Company: BLLN
Filing Date: 2025-10-17
Form Type: S-1/A
Source: 0001193125-25-242632
Chunk: 140

Company: BillionToOne, Inc.
Filing Date: 2025-10-17
Form: S-1/A
Chunk 140
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| • |     | up to 41,209 shares of our Class A common stock issuable upon the exercise of the 2022 Common Warrant for an exercise 
 price of $10.92 per share;                                                                                            |

| • |     | 3,255,666 shares of our Class A common stock reserved for future issuance under our 2025 Plan, based on an assumed                                                                                                                                
 offering size of 3,846,000 shares of Class A common stock, which will become effective upon the effectiveness of the registration statement of which this prospectus forms a part, as well as any future increases in the number of shares of our 
 Class A common stock reserved for issuance under the 2025 Plan; and                                                                                                                                                                               |

| • |     | 542,316 shares of our Class A common stock reserved for future issuance under our ESPP, based on an assumed offering                                                                                                                             
 size of 3,846,000 shares of Class A common stock, which will become effective upon the effectiveness of the registration statement of which this prospectus forms a part, as well as any future increases in the number of shares of our Class A 
 common stock reserved for issuance under the ESPP.                                                                                                                                                                                               |

Any remaining shares available for issuance under our 2018 Plan will be added to the shares reserved under our 2025 Plan in effect following the completion of this offering and we will cease granting awards under the 2018 Plan. To the extent that outstanding options or warrants are exercised, new options or other securities are issued under our equity incentive plans, or we issue additional shares of Class A common stock in the future, there will be further dilution to investors participating in this offering. In addition, we may choose to raise additional capital because of market conditions or strategic considerations, even if we believe that we have sufficient funds for our current or future operating plans. If we raise additional capital through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders. 89

Management's Discussion & Analysis

Management’s discussion and analysis of financial condition and results of operations The following discussion and analysis of our financial condition and results of operations should be read together with our financial statements as of and for the years ended December 31, 2024 and 2023 and the related notes included elsewhere in this prospectus. This discussion and analysis as well as other parts of this prospectus contain forward-looking statements that involve risks and uncertainties, including information with respect to