Company: BLLN
Filing Date: 2025-10-07
Form Type: S-1
Source: 0001193125-25-233697
Chunk: 364

Company: BillionToOne, Inc.
Filing Date: 2025-10-07
Form: S-1
Chunk 364
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 loss on extinguishment consisted of incremental expense of $0.8 million unaccreted exit fee liability, $0.3 million unamortized debt issuance costs and a $0.2 million prepayment fee
assessed by the bank.

Oberland Note Purchase Agreement

In August 2024, the Company entered into a note purchase agreement (as amended from time to time, the “2024 Notes”) with BWCB SA LLC (an entity
affiliated with Oberland Capital Management, LLC (“Oberland Capital”)), which provided the Company with up to four tranches of capital advances totaling up to $140.0 million. The advanced principal accrues interest at a rate of 8.0%
per annum. The first tranche of $50.0 million was advanced on August 5, 2024, with a Maturity Date on the seventh anniversary of the first purchase date (August 31, 2031). The first tranche requires interest-only payments through
August 31, 2031 and a lump sum payment due on August 31, 2031.

The second tranche of up to $35.0 million in principal is available at the
Company’s option at any time prior to September 30, 2025 provided that the trailing six-month worldwide net revenue of the Company is at least $80.0 million. The Company is required to sell the
third tranche of notes in the principal amount of $30.0 million prior to March 31, 2026 as the Company has achieved the thresholds triggering this tranche. The thresholds are

F-27

B ILLIONT OO NE, INC. Notes to Financial Statements trailing six-month revenue of at least $112.5 million and a trailing six-monthGross Margin of the Company of at least 45%. The fourth tranche of up to $25.0 million is available at the mutual agreement of the Company and Oberland Capital at any time prior to March 26, 2026. Gross Margin is defined as (I) net revenue minus cost of goods sold divided by (II) net revenue, expressed as a percentage. The fourth tranche of up to $25.0 million in principal will be made available to the Company at the mutual agreement of the parties at any time prior to March 31, 2026. The Company has the option at any time to prepay all of the then-outstanding notes, and Oberland Capital has the option to redeem