Company: BLLN
Filing Date: 2025-08-11
Form Type: DRS/A
Source: 0000950123-25-007483
Chunk: 137

Company: BillionToOne, Inc.
Filing Date: 2025-08-11
Form: DRS/A
Chunk 137
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 provider churn, is over 100% 
 after a year for the majority of quarterly cohorts.19                                                                                                                                                                                                    |

| • |     | Effective marketing execution to drive adoption: We support our field sales team with marketing collaterals, digital                                                
 campaigns, webinars, and other marketing channels to help educate physicians about our products and the unique advantages and value propositions that they provide. |

| • |     | Our ability to continue innovating our test portfolio: We are focused on continually innovating our product                                              
 portfolio and capitalizing on opportunities created by our smNGS platform. This enhances our competitive position and positions us for long-term growth. |

| • |     | Payor coverage, contracting, and more effective reimbursement operations |

Our ASPs and revenue depend heavily on our success in achieving and maintaining broad coverage and adequate reimbursement for our molecular diagnostic tests from third-party payors. Third-party reimbursement for our tests represented more than 90% of our revenue for each of the years ended December 31, 2023 and 2024, and we expect government and commercial third-party payors to continue to be our primary source of payments. Coverage and reimbursement by third-party payors, including commercial health insurers, managed care organizations, and government healthcare programs such as Medicare and Medicaid, can be limited and uncertain for the types of specialized molecular diagnostic tests we offer. Each payor makes its own determination as to whether to establish a policy to cover our tests as well as the amount it will reimburse for such tests. Payors make these determinations based on factors that

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include medical necessity, clinical utility, and cost-effectiveness. Reimbursement rates vary significantly by test-type, payor, and coverage determination.

We believe our tests provide significantly greater value than the established Medicare Clinical Laboratory Fee Schedule (CLFS) rates. The current CLFS price established for our sgNIPT is $879.47. However, when accounting for the testing cost savings and the savings from earlier clinical intervention made possible by our sgNIPT compared to traditional NIPT, a peer-reviewed study estimated the true value of our test to range from $2,336 (on a healthcare cost-neutral basis, i.e., where the cost savings from reduced time, specialist referrals, fewer paternal and follow-on tests are passed through to the price of the test) to $7,233 (the equivalent cost to identify one affected pregnancy via sequential carrier screening, i.e., where the cost savings from dramatically increasing the number of affected pregnancies identified are passed through to the price