Company: BLLN
Filing Date: 2025-09-17
Form Type: DRS/A
Source: 0001193125-25-206347
Chunk: 116

Company: BillionToOne, Inc.
Filing Date: 2025-09-17
Form: DRS/A
Chunk 116
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 opportunity as part of your investment decision to assess whether the net proceeds are being used appropriately. Investors will need to rely upon the judgment of our
management with respect to the use of such net proceeds. Pending their use, we may invest the net proceeds from this offering in short-term, investment-grade, interest-bearing securities, such as money market accounts, certificates of deposit,
commercial paper, and guaranteed obligations of the U.S. government, which may not produce income or may lose value. If we do not use the net proceeds that we receive in this offering effectively, our business, financial condition and results
of operations could be harmed and the market price of our Class A common stock could decline.

As the initial public offering price is substantially higher than our net tangible book value per share of Class A common stock, you will incur immediate and substantial dilution.

If you purchase
Class A common stock in this offering, you will experience substantial and immediate dilution in the pro forma net tangible book value per share after giving effect to this offering of $ per share as of

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, 2025, based on the initial public offering price of $ per share of Class A common stock, the midpoint of the estimated offering price range on the
cover page of this prospectus, because the price that you pay will be substantially greater than the pro forma net tangible book value per share of Class A common stock that you acquire. This dilution is due in large part to the fact that our
earlier investors paid substantially less than the initial public offering price when they purchased their shares. As of June 30, 2025, we had shares of our Class A common stock issuable upon the exercise of outstanding options at a
weighted average exercise price of $ per share, of which were vested as of such date, and additional shares of our Class A common stock reserved for future issuance under our
2018 Plan. See the section of this prospectus titled “Dilution” for additional information.

Any additional shares of our Class A common stock that
we issue, including under our equity incentive plans, would dilute the percentage ownership and voting power held by the investors who purchase Class A common stock in this offering. In the future, we may also issue additional securities if we
need to raise capital, including, in connection with acquisitions, which could constitute a material portion of our then-outstanding shares of common stock. Any such issuance could substantially dilute the ownership and voting power of our existing
stockholders and cause the market price of our