Company: BLLN
Filing Date: 2025-08-11
Form Type: DRS/A
Source: 0000950123-25-007483
Chunk: 167

Company: BillionToOne, Inc.
Filing Date: 2025-08-11
Form: DRS/A
Chunk 167
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ification during library preparation for NGS introduces significant biases, including primer binding bias, mis-priming, non-specific binding, and amplification errors. When this inefficiency is amplified 
 exponentially over several cycles, it leads to notable inaccuracies in sequencing results. Our QCTs act as a control when we conduct amplification and allow us to identify and remove the biases.                  |

| 26 |     | The cost of NGS scales with the total number of reads required per sample. In standard NGS, additional reads for each genomic location or sequencing of additional genomic locations may be needed to average out the noise                            
 associated with amplification biases. However, with QCTs, such biases are removed during analysis, increasing the overall signal quality. This can enable the laboratory to achieve the same diagnostic accuracy with significantly fewer total reads, 
 reducing costs. For example, a typical test for aneuploidy NIPT screen may require interrogation of more than 10,000 genomic locations to average out the amplification bias that is present across locations whereas the same diagnostics may be      
 possible by interrogation of a few hundred loci when control spike-ins and QCTs are used.                                                                                                                                                              |

| 27 |     | Because our technology platform is quantitative, we can mathematically model and accurately predict assay performance in advance when designing new smNGS assays. |

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Furthermore, we believe our competitive moat will strengthen over time as we continue to enhance and expand our portfolio of ultrasensitive tests.

Our ability to deliver rapid growth at scale.The differentiated nature of our products and our relentless commitment to improving the patient and provider
experience have resulted in recurring use of our tests with extremely low customer churn. Our existing accounts have created a stable and growing revenue base with increasing penetration, and we see similar adoption trends in new clinics, as we
continue our expansion within existing and new territories. Additionally, while our current products already address an estimated annual market opportunity of over $20 billion in the United States, we believe that our R&D pipeline could
eventually expand this annual addressable market to over $100 billion. We believe this market setup, along with our scaling business, provides a significant opportunity for us to grow over the near and long-term horizon.

Our superior efficiency.We believe our capital efficiency and emerging profitability set us apart from other molecular diagnostics companies especially at
our scale. Since inception we have produced a track record of

cost efficiency, demonstrated by limiting our accumulated deficit of $282.2 million as of
December 31