Company: BLLN
Filing Date: 2025-06-20
Form Type: DRS
Source: 0000950123-25-006095
Chunk: 184

Company: BillionToOne, Inc.
Filing Date: 2025-06-20
Form: DRS
Chunk 184
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 prenatal and PhDs in oncology, as well as adding
other support staff to help onboard clinics and to manage the physician and patient experiences.

Our sales force achieved an annualized revenue run-rate of $ million per sales representative in the six months ended June 30, 2025, despite approximately 35% of our territories launching less than 18 months ago. We believe our high sales
efficiency is driven by the combination of our differentiated products and our ability to provide a seamless, end-to-end solution that enhances both the patient and
provider experience and significantly reduces churn. Our cohort analysis indicates that the net test retention, as defined by the total number of tests that are received from a cohort of clinics first onboarded in a particular quarter, even after
accounting for any account or provider churn, is over 100% after a year for the majority of quarterly cohorts. Our sales efficiency has also increased over time, and we believe this efficiency will be maintained or further increase as we
systematically grow our sales team.

We also drive physician awareness of our products by actively participating in industry conferences, publishing in relevant
scientific journals, and driving dialogue with key opinion leaders and physician organizations. These efforts have already resulted in practice advisory changes within the prenatal field, including for RhD and fetal antigen NIPT. Across both
prenatal and oncology, we believe that our ongoing and planned studies will help drive increased guideline expansion. Through our extensive digital marketing, we also engage directly with motivated patients, and this can lead to access to physicians
in clinics that typically do not otherwise allow sales representative presence.

In international markets, which represented less than 1% of our revenue for the year
ended December 31, 2024, we primarily sell through distributors, which collect and send samples to our laboratories in the United States. In these markets, the patient bears the full cost of the testing, which limits the adoption. In the
future, we believe that the health economics of our tests will enable nationwide coverage via single-payor agreements. However, this is often predicated on the tests being performed locally within the country, requiring capital investments in
international markets. While we believe that international expansion could significantly expand our total addressable market, we are currently focusing on expansion opportunities in the United States.

Prenatal commercialization

We sell our UNITY products through direct
targeting of OB-GYNs, GCs, MFMs and others in the United States. Our penetration in prenatal is often executed via a
“land