Company: BLLN
Filing Date: 2025-08-11
Form Type: DRS/A
Source: 0000950123-25-007483
Chunk: 139

Company: BillionToOne, Inc.
Filing Date: 2025-08-11
Form: DRS/A
Chunk 139
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 our revenues and ASPs. In 2024, several payors began covering additional tests within our prenatal panel, specifically those for 22q11.2 deletion syndrome (22q 
 microdeletion), RhD NIPT, and fetal antigen NIPT. Most recently, Geisinger issued a positive coverage policy for the sgNIPT component of our Fetal Risk Screen for recessive conditions. The inclusion of these tests in positive coverage policies has  
 directly contributed to a notable improvement in the Overall ASP for our prenatal product portfolio.                                                                                                                                                     |

Moreover, we achieved a significant milestone earlier this year with the receipt of a positive coverage determination from Medicare’s MolDX for Northstar Select. As a result, Medicare coverage for Northstar Select began on February 14, 2025, expanding access for eligible patients. We plan to submit additional dossiers to MolDX for further coverage evaluations for Northstar Response, which, if successful, would significantly increase our ASPs in the future. Our continued engagement with medical societies and generation of clinical utility evidence may also facilitate the inclusion of our tests in future clinical practice guidelines. For instance, even with more recent expansions, 22q11.2 microdeletion that we provide is only reimbursed in a minority of cases. We believe a change in the guidelines by ACOG would likely drive a much higher approval rate for this add-onby payors, substantially increasing the Overall ASP for our tests. Achieving guideline inclusion is a benefit for patients, and it is a significant catalyst for expanded reimbursement which can further elevate our ASPs. We believe ASP can increase further over time with expansion of contracting & coverage. ASP Further contracting from ~225M to ~300M lives Increased RhD and sgNIPT coverage Response MolDx coverage 22q guideline inclusionExpanded panel guideline Select ADLT pricing via FDA approval PRENATAL ONCOLOGY

| • |     | Internalizing and strengthening our reimbursement capabilities & incorporating automation and AI to 
 reimbursement operations:                                                                           |

To further optimize our reimbursement outcomes, in July 2023, we transitioned from relying on third-party vendors to managing our reimbursement function in-house.We have invested in building a high-performing, specialized team dedicated to all aspects of reimbursement, including claims management, appeals, and payor relations. This team’s expertise and commitment have enabled a more consistent, and accurate billing and appeal process, along with the rapid identification and resolution of 96

reimbursement issues. Since bringing this capability in-house,we have achieved dramatically improved