Company: BLLN
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001628280-25-056321
Chunk: 385

Company: BillionToOne, Inc.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 8
Chunk 385
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 compared to the three months ended September 30, 2024. The decrease was primarily driven by lower interest rates.

4 Overall Cost Per Test is the weighted average cost per test across all of our prenatal and oncology products. It is computed by dividing cost of goods sold for our prenatal and oncology tests by the number of tests that are accessioned.

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Interest expense

Interest expense decreased $0.4 million, or 95%, for the three months ended September 30, 2025 compared to the three 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 $1.3 million for the three months ended September 30, 2024. This was due to 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 three months ended September 30, 2025.

Change in fair value of term loan

Change in fair value of term loan increased $1.7 million, or 72% for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was due to a change in fair value of the Oberland Capital debt of $1.3 million and interest expense of $0.4 million.

Other expense, net

Other expense, net increased $1.5 million, or 853%, for the three months ended September 30, 2025 compared to the three 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.

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Comparison of the nine months ended September 30, 2025 and 2024

Nine Months EndedSeptember 30,Change20252024AmountPercent(in thousands, except percent)Revenue$209,059 $107,505 $101,554 94.5 %Cost of revenue69,205 52,309 16,896 32.3 Gross profit139,854 55,196 84,