Company: BLLN
Filing Date: 2025-10-07
Form Type: S-1
Source: 0001193125-25-233697
Chunk: 374

Company: BillionToOne, Inc.
Filing Date: 2025-10-07
Form: S-1
Chunk 374
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31, 2024, the loans were still outstanding. The terms of the loan require the loans to be repaid prior to termination or public offering.

In June 2021, the Company granted and approved the purchase of option awards at a price of $2.80 per share to an executive, and in exchange, the executive
entered into a full recourse promissory note for the amount of the exercise price of the restricted shares. The loan is due five years from the loan date, except in the case of termination, public filing event, or disposition of common stock
acquired via these notes in which case the loan becomes due sooner. The Recourse Note bears interest of 1.00% per annum, compounded annually. The balance of the Note may be prepaid in whole or in part, at any time without penalty. Each loan is
secured by the shares exercised by the loans, in addition to any and all other assets of the borrower. In November 2022, the executive partially repaid the promissory note, resulting in net proceeds to the Company of $62,000. In June 2023, the
executive fully repaid the promissory note, resulting in net proceeds to the Company of $51,000.

The Recourse Notes issued were collateralized by the
shares issued in exchange for the notes and were nonrecourse for accounting purposes as the Company did not intend nor has a history of demanding repayment of loan amounts in excess of the fair value of the shares. As such, for accounting purposes
the exercised awards continue to be treated as unexercised awards and are not reflected as outstanding in the financial statements until the notes are repaid and the underlying awards have vested.

Incremental stock-based compensation expense was not material.

F-34

B ILLIONT OO NE, INC. Notes to Financial Statements

| (12) | Income Taxes |

The components of the provision for income taxes for the year ended December 31, 2023 and 2024 are as follows (in thousands):

| Current:                         |     | 2023 |   |     | 2024 |    |
|:---------------------------------|:----|:-----|--:|:----|:-----|---:|
| Federal                          |     | $    | - |     | $    |  - |
| State                            |     |      | 9 |     |      | 29 |
| Foreign                          |     |      | - |     |      |