Company: BLLN
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001628280-25-056321
Chunk: 230

Company: BillionToOne, Inc.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 1
Chunk 230
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 September 30, 2025 compared to the nine months ended September 30, 2024. The decrease is attributable to the payoff of the Western Alliance Bank debt; the principal on this debt was no longer outstanding during 2025.

Net (loss) gain on extinguishment of debt

Net (loss) gain on extinguishment of debt was $7.3 million for the nine months ended September 30, 2024. This was due to an $8.6 million gain on extinguishment of the 2022 Convertible Notes due to a modification of the class of preferred stock into which the 2022 Convertible Notes ultimately converted in May 2024. This amount was partially offset by a $1.3 million loss on extinguishment of the Western Alliance Bank debt in August 2024. We did not record an extinguishment of debt during the nine months ended September 30, 2025.

Change in fair value of term loan

Change in fair value of term loan increased $4.8 million, or 208% for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was due to interest expense of $2.9 million, which includes revenue participation and a change in fair value of the Oberland Capital debt of $1.9 million.

Change in fair value of convertible notes

Change in fair value of convertible notes decreased $0.8 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The decrease was due to a change in fair value of the 2022 Convertible Notes that were extinguished in 2024.

Other expense, net

Other expense, net increased $1.0 million, or 159%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 which was due to the following events, each of which increased the value of our common stock warrants: a higher probability that an IPO would occur, a reduced timeline until the IPO, and increase in valuation of our public peer companies during the nine months ending September 30, 2025.

Non-GAAP financial measures

We use certain non-GAAP financial measures to supplement our financial statements, which are presented in accordance with GAAP. These non-GAAP financial measures include EBITDA, Adjusted EBITDA, non-GAAP operating