Company: BLLN
Filing Date: 2025-09-17
Form Type: DRS/A
Source: 0001193125-25-206347
Chunk: 139

Company: BillionToOne, Inc.
Filing Date: 2025-09-17
Form: DRS/A
Chunk 139
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 Northstar Select head-to-head study presented at ASCO Northstar Response's first clinical validation published Medicare coverage approved for Northstar Select Northstar Response V2 launched with 0.01% LOD ACOG: American College of Obstetricians and Gynecologists ASCO: American Society of Clinical Oncology AACR: American Association for Cancer Research

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 82% year-over-year in the six months ended June 30, 2025.

Revenue Growth 167% CAGR $8M $26M $72M $153M $69M $126M 2021 2022 2023 2024 H1 2024 H1 2025Revenue Growth 167% CAGR $72M $8M $26M $153M $69M $125M 2021 2022 2023 2024 H1 2024 H1 2025

Our revenue is the function of two inputs: the number of tests ordered and the ASP that we can
achieve through reimbursement. There is a flywheel effect between these two factors. The more tests that we process, the easier it becomes for us to contract with third-party payors and become an in-network
provider. This increases our ASP for our tests, as the denial rate of our tests significantly decreases once we become an in-network provider. As we become an in-network
provider, it becomes easier for our sales representatives to convince ordering providers to use our tests.

We believe the
in-network status results in a better patient and provider experience, with fewer requirements for prior authorization and lower patient payment responsibilities. The impact of this flywheel can be seen in the
results of concurrent increases of ASP and test volumes, which enable us to grow our revenue at a rapid rate. For example, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024,