Company: BLLN
Filing Date: 2025-10-07
Form Type: S-1
Source: 0001193125-25-233697
Chunk: 147

Company: BillionToOne, Inc.
Filing Date: 2025-10-07
Form: S-1
Chunk 147
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 on investment. In the last approximately three years, we have reduced COGS per test by more than 50% through automation and optimization of laboratory workflows, successful negotiations with suppliers, and re-designand re-validationof assays with more optimized chemistry or higher-throughput sequencing. For example, AI-supportedaccessioning of test requisitions reduced the average accessioning time from more than three minutes to 60 seconds, saving significant labor costs, and allowing us to shift our highly talented laboratory personnel to higher impact activities. These reductions have been important contributors to the growth of our gross profit margin over time to 65% gross profit margin in the first half of 2025. Nevertheless, as our test volumes grow, we have made and will continue to make significant investments in state-of-the-artinfrastructure to support our growth. In 2023 we successfully expanded our laboratory operations from a single facility with 36,000 square feet in Menlo Park, CA by adding a second laboratory facility in Union City, CA with 90,000 square feet. We estimate that these facilities can support a further four times revenue growth from $266.3 million annualized run-rate(ARR) as of June 30, 2025 to almost $1.1 billion ARR. To further support our growth beyond our current facilities, we have also entered a lease for the construction of 220,000 square feet of laboratory space in Austin, Texas with favorable terms and tenant improvement package. We expect to occupy this facility in 2027, and open in 2028. Once the facility is fully utilized, we expect our potential testing capacity to be nearly triple our current capabilities. In addition, we must simultaneously enhance our customer service capabilities, improve our billing and administrative processes, expand our quality assurance programs, incorporate new laboratory equipment and automation, and implement new technology systems, all while maintaining competitive turnaround times. As such, our expenses may increase. In order to maintain cost discipline, we will continue to re-designand optimize our processes, integrate AI into our workflows, and increasingly automate both our laboratory and non-laboratoryoperations. We believe that our continued focus in optimization, automation, and AI for higher operational efficiencies will drive further productivity gains. 99

| • |     | Continued research and development and new product innovation |

We expect to maintain significant levels of investment in research and development as we continue to develop new molecular diagnostic assays, enhance existing tests, and expand our testing capabilities into new clinical applications within our prenatal screening and oncology diagnostics product lines. These investments