Company: BLLN
Filing Date: 2025-10-07
Form Type: S-1
Source: 0001193125-25-233697
Chunk: 365

Company: BillionToOne, Inc.
Filing Date: 2025-10-07
Form: S-1
Chunk 365
---
 the notes upon (i) a change in control of the Company, (ii) an event of default, or (iii) the maturity date. The repayment amount of the note shall equal to the following: (1) 130% of principal amount of notes if the payment is made within 24 months of issuance; (2)145% of principal amounts of notes if the payment is made within 36 months of issuance; (3) if the payment is made within 48 months, an amount that would generate an internal rate of return (“IRR”) for the purchasers of 12.25%; (4) if the payment is made within 60 months of issuance, an amount that would generate an IRR for the purchasers of 11.75%; (5) If the payment is made thereafter but before maturity, an amount that would generate an IRR for the purchasers of 11.25%; and (6) if the payment is made at maturity, an amount that would generate an IRR for the purchasers of 10.0%. Under the terms of the 2024 Notes, on the last day of each fiscal quarter commencing with the fiscal quarter ending March 31, 2025, excluding any fiscal quarter with respect to which the Company’s aggregate cash and cash equivalents is greater than 1.1 times the aggregate principal amount of the notes issued (the “Liquidity Condition”) at all times during such fiscal quarter, the Company is required to achieve minimum thresholds for both trailing six month revenues and trailing six month gross margin. If the Liquidity Condition is not satisfied, the Company is required to have trailing six-month Net Revenue of not less than the amount shown for each applicable period in the table below, as well as a trailing six-month Gross Margin of not less than 30%, each as defined in the 2024 Notes. The Company was in compliance with all material financial covenants as of December 31, 2024.

| Period     |     | Minimum Trailing  
 Six-Month Net     
 Revenue Threshold 
 (in millions)     |       |
|:-----------|:----|:------------------|------:|
| Q1 2025    |     | $                 |  56.1 |
| Q2 2025    |     | $                 |  65.6 |
| Q3 2025    |     | $                 |  74.8 |
| Q4 2025    |     | $                 |  82