Company: BLLN
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001628280-25-056321
Chunk: 514

Company: BillionToOne, Inc.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 2
Chunk 514
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 compensation expense adjustment because such tax effects have not been material to date.

A reconciliation of net income (loss), the most directly comparable GAAP financial measure, to non-GAAP net income (loss) is presented below (in thousands):

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Net income (loss)$5,711 $(14,904)$1,477 $(30,093)Stock-based compensation expense4,475 2,150 9,581 6,055 Net (gain) loss on extinguishment of debt- 1,346 - (7,289)Decrease in fair value of term loan3,936 2,283 7,038 2,283 Decrease in fair value of convertible notes- - - 835 Non-GAAP net income (loss) $14,122 $(9,125)$18,096 $(28,209)

Liquidity and capital resources

Since our inception, prior to our IPO, we have financed our operations primarily through the issuance of convertible notes, redeemable convertible preferred stock, debt, and cash generated from the sale of our products. As of September 30, 2025, our principal sources of liquidity were cash and cash equivalents of $195.2 million and working capital of $210.9 million. On November 7, 2025, we closed our IPO of our Class A common stock. The total net proceeds received were approximately $286.4 million after deducting underwriting discounts, commissions and offering expenses payable by us. Cash and cash equivalents are comprised of cash held in sweep accounts, checking accounts, lock-box accounts and money market funds. Our principal use of cash is to fund operations and invest in research and development to support our growth.

We have generated significant losses from operations and negative cash flows from operating activities in the past as reflected in our accumulated deficit of $280.7 million as of September 30, 2025, though we did have positive operating income and positive cashflow in the nine months ended September 30, 2025. We believe  our current cash and cash equivalents will be sufficient to fund our operations for at least the next 12 months. Our future capital requirements, however, will depend on many factors, including our growth rate, the timing and extent of our sales and marketing and research and development expenditures, the continuing market acceptance of our products, and the use of cash to fund