Company: BLLN
Filing Date: 2025-09-17
Form Type: DRS/A
Source: 0001193125-25-206347
Chunk: 239

Company: BillionToOne, Inc.
Filing Date: 2025-09-17
Form: DRS/A
Chunk 239
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 property or provide any competitive advantage. For more information regarding risks relating to intellectual property, see the section titled “Risk factors–Risks related to our intellectual property.” Payor Coverage & Reimbursement Reimbursement is a critical component of our business strategy and financial success. We approach reimbursement through a comprehensive framework addressing coding, coverage, and contracting to maximize access to our tests and optimize ASP. More than 90% of our revenue stems from reimbursement of our prenatal and oncology tests in the United States, making our payor strategy central to our financial performance. While the vast majority of the carrier and aneuploidy tests we offer are covered under existing policies, we initially operated primarily out-of-networkwith commercial third-party payors, resulting in lower payments and higher denials, creating challenges in terms of revenue growth and generating headwinds for provider adoption. It is a testament to the uniqueness of our products that we have achieved substantial growth despite initially having limited in-networkstatus. Today, we have dramatically expanded our in-networkcoverage to include 225 million covered lives as of December 31, 2024. We anticipate our covered lives will continue to increase over time, which we expect will drive progressively higher ASPs. Our reimbursement strategy aligns with the demonstrated clinical utility and cost-effectiveness of our tests, as well as with value-based care trends. We have validated the clinical utility of our tests through peer-reviewed publications and real-world data. Reimbursement sources and status We receive reimbursement from several distinct sources:

| • |     | Commercial third-party payors, including insurance companies and health maintenance organizations; |

| • |     | Government payors, state Medicaid programs, and Medicare; |

| • |     | Employee benefits health plans; and |

| • |     | Individual patients, who represent a small amount of our revenue. |

Commercial third-party payors We have significantly expanded our in-networkstatus with commercial insurers, including several of the largest national payors. We expect this in-networkexpansion to continue driving higher ASPs and enhance revenue predictability, due to the contracts establishing agreed-upon rates. Beyond our contracted rate agreements, we submit claims for reimbursement and receive associated payments from commercial insurers on a non-contractedbasis as necessary. The amount of reimbursement allowed and collected outside of network contract rates with commercial insurers is subject to greater variability and less predictability. In prenatal, our carrier and aneuploidy tests are broadly covered by most major insurance providers, and we have broad reimbursement for tests we provide. Our