Company: BLLN
Filing Date: 2025-10-07
Form Type: S-1
Source: 0001193125-25-233697
Chunk: 362

Company: BillionToOne, Inc.
Filing Date: 2025-10-07
Form: S-1
Chunk 362
---
 by the Note Holders of $39.9 million and the fair value of the Notes immediately prior to the extinguishment was recorded as a gain on debt
extinguishment in the Company’s statements of operations and comprehensive loss.

The Notes were subordinated in right of payment to all
indebtedness between the Company and Western Alliance Bank (“WAB”). The Note Holders agreed, that as long as any debt remains outstanding with WAB or WAB has obligations to make additional credit extensions to the Company, the Note
Holders would not have received any payment other than a conversion of the Notes into equity securities, unless otherwise agreed by WAB in writing. The priority to WAB excluded payments in cash, including interest, but did not preclude conversion of
the Notes and related interest in shares. As of December 31, 2023, the Company had $35.0 million of outstanding debt with WAB. The first payment due on the debt was in August 2025 and the last payment was in July 2027. As the Note was
extinguished during 2024, no payments of cash were made to the Note Holders in principal or interest for the Notes.

(10) Long-term Debt

Western Alliance Bank Debt

In October 2021, the Company
entered into a loan and security agreement (the “2021 LSA”) with WAB, which provided the Company with three tranches of capital advances totaling $15.0 million. The loan is collateralized

F-26

B ILLIONT OO NE, INC.

Notes to Financial Statements

by all property of the Company other than its Intellectual Property (“IP”). The advanced principal accrued interest based on the floating prime rate per annum, which was 3.25% at
December 31, 2021. The first tranche of $5.0 million was advanced on October 12, 2021 and the second tranche was advanced on December 17, 2021, both with a maturity date of October 12, 2025 and interest-only payments, at the
floating rate, through May 1, 2023 and 30 equal monthly payments thereafter, of principal and interest. The Company drew down the third tranche on January 3, 2022 and elected to extend the interest only period by an additional 6 months
followed by 24 months of amortization. The loans include a final payment of 3.75% of the advanced amount,