Alamar Biosciences Inc (ALMR) 2026 Q2 法說會逐字稿

Good afternoon, everyone. And thank you for joining us today to review Alamar Biosciences' second-quarter 2026 financial results.

各位下午好。感謝各位今天加入我們，一同回顧 Alamar Biosciences 2026 年第二季的財務業績。

Joining me on the call are Yuling Luo, our Chief Executive Officer; and Justin McAnear, Chief Financial Officer. Our President, Tod White, will join for Q&A.

與我一同參與本次電話會議的有：我們的執行長 Yuling Luo，以及財務長 Justin McAnear。我們的總裁 Tod White 將在問答環節加入。

Earlier this afternoon, we issued a press release detailing our second-quarter financial results. And we posted an accompanying presentation in the Investors section of our website.

今天下午稍早，我們已發布新聞稿，詳述第二季財務結果。我們也在公司網站「投資人」專區上傳了配套簡報。

Before we begin, I would like to remind you that statements we make during this call will include forward-looking statements, as defined under applicable securities laws.

在開始之前，我想提醒各位，我們在本次電話會議中所作的陳述將包含前瞻性陳述，該等陳述係依據適用之證券法所定義。

Forward-looking statements are subject to risks and uncertainties. And the company can give no assurance that they will prove to be correct.

前瞻性陳述存在風險與不確定性。公司無法保證其最終將被證實為正確。

Additionally, we are not under any obligation to provide further updates on our business trends or our performance during the quarter.

此外，我們並無義務就本季期間的業務趨勢或表現提供進一步更新。

To better understand the risks and uncertainties that could cause actual results to differ, we refer you to the periodic reports that Alamar Biosciences files with the Securities and Exchange Commission, including our quarterly report on Form 10-Q, filed on May 8, 2026.

為更充分理解可能導致實際結果與預期不同的風險與不確定性，我們請各位參閱 Alamar Biosciences 向美國證券交易委員會（SEC）提交的定期報告，包括我們於 2026 年 5 月 8 日提交的 Form 10-Q 季度報告。

I will now turn the call over to Yuling Luo, Alamar's CEO.

接下來我將把電話會議交給 Alamar 執行長 Yuling Luo。

Thank you, Kari. And thank you, all, for joining us this afternoon for our first earnings call as a public company.

謝謝你，Kari。也感謝各位今天下午加入我們，參與我們作為上市公司以來的首次財報電話會議。

Before I begin, I want to thank our investors for their trust and support, following our successful initial public offering.

在我開始之前，我想感謝我們的投資人，在我們成功完成首次公開募股（IPO）之後，對我們的信任與支持。

On behalf of the entire Alamar team, we remain committed to delivering meaningful impact, while creating long-term shareholder value.

我謹代表整個 Alamar 團隊，我們將持續致力於創造具意義的影響，同時為股東創造長期價值。

I will start our call with a brief overview of Alamar and our platform, then walk through our Q2 business highlights, and close with our strategy to unlock the opportunity ahead. I will then turn it over to Justin to cover our financials and the revenue outlook for the remainder of the year.

我將先簡要介紹 Alamar 以及我們的平台，接著說明第二季的業務亮點，最後以我們的策略作結，以釋放前方機會。之後我會把時間交給 Justin，說明財務狀況以及今年剩餘期間的營收展望。

Starting on slide 3, eight years ago, we founded Alamar with a singular mission: to power precision proteomics for the earliest possible detection of disease. That mission remains our North Star.

從第 3 頁投影片開始，八年前，我們創立 Alamar，只有一個使命：推動精準蛋白質體學，以在盡可能早的時間點偵測疾病。這項使命至今仍是我們的指引之星。

The proteomics market represents a massive, largely untapped opportunity. We believe the reason it has remained untapped is not because of lack of demand but because of lack of sensitive and sophisticated tools.

蛋白質體學市場代表一個龐大且在很大程度上尚未被開發的機會。我們相信之所以長期未被充分開發，並非因為需求不足，而是因為缺乏高靈敏度且精密的工具。

That is the technology gap Alamar was built to close. And today, I believe we are delivering on it.

這正是 Alamar 所要彌補的技術缺口。而我相信，我們今天正在實現這一點。

Turning to slide 4, what sets Alamar apart is simple. We are the only platform to combine all five elements essential for precision proteomics: ultra-high sensitivity, high specificity, flexible multiplexing, broad dynamic range, and seamless automation.

來到第 4 頁投影片，Alamar 的差異化很簡單。我們是唯一能結合精準蛋白質體學所必需的五大要素的平台：超高靈敏度、高特異性、彈性多重檢測（multiplexing）、寬廣動態範圍，以及無縫自動化。

Existing technologies have historically demanded a trade-off, a sacrifice in sensitivity, in multiplexing capability, or in workflow simplicity. Our platform was specifically designed to eliminate those trade-offs.

既有技術在過去往往必須做出取捨，在靈敏度、多重檢測能力或流程簡易性之間犧牲其一。我們的平台正是為了消除這些取捨而專門設計。

Since launching our precision-proteomics platform in January 2024, adoption has been phenomenal.

自 2024 年 1 月推出我們的精準蛋白質體學平台以來，採用情況非常亮眼。

Starting with our top-line results on slide 5, Q2 2026 was a strong quarter that reflects the momentum of our business.

先看第 5 頁投影片的整體結果，2026 年第二季表現強勁，反映出我們業務的動能。

Total revenue grew 82% year over year, driven by exceptional consumable performance. Consumable revenue accounted for 53% of our total revenue and was up 147% compared to Q2 2025. For the first time, we also achieved a 60% gross margin.

總營收年增 82%，主要由耗材的卓越表現所帶動。耗材營收占總營收的 53%，較 2025 年第二季成長 147%。我們也首次達成 60% 的毛利率。

Turning to slide 6, we're focused on three key drivers to sustain and expand adoption of our platform in the near term.

來到第 6 頁投影片，短期內我們聚焦三項關鍵驅動因素，以維持並擴大平台的採用。

First, growing our instrument installed base to reach new institutions and geographies. Second, developing novel content to extend our leadership in our beachhead neurology and inflammation research markets, and enter adjacent disease areas with significant unmet need. And third, collaborating with leading institutions to develop new applications, support third-party studies, and grow our publication base to drive awareness and adoption of our platform.

第一，擴大儀器裝機基礎，以觸及新的機構與地理區域。第二，開發創新內容，以延伸我們在灘頭堡市場——神經學與發炎研究——的領先地位，並進入具有重大未滿足需求的相鄰疾病領域。第三，與領先機構合作開發新應用、支持第三方研究，並擴大我們的發表基礎，以提升市場認知並推動平台採用。

Turning to slide 7, we're making meaningful progress across each of these areas.

來到第 7 頁投影片，我們在上述各領域都取得了實質進展。

We continue to expand our installed base, launching three new RUO products that expand the reach and the utility of our platform, deepening our strategic partnership, surpassed 165 cumulative publications and pre-prints, and delivered our strongest scientific presence ever at Alzheimer's Association International Conference. I'll go through each of these achievements in a bit more detail.

我們持續擴大裝機基礎，推出三項新的 RUO 產品以擴展平台的覆蓋範圍與效用，深化我們的策略夥伴關係，累計發表與預印本已超過 165 篇，並在阿茲海默症協會國際會議（AAIC）上創下我們史上最強的科學能見度。我將更詳細說明這些成果。

Turning to slide 8, we'll build a clear leadership position in neurodegenerative research. In middle March, we launched our new Neuro 220 Panel, and have seen incredible adoption.

來到第 8 頁投影片，我們將在神經退化性疾病研究領域建立清晰的領導地位。在 3 月中旬，我們推出全新的 Neuro 220 Panel，並看到令人驚豔的採用速度。

In early July, we launched the first commercial multiplex blood-based immunoassay for eMTBR-Tau, which is emerging as one of the most important biomarkers in Alzheimer's disease research.

在 7 月初，我們推出首個商用的多重血液型免疫分析（immunoassay），用於 eMTBR-Tau；該指標正逐漸成為阿茲海默症研究中最重要的生物標記之一。

Our eMTBR-Tau provides a non-invasive, blood-based measurement of tau-tangle burden with attomolar sensitivity, multiplexed alongside other neurodegeneration and neuroinflammation biomarkers from a single, low-volume sample.

我們的 eMTBR-Tau 可在阿托莫耳（attomolar）靈敏度下，以非侵入性的血液檢測方式量測 tau 纏結負荷，並可與其他神經退化與神經發炎生物標記一同進行多重檢測，僅需單一低體積樣本。

We have validated this across multiple cohorts. And we have already seen data being submitted for publication from multiple customer labs.

我們已在多個隊列中完成驗證。而且我們已看到多家客戶實驗室提交資料準備發表。

We showcased this data at our workshop at the AAIC. And the reception was outstanding. It set the stage for what was our strongest AAIC presence today.

我們在 AAIC 的工作坊展示了這些資料。反響非常熱烈。這也為我們迄今最強的 AAIC 參與表現奠定了基礎。

Turning to slide 9, we came away from AAIC with a strong sense that the field is approaching an inflection point. And Alamar is at the center of it.

來到第 9 頁投影片，我們從 AAIC 帶回一個強烈的感受：這個領域正接近一個拐點。而 Alamar 正位於其中的核心。

We counted more than 140 posters and presentations featuring NULISA technology, a fourfold increase year over year. Three things from the conference reinforce our conviction in where the market is heading.

我們統計到超過 140 份海報與口頭報告採用了 NULISA 技術，較去年同期增加四倍。會議中有三點進一步強化了我們對市場走向的信心。

First, blood-based biomarker are going mainstream. Second, tau is emerging as a central-drug target, with Biogen advancing their tau-lowering drug into Phase 3, and others following. The timing of our eMTBR-Tau launch could not be better positioned.

第一，血液型生物標記正走向主流。第二，tau 正逐漸成為核心藥物標的；Biogen 已將其降 tau 藥物推進至第 3 期臨床試驗，其他公司也正跟進。我們推出 eMTBR-Tau 的時機再好不過。

Third, there is a growing appreciation for the complexity of the neurodegenerative disease. Researchers are increasingly focused on heterogeneity and co-pathology, including alpha-synuclein, frontotemporal dementia, and vascular disease, driving demand for the deeply multiplexed, multi-target panels that only our platform can deliver.

第三，市場對神經退化性疾病複雜性的認知正在提升。研究人員愈來愈聚焦於異質性與共病理（co-pathology），包括 α-突觸核蛋白（alpha-synuclein）、額顳葉失智症，以及血管性疾病，進而帶動對深度多重、跨多靶點 panel 的需求，而這只有我們的平台能夠提供。

Turning to slide 10, our leadership position in neurodegenerative-disease research is translating into increasing use of our platform in large cohort studies.

來到第 10 頁投影片，我們在神經退化性疾病研究的領導地位，正轉化為我們平台在大型隊列研究中的使用量持續增加。

Today, we announced expansion of our strategic partnership with the Alzheimer's Disease Data Initiative and Gates Ventures, adding profiling of an additional 86,000 plasma samples using our NULISAseq Neuro 220 Panel. This builds on our June 2025 announcement of a multi-center initiative that profiled over 55,000 samples.

今天，我們宣布擴大與阿茲海默症疾病資料倡議（Alzheimer's Disease Data Initiative）及 Gates Ventures 的策略夥伴關係，新增使用我們的 NULISAseq Neuro 220 Panel 對額外 86,000 份血漿樣本進行分析。這是在我們於 2025 年 6 月宣布的多中心計畫基礎上延伸，該計畫已分析超過 55,000 份樣本。

Included within this expanded agreement is a national-scale initiative, co-led by researchers at three leading universities, to profile approximately 21,000 plasma samples from 10,000 Alzheimer's Disease Research Center participants across the US.

此擴大協議亦包含一項全國規模的計畫，由三所頂尖大學的研究人員共同領導，將對全美 10,000 名阿茲海默症疾病研究中心（ADRC）參與者的約 21,000 份血漿樣本進行分析。

Expected to complete in 2027, the combined dataset will encompass more than 140,000 samples profiled across multiple geographies and cohorts, made available to the global research community through the Global Neurodegeneration Proteomics Consortium.

預計於 2027 年完成後，合併資料集將涵蓋超過 140,000 份樣本，橫跨多個地理區域與隊列，並將透過全球神經退化蛋白質體學聯盟（Global Neurodegeneration Proteomics Consortium）提供給全球研究社群使用。

We believe this partnership will generate one of the most unique resources available today for understanding neurodegenerative disease.

我們相信，這項合作夥伴關係將產生當前最獨特的資源之一，用以理解神經退化性疾病。

Turning to slide 11, beyond neurology, we are also expanding content for our other initial market: inflammation.

接著看第 11 張投影片，除了神經學之外，我們也正在擴充另一個初始市場：發炎領域的內容。

Two weeks ago, we launched our NULISAseq Immune 340 Panel, our broadest multiplex immune profiling panel. It expands on NULISAseq Inflammation Panel 250, our first immune panel.

兩週前，我們推出了 NULISAseq Immune 340 Panel，這是我們目前最廣泛的多重免疫剖析 panel。它是在我們第一個免疫 panel——NULISAseq Inflammation Panel 250——的基礎上擴充而來。

The biology driving this expansion is chronic, low-grade inflammation, which is implicated across cancer, cardiovascular, metabolic disease, neurological disease, autoimmune disease, and aging.

推動這項擴充的生物學基礎是慢性、低度發炎；其與癌症、心血管疾病、代謝性疾病、神經系統疾病、自體免疫疾病以及老化皆有關聯。

Until now, much of that biology has been out of reach because of many immune mediators circulating at concentrations below the detection flow of conventional immunoassay.

直到目前為止，其中許多生物學訊號仍難以觸及，因為許多免疫介質在血液循環中的濃度低於傳統免疫分析法的偵測下限。

The Immune 340 Panel addresses that directly with attomolar sensitivity and simultaneous measurement of approximately 340 immune-related proteins from a single blood sample.

Immune 340 Panel 以阿莫耳（attomolar）等級的靈敏度，並可從單一血液樣本同時量測約 340 種免疫相關蛋白，直接解決了這個問題。

It captures the regulatory signals, feedback loops, and the low-abundance mediators that other platforms routinely miss.

它能捕捉調控訊號、回饋迴路，以及其他平台經常漏掉的低豐度介質。

We believe this panel opens a large and under-penetrated market opportunity. And we are replicating in immunology the same playbook that has driven our success in neurodegenerative disease.

我們相信這個 panel 開啟了一個龐大且滲透率仍低的市場機會。同時，我們也正在免疫學領域複製那套在神經退化性疾病上推動我們成功的相同策略。

Turning to slide 12, we also expanded the capability of our platform with the launch of a NULISA Dried Blood Spot Extraction Kit, making home-collected fingerstick samples compatible with our ultra-high sensitivity multiplex proteomics platform.

接著看第 12 張投影片，我們也透過推出 NULISA 乾血點（Dried Blood Spot）萃取試劑盒，擴充了平台能力，使居家採集的指尖採血樣本可相容於我們的超高靈敏度多重蛋白質體學平台。

Historically, there has been a significant technical challenge to recover protein signals from small volume dried blood spots without losing the low-abundance biology researchers care about.

過去，從小體積乾血點中回收蛋白訊號一直存在重大技術挑戰，且往往會犧牲研究人員重視的低豐度生物學訊號。

Our Dried Blood Spot Extraction Kit delivers high target detectability across our neurology and inflammation panels using many micro-sampling platforms.

我們的乾血點萃取試劑盒可在多種微量採樣平台上，於神經學與發炎 panel 中提供高目標可偵測性。

We believe remote at-home sample collection will be the key requirement to power future population -scale screening and health-monitoring tests.

我們相信，遠端居家樣本採集將是推動未來人口規模（population-scale）篩檢與健康監測檢測的關鍵需求。

Turning to slide 1, in Q2, we added more than 40 new publications and pre-prints, bringing our cumulative total to 165, spanning neurodegenerative disease, oncology, cardiovascular, metabolic, and autoimmune conditions.

接著看第 1 張投影片，在 2026 年第二季，我們新增了 40 多篇新發表與預印本，使累計總數達到 165 篇，涵蓋神經退化性疾病、腫瘤學、心血管、代謝性疾病與自體免疫等領域。

The breadth and depth of these rapidly growing publications really highlight the impact of our platform. A particularly compelling example comes from Dr. Carlos Cruchaga at Washington University, highlighted on slide 14.

這些快速成長的發表在廣度與深度上，充分凸顯了我們平台的影響力。其中一個特別具說服力的例子來自華盛頓大學（Washington University）的 Carlos Cruchaga 醫師，並在第 14 張投影片中重點介紹。

Published in the Journal of the Alzheimer's Association, the study used our platform to develop an AI-based classifier capable of diagnosing neurodegenerative diseases and categorizing co-pathology from a blood sample.

該研究發表於《Journal of the Alzheimer's Association》，使用我們的平台開發出一個以 AI 為基礎的分類器，能夠從血液樣本診斷神經退化性疾病，並對共病理（co-pathology）進行分類。

What makes this study particularly striking is that a carefully selected panel of just 15 proteins delivers a strong diagnostic and co-pathology classification compared to hundreds of markers on a legacy platform.

這項研究特別引人注目之處在於：僅由 15 種蛋白所組成、經精心挑選的 panel，就能相較於傳統平台上數百個標記，提供強而有力的診斷與共病理分類效果。

It reinforces a thesis central to our value proposition: measuring the right proteins with sufficient sensitivity and precision can outperform larger, less targeted assays.

這也強化了我們價值主張的核心論點：以足夠的靈敏度與精準度量測「正確的蛋白」，可以勝過更大但較不聚焦的檢測。

A scalable, non-invasive method to categorize co-pathology has the potential to make clinical trials more productive and precision medicine more achievable.

一種可擴展、非侵入式的共病理分類方法，有潛力讓臨床試驗更具生產力，並使精準醫療更可實現。

Turning to slide 15, as I mentioned at the start of the call, the opportunity ahead of us is massive. We serve the research market today, which is substantial on its own, and estimated to reach $9 billion over the next decade.

接著看第 15 張投影片，如同我在電話會議一開始提到的，我們面前的機會非常龐大。我們目前服務的是研究市場，單就其本身規模已相當可觀，並預估在未來十年可達 90 億美元。

But proteomics is broadly applicable across disease areas. And we believe our platform has the potential to expand beyond research into clinical diagnostics and enable early detection and health monitoring at population scale.

但蛋白質體學可廣泛應用於各種疾病領域。我們相信，我們的平台有潛力從研究延伸至臨床診斷，並在群體規模上實現早期偵測與健康監測。

The real value lies in the combination of our multiplex capabilities and the sensitivity required for clinical use. We plan to partner with companies that bring disease domain expertise, establish clinical-development infrastructure, regulatory experience, reimbursement pathways, and commercial channels.

真正的價值在於我們多重檢測能力與臨床使用所需靈敏度的結合。我們計畫與具備疾病領域專業、臨床開發基礎設施、法規經驗、給付（reimbursement）途徑以及商業通路的公司合作。

Think of our platform as the iPhone. We provide the hardware and the operating system. And we enable third parties to build the applications.

你可以把我們的平台想像成 iPhone。我們提供硬體與作業系統。並讓第三方能夠打造應用程式。

In our case, those applications are differentiated diagnostic tests that our partners would develop and, where applicable, seek regulatory marketing authorization.

在我們的情境中，這些應用程式就是具差異化的診斷檢測，由合作夥伴開發，並在適用情況下尋求法規核准上市（regulatory marketing authorization）。

To realize this opportunity, we are developing a clinical instrument, ARGO HT [DX], and are executing a phased diagnostic enablement strategy, as outlined on slide 16.

為了實現這項機會，我們正在開發臨床儀器 ARGO HT [DX]，並依照第 16 張投影片所述，執行分階段的診斷賦能（enablement）策略。

The first step is obtaining FDA-marketing authorization to establish that our platform meets the regulatory bar for clinical use. We believe this will drive adoption for use in late-phase clinical trials and open the door for partners to develop laboratory-directed tests and IVD tests on our platform.

第一步是取得 FDA 上市許可（marketing authorization），以證明我們的平台符合臨床使用的法規門檻。我們相信，這將推動其在後期臨床試驗中的採用，並為合作夥伴在我們平台上開發實驗室自建檢測（laboratory-directed tests）與 IVD 檢測打開大門。

We also believe that pursuing FDA-marketing authorization may drive increased use in our space across discovery, translation, and clinical trial because we offer something most research tools cannot: a clear path to clinical translation.

我們也相信，追求 FDA 上市許可可能會推動我們領域在探索、轉譯與臨床試驗各階段的使用增加，因為我們提供了多數研究工具所沒有的：一條清晰的臨床轉譯路徑。

Once we obtain FDA-marketing authorization, the second step is developing high-value differentiated test offerings. With authorization in hand, we plan to partner with IVD and [LDT] companies to support the development of tests where standalone or as part of a multi-omic solutions -- that are meaningfully differentiated from what exists today.

在取得 FDA 上市許可後，第二步是開發高價值、具差異化的檢測產品。在取得許可後，我們計畫與 IVD 與 [LDT] 公司合作，支持開發可單獨使用或作為多體學（multi-omic）解決方案一部分的檢測，且在差異化上能明顯優於現有產品。

Before I hand the call over to Justin to discuss our financial results, I want to take a moment to acknowledge the passing of our Board Member, Ian Ratcliffe.

在我把電話會議交給 Justin 討論我們的財務結果之前，我想花點時間悼念我們董事會成員 Ian Ratcliffe 的離世。

Ian brought Alamar the same quality that defined his entire career: intellectual rigor, genuine care for the people around him, and unwavering belief in the power of scientific innovation to reach patients and change lives.

Ian 為 Alamar 帶來了貫穿其職涯的同樣特質：嚴謹的思辨、對身邊人的真誠關懷，以及對科學創新能觸及病患並改變生命的堅定信念。

His commitment to Alamar and to the broader scientific community was a hallmark of his leadership. And we're better for having had him in our corner.

他對 Alamar 以及更廣泛科學社群的投入，是其領導力的鮮明標誌。我們很幸運曾有他作為我們的堅強後盾。

We are at an extraordinary moment for proteomics. And I believe Alamar is uniquely positioned to lead it. I'm deeply proud of what this team has built and energized by what lies ahead.

蛋白質體學正處於一個非凡的時刻。我相信 Alamar 具備獨特優勢，能夠引領這一波浪潮。我為這個團隊所打造的一切深感自豪，也對未來充滿期待。

With that, I will turn the call over to Justin.

接下來，我把電話會議交給 Justin。

Thanks, Yuling.

謝謝，Yuling。

This is our first earnings call as a public company, following the completion of our IPO in April. It is a meaningful milestone. And I am proud of the team's execution on both the financial and operational fronts.

這是我們在 4 月完成 IPO 之後，作為上市公司的第一場法說會。這是一個重要的里程碑。我也為團隊在財務與營運兩方面的執行成果感到自豪。

With that, I will now walk through our second-quarter 2026 financial results in more detail. Unless otherwise noted, all growth rates reflect year-over-year comparisons.

接下來，我將更詳細地說明我們 2026 年第二季的財務結果。除非另有說明，所有成長率皆為年對年比較。

We plan to update the installed base and average instrument pull-through metrics on an annual basis. And we will be sharing those on our year-end 2026 earnings call.

我們計畫每年更新一次裝機基數（installed base）與平均儀器拉動量（average instrument pull-through）指標。並將在 2026 年年終法說會上分享這些數據。

Starting on slide 17, total revenue for the second quarter was $29.4 million, up 82% compared to $16.2 million in the second quarter of 2025. These results reflect rapid and broad-based adoption of our ARGO HT platform across our customer segments and geographies.

從第 17 張投影片開始，第二季總營收為 2,940 萬美元，較 2025 年第二季的 1,620 萬美元成長 82%。這些結果反映出我們的 ARGO HT 平台在各客戶族群與各地區的快速且廣泛採用。

Consumables continued to be the standout performer and accounted for more than half of the total revenue in the second quarter. Consumables revenue was $15.5 million, up 147% year over year, driven by strong demand for our multiplex panel kits, as our install base has scaled.

耗材仍是最突出的表現者，並在第二季占總營收的一半以上。耗材營收為 1,550 萬美元，年增 147%，主要受惠於隨著裝機基數擴大，市場對我們多重 panel 試劑盒的強勁需求。

Instrument revenue in the second quarter was $7.8 million, up 35%, driven by continued growth in new instrument placements.

第二季儀器營收為 780 萬美元，成長 35%，主要由新儀器持續增加的裝機帶動。

We are pleased with the pace of placements. And as Yuling noted, the installed base now supports a strong and growing recurring consumables revenue stream.

我們對裝機速度感到滿意。如同 Yuling 所提到的，目前的裝機基數已支撐起強勁且持續成長的經常性耗材營收來源。

Service and other revenue was $6.2 million in the quarter, up 49%. This line is composed of our Technology Access Program, or TAP services, and maintenance contracts.

本季服務及其他營收為 620 萬美元，成長 49%。此項目由我們的 Technology Access Program（TAP）服務與維護合約所構成。

Today, the majority of our service revenue is TAP revenue. Revenue from maintenance contracts is a smaller fraction, as a large portion of our installed base is still covered by the one-year warranty.

目前，我們的服務營收大多數來自 TAP 營收。維護合約的營收占比較小，因為我們相當大一部分的裝機仍在一年保固期內。

As a reminder: TAP serves three key objectives: driving new customer acquisition, supporting custom-assay development, and beta testing new products prior to launch.

提醒一下：TAP 服務三項關鍵目標：推動新客戶獲取、支援客製化檢測（assay）開發，以及在產品上市前進行新產品的 Beta 測試。

It is worth noting that TAP is not intended to be a long-term service business. Our goal is for new customers to ultimately purchase their own instrument or transfer their work to a CRO. And we actively manage our TAP program with that conversion in mind.

值得注意的是，TAP 並非旨在成為一項長期的服務型業務。我們的目標是讓新客戶最終購買自有儀器，或將其工作轉交給 CRO。我們也會以促成這種轉換為前提，積極管理我們的 TAP 計畫。

The increase in Q2 was driven primarily by larger custom-assay-development projects. As our platform continues to gain adoption and our publication base grows, we expect TAP services to grow at a slower rate than other areas of the business.

第二季的成長主要由較大型的客製化檢測開發專案所帶動。隨著我們的平台持續被採用、以及發表文獻基礎擴大，我們預期 TAP 服務的成長速度將低於公司其他業務領域。

Looking at the geographic breakdown for the second quarter on slide 18, the Americas represented 69% of revenue, EMEA represented 22%, and APAC represented 9%.

查看第 18 張投影片中第二季的地理區域拆分，美洲占營收 69%，EMEA 占 22%，APAC 占 9%。

We are actively building out our international presence. And we see meaningful runway in both EMEA and APAC, as we deepen our distribution partnerships and direct commercial efforts in those regions.

我們正積極擴展國際布局。隨著我們在這些地區深化通路合作夥伴關係並加強直營商務投入，我們在 EMEA 與 APAC 皆看見可觀的成長空間。

From a customer-mix perspective, 52% of second-quarter revenue came from academic and research institutions, 42% from biopharmaceutical companies, and the remaining 6% from distributors.

從客戶組合來看，第二季營收的 52% 來自學術與研究機構，42% 來自生物製藥公司，其餘 6% 來自經銷商。

The continued strength in biopharma is particularly encouraging, as these customers tend to run larger, more sustained cohort studies that drive meaningful consumables pull-through over time.

生物製藥客戶持續強勁尤其令人振奮，因為這些客戶往往會進行規模更大、持續時間更長的隊列研究，隨時間推進可帶動顯著的耗材拉動效應。

Gross profit for the second quarter was $17.7 million compared to $8.6 million in the prior-year period. Gross margin was 60% in the second quarter of 2026, up from 53% in the second quarter of 2025. Gross margins were at an all-time high.

第二季毛利為 1,770 萬美元，較去年同期的 860 萬美元增加。2026 年第二季毛利率為 60%，高於 2025 年第二季的 53%。毛利率創下歷史新高。

The improvement was primarily driven by two factors. First, manufacturing efficiencies, as consumable production has scaled significantly; and second, a favorable shift in product mix, with a greater proportion of revenue coming from consumables, which carry higher gross margins than instruments.

改善主要由兩項因素驅動。第一，隨著耗材產量大幅擴張，製造效率提升；第二，產品組合有利轉變，營收中耗材占比提高，而耗材的毛利率高於儀器。

Total operating expenses in the second quarter were $31.2 million compared to $16.5 million in the prior-year period. These increases primarily reflect deliberate investments in the people, infrastructure, and R&D capabilities.

第二季總營運費用為 3,120 萬美元，較去年同期的 1,650 萬美元增加。這些增加主要反映我們對人才、基礎設施與研發能力的策略性投資。

Research and development expenses were $13.8 million in the quarter, up 55% from $8.9 million a year earlier. The increase reflects higher lab-supply costs to support our expanding consumable-panel menu and an increase in personnel cost.

本季研發費用為 1,380 萬美元，較一年前的 890 萬美元增加 55%。增加主要反映為支援我們擴大的耗材 panel 產品組合而提高的實驗室耗材成本，以及人員成本上升。

Selling, general, and administrative expenses were $17.4 million in the quarter, up 129% from $7.6 million in the prior-year period. This was primarily driven by an increase in personnel cost, as well as higher professional-services costs for legal and accounting services.

本季銷售、一般及行政費用為 1,740 萬美元，較去年同期的 760 萬美元增加 129%。主要由人員成本增加所致，並且法律與會計等專業服務費用也提高。

Loss from operations was $13.5 million in the second quarter compared to $7.9 million in the second quarter of 2025. This includes $3.3 million of stock-based compensation for the second quarter of 2026, as compared to $0.7 million for the second quarter of 2025.

第二季營運虧損為 1,350 萬美元，較 2025 年第二季的 790 萬美元擴大。其中包含 2026 年第二季 330 萬美元的股票基礎薪酬，相較之下 2025 年第二季為 70 萬美元。

Net loss was $13.2 million in the second quarter compared to $7 million in Q2 2025. We ended the second quarter in a strong financial position.

第二季淨虧損為 1,320 萬美元，較 2025 年第二季的 700 萬美元增加。我們在第二季末維持強勁的財務狀況。

As of June 30, 2026, we had $256.3 million in cash, cash equivalents, short-term investments, and restricted cash. Also, this month, we refinanced our existing debt facility with [SVB First Citizens Bank] into a new, more flexible revolving-credit facility at improved terms and more favorable pricing.

截至 2026 年 6 月 30 日，我們持有 2.563 億美元的現金、約當現金、短期投資及受限制現金。此外，本月我們將既有與 [SVB First Citizens Bank] 的債務融資再融資，改為一項新的、更具彈性的循環信用額度，條件更佳、定價更有利。

This facility includes $60 million available at closing, along with an additional $40 million uncommitted accordion for a total of $100 million.

該融資在交割時提供 6,000 萬美元可用額度，另有額外 4,000 萬美元的非承諾式增額（accordion）選項，合計最高 1 億美元。

We are pleased to continue to deepen our relationship with SVB First Citizens Bank, who has been a valuable partner in supporting our growth since well before our IPO.

我們很高興能持續深化與 SVB First Citizens Bank 的合作關係；自我們 IPO 之前很久以來，他們一直是支持我們成長的重要夥伴。

The strength of our balance sheet reflects our April IPO, which generated net proceeds of $197.8 million. We are well capitalized to execute our plan.

我們資產負債表的強勁反映了我們 4 月的 IPO，該次 IPO 產生 1.978 億美元的淨募資款。我們資本充足，能夠執行我們的計畫。

And we intend to deploy this capital strategically to scale our organization and capabilities in support of future growth by expanding our commercial sales and support function, increasing manufacturing capacity, and enhancing our research and development organization to expand product content.

我們也打算策略性地運用這些資本，透過擴大商務銷售與支援職能、提升製造產能，以及強化研發組織以擴充產品內容，來擴大我們的組織與能力，支援未來成長。

Turning to our outlook for the rest of the year, we expect revenue for full-year 2026 to be in the range of $116 million to $120 million, reflecting expected annual growth of 59% at the midpoint of the range. For the third quarter, we expect our revenue to be a modest sequential increase from Q2.

談到今年剩餘期間的展望，我們預期 2026 全年營收將介於 1.16 億至 1.20 億美元，按區間中點計算，預期年增 59%。第三季方面，我們預期營收將較第二季小幅季增。

On the expense side, we expect to continue investing in headcount across the commercial and R&D functions, along with the ongoing cost of operating as a public company. And as we grow, we remain focused on maintaining a disciplined path towards profitability.

在費用方面，我們預期將持續在商務與研發職能增加人力投入，同時承擔作為上市公司的持續營運成本。隨著我們成長，我們仍專注於維持通往獲利的紀律性路徑。

With that, I will turn the call back to Yuling.

接下來，我把電話交回給 Yuling。

Thanks, Justin.

謝謝，Justin。

Before we open to questions, I want to acknowledge the Alamar team. The work required to build this business, complete an IPO, and deliver a quarter like this simultaneously is extraordinary. I am deeply grateful for everyone on the team who made it possible.

在開放提問之前，我想先致謝 Alamar 團隊。要同時打造這門業務、完成 IPO，並交出這樣的一季表現，所需的工作量非常驚人。我由衷感謝團隊中每一位讓這一切成為可能的人。

Looking forward to the rest of 2026, we have three major goals:

展望 2026 年剩餘時間，我們有三項主要目標：

First, growing our installed base by, at least, 100 instruments for full-year 2026, strengthening the foundation for recurring consumable revenue.

第一，2026 全年至少新增 100 台儀器的裝機量，強化可帶來經常性耗材營收的基礎。

Second, maintaining per instrument pull-through above $400,000, which we believe is the clearest signal our customers are running our platform at real scale.

第二，維持每台儀器的耗材拉動（pull-through）高於 40 萬美元；我們認為這是最清楚的訊號，顯示客戶正以真正的規模運行我們的平台。

And third, advancing into additional large cohort studies, particularly in translational and biopharma settings, where demand for high-sensitivity multiplex protein data is most acute.

第三，推進更多大型隊列研究，特別是在轉譯醫學與生物製藥場景中，因為對高靈敏度多重蛋白數據的需求在這些領域最為迫切。

Into 2027, the milestone gets more significant. We plan to continue to grow our installed base of instruments and launching a multiplex panel targeting a new disease area, submit the ARGO HT DX for FDA-marketing authorization, and establish partnerships to drive our clinical- and diagnostic-enablement strategy.

進入 2027 年，里程碑將更為重要。我們計畫持續擴大儀器裝機量並推出一款鎖定新疾病領域的多重 panel，向 FDA 提交 ARGO HT DX 的上市許可申請，並建立合作夥伴關係以推動我們的臨床與診斷賦能策略。

Our conviction in this opportunity has never been stronger. We are well-capitalized. We have a clear roadmap. And we have a team that has demonstrated it can execute.

我們對這個機會的信念從未如此堅定。我們資本充足。我們有清晰的路線圖。我們也擁有一支已證明具備執行力的團隊。

With that, we will now open the call for questions. Operator?

接下來，我們將開放提問。接線員？

Thank you.

謝謝。

(Operator Instructions)

(接線員指示)

Casey Woodring, JP Morgan.

JP Morgan 的 Casey Woodring。

Great. Thank you for taking my questions. And congrats on the quarter, guys.

很好。謝謝讓我提問。也恭喜各位本季表現。

Maybe, to start, wanted to ask just on demand trends between academic and pharma customers in the quarter. I know pharma has been driving growth for you guys of late. But just curious if that was the case again, if you could frame up the growth by that customer segment. And then, I would also be curious to hear if you saw any underlying improvement in the academic markets.

也許先從本季學術客戶與藥廠客戶之間的需求趨勢談起。我知道最近藥廠一直在帶動你們的成長。但我想了解本季是否仍是如此；如果可以的話，能否按客戶類別說明成長情況。另外我也想聽聽，你們是否看到學術市場有任何基本面改善。

And then, just as a follow-up, on the instruments you placed in Q2, more broadly speaking, was just curious if you could give us a sense of -- growth was driven by more placements into existing accounts or with new customers?

再追問一題，關於你們在第二季放置的儀器，更廣泛來看，我想了解成長主要是來自既有客戶帳戶的更多放置，還是來自新客戶？

Yeah. Thank you, Casey, for the questions.

是的。謝謝你，Casey，提出這些問題。

In Q2, we have seen strong growth from both academics, as well as biopharma segment. We have seen exceptional adoption by our neural. I think that's one of the reasons we're seeing incredibly strong growth in the academic market.

在第二季，我們看到學術端以及生物製藥領域都呈現強勁成長。我們也看到我們的神經相關產品獲得了極為出色的採用。我認為這也是我們在學術市場看到極其強勁成長的原因之一。

Going forward, we continue to expect significant growth on both academic, as well as research market.

展望未來，我們仍預期學術市場以及研究市場都將有顯著成長。

Casey, to answer the second part of your question on instrument placements, you asked if we're mostly going to new customers or existing customers.

Casey，回答你問題的第二部分，關於儀器裝機（placements），你問到我們主要是裝到新客戶還是既有客戶。

If we look at this year to date, the majority of instrument placements are going to new customers.

如果看今年截至目前為止，多數的儀器裝機是給新客戶。

One moment.

稍等一下。

And maybe just add that, I think (inaudible) -- exciting to see the existing customer continue to adopt additional instrument.

另外也補充一下，我認為（聽不清）——很令人振奮的是看到既有客戶持續採用更多儀器。

To me, this is a good indication of, existing customer have found a lot of value -- and the utility of our platform -- and they like to expand.

對我來說，這是個很好的跡象，顯示既有客戶已經發現了很多價值——以及我們平台的效用——而且他們希望擴大使用。

Some expansion are beyond one site to additional site, which is quite exciting to see.

有些擴張不只是在單一據點，而是延伸到更多據點，看到這點相當令人振奮。

Dan Brennan, TD Cowen.

Dan Brennan，TD Cowen。

Great. Thank you. Congrats on the first quarter.

很好。謝謝。恭喜第一季表現。

Maybe just the first one on the quarter itself, on the TAP strength, and maybe unpacking a little bit consumables and instruments.

第一個問題可能是關於本季本身，關於TAP的強勁表現，並且也想請你們稍微拆解一下耗材與儀器的情況。

TAP drove really strong growth from upside. Could you just unpack, was there any one-time nature in that at all? Do you expect TAP to continue?

TAP帶動了非常強勁、超出預期的成長。你們能否拆解一下，這裡面是否有任何一次性因素？你們預期TAP會持續嗎？

And then, I know, Justin, you talked about modest growth, sequentially. Just wondering, is that typical or is that being conservative? Just anything on that front, as well.

另外，我知道Justin你提到按季來看是溫和成長。想請教這是典型情況，還是你們比較保守？也請分享一下這方面的看法。

And then I have a follow-up.

然後我還有一個追問。

Hi, Dan. Thanks for the questions.

嗨，Dan。謝謝你的提問。

We're very pleased with our consumable pull-through and a growth almost -- 150% -- over last year, at the same time. We're also quite excited to see the TAP increase, which is certainly significant above what we have anticipated.

我們對耗材的拉動（pull-through）非常滿意，較去年同期成長接近——150%——。我們也很興奮看到TAP的增加，這確實顯著高於我們原先的預期。

One of the major reason for this is the customer-asset development. We are happy to see that the customer-asset development indicates the customer wants to move from discovery, leveraging our platform to translation and future clinical application.

其中一個主要原因是客戶端的檢測（assay）開發。我們很高興看到，客戶端的檢測開發顯示客戶希望從探索（discovery）階段，利用我們的平台走向轉譯（translation）以及未來的臨床應用。

We do believe that, over the longer term, those increase in customer revenues will translate into future consumables or instrument adoptions.

我們確實相信，從長期來看，這些客戶收入的增加將轉化為未來耗材或儀器的採用。

Yeah. Thanks. Dan, to add to that, about the TAP program, like we said, it's got three objectives: drive new customers, support the custom-assay development, and then, beta testing of new products ahead of launch.

是的。謝謝。Dan，我補充一下，關於TAP計畫，如同我們所說，它有三個目標：帶來新客戶、支持客製化檢測開發，以及在產品上市前進行新產品的Beta測試。

But we do have a really strong TAP pipeline. And as Yuling said, we believe it's a good leading indicator of future demand.

不過我們確實有非常強勁的TAP案源（pipeline）。而且如Yuling所說，我們相信這是未來需求的一個很好的領先指標。

To your question around one-time, I suppose you could say if we're -- ideally, all of TAP would be one-time because then, we would be transitioning to new products.

至於你問到一次性因素，我想你可以這麼說：理想情況下，所有TAP都會是一次性的，因為接著我們就會轉換到新產品。

We did see a higher volume for TAP in this past quarter than we had been expecting. I do expect that the trend will continue in the near term into Q3 but not at the level that we saw in Q2.

我們確實看到本季TAP的量高於我們原先的預期。我確實預期這個趨勢在短期內會延續到第三季，但不會達到我們在第二季看到的水準。

And then, you had another question around just the step-up, overall, from Q2 to Q3, when we talk about a modest step-up.

另外，你還問到整體從第二季到第三季的增幅，也就是我們提到的「溫和增長」。

And so when we use the term modest, to me, that means, like, low single-digit sequential growth from Q2 to Q3.

所以當我們用「溫和」這個詞時，對我而言，意思是從第二季到第三季按季成長為低個位數。

Puneet Souda, Leerink.

Puneet Souda，Leerink。

Yeah. Hi, Yuling and team. Thanks for taking my questions here.

是的。嗨，Yuling和團隊。謝謝回答我的問題。

First one is on pull-through. I wanted to understand the $400,000 pull-through number that you have and you expect to continue to exceed that. You exceeded that number last year, too.

第一個是關於拉動（pull-through）。我想了解你們提到的40萬美元pull-through數字，以及你們預期會持續超過這個水準。你們去年也超過了這個數字。

Just trying to understand how are you thinking about that number, longer term, the cadence of that? As I look at this quarter, was there a step-down in the pull-through from Q1 to Q2? And is that just a function of more installs, which is an indicator of future consumables growth in our mind?

我想了解你們長期如何看待這個數字，以及其節奏（cadence）。就我看本季，pull-through是否從第一季到第二季有所下滑？如果有，這是否只是因為裝機更多——在我們看來，這是未來耗材成長的指標？

But, just, also, last part of the question is, could you maybe talk about the ceiling that you can reach, given the output of this platform on the pull-through side?

另外，問題最後一部分是，你們能否談談在pull-through方面，考量這個平台的產出能力，你們可以達到的上限（ceiling）大概在哪裡？

Thank you. And I have a follow-up.

謝謝。我還有一個追問。

Thank you, Puneet.

謝謝你，Puneet。

Certainly, we're seeing great demand for consumables. As I mentioned, the consumable has grown close to 150% over last year. We think this is still early days.

確實，我們看到耗材需求非常強勁。如我提到的，耗材較去年成長接近150%。我們認為這仍在早期階段。

When you acquire a new customer, it takes time for the new customer to ramp up. And that's exactly what you explained about the pull-throughs.

當你獲得一位新客戶時，新客戶需要時間爬坡（ramp up）。這也正是你對pull-through所描述的情況。

We remain very confident that we'll continue to keep the pull-through above $400,000 this year, which -- I remind you that this is industry-leading.

我們仍非常有信心，今年我們會持續讓pull-through維持在40萬美元以上——我提醒你，這是業界領先的水準。

I'll just add that new-instrument placements will put some pressure on pull-through in the near term, just given the number of instruments that are being placed each quarter, relative to the size of our install base.

我補充一下：新儀器的裝機在短期內會對pull-through造成一些壓力，主要是因為每季裝機的儀器數量，相對於我們已安裝基礎（install base）的規模而言。

And so we expect that there would be fluctuations quarter to quarter on the quarterly pull-through, which is why, at this time, we're providing that metric on an annual basis.

因此我們預期每季的pull-through會有季度間的波動，這也是為什麼目前我們以年度為基礎提供這個指標。

Puneet, you had a second part around the pull-through ceiling. If you were to use the assumption that you would do three plates in a 24-hour period, five days a week, you could get to a ceiling of $5 million, $6 million per instrument on a theoretical pull-through.

Puneet，你第二部分是關於pull-through的上限。如果你假設在24小時內可做三個板（plates），每週五天，那麼在理論上的pull-through上限，每台儀器可以達到500萬到600萬美元。

That's super helpful.

這非常有幫助。

I just want to (multiple speakers) --

我只是想要（多位講者）——

Yeah. Please, Yuling.

是的。請說，Yuling。

Yeah. I just want to add that, many of the pharmas, time-to-resolve is critical to them. They are not fully utilizing their capacity of the instrument. Rather, they would rather buy a few more instrument to get the results faster.

是的。我想補充的是，對許多藥廠而言，解決時間（time-to-resolve）非常關鍵。他們並沒有完全利用儀器的產能。相反地，他們寧可多買幾台儀器，以更快取得結果。

Got it.

了解。

That is another reason why the pull-through can be controlled.

這也是pull-through可以被控制的另一個原因。

Dan Arias, Stifel.

Dan Arias，Stifel。

Hi, guys. Thanks for the questions here.

嗨，各位。謝謝回答我的問題。

Just wanted to ask a question a little about the assay portfolio. Yuling, my assumption is that you're going to try and move folks that use the CNS 120 Panel to the Neuro 220 Panel pretty quickly.

我想問一個關於檢測（assay）產品組合的問題。Yuling，我的假設是你們會嘗試讓使用CNS 120 Panel的人相當快地轉到Neuro 220 Panel。

I'm just curious whether, when that happens, is there a validation process that needs to take place there? And does that create a bit of a pause or anything to be contemplated, when we just think about run rates and consumable pull-through rates, as that's taking place?

我想了解的是，當這件事發生時，是否需要進行驗證（validation）流程？而在我們思考運行速率（run rates）與耗材pull-through速率時，這個轉換過程是否會造成一些暫停或需要納入考量的影響？

Yeah. Hi. Thanks, Dan.

是的。嗨。謝謝你，Dan。

Our product roadmap, very much like what we said during the IPO process, first, we're going to double down on what's winning, which is launching the Neuro 220 Panels, where we launched this in March this year. And we have seen incredible adoption since then.

我們的產品路線圖，很大程度上如同我們在IPO過程中所說，首先，我們會加倍投入在已經勝出的項目上，也就是推出Neuro 220 Panels；我們在今年3月推出後，此後我們看到極為驚人的採用。

We also doubled down on the immune panel, with the launch of Immune 340 a couple of weeks ago. We see some early signs of adoption. We're quite excited about that.

我們也加碼投入免疫面板，並於幾週前推出 Immune 340。我們看到一些早期採用的跡象。我們對此相當興奮。

And, going forward, we're going to build content to cover new disease areas, certainly, in the cardiovascular and metabolic-disease area, as well as oncologies.

此外，展望未來，我們將建立內容以涵蓋新的疾病領域，當然包括心血管與代謝性疾病領域，以及腫瘤學。

So those are the high-level product roadmap that we're going to go move forward.

以上就是我們接下來要推進的高層次產品路線圖。

Okay. Justin, maybe, just following up on the consumables pull-through rate, if I look to last year, you did have this really big 3Q to 4Q step-up. Can you just talk to whether there were large orders in 4Q of last year, as we think about seasonality and trying to use last year as a guide for this year?

好的。Justin，我想追問一下耗材拉動率（pull-through rate）。如果我回看去年，你們在第三季到第四季有一個非常大的躍升。就季節性而言、以及我們試圖以去年作為今年的參考，你能否談談去年第四季是否有大型訂單？

I just want to make sure that we model these things correctly in the early days without a ton of historical information to go by.

我只是想確保在早期、在缺乏大量歷史資訊可依循的情況下，我們能把這些項目建模正確。

Yes. Dan, thanks. Thanks for the question.

是的。Dan，謝謝。謝謝你的問題。

When we look at Q4 of 2025 and that step-up from Q3 into Q4, it was a pretty decent step-up. But we also did have some fairly larger orders for large cohort studies -- two, in particular -- that hit in Q4.

當我們看 2025 年第四季，以及從第三季到第四季的那個躍升，確實是相當可觀的提升。但我們在第四季也確實有一些相對較大的大型隊列研究訂單——特別是其中兩筆——是在第四季入帳。

When we look at how we are thinking about the step-up this year from Q3 to Q4, we still have larger cohort studies like that spread out over many quarters.

至於我們如何看待今年從第三季到第四季的躍升，我們仍有類似的大型隊列研究，分散在多個季度。

But when you look back at Q4 of last year, those made outsized contributions just due to their size compared to the rest of the revenue base.

但回頭看去年第四季，這些訂單因其規模相對於其餘營收基礎更大，因此帶來了不成比例的貢獻。

Okay. Great. Thank you.

好的。很好。謝謝。

Michael Ryskin, Bank of America.

Michael Ryskin，美國銀行。

Great. Thanks. And congrats on the quarter.

很好。謝謝。也恭喜本季表現。

Justin, maybe I will stick with both for you on the P&L. Maybe just first on the gross margin line, as you said, you guys hit 60%. Nice margins in both products and services.

Justin，我可能會就損益表（P&L）兩個面向都問你。先從毛利率來看，如你所說，你們達到 60%。產品與服務兩邊的毛利都不錯。

Any reason that should not carry forward, just both in terms of your mix is not going to be that different, going forward? It is going to continue to bias towards consumables, the efficiencies in some of your manufacturing processes, as consumables scales up, as just volume scales up -- that should continue.

有沒有什麼原因使得這個水準不應該延續到未來？就你們的組合而言，未來應該不會差太多吧？它會持續偏向耗材；隨著耗材規模擴大、以及整體出貨量擴大，你們製造流程的一些效率提升——這些都應該會延續。

Any reason this should not be the starting point, going forward, in gross margins? Could you give us the roadmap from here of where that number goes?

有沒有任何原因使得這不應該成為未來毛利率的起點？你能否給我們一個從現在開始、這個數字將如何演進的路線圖？

And I got a follow-up.

我還有一個追問。

Yeah. Thanks for the question, Mike.

好的。謝謝你的問題，Mike。

When we look at our 60% gross margin in Q2, that really reflects two primary drivers.

我們看第二季 60% 的毛利率，主要反映兩個核心驅動因素。

That is the growing mix of consumables revenue, which has higher margins than the instruments; and then, also, the continued benefit of manufacturing scale and leveraging overhead.

第一是耗材營收占比提升，而耗材毛利率高於儀器；其次是製造規模擴大帶來的持續效益，以及間接費用的攤提（leveraging overhead）。

As consumables continues to become a larger share of revenue, we expect that driver to expand the margin over time. But, really, that is also dependent upon how quickly our instrument installed base grows and the mix between instruments, consumables, and services.

隨著耗材在營收中的占比持續提高，我們預期這個驅動因素會隨時間推移帶動毛利率擴張。但這也取決於我們儀器裝機量（installed base）成長的速度，以及儀器、耗材與服務之間的組合。

And so when we are looking at the rest of the year, although hitting 60% gross margin was a great milestone to hit, we do expect to fluctuate in the near term. And I would expect that fluctuation to be in the neighborhood of the mid- to high-[50%s] in the near term.

因此，當我們看今年剩餘時間，雖然達到 60% 毛利率是一個很好的里程碑，但我們預期短期內仍會有波動。我預期短期波動區間大約會落在 50% 中段到高段附近。

But I would expect to continue to trend upward over time.

但我預期隨時間推移仍會持續向上趨勢。

Okay. All right. And then, follow-up is actually going to be on the OpEx side, R&D and SG&A. You guys managed that really well the last couple quarters.

好的。了解。接著追問其實是關於營業費用（OpEx）端，研發與銷管（SG&A）。你們過去幾季在這方面控管得很好。

You have successfully completed the IPO, upsized it. You have got some nice war chest there. During the process, you guys constantly referred to the efficiency of your sales organization, your ability to leverage a really small organization for the revenues that you are getting.

你們已成功完成 IPO，且擴大發行規模。你們現在有一筆不錯的資金儲備。在過程中，你們一直提到銷售組織的效率，以及你們能以相當精簡的組織支撐目前的營收規模。

But now that you do have a little bit of this war chest, any change in how you are thinking about the next 3, 6, 12 months in terms of spending on OpEx and where you see the opportunities, the levers you are going to toggle with that?

但現在你們確實有了這筆資金儲備，未來 3、6、12 個月在 OpEx 支出方面的思考是否會有任何改變？你們看到哪些機會、以及你們會用哪些槓桿來調整？

Thanks.

謝謝。

Yeah. Thanks for that follow-up, Mike.

好的。謝謝這個追問，Mike。

When we are talking about our capital-allocation priorities, pretty clearly defined. Like, our largest investment would be in these three areas: expanding the commercial org, focused on driving instrument placements, and deepening the penetration in existing accounts.

談到我們的資本配置優先順序，其實相當明確。我們最大的投資會在三個領域：擴大商業團隊，聚焦推動儀器布建（placements），並加深在既有客戶中的滲透率。

Next, scaling our manufacturing capacity, including expanding our Fremont facility.

第二，擴充我們的製造產能，包括擴建我們在 Fremont 的廠房。

And then, third, continue to invest in R&D to develop new panels, new instruments, including the ARGO HT DX and then, new applications across different disease areas.

第三，持續投資研發以開發新面板、新儀器（包括 ARGO HT DX），以及跨不同疾病領域的新應用。

Puneet Souda, Leerink.

Puneet Souda，Leerink。

Yeah. Hey, guys. Just to follow up, on those large-scale projects, I just wanted to clarify, cadence-wise, the 21,000 project, is that a different project that you had outlined earlier -- and versus the Alzheimer's project and the Alzheimer's Data Initiative and the Gates Ventures project?

是的。嗨，各位。我想就那些大型專案追問並釐清一下節奏：21,000 的那個專案，是否是你們先前提到的另一個不同專案——相較於阿茲海默症專案、阿茲海默症資料倡議（Alzheimer's Data Initiative）以及 Gates Ventures 專案？

What I'm trying to really get to is, how should we think about the samples and the cadence of those samples in 2026 and then, '27?

我真正想了解的是，我們應該如何看待 2026 年以及 2027 年的樣本量與樣本節奏？

Thank you.

謝謝。

Yeah. Puneet, thank you for the follow-up.

好的。Puneet，謝謝你的追問。

These large cohort projects, as you did touch on, there are a couple of those. And they will be spread out over multiple quarters.

如你提到的，這些大型隊列專案確實有幾個。而且它們會分散在多個季度。

These studies naturally have long lead times, more than our standard commercial orders. You have to manage sample logistics, institutional coordination, and data infrastructure.

這些研究本來就有較長的前置期，長於我們一般的商業訂單。你必須管理樣本物流、機構間協調，以及資料基礎設施。

Those all have to come together before we can complete the profiling at scale. So I think we've got the 2026 numbers contemplated in our guidance. And then, the rest, we'll see phased in over the first half of next year.

這些都必須到位，我們才能以規模完成分析建檔（profiling）。因此，我認為我們的指引已納入 2026 年的相關數字。至於其餘部分，我們會看到它們在明年上半年分階段導入。

Okay. Just wanted to clarify, the 21,000 samples is the CLARiTI project? And that's different than the Alzheimer's Data Initiative?

好的。我想確認一下，21,000 份樣本是 CLARiTI 專案嗎？而且它與 Alzheimer's Data Initiative 是不同的嗎？

Yeah. Those are tied together.

是的。它們是連結在一起的。

Yeah.

是的。

It's part of the Gates Ventures-ADDI project.

它是 Gates Ventures-ADDI 專案的一部分。

One is a sub-part of the other.

其中一個是另一個的子部分。

Got it. Okay. All right. Thank you.

了解。好的。好。謝謝。

Ladies and gentlemen, this concludes our conference for today and Q&A session.

各位女士、先生，今天的電話會議與問答環節到此結束。

Thank you, all, for participating. And you may now disconnect.

感謝各位參與。您現在可以掛線。