Company: BLLN
Filing Date: 2025-08-11
Form Type: DRS/A
Source: 0000950123-25-007483
Chunk: 135

Company: BillionToOne, Inc.
Filing Date: 2025-08-11
Form: DRS/A
Chunk 135
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Overall ASP Gross Margin Overall Cost Per Test 2021 2022 2023 2024 H1 2025

Overall ASP is the weighted
average ASP across all of our prenatal and oncology products. It is computed by dividing revenue for our prenatal and oncology tests by the number of tests that are delivered and billable.

Overall Cost Per Test is the weighted average cost per test across all of our prenatal and oncology products. It is computed by dividing cost of goods sold for our
prenatal and oncology tests by the number of tests that are accessioned.

92

Net Margin 0% 2021 2022 2023 2024 H1 2025 -27% -115% -100% -200% -303% -300% -400% -520% -500% -600% Net Loss -$42M -$80M -$83M -$42M Since increasing test volume drives each of these factors, either directly or indirectly, we believe that our net loss margin can continue to improve for at least the next twelve months, as long as we can continue to drive increased test volumes. However, such improvement will require continuous investments in sales force, further innovation, and new product launches, necessitating a balance between reaching profitability and investing for growth. While we are nearing operating profitability and positive cashflow, we will continue to optimize for long-term growth over short-term increases in profitability. The market for our products is large and expanding. We have only partially penetrated the NIPT market, and in oncology, we have only just begun. We believe the superiority of our products, combined with our investments in our sales force, marketing infrastructure, enhancements to existing tests, increases in our ASP, and new product development will result in further revenue growth over the coming years. Our strategy is to target large existing markets with our products. We believe the unique capabilities of our smNGS platform enable us to launch superior products in these markets and capture significant market share. We have successfully demonstrated this strategy in the prenatal market, and we are in the earlier phases of repeating this success in the oncology market with our therapy selection (Northstar Select) and therapy response monitoring (Northstar Response) products. We anticipate launching our first assay for MRD detection in 2026, and we believe our smNGS technology has the potential to support our entry into the early cancer detection market longer term. Key factors affecting our results of operations and performance We believe certain factors have influenced, and will continue to