Company: BLLN
Filing Date: 2025-10-17
Form Type: S-1/A
Source: 0001193125-25-242632
Chunk: 19

Company: BillionToOne, Inc.
Filing Date: 2025-10-17
Form: S-1/A
Chunk 19
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) our gross margin of 65% for the three months ended June 30, 2025, which has increased 14 percentage points year-over-year, (ii) our high sales efficiency driven by differentiated products, with our annualized revenue run-rateper sales representative at over $1.8 million for the three months ended June 30, 2025, and (iii) disciplined operational practices supplemented by automation and AI. Going forward, our financial discipline will continue to be integral to our innovation efforts. By prioritizing efficiency, we have

| 8 |     | The cost of NGS scales with the total number of reads required per sample. In standard NGS, additional reads for each genomic location or sequencing of additional genomic locations may be needed to average out the noise                            
 associated with amplification biases. However, with QCTs, such biases are removed during analysis, increasing the overall signal quality. This can enable the laboratory to achieve the same diagnostic accuracy with significantly fewer total reads, 
 reducing costs. For example, a typical test for aneuploidy NIPT screen may require interrogation of more than 10,000 genomic locations to average out the amplification bias that is present across locations whereas the same diagnostics may be      
 possible by interrogation of a few hundred loci when control spike-ins and QCTs are used.                                                                                                                                                              |

| 9 |     | Because our technology platform is quantitative, we can often mathematically model and accurately predict assay performance in advance when designing new smNGS assays. |

| 10 |     | Half of this addressable market includes early detection, an area in which we have not yet begun specific product development or commercial sales, but we believe will be strongly enabled by our existing technology 
 platform.                                                                                                                                                                                                             |

| 11 |     | These competitors consist of different size companies, based on revenue, with product offerings that may not be directly comparable to our product offerings. |

4

been able to consistently invest in R&D and commercial expansion while reducing losses over time and achieving profitability. In doing so, we believe we have established a differentiated financial profile that positions us for sustainable value creation. Background on cfDNA and the limitations of traditional NGS technologies cfDNA represents one of the most promising biomarkers in modern precision medicine. cfDNA is continuously shed from all tissues into the bloodstream and has a short half-life of approximately one to two hours. This transient nature gives cfDNA a unique capability to provide a real-time snapshot of cellular turnover and can be used to diagnose and