Company: BLLN
Filing Date: 2025-09-17
Form Type: DRS/A
Source: 0001193125-25-206347
Chunk: 183

Company: BillionToOne, Inc.
Filing Date: 2025-09-17
Form: DRS/A
Chunk 183
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ing errors, non-specific binding, and amplification bias. 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.              |

| 31 |     | 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.                                                                                                                                                              |

| 32 |     | Because our technology platform is quantitative, we can often mathematically model and accurately predict assay performance in advance when designing new smNGS assays. |

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can generate clinically relevant insights for late-stage cancer therapy selection and response monitoring that may otherwise have been missed or delayed through conventional liquid biopsy tests and/or imaging tools. We believe that each of our products has the potential to become the standard of care in its respective market. 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. Half of this addressable market includes early detection, an area in which we have not yet begun specific product development or commercial sales, but we believe will be strongly enabled by our existing technology platform. We believe this market setup, along with our scaling business, provides