Company: BLLN
Filing Date: 2025-06-20
Form Type: DRS
Source: 0000950123-25-006095
Chunk: 122

Company: BillionToOne, Inc.
Filing Date: 2025-06-20
Form: DRS
Chunk 122
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 therapy selection and has been shown to detect over 50% more actionable solid tumor mutations than
conventional liquid biopsies. Based on our knowledge of all widely available tests, Northstar Response is the only methylation-based assay that quantifies the amount of cancer (tumor burden) at the single molecule level without requiring a tissue
biopsy, enabling real-time monitoring of patient response to therapy with unprecedented precision. Our Northstar tests give physicians extraordinary visibility into cancer profile and treatment response, enabling more informed and earlier treatment
decisions that can fundamentally alter patient outcomes.

Our business momentum is evidenced by our rapidly scaling commercial success and improving operational
efficiency. Of approximately one million smNGS-based tests that we have processed since our initial launch,

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more than of them, tests, were processed within the last 12 months ended June 30, 2025. For the year ended December 31, 2024,
we generated revenue of $152.6 million, representing 113% year-over-year growth, with a gross margin of 53% and net loss of $41.6 million. Our business model has demonstrated improving operational leverage, which we believe will enable us
to reach, on a non-GAAP income from operations basis, positive operating income after adjusting for stock based compensation expense for the six months ended June 30, 2025. During this period, we
generated revenue of , with a gross margin of and a net income of , representing year-over-year revenue growth for the period. This
translates to a net operating income improvement of approximately , from a net loss of for the six months ended June 30, 2024 to a net operating income of for
the six months ended June 30, 2025.

Since our founding, we have developed and commercially launched multiple products and achieved a number of significant
milestones as depicted in the chart below.

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Our business model and key performance metrics

Our revenue is driven by selling and performing molecular diagnostic tests ordered by physicians and other providers. We generally bill the patients’ insurance
carrier, the patient, or a combination of both upon delivery of the test results. We first commercialized our prenatal products in 2019 and our oncology products in early 2023. Our revenue has grown rapidly from $8.1 million in 2021 to
$152.6 million in 2024. Our pace of growth remains strong, as revenue grew 113% year-over-year in 2024 and % year