Company: BLLN
Filing Date: 2025-08-11
Form Type: DRS/A
Source: 0000950123-25-007483
Chunk: 341

Company: BillionToOne, Inc.
Filing Date: 2025-08-11
Form: DRS/A
Chunk 341
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 on the last day of each fiscal quarter commencing with the fiscal quarter ending March 31, 2025, excluding any fiscal quarter with respect to which the Company’s aggregate cash and cash equivalents is greater than 1.1 times the aggregate principal amount of the notes issued (the “Liquidity Condition”) at all times during such fiscal quarter, the Company is required to achieve minimum thresholds for both trailing six month revenues and trailing six month gross margins. If the Liquidity Condition is not satisfied, the Company is required to have trailing six-month Net Revenue of not less than the amount shown for each applicable period in the table below, as well as a trailing six-month Gross Margin of not less than 30%, each as defined in the 2024 Notes. The Company was in compliance with all material financial covenants as of December 31, 2024.

| Period     |     | Minimum Trailing  
 Six-Month Net     
 Revenue Threshold 
 (in millions)     |       |
|:-----------|:----|:------------------|------:|
| Q1 2025    |     | $                 |  56.1 |
| Q2 2025    |     | $                 |  65.6 |
| Q3 2025    |     | $                 |  74.8 |
| Q4 2025    |     | $                 |  82.8 |
| Q1 2026    |     | $                 |  87.2 |
| Q2 2026    |     | $                 | 101.8 |
| Q3 2026    |     | $                 | 117.2 |
| Q4 2026    |     | $                 | 120.0 |
| Thereafter |     | $                 | 120.0 |

The agreement also contains a revenue participation provision, under which, for any fiscal quarter, 0.01% of net revenue for such fiscal quarter (up to $100.0 million of net revenue for each fiscal year) per each $1.0 million principal amount of the notes will be payable to Oberland Capital. Beginning with the fiscal year beginning January 1, 2025, the Company is required to make revenue participation payments under the agreement. The term loan advances are secured by a lien on the Company’s assets. The Company elected to account for the 2024 Notes using the fair value option and changes in fair value related to the 202