Company: BLLN
Filing Date: 2025-06-20
Form Type: DRS
Source: 0000950123-25-006095
Chunk: 138

Company: BillionToOne, Inc.
Filing Date: 2025-06-20
Form: DRS
Chunk 138
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. We use these non-GAAP financialmeasures for financial and operational decision-making and as a means to assist us in evaluating period-to-period comparisons.By excluding the impact of certain items that we 104

believe do not directly reflect our underlying operations, we are of the opinion that non-GAAPoperating loss and non-GAAPnet loss provide meaningful supplemental information regarding our performance. Accordingly, we believe these non-GAAP financialmeasures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and forecasting. However, there are a number of limitations related to the use of non-GAAP financialmeasures, and these non-GAAP measuresshould be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financialmeasures differently or not at all, which reduces their usefulness as comparative measures. Non-GAAPloss from operations We define non-GAAPoperating loss as operating loss presented in accordance with GAAP, adjusted to exclude stock-based compensation expenses. We have presented non-GAAPoperating loss because we consider non-GAAPoperating loss to be a useful metric for investors and other users of our financial information in evaluating our operating performance because it excludes the impact of stock-based compensation, which can vary from period to period for reasons that do not directly reflect our underlying operations. This metric also provides investors and other users of our financial information with an additional tool to compare business performance across companies and periods, while eliminating the effects of items that may vary for different companies for reasons unrelated to core operating performance. A reconciliation of loss from operations, the most directly comparable GAAP financial measure, to non-GAAPloss from operations is presented below (in thousands):

|                                  |     | Year ended   
 December 31, |    2023 |   |     |   |    2024 |   |
|:---------------------------------|:----|:-------------|--------:|:--|:----|:--|--------:|:--|
| Loss from operations             |     | $            | (69,495 | ) |     | $ | (47,146 | ) |
| Stock-based compensation expense |     |              |   4,854 |   |     |   |   8,362 |   |
| Non-GAAP loss from operations    |     | $            | (