Company: BLLN
Filing Date: 2025-09-17
Form Type: DRS/A
Source: 0001193125-25-206347
Chunk: 18

Company: BillionToOne, Inc.
Filing Date: 2025-09-17
Form: DRS/A
Chunk 18
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 along with our scaling business, provides a significant opportunity for us to grow over the near and long-term horizon. Our superior efficiency.We believe our capital efficiency and emerging profitability set us apart from other molecular diagnostics companies especially at our scale. Since inception we have produced a track record of cost efficiency, demonstrated by limiting our accumulated deficit of $282.2 million as of December 31, 2024. This figure is a small fraction of the accumulated deficits reported by certain of our public company competitors (Caris Life Sciences, Guardant Health, Natera, and Tempus AI) as of the same date. 10The important factors resulting in this efficiency are (i) 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 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.

| 8 |     | Because our technology platform is quantitative, we can often mathematically model and accurately predict assay performance in advance when designing new smNGS assays. |

| 9 |     | 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.                                                                                                                                                                                                             |

| 10 |     | These competitors consist of different size companies, based on revenue, with product offerings that may not be directly comparable to our product offerings. |

4

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 monitor disease, as both genetic and epigenetic properties of cfDNA directly reflect the originating tissue. Despite its potential, the detection of cfDNA is