Company: BLLN
Filing Date: 2025-10-07
Form Type: S-1
Source: 0001193125-25-233697
Chunk: 161

Company: BillionToOne, Inc.
Filing Date: 2025-10-07
Form: S-1
Chunk 161
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 for which we previously billed. We also benefited from increased utilization of our 22q test and the resulting incremental reimbursement, and coverage of our RhD test from more payors. Furthermore, we began billing for our Northstar Select oncology test at the beginning of 2024, which benefited our revenue and Overall ASP. 109

We believe our plans to continue to expand our field sales force for our prenatal products and oncology products will benefit our test volumes. In addition, we believe our Overall ASP will benefit from the opportunity to enter into contracts with additional payors for our prenatal tests, as well as the recent coverage decision by MolDx for Northstar Select, which should result in lower denial rates by Medicare Advantage payors. 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. Cost of revenue

|                 |     | Year ended            
 December 31,          |   2023 |     |   |   2024 |     |   | $ Change |     |     | % Change |
|:----------------|:----|:----------------------|-------:|:----|:--|-------:|:----|:--|---------:|:----|:----|:---------|
|                 |     | -dollars in thousands |        |     |   |        |     |   |          |     |     |          |
| Cost of revenue |     | $                     | 54,421 |     | $ | 71,667 |     | $ |   17,246 |     |     | 32%      |

Cost of revenue increased $17.2 million, or 32%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. The increase was primarily due to an increase of $9.2 million in expenses associated with testing samples and supplies used in processing tests, phlebotomy, and related shipping costs, driven by a higher volume of tests processed; an increase of $8.0 million in labor, overhead, equipment depreciation and other related costs driven by headcount growth for the year ended December 31, 2023 to the year ended December 31, 2024 to support the higher test volumes; and an increase in product support. While our cost of revenue increased year-over-year as a result of higher test volumes, as part of our long-term