Good afternoon, everyone, and thank you for joining us today to review Alomar Biosciences' second quarter 2026 financial results. Joining me on the call are Yuling Lo, our Chief Executive Officer, and Justin McIner, Chief Financial Officer. Our president, Todd White, will join for Q&A. Earlier this afternoon, we issued a press release detailing our second quarter financial results, and we posted an accompanying presentation in the Investor section of our website. Before we begin, I'd like to remind you that statements we make during this call will include forward-looking statements, as defined under applicable securities laws. Forward-looking statements are subject to risks and uncertainties, and the company can give no assurance that they will prove to be correct. Additionally, we are not under any obligation to provide further updates on our business trends or our performance during the quarter. To better understand the risks and uncertainties that could cause actual results to differ, we refer you to the periodic reports that Alomar Biosciences files with the Securities and Exchange Commission, including our quarterly report on Form 10-Q filed on May 8, 2026. I will now turn the call over to you, Ling Lo, LMR CEO.

Thank you, Carrie. And thank you all for joining us for our first earnings call as a public company. Before I begin, I want to thank our investors for their trust and support following our successful initial public offering. On behalf of the entire LMR team, we remain committed to delivering meaningful impact while creating long-term shareholder value. 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. Starting on slide three, eight years ago, we founded Aloma with a singular mission to power precision polyomics for the earliest possible detection of disease. That mission remains our North Star. The polyomics market represent 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 a sensitive and sophisticated tools that is the technology gap Alamar was built to close and today I believe we are delivering on it turning to slides four what sets Alamar apart is simple we are the only platform to combine all five elements essential for poly stitching polyomics, ultra-high sensitivity, high specificity, flexible multiplexing, broad time range, and seamless automation. 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 since launching our precision party arms platform in january 2024 adoption has been phenomenal starting with our top line results on slide five q2 2026 was a strong quarter that reflects the momentum of our business total revenue grew 82 percent year over year driven by exceptional consumable performance consumable revenue accounted for 53 percent of our total revenue and was up 147 compared to q2 2025 for the first time we also achieved a 60 gross margin turning to slide six we're focused on three key drivers to sustain and expand adoption of our platform in the near term 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 amount of 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. Turning to slide 7, we're making meaningful progress across each of these areas. We continue to expand our installed base, launching three new RUO product that extend the reach and the utility of our platform deepening our strategic partnership surpassed 165 cumulative publications and preprints and delivered our strongest scientific presence ever at alzheimer's association international conference i go through each of these achievements in a bit more detail turning to slide eight We'll build a clear leadership position in neurodegenerative research. In middle March, we launched our new Neuro220 panel, and I've seen incredible adoption. In early July, we launched the first commercial multiplexed blood-based immunoassay for EMTBR tau, which is emerging as one of the most important biomarkers in autism disease research. Our EMBTR tau provides a non-invasive blood-based measurement of tau tangle burden with atomolar sensitivity, multiplexed alongside other neurodegeneration and neuroinflammation biomarkers from a single low-volume sample. We have validated this across multiple cohorts, and we have already seen data in submitted for publication from multiple customer labs we showcase this data at our workshop at aaaic and the reception was outstanding it sets the stage for what was our strongest aaaic presence today turning to slide nine we came away from aaaic with a strong sense that the field is approaching an inflection point and Alomar is at the center of it. We counted more than 140 posters and presentations featuring new Lysa technology, a fourfold increase year over year. Three things from the conference reinforce our conviction in where the market is heading. 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 three and others following the timing of our emtbr tau launch could not be better positioned third there's a growing appreciation for the complexity of the neurodegenerative disease Researchers are increasingly focused on heterogeneity and co-pathology, including alpha-synuclein, frontal temporal dementia, and vascular disease, driving demand for the kind of deeply multiplexed, multi-target panels that only our platform can deliver. Turning to slide 10, our leadership position in neurodegenerative disease research is translating into increasing use of our platform in large cohort studies. Today, we announced the expansion of our strategic partnership with the Alzheimer's Disease Data Initiative and Gaze Ventures, adding profiling of an additional 86,000 plasma samples using our Neolisa-Seq Neuro 220 panel. This builds on our June 2025 announcement of a multi-center initiative that provides over 55,000 samples. Included within this expanded agreement is a national-scale initiative co-led by researchers at three leading universities to provide approximately 21,000 plasma samples from 10,000 Alzheimer disease research center participants across the united states expected to complete in 2027 the combined data set will encompass more than 140 000 samples profiled across multiple geographies and cohorts made available to the global research community through the global neurodegeneration polyamics consortium we believe this partnership will generate one of the most unique resources available today for understanding neurodegenerative disease turning to slice 11 beyond neurology we're also expanding content for our other initial market inflammation two weeks ago we launched our Neulisa-Seq Immune 340 panel, our broadest multiplex immune profiling panel. It expands on Neulisa-Seq Inflammation Panel 250, our first immune panel. The biology driving this expansion is chronic low-grade inflammation, which is implicated across cancer, cardiovascular, metabolic disease, neurological disease, autoimmune disease, and aging. Until now, much of their biology has been outreached because many immune mediators circulating at a concentrations below the detection floor of conventional immunoassay. The Immune340 panel addresses that directly, with the abnormality sensitivity and simultaneous measurement of approximately 340 immune-related proteins from a single blood sample. It captures the regulatory signals, feedback loops, and the low-abundance mediators that other platforms routinely miss. We believe this panel opens a large and under-penetrated market opportunity, and we are replicating immunology, the same playbook that has driven our success in neurodegenerative disease. Turning to slide 12, we also expanded the capability of our platform with the launch of a new Lysa Dry Blood Spot Extraction Kit, making home-collected finger stick samples compatible with our ultra-high sensitivity multiplex proteomics platform historically there has been a significant technical challenge to recover protein signals from small volume dry blood spots without losing the low abundance biology researchers care about our dry blood spot extraction kits delivers the high target detectability across our neurology and inflammation panels using many micro sampling platforms we believe remote at home sample collection will be the key requirement to power future population scale screening and health monitoring tests turning to slide 13 in q2 we added more than 40 new publications and preprints bring our cumulative total to 165, spanning neurodegenerative disease, oncology, cardiovascular, metabolical, and autoimmune conditions. The breadth and depth of these rapidly growing publications really highlight the impact of our platform. A particular compelling example comes from Dr. Carlos Crowchard Lab at Washington University. highlighted on slide 14. Published in the Journal of the Alzheimer's Association, the study used our platform to deliver an AI-based classifier capable of diagnosing neurodegenerative diseases and the characterizing co-pathology from a blood sample. 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. It reinforces a thesis central to our value proposition. Measuring the right proteins with sufficient sensitivity and precision can outperform larger, less targeted assays. A scalable, non-invasive method to characterize co-pathology has the potential to make clinical trials more productive and precision medicine more achievable. 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 estimate to reach 9 billion over the next decade but polyomics 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 the real value lies in the combination of our multi-plus capability and the sensitivity required for clinical use. We plan to partner with companies that brings disease domain expertise, established clinical development infrastructure, regulatory experience, reimbursement pathways, and commercial channels. Think of our platform as the iPhone. we provide the hardware and the operating system and we enable third parties to build the applications in our case those applications are differentiated diagnostic tasks that our partners would develop and where applicable seek 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. 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 we also believe that pursuing fda marketing authorization may drive increased use in ruo space across discovery translation and clinical trial because we offer something most research tools cannot a clear path to clinical translation once we obtain FDA marketing authorization the second step is developing high-value differential test offerings with authorization in hand we plan to partner with IVD and LDT companies to support the development of tests were standalone or as part of multi-almic solutions that are meaningfully differentiated from what exists today 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 redcliffe ian bought alamard the same quality that defines 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. 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. We are at an extraordinary moment for polyomics, 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. With that, I will turn the call over to Justin.

Thanks, Yoling. 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 financial and operational fronts. 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. We plan to update the installed base and average instrument pull-through metrics on an annual basis, and we'll be sharing those on our year-end 2026 earnings call. Starting on slide 17, total revenue for the second quarter was $29.4 million, up 82 percent 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. 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 is scaled. Instrument revenue in the second quarter was $7.8 million, up 35%, driven by continued growth in new instrument placements. 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. 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. 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. As a reminder, TAP serves three key objectives. Driving new customer acquisition, supporting custom assay development, and beta testing new products prior to launch. 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. 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. 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%. 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. 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. 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. 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. 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. 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. Research and development expenses were $13.8 million in the quarter, up 55 percent 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. 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. 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. 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. 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 for Citizens Bank into a new, more flexible, revolving credit facility at improved terms and more favorable pricing. This facility includes $60 million available at closing, along with an additional $40 million uncommitted accordion for a total of $100 million. We're 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. 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, 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. 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. 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. With that, I will turn the call back to Yuling.

Thanks, Justin. Before we open to questions, I want to acknowledge the Alamateen. The work required to build this business, complete an IPO, and deliver a quarter like this simultaneously is extraordinary. I'm deeply grateful for everyone on the team who made it possible. Looking forward to the rest of 2026, we have three major goals. First, growing our install base by at least 100 instruments for a full year 2026. strengthening the foundation for recurring consumable revenue second maintaining per instrument push through about $400,000 which we believe is the clearest signal our customers are running our platform at the real scale and third advancing into additional large cohort studies particularly in translational and biopharma settings where demand for high sensitivity multiplexed protein data is most acute into 2027 the milestone gets more significant we plan to continue to grow our install the base of instrument and launching a multiplex panel targeting a new disease area submit the ARGO-HTDX for FDA marketing authorization and establish partnerships to drive our clinical and diagnostic enablement strategy. Our conviction in this opportunity has never been stronger. We're well capitalized, we have a clear roadmap, and we have a team that has demonstrated ethical execute. With that, we'll now open the call for questions. Operator?

Thank you. And as a reminder, to ask a question, press star 11 on your telephone and wait for your name to be announced. To remove yourself, press star 11 again. We ask that you please keep your questions to one and one follow-up. One moment while we compile the Q&A roster. We have a question from the line of Casey Woodring with J.P. Morgan. Please proceed.

Great. Thank you for taking my questions and congrats on the quarter, guys. Maybe to start, I 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, so just curious if that was the case again, if you could frame up the growth by that customer segment. And then we'd also be curious to hear if you saw any underlying improvement in the academic market. And then just as a follow-up, you know, on the instruments you placed in 2Q, more broadly speaking, I was just curious if you could give us a sense of, you know, if growth was driven by, you know, more placements into existing accounts or with new customers.

Thank you, Casey, for the questions. In Q2, we have seen strong growth from both academics as well as biopharma segment. And we have seen exceptional adoption by our neuro. I think that's one of the reasons we're seeing incredibly strong growth in the academic market. Going forward, we continue to expect significant growth on both academic as well as resource market. And 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 so if we look at this year to date the majority of instrument placements are going to are going to new customers maybe just add that I think we're exciting to see the existing customer continue to adopt additional instrument 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 and some expansion are beyond one side to additional side, which is quite exciting to see.

Our next question is from Dan Brennan with TD Cowan. Please proceed.

Great, thank you. Congrats on the first quarter. Maybe just the first one on the quarter itself on the tap strength and maybe kind of unpacking a little bit consumables and instruments. So TAP drove, like, really strong growth, some upside. Could you just unpack, was there any one-time nature in that at all? Do you expect kind of TAP to continue? And then I know, Justin, you talked about modest growth sequentially. Just wondering, is that typical or is that being conservative? Is there anything on that front as well? And then I have a follow-up.

Thanks for the questions. So we're very pleased with our consumable pull-through and a growth almost 150 percent over last year at the same time I was quite excited to see the tap increase which is certainly significant above what we have anticipated and one of the major reason for this is the customer asset development we are happy to see that customer asset development indicates the customer wants to move from discovery leveraging our platform to translation and future clinical application so we do believe that over the longer term those

increase in customer revenues will translate into future consumables or instrument adoptions thanks and Dan to add to that about the tap program you know 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 we do have a really strong tap pipeline and as you Ling said we believe it's a good leading indicator of future demand. 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. 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, not at the level that we saw in Q2. And then you had another question around just the step up overall from Q2 to Q3 when we talk about a modest step up. And so, you know, when we use the term modest, you know, to me that means like low single digit sequential growth from Q2 to Q3.

One moment for our next question, please. It comes from Puneet Souda with Lirink. Please proceed.

Yeah, hi, Yuling and team. Thanks for taking my questions here. First one is on pull-through. You know, 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. So just trying to understand sort of, you know, 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, you know, in our mind? But just also, if the last part of the question is, Could you maybe talk about the ceiling that you can reach, you know, given the output of this platform on the pull-through side? Thank you. And I have a follow-up.

Thank you, Puneet. Certainly, we're seeing a great demand for consumables. As I mentioned, the consumables have grown close to 150% over last year. We think this is still early days. 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. We remain very confident that we'll continue to keep the pull-through about $400,000 this year, which I remind you that this is industry-leading.

And 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. 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. And you had a second part around the pull through ceiling.

You know, if you were to use the assumption that you would do, you know, three plates in a 24 hour period five days a week you could get to a ceiling of five six million dollars per instrument on theoretical pull through yeah I just want to add that you know many of the farmers time to resolve is critical to them so they're not fully utilizing their capacity of the instrument rather they would rather buy a few more instruments to get the results uh get the results faster got it so that's another reason

why the pull through can be you know controlled one moment for our next question please it comes from dan areas with stifo hi guys thanks for the questions here just wanted to ask a question a little about um the the assay portfolio healing 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 I guess I'm just curious whether when that happens you know is there a validation process that needs to take place there and does that create some a bit of a

pause or anything to be contemplated when we just think about you know run rates and consumable pull through rates as that's taking place yep hi thanks them he our product roadmap very much like what we said during the IPO process and the first we're going to double down on what's winning which is launching the new or 220 panels where we launched this in March this year and we have seen the incredible adoption since then we also double down on the immune panel with the launch of Immune340 a couple of weeks ago. We see some early signs of adoption. We're quite excited about that. And going forward, we're going to build content to cover new disease areas. And certainly, you know, in the cardiovascular and metabolic disease area, as well as oncology. So those are the sort of high-level product roadmap that we're going to go forward.

Okay. And then, 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 sort of think about seasonality and trying to use last year as a guide for this year? I just, you know, I want to make sure that we model these things correctly in the early days without a ton of historical information to go by.

Yes, Dan, thanks for the question. You know, when we look at Q4 of 2025 and that step up from, you know, Q3 into Q4, it was a pretty decent step up. But we also did have some, you know, fairly larger orders for large cohort studies, you know, two in particular that hit in that hit in Q4. And when we look at, you know, how we're thinking about the step up this year from Q3 to Q4, you know, we're still we still have larger cohort studies like that, you know, spread out over many quarters. 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. Great.

Thank you.

Our next question comes from Michael Reskin with Bank of America. Please proceed.

Great. Thanks, and congrats on the quarter. Justin, maybe I'll stick with both for you on the P&L. Maybe just first on the gross margin line, as you said, you guys hit 60%. percent, you know, nice margins in both products and services. You know, any reason that shouldn't carry forward, just both in terms of, you know, your mix is not going to be that different going forward. It's going to continue to bias towards consumables, you know, the efficiencies in some of your manufacturing processes as consumables scales up. It's just volume scales up. That should continue. So any reason this shouldn't be sort of the starting point going forward in gross margins, just sort of could you give us the roadmap from here of where that number goes?

Yeah, thanks for the question, Mike. So when we look at our 60% gross margin in Q2, that really reflects two primary drivers. That's 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. You know, as consumables continues to become a larger share of revenue, we expect that driver to expand the margin over time. But really, that's also dependent upon how quickly our instrument install base grows and the mix between instruments, consumables, and services. And so when we're looking at the rest of the year, you know, 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 50s in the near term. But I would expect to continue to trend upward over time.

And then follow-up is actually going to be on the OPEC side, R&D and SG&A. You know, you guys managed that really well the last couple quarters. You've successfully completed the IPO, upsized it. You've got some nice war chest there. You know, during the process, you guys kind of constantly refer to the efficiency of your sales organization, your ability to leverage a really small organization for the revenues that you're getting. But now that you do have a little bit of this war chest, any change in how you're thinking about the next, you know, 3, 6, 12 months in terms of spending on OPEX and sort of where you see the opportunities, the levers you're going to toggle with that?

Yeah, thanks for that follow-up, Mike. When we're talking about our capital allocation priorities, pretty clearly defined, like our largest investment would be in these, you know, three areas, expanding the commercial org, focused on driving instrument placements and deepening the penetration in existing accounts. Next, scaling our manufacturing capacity, including our expanding our Fremont facility. And then third, continue to invest in R&D to develop new panels, new instruments, including the Argo HTDX, and then new applications across different disease areas.

All right.

And our last question comes from the line of Puneet Souda with Lering. yeah hey guys uh just to follow up um on those large-scale projects i just wanted to clarify you know cadence wise um this is a you know the 21 000 project um is that a different project that you um had outlined earlier um and and versus the the alzheimer's project and and the alzheimer's data initiative and the gates venture project what i'm trying to really get to is how should we think about the samples and the cadence of those samples, 2026 and then 27. Thank you.

Yeah, Pune, thank you for the follow-up. So these large cohort projects, as you did touch on, there are a couple of those, and they will be spread out over multiple quarters. So these studies naturally have long lead times, more than our standard commercial orders. you know, you have to manage sample logistics, institutional coordination, and data infrastructure. So those all have to come together before we can complete the profiling at scale. So, you know, I think these are, you know, 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.

Okay. And just wanted to clarify, the 21,000 sample is the clarity project, and that's different than the Alzheimer's data initiative?

Yeah. Those are tied together. Yep.

It's part of the Gage Venture ADDI project.

One is a subpart of the other.

Got it. Okay. All right. Thank you.

Ladies and gentlemen, this concludes our conference for today and Q&A session. Thank you all for participating, and you may now disconnect.