively short maturities. On a recurring basis, the Company measures certain financial assets and liabilities at fair value, including the Company’s cash equivalents. There were no transfers between levels during the six months ended June 30, 2026 and 2025. The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 based on the three-tier fair value hierarchy (in thousands): Fair Value at June 30, 2026 Level 1 Level 2 Level 3 Total Financial assets included within cash and cash equivalents and short-term investments: Money market funds $ 107,602 $ — $ — $ 107,602 U.S. treasury securities — 133,026 — 133,026 Total assets at fair value $ 107,602 $ 133,026 $ — $ 240,628 Financial liabilities: Phantom stock options $ — $ — $ 125 $ 125 Total liabilities at fair value $ — $ — $ 125 $ 125 The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 based on the three-tier fair value hierarchy (in thousands): Fair Value at December 31, 2025 Level 1 Level 2 Level 3 Total Financial assets included within cash and cash equivalents: Money market funds $ 19,665 $ — $ — $ 19,665 Total assets at fair value $ 19,665 $ — $ — $ 19,665 Financial liabilities: Warrant liabilities $ — $ — $ 247 $ 247 Phantom stock options — — 8 8 Total liabilities at fair value $ — $ — $ 255 $ 255 11 Table of Contents ALAMAR BIOSCIENCES, INC. Notes to Unaudited Condensed Consolidated Financial Statements Warrant liabilities The Company issued a warrant to purchase shares of its convertible preferred stock, which did not meet the criteria for equity classification and was therefore classified as a liability. In connection with the Company's IPO in April 2026, this warrant automatically converted into a warrant to purchase common stock in accordance with the warrant. As a result, the preferred stock warrant liability was remeasured to fair value and reclassified to additional paid-in-capital on IPO date. The estimated fair value of the convertible preferred stock warrant liability prior to conversion was determined based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. There were no material changes in the fair value of the Company’s warrant liabilities in the three and six months ended June 30, 2026 and 2025. Convertible notes Prior to conversion to common stock on IPO date, the total estimated fair value of the convertible notes issued in January 2026 was $ 66.5 million. The fair value was determined based on a probability-weighted approach assuming the notes settled through an automatic conversion either upon an IPO or upon maturity. The value in an IPO scenario is directly calculated based on contractual terms, including the number of shares receivable upon conversion, and the share price of the Company's common stock. Refer to Note 7—Financing arrangements for additional terms of the convertible notes. The following table summarizes the changes in carrying value of the convertible notes for the three and six months ended June 30, 2026: Three Months Ended June 30, Six Months Ended June 30, 2026 2026 Balance at beginning of period $ 65,094 $ — Issuance of convertible notes — 56,500 Remeasurement of notes to fair value 1,377 9,971 Conversion of convertible notes to common stock ( 66,471 ) ( 66,471 ) Balance at end of period $ — $ — 5. Cash equivalents and short-term investments The following table summarizes the amortized cost and fair value of the Company’s cash equivalents and short-term investments by major investment category as of June 30, 2026 (in thousands): June 30, 2026 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Financial assets included within cash and cash equivalents and short-term investments: Money market funds $ 107,602 $ — $ — $ 107,602 U.S. treasury securities 133,126 — ( 100 ) 133,026 Total $ 240,728 $ — $ ( 100 ) $ 240,628 Cash equivalents 123,545 Short-term investments 117,083 Total $ 240,628 12 Table of Contents ALAMAR BIOSCIENCES, INC. Notes to Unaudited Condensed Consolidated Financial Statements The following table summarizes the amortized cost and fair value of the Company’s cash equivalents as of December 31, 2025 (in thousands): December 31, 2025 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Financial assets included within cash and cash equivalents: Money market funds $ 19,665 $ — $ — $ 19,665 Total $ 19,665 $ — $ — $ 19,665 Short-term investments outstanding as of June 30, 2026 have contractual maturities of 12 months or less and were classified as short-term investments in current assets. There were no short-term or long-term investments outstanding at December 31, 2025. 6. Significant balance sheet components Inventory — Inventory consisted of the following (in thousands): June 30, 2026 December 31, 2025 Raw materials $ 30,689 $ 24,741 Work in progress 2,751 2,921 Finished goods 11,969 10,820 Total $ 45,409 $ 38,482 Accrued and other current liabilities— Accrued and other current liabilities consisted of the following (in thousands): June 30, 2026 December 31, 2025 Accrued compensation $ 5,154 $ 6,856 Deferred revenue, current 2,194 470 Accrued warranty expense 989 870 Accrued deferred offering costs — 734 Other accrued liabilities 3,556 6,829 Total $ 11,893 $ 15,759 The Company’s product warranty provides that the ARGO HT System will operate materially in accordance with specifications for 12 months from the delivery date. The warranty does not provide the customer with a service in addition to the assurance that the product complies with agreed-upon specifications, therefore it is an assurance type warranty. The Company uses its understanding of industrial practice, expected site visits, potential use of spare parts, and other relevant information to accrue estimated warranty costs upon delivery of the ARGO HT Systems. 13 Table of Contents ALAMAR BIOSCIENCES, INC. Notes to Unaudited Condensed Consolidated Financial Statements Changes in the reserve for product warranties were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Balance at beginning of period $ 980 $ 625 $ 870 $ 556 Amounts charged to cost of revenue 384 340 824 600 Repairs and replacements ( 375 ) ( 290 ) ( 705 ) ( 481 ) Balance at end of period $ 989 $ 675 $ 989 $ 675 7. Financing arrangements Convertible notes On January 8, 2026, the Company issued unsecured convertible loan notes (the “Convertible Notes” ) to investors in an aggregate principal amount equal to the gross cash proceeds of $ 56.5 million. $ 15.6 million of the $ 56.5 million aggregate principal amount of issued Convertible Notes was purchased by investors that are considered related parties including Illumina Innovation Fund II, L.P., a fund affiliated with a member of the Company’s board of directors and Sands Capital Life Sciences Pulse Fund II, L.P., a fund affiliated with a former member of the Company's board of directors . The Convertible Notes were to mature 18 months from the initial issuance of the notes, if not earlier converted, and, after July 31, 2026, would accrue simple interest on a daily basis at 8 % per annum. If the Convertible Notes remained outstanding upon maturity, the Convertible Notes and all accrued and unpaid interest would automatically convert into a variable number of shares of a new series of the Company ’ s preferred stock with the number of shares dependent upon the trailing 12 months revenue and the Company's fully-diluted capitalization at maturity. In connection with the IPO, the Convertible Notes automatically converted into shares of common stock at a conversion price equal to 85 % of the offering price, pursuant to the terms of the Convertible Notes. The Convertible Notes were also subject to automatic or optional settlement in other events such as a qualifying or nonqualifying financing event or a change in control. The Convertible Notes were accounted for under the fair value option, and issuance costs of $ 0.4 million were expensed upon closing. The Company recognized a loss on fair value remeasurement of the Convertible Notes of $ 1.4 million and $ 10.0 million during the three and six months ended June 30, 2026, respectively. Upon the closing of the Company's IPO, the Convertible Notes automatically converted into shares of its common stock as disclosed in Note 1— Description of business and basis of presentation above. Immediately prior to conversion, the Company remeasured the Convertible Notes to fair value, and the fair value of $ 66.5 million was reclassified to stockholders ’ equity upon conversion. Common stock warrants In April 2026, SVB initiated a cashless exercise of its common stock warrants to purchase 112,847 shares at exercise prices ranging from $ 3.34 to $ 4.18 per share which resulted in the issuance of 97,828 shares of common stock. 8. Stock plans In July 2018, the Company’s board of directors adopted, and the Company’s stockholders approved the 2018 Stock Plan (the “2018 Plan”) and the board of directors periodically approved changes in the number of authorized shares under the 2018 Plan. In April 2026, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2026 Equity Incentive Plan (the “2026 Plan” and together with the 2018 Plan, the “Stock Plans”), which became effective in connection with the Company’s IPO. Following the 2026 Plan’s effectiveness, no further grants will be made under the 2018 Plan, however, awards outstanding under the 2018 Plan will continue to be governed by their existing terms. In addition, shares subject to outstanding stock awards granted under the 2018 Plan that expire, or are forfeited, cancelled, withheld, or reacquired become available for grant pursuant to the 2026 Plan. 14 Table of Contents ALAMAR BIOSCIENCES, INC. Notes to Unaudited Condensed Consolidated Financial Statements The Stock Plans provide for the grant of restricted stock awards, incentive and non-statutory stock options and re stricted stock units (“RSUs”) to employees, nonemployee directors and consultants of the Company. Awards generally include service-based vesting terms of four years , with 25 % of the award vesting one year from the vesting commencement date and then ratably over the following 36 months , though some vest over shorter periods, vesting monthly from grant date. Options granted under the Stock Plans generally expire ten years from the date of grant. Options are exercisable only to the extent vested unless early exercise is approved by the Company’s board of directors. As of June 30, 2026, the total number of shares available for grant under the 2026 Plan was 4,990,358 . The number of shares of the Company ’ s common stock reserved for issuance will automatically increase on January 1 of each calendar year, from January 1, 2027 through January 1, 2036, in an amount equal to 5 % of the total number of shares of each and every class of common stock of the Company outstanding on December 31 of the preceding year; provided that before the date of any such increase, the board of directors may determine that such increase will be less than such amount. As of June 30, 2026 and December 31, 2025 , 311,822 and 35,629 shares of common stock granted pursuant to the early exercise of options were outstanding and subject to the Company’s repurchase right. The exercise price of all stock options granted under the Stock Plans must be at least equal to 100 % of the fair value of the Company’s common stock at the date of grant, as determined by the Company's board of directors. For the three and six months ended June 30, 2026 and 2025, the Company recorded stock-based compensation expense as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Cost of product revenue $ 45 $ 7 $ 59 $ 15 Cost of service and other revenue 58 12 80 25 Research and development 838 262 1,230 491 Selling, general and administrative 2,339 399 3,378 768 Total stock-based compensation expense $ 3,280 $ 680 $ 4,747 $ 1,299 As of June 30, 2026 , there was $ 50.5 million of unamortized stock-based compensation expense which is expected to be recognized over a weighted-average period of 3.58 years. Stock options Stock option activity for the six months ended June 30, 2026 was as follows: Aggregate Exercise Remaining intrinsic Options price per contractual value outstanding share life (in years) (in thousands) Balance outstanding, December 31, 2025 5,842,551 $ 3.18 8.27 $ 25,767 Options granted 3,484,251 $ 13.16 Options exercised ( 1,081,384 ) $ 2.80 Options cancelled/forfeited/expired ( 50,625 ) $ 4.56 Balance outstanding, June 30, 2026 8,194,793 $ 7.47 8.60 $ 160,821 Vested and expected to vest at June 30, 2026 8,506,615 $ 7.31 8.60 $ 168,229 Exercisable at June 30, 2026 3,274,669 $ 3.09 7.40 $ 78,600 15 Table of Contents ALAMAR BIOSCIENCES, INC. Notes to Unaudited Condensed Consolidated Financial Statements The Company estimated the fair value of stock options granted during the three and six months ended June 30, 2026 and 2025, using the Black-Scholes option pricing model with the following weighted-average assumptions: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Expected dividend yield 0.0 % 0.0 % 0.0 % 0.0 % Risk-free interest rate 4.0 % 4.0 % 4.0 % 4.4 % Expected volatility 67.8 % 69.7 % 68.0 % 81.9 % Expected term (in years) 6.1 5.9 6.1 6.0 RSUs The RSU activity during the six months ended June 30, 2026 was as follows: Weighted- average RSU grant date outstanding fair value Balance outstanding, December 31, 2025 — $ — RSUs granted 528,477 $ 22.69 RSUs vested — $ — Balance outstanding, June 30, 2026 528,477 $ 22.69 Other grants Stock activity during the six months ended June 30, 2026 for grants of restricted stock awards (“RSAs”) to employees outside of the Stock Plans was as follows: Weighted- average RSAs grant date outstanding fair value Balance outstanding, December 31, 2025 34,877 $ 4.18 RSAs vested ( 10,752 ) Balance outstanding, June 30, 2026 24,125 $ 4.18 For the three and six months ended June 30, 2026 and 2025, the total fair value of shares vested was de minimis. In April 2025, the Company adopted the Employee Phantom Option Plan, which allows for the issuance of Phantom Options to purchase Phantom Shares of the Class B Common Stock of the Company. Following the IPO, Phantom Shares may be converted into common shares at a defined conversion price. Upon completion of the IPO and government registration, all outstanding Phantom Options automatically convert into options to acquire common stock. The Company issued 8,945 phantom stock options during three and six months ended June 30, 2026 with a weighted-average exercise price of $ 7.59 per share. As of June 30, 2026, the government registration was not complete. 2026 Employee Stock Purchase Plan In April 2026, the Company’s 2026 Employee Stock Purchase Plan (“2026 ESPP”) became effective. Subject to any limitations contained therein, the 2026 ESPP allows eligible employees to contribute, through payroll deductions, up to 15 % of their eligible compensation to purchase the Company’s common sto ck at a discounted price per share. As of June 30, 2026, 656,400 shares of the Company's common stock were available for sale under the 2026 ESPP. The number of shares of common stock reserved for issuance will automatically increase on January 1 of each calendar 16 Table of Contents ALAMAR BIOSCIENCES, INC. Notes to Unaudited Condensed Consolidated Financial Statements year, from January 1, 2027 through January 1, 2036, by the lesser of (i) 1 % of the total number of shares of each and every class of our common stock outstanding on December 31 of the preceding year and (ii) 1,969,200 shares; provided that before the date of any such increase, the board of directors may determine that such increase will be less than such amount. No offerings have been authorized to date by the administrator under the 2026 ESPP. If the administrator authorizes an offering period under the 2026 ESPP, the administrator will establish the duration of offering periods and purchase periods, including the starting and ending dates of offering periods and purchase periods, provided that no offering period may have a duration exceeding 27 months. 9. Commitments and contingencies Legal proceedings Olink Proteomics AB and Olink Proteomics, Inc. v. Alamar Biosciences, Inc ., United States District Court for the District of Delaware, Case No. 1:23-cv-1303-MN. Olink Proteomics AB and Olink Proteomics, Inc. commenced the litigation on November 15, 2023. The complaint alleges infringement of U.S. Patent No. 7,883,848 by Alamar’s manufacture, use, offer for sale, sale, marketing and/or distribution of its Nucleic acid Linked Immuno-Sandwich Assay (“NULISA”) platform used with or without its ARGO HT system. The asserted patent relates to a method for detecting functional interactions between at least two molecules of interest. Alamar filed a motion to dismiss, which the Court granted on February 11, 2025, without prejudice to Olink filing an amended complaint. The case was stayed pending the outcome of IPR2024-01353 and the Final Written Decision issued on March 4, 2026, described below. Olink filed an amended complaint, repleading its claims under U.S. Patent No. 7,883,848, on April 2, 2026. The court lifted the stay of the Delaware district court litigation on April 7, 2026. Alamar moved to dismiss the amended complaint on May 7, 2026. That motion is pending. Alamar Biosciences, Inc. v. Olink Proteomics AB , United States Patent and Trademark Office, Patent Trial and Appeal Board (“PTAB”), Case No. IPR2024-01353. On August 23, 2024, Alamar filed a Petition for Inter Partes Review challenging all claims of U.S. Patent No. 7,883,848. The PTAB instituted trial on all grounds raised in Alamar’s Petition. On March 4, 2026, the PTAB issued a Final Written Decision finding that no claims were unpatentable. On May 4, 2026, Alamar filed its notice of appeal of the Final Written Decision to the United States Court of Appeals for the Federal Circuit. As of June 30, 2026 , losses for these cases are not probable or estimable. 10. Leases In November 2021, the Company entered into a noncancelable operating lease for its current headquarters. The lease, as amended, commenced in January 2022 and expires in January 2034. A portion of the facility was subleased to Attovia Therapeutics, Inc. (“Attovia”) , a related party, through March 2025. See Note 11—Related party transactions for additional information. The Company also leases office space in Europe and Asia as of June 30, 2026. In April 2026, the Company entered into a lease for manufacturing, research and office space in Fremont, California, and the Company recognized a right-of-use asset of $ 10.8 million and a lease liability of $ 10.7 million upon delivery of the premises for construction of leasehold improvements in June 2026. The initial term of the lease is approximately 158 months depending on the timing of completion of leasehold improvements, and the Company has an option to extend the lease for one additional 5-year term. The Company is eligible to receive up to $ 7.7 million in tenant improvement allowances which are recorded as a reduction of the related lease liability until they are received from the landlord. In connection with this lease agreement, the Company restricted $ 1.3 million at SVB to secure a standby letter of credit in lieu of a security deposit. As of June 30, 2026 , the Company has one lease which has not yet commenced or been recognized, since the facility is not yet available for the Company’s use. Fixed lease payments for this lease in China which is expected to commence in the third quarter of 2026 are $ 1.3 million over the five -year lease term. 17 Table of Contents ALAMAR BIOSCIENCES, INC. Notes to Unaudited Condensed Consolidated Financial Statements As of June 30, 2026, maturities of the Company’s operating lease liabilities under noncancelable leases are as follows (in thousands): 2026 (remaining six months) $ 2,781 2027 5,929 2028 7,157 2029 7,986 2030 8,886 Thereafter 47,170 Total undiscounted lease payments 79,909 Less imputed interest ( 30,787 ) Less tenant improvement allowance ( 7,663 ) Present value of operating lease liabilities $ 41,459 Operating lease liabilities: Current 2,277 Noncurrent 39,182 Total lease liability $ 41,459 The weighted-average remaining lease term and discount rate as of June 30, 2026 were as follows: Other information: Weighted-average remaining lease term (years) 8.9 Weighted-average discount rate 10.6 % 11. Related party transactions In December 2022, the Company established Attovia as a wholly owned subsidiary, and the Company subsequently distributed its interest in Attovia to investors in 2024. The Company’s Chief Executive Officer has been a director of Attovia since its inception; thus, Attovia is a related party. The following table summarizes the related party transactions between the Company and Attovia during the three and six months ended June 30, 2026 and 2025 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 TAP service revenue $ 178 $ 35 $ 238 $ 35 Licensing revenue $ — $ — $ — $ 250 Sublease income $ — $ — $ — $ 190 Other facility related income $ — $ — $ — $ 90 Professional service and equipment rental income $ — $ — $ — $ 8 The TAP service revenue and the licensing revenue were recorded in service and other revenue in the condensed consolidated statements of operations. All the other items in the above table were recorded as reductions to operating expenses. 12. ADDF Funding Agreement In December 2024, the Company entered into the Agreement for Biotechnology Funding (the “Funding Agreement”) with the Alzheimer’s Drug Discovery Foundation (“ADDF”) to support research and development activities for the project “Development of ARGO DX™”. The Funding Agreement provides up to $ 10.0 million over 36 months, commencing within six weeks of acceptance. 18 Table of Contents ALAMAR BIOSCIENCES, INC. Notes to Unaudited Condensed Consolidated Financial Statements Funds must be used solely for activities described in the grant proposal titled “Development of ARGO DX™ for a new generation of blood-based diagnostics for Alzheimer’s disease and related neurodegenerative diseases” or a revised grant proposal approved in writing by ADDF. This funding is distributed across various milestones, including product definition, prototype development, manufacturing, analytical and clinical testing, and FDA submission. In exchange, the Company has agreed to pay ADDF a low single digit royalty on sales of the ARGO DX™ as well as certain milestone payments based on sales of the ARGO DX™, up to an aggregate of $ 4.75 million in potential payments. The Company has determined that the ADDF agreement is not within the scope of ASC 606 or other authoritative literature. The Company has determined that the payment from ADDF represents a reduction of research and development expense and recognizes the funding received as services are provided. Payments received are recorded within accrued and other current liabilities on the condensed consolidated balance sheets until they are earned. The following table summarizes the activity for the three and six months ended June 30, 2026 and 2025 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Beginning liability $ 1,181 $ 636 $ 457 $ 851 Payments received — — 1,784 — Amount recognized as contra research and development ( 1,181 ) ( 636 ) ( 2,241 ) ( 851 ) Ending liability $ — $ — $ — $ — 13. Net loss per share The following outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share for the three and six months ended June 30, 2026 and 2025 because including them would have had an anti-dilutive effect: Three and Six Months Ended June 30, 2026 2025 Convertible preferred stock — 39,313,815 Outstanding stock options 8,194,793 5,396,217 Unvested restricted stock units 528,477 — Unvested restricted stock awards 24,125 — Stock subject to repurchase 311,822 7,081 Preferred stock warrants — 31,251 Common stock warrants 31,251 84,162 Total 9,090,468 44,832,526 14. Subsequent events On August 6, 2026, the Company entered into a Third Amendment to its Loan and Security Agreement with SVB. The amendment refinanced and replaced the Company’s existing credit facilities with a revolving credit facility of up to $ 60.0 million, including an uncommitted accordion feature of up to an additional $ 40.0 million, and extended the maturity date to July 1, 2029 . 19 Table of Contents