Company: BLLN
Filing Date: 2025-06-20
Form Type: DRS
Source: 0000950123-25-006095
Chunk: 152

Company: BillionToOne, Inc.
Filing Date: 2025-06-20
Form: DRS
Chunk 152
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 our design-based R&D approach allows us to harness this technology and accurately predict the clinical performance of
a novel assay before testing a single patient sample, which we believe accelerates time-to-market and significantly improves our commercial launch success rate.
Collectively, these platform capabilities enable us to build better products while we simultaneously decrease costs.

Our category-defining products.As demonstrated in multiple analytical and clinical studies, as well as peer reviewed publications, we have leveraged our smNGS platform to create differentiated prenatal and oncology products with 10 times greater precision versus other
available tests. For example, our UNITY test has extended NIPT from detecting one million-plus base pair conditions to single base pair conditions. This advancement is already starting to impact the treatment options for babies affected by these
severe recessive conditions. In addition, our Northstar Select and Response tests deliver superior sensitivity and precision, respectively, and can generate clinically relevant insights for late-stage cancer therapy selection and response monitoring
that may otherwise have been missed or delayed through conventional liquid biopsy tests and/or imaging tools. We believe that each of our products has the potential to become the standard of care in its respective market. Furthermore, we believe our
competitive moat will strengthen over time as we continue to enhance and expand our portfolio of ultrasensitive tests.

Our ability to deliver rapid growth at scale.The differentiated nature of our products and our relentless commitment to improving the patient and provider experience have resulted in recurring use of our tests with extremely low customer churn. Our existing accounts have created
a stable and growing revenue base with increasing penetration, and we see similar adoption trends in new clinics, as we continue our expansion within existing and new territories. Additionally, while our current products already address an estimated
annual market opportunity of over $20 billion in the United States, we believe that our R&D pipeline could eventually expand this annual addressable market to over $100 billion. We believe this market setup, along with our scaling
business, provides a significant opportunity for us to grow over the near and long-term horizon.

Our superior efficiency.We believe our capital
efficiency and emerging profitability set us apart from other molecular diagnostics companies especially at our scale. Since inception we have produced a track record of

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cost efficiency, demonstrated by limiting our accumulated deficit of $282.2 million as of December 31, 2024, which is a small fraction of the losses incurred by some of our competitors.
The important factors resulting in this efficiency are (i) our gross margins of % for the three months ended June