Company: BLLN
Filing Date: 2025-06-20
Form Type: DRS
Source: 0000950123-25-006095
Chunk: 127

Company: BillionToOne, Inc.
Filing Date: 2025-06-20
Form: DRS
Chunk 127
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D 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 94

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 blended 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.

| • |     | 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 reimbursement issues. Since bringing this capability in-house,we have achieved dramatically improved results, evidenced by a significant and sustained increase in ASPs over the past two years. In addition, we have integrated our internal systems end-to-end,automated many of the repetitive reimbursement procedures, and incorporated AI for significant efficiency improvements, e.g., using large language models (LLMs) to read, categorize, and react to thousands of correspondence from insurance companies that we receive every day, allowing our team to significantly increase their productivity. This strategic move not only streamlines our operations and improves cash flow but also allows us to