Company: BLLN
Filing Date: 2025-09-17
Form Type: DRS/A
Source: 0001193125-25-206347
Chunk: 135

Company: BillionToOne, Inc.
Filing Date: 2025-09-17
Form: DRS/A
Chunk 135
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2025, after giving effect to the Preferred Stock Conversion, the Reclassification and the Class B Stock Exchange, in each case as if they had occurred on June 30, 2025, and excludes:

| • |     | up to 9,660 shares of our Class A common stock issuable upon the exercise of the 
 A-6 Warrant for an exercise price of $2.5879 per share;                          |

| • |     | up to 80,357 shares of our Class A common stock issuable upon the exercise of the 2021 Common Warrant for an exercise 
 price of $2.80 per share;                                                                                             |

| • |     | up to 41,209 shares of our Class A common stock issuable upon the exercise of the 2022 Common Warrant for an exercise 
 price of $10.92 per share;                                                                                            |

| • |     | shares of our Class A common stock reserved for future issuance under our 2025 Plan, which will                                                                                                                                                 
 become effective upon the effectiveness of the registration statement of which this prospectus forms a part, as well as any future increases in the number of shares of our Class A common stock reserved for issuance under the 2025 Plan; and |

| • |     | shares of our Class A common stock reserved for future issuance under our ESPP, which will                                                                                                                                             
 become effective upon the effectiveness of the registration statement of which this prospectus forms a part, as well as any future increases in the number of shares of our Class A common stock reserved for issuance under the ESPP. |

Any remaining shares available for issuance under our 2018 Plan will be added to the shares reserved under our 2025 Plan in effect following the completion of this offering and we will cease granting awards under the 2018 Plan. To the extent that outstanding options or warrants are exercised, new options or other securities are issued under our equity incentive plans, or we issue additional shares of Class A common stock in the future, there will be further dilution to investors participating in this offering. In addition, we may choose to raise additional capital because of market conditions or strategic considerations, even if we believe that we have sufficient funds for our current or future operating plans. If we raise additional capital through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders. 86

Management's Discussion & Analysis

Management’s discussion and analysis of financial condition and results of operations The following discussion