Company: BLLN
Filing Date: 2025-06-20
Form Type: DRS
Source: 0000950123-25-006095
Chunk: 312

Company: BillionToOne, Inc.
Filing Date: 2025-06-20
Form: DRS
Chunk 312
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 2025 provided that the trailing six-month worldwide net revenue of the Company is at least $80.0 million. The third tranche of up to $30.0 million in principal is
available at the Company’s option at any time prior to March 31, 2026, provided that the trailing six-month Gross Margin of the Company is at least 45%.

F-27

B ILLIONT OO NE, INC. Notes to Financial Statements Gross Margin is defined as (I) net revenue minus cost of goods sold divided by (II) net revenue, expressed as a percentage. The fourth tranche of up to $25.0 million in principal will be made available to the Company at the mutual agreement of the parties at any time prior to March 31, 2026. The Company has the option at any time to prepay all of the then-outstanding notes, and Oberland Capital has the option to redeem the notes upon (i) a change in control of the Company, (ii) an event of default, or (iii) the maturity date. The redemption price of the note shall equal to the following: (1) 130% of principal amounts of notes if the payment is made within 24 months of issuance; (2)145% of principal amounts of notes if the payment is made within 36 months of issuance; (3) If the payment is made within 48 months, an amount that would generate an internal rate of return (“IRR”) of 12.25%; (4) if the payment is made within 60 months of the issuance, an amount that would generate an IRR of 11.75%; (5) If the payment is made thereafter but before maturity, an amount that would generate an IRR of 11.25%; and (6) if the payment is made at maturity, an amount that would generate an IRR of 10.0%. The Company is required to maintain trailing six-monthnet revenue based on a schedule that gradually increases up to $120.0 million after the year ending December 31, 2026. In addition, the Company is required to maintain a trailing six-monthGross Margin of not less than 30%.The agreement also contains a revenue participation agreement, 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