Company: BLLN
Filing Date: 2025-10-17
Form Type: S-1/A
Source: 0001193125-25-242632
Chunk: 119

Company: BillionToOne, Inc.
Filing Date: 2025-10-17
Form: S-1/A
Chunk 119
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 even significantly exceed, any such guidance or expectations, or if we reduce any such guidance for future periods, the market price of our Class A common stock may decline.

We will have broad discretion in the use of the net proceeds from this offering and may not use them effectively.

We will have considerable discretion in the application of the net proceeds of this offering, including for any of the purposes described in the section of this
prospectus titled “Use of proceeds,” and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being used appropriately. Investors will need to rely upon the judgment of our
management with respect to the use of such net proceeds. Pending their use, we may invest the net proceeds from this offering in short-term, investment-grade, interest-bearing securities, such as money market accounts, certificates of deposit,
commercial paper, and guaranteed obligations of the U.S. government, which may not produce income or may lose value. If we do not use the net proceeds that we receive in this offering effectively, our business, financial condition and results
of operations could be harmed and the market price of our Class A common stock could decline.

As the initial public offering price is substantially higher than our net tangible book value per share of Class A common stock, you will incur immediate and substantial dilution.

If you purchase
Class A common stock in this offering, you will experience substantial and immediate dilution in the pro forma net tangible book value per share after giving effect to this offering of $43.97 per share as of June 30, 2025, based on the
initial public offering price of $52.00 per share of Class A common stock, the midpoint of the estimated offering price range on the cover page of this prospectus, because the price that you pay will be substantially greater than the pro forma
net tangible book value per share of Class A common stock that you acquire. This dilution is due in large part to the fact that our earlier investors paid substantially less than the initial public offering price when they purchased their
shares. As of June 30, 2025, we had 8,930,919 shares of our Class A common stock issuable upon the exercise of outstanding options at a weighted average exercise price of $10.59 per share, 4,623,888 of which were vested as of such
date. See the section of this prospectus titled “Dilution” for additional information.

Any additional shares of our Class A common stock that