Company: BLLN
Filing Date: 2025-10-17
Form Type: S-1/A
Source: 0001193125-25-242632
Chunk: 29

Company: BillionToOne, Inc.
Filing Date: 2025-10-17
Form: S-1/A
Chunk 29
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 months ended September 30, 2025, compared to $20.2 million for the three months ended September 30, 2024, primarily due to increases in test volumes, higher Overall ASP, and lower Overall Costs Per Test. We estimate our income (loss) from operations will improve to a range of approximately $5.5 to $11.5 million for the three months ended September 30, 2025, compared to a loss of $12.6 million for the three months ended September 30, 2024, primarily due to higher revenue and increases in both our gross profit margin and gross profit, partially offset by an increase in operating expenses.

|                   |     | Three months ended 
      September 30, |         |     |              |         |
|                   |     |               2024 |         |     |         2025 |         |
|                   |     |             Actual |         |     | -preliminary |         |
| Test volume:      |     |                    |         |     |              |         |
| Total test volume |     |                    | 107,934 |     |              | 162,900 |

We expect our total test volume, which represents the number of billable tests that we receive for processing during each period and which we also refer to as tests accessioned, to be approximately 162,900 for the three months ended September 30, 2025, compared to 107,934 for the three months ended September 30, 2024.

11

In addition, we expect our total delivered and billable test volume, which represents the number of billable tests for which we deliver a result to the ordering provider each period, to be approximately 165,000 tests in the three months ended September 30, 2025, compared to 144,690 delivered and billable tests in the three months ended June 30, 2025 and 108,523 delivered and billable tests in the three months ended September 30, 2024. We expect to report that we had approximately $195.2 million in cash and cash equivalents at September 30, 2025. Risk factors summary Our business is subject to a number of risks of which you should be aware before making an investment decision. These risks include the following:

| • |     | Our limited operating history and rapid growth make it difficult to evaluate our future prospects and the risks and 
 challenges we may encounter.                                                                                        |

| • |     |