Company: BLLN
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001628280-25-056321
Chunk: 233

Company: BillionToOne, Inc.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 1
Chunk 233
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net income (loss)

We monitor non-GAAP net income (loss) for planning and performance measurement purposes. We define non-GAAP net income (loss) as net income (loss) reported on our statements of operations, excluding the impact of stock-based compensation expenses, net gain or loss on extinguishment of debt, change in fair value of the term loan, and change in fair value of convertible notes. We exclude fair value adjustments related to debt, which can fluctuate significantly and do not directly reflect our underlying operations. Our calculation of non-GAAP net income (loss) does not currently include the tax effects of the stock-based compensation expense adjustment because such tax effects have not been material to date.

A reconciliation of net income (loss), the most directly comparable GAAP financial measure, to non-GAAP net income (loss) is presented below (in thousands):

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Net income (loss)$5,711 $(14,904)$1,477 $(30,093)Stock-based compensation expense4,475 2,150 9,581 6,055 Net (gain) loss on extinguishment of debt- 1,346 - (7,289)Decrease in fair value of term loan3,936 2,283 7,038 2,283 Decrease in fair value of convertible notes- - - 835 Non-GAAP net income (loss) $14,122 $(9,125)$18,096 $(28,209)

Liquidity and capital resources

Since our inception, prior to our IPO, we have financed our operations primarily through the issuance of convertible notes, redeemable convertible preferred stock, debt, and cash generated from the sale of our products. As of September 30, 2025, our principal sources of liquidity were cash and cash equivalents of $195.2 million and working capital of $210.9 million. On November 7, 2025, we closed our IPO of our Class A common stock. The total net proceeds received were approximately $286.4 million after deducting underwriting discounts, commissions and offering expenses payable by us. Cash and cash equivalents are comprised of cash held in sweep accounts, checking accounts, lock-box accounts and money market funds. Our principal use of cash is to fund operations and invest in research and development to support our growth.

We have generated