Company: BLLN
Filing Date: 2025-08-11
Form Type: DRS/A
Source: 0000950123-25-007483
Chunk: 16

Company: BillionToOne, Inc.
Filing Date: 2025-08-11
Form: DRS/A
Chunk 16
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 sample. In standard NGS, additional reads for each genomic location or sequencing of additional genomic locations may be needed to average out the noise                            
 associated with amplification biases. However, with QCTs, such biases are removed during analysis, increasing the overall signal quality. This can enable the laboratory to achieve the same diagnostic accuracy with significantly fewer total reads, 
 reducing costs. For example, a typical test for aneuploidy NIPT screen may require interrogation of more than 10,000 genomic locations to average out the amplification bias that is present across locations whereas the same diagnostics may be      
 possible by interrogation of a few hundred loci when control spike-ins and QCTs are used.                                                                                                                                                              |

| 7 |     | Because our technology platform is quantitative, we can mathematically model and accurately predict assay performance in advance when designing new smNGS assays. |

3

Our category-defining products.As demonstrated in multiple analytical and clinical studies, as well as
peer reviewed publications, we have leveraged our smNGS platform to create differentiated prenatal and oncology products with 10 times greater precision versus other available tests. For example, our UNITY test has extended NIPT from detecting one
million-plus base pair conditions to single base pair conditions. This advancement is already starting to impact the treatment options for babies affected by these severe recessive conditions. In addition, our Northstar Select and Response tests
deliver superior sensitivity and precision, respectively, and can generate clinically relevant insights for late-stage cancer therapy selection and response monitoring that may otherwise have been missed or delayed through conventional liquid biopsy
tests and/or imaging tools. We believe that each of our products has the potential to become the standard of care in its respective market. Furthermore, we believe our competitive moat will strengthen over time as we continue to enhance and expand
our portfolio of ultrasensitive tests.

Our ability to deliver rapid growth at scale.The differentiated nature of our products and our relentless
commitment to improving the patient and provider experience have resulted in recurring use of our tests with extremely low customer churn. Our existing accounts have created a stable and growing revenue base with increasing penetration, and we see
similar adoption trends in new clinics, as we continue our expansion within existing and new territories. Additionally, while our current products already address an estimated annual market opportunity of over $20 billion in the United States,
we believe that our R&D pipeline could eventually expand this annual addressable market to over $100 billion. We believe this market setup, along with our scaling business,