Company: BLLN
Filing Date: 2025-10-17
Form Type: S-1/A
Source: 0001193125-25-242632
Chunk: 402

Company: BillionToOne, Inc.
Filing Date: 2025-10-17
Form: S-1/A
Chunk 402
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.0 million in principal is available at the Company’s option
at any time prior to September 30, 2025 provided that the trailing six-month worldwide net revenue of the Company is at least $80.0 million. As of June 30, 2025, the Company has not elected the
option to draw on the second tranche.

The Company is required to sell the third tranche of notes in the amount of $30.0 million prior to
March 31, 2026 as the Company has achieved the revenue and gross margin thresholds triggering this obligation during the first half of fiscal 2025. The thresholds triggering this tranche are trailing
six-month revenue of at least $112.5 million and a trailing six-month gross margin of at least 45%. The terms of this tranche are identical to those of the first
$50 million tranche.

Gross Margin is defined as (I) net revenue minus cost of goods sold divided by (II) net revenue, expressed as a
percentage. The fourth tranche of up to $25.0 million in principal will be made available to the Company at the mutual agreement of the parties at any time prior to March 31, 2026.

The Company has the option at any time to prepay all of the then-outstanding notes, and Oberland Capital has the option to redeem the notes upon (i) a
change in control of the Company, (ii) an event of default, or (iii) the maturity date. The redemption price of the note shall equal to the following: (1) 130% of principal amounts 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”) of 12.25%; (4) if the
payment is made within 60 months of the issuance, an amount that would generate an IRR of 11.75%; (5) if the payment is made thereafter but before maturity, an amount that would generate an IRR of 11.25%; and (6) if the payment is made at
maturity, an amount that would generate an IRR of 10.0%.

F-55

BILLIONTOONE, INC. Notes to Unaudited Interim Financial Statements The Company is required