Company: BLLN
Filing Date: 2025-10-07
Form Type: S-1
Source: 0001193125-25-233697
Chunk: 386

Company: BillionToOne, Inc.
Filing Date: 2025-10-07
Form: S-1
Chunk 386
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 the present value of the notes based on the fair market yield to maturity and an estimate of the probability of the notes’ conversion features. The fair market yield was estimated based on publicly traded debt securities with similar maturities and risk. During the six months ended June 30, 2024, the Company settled the convertible notes through the issuance of Series C-1redeemable convertible preferred stock to the noteholders (See Note 8). F-49

BILLIONTOONE, INC. Notes to Unaudited Interim Financial Statements The significant assumptions used in preparing discounted cash flow for valuing the convertible notes as of right before the conversion date May 15, 2024, are as follows:

|                                   |     | May 15, 
 2024    |        |   |
|:----------------------------------|:----|:--------|-------:|:--|
| Principal outstanding (in $’000s) |     |         | 30,000 |   |
| Expected term (years)             |     |         |      - |   |
| Risk-free rate                    |     |         |   5.46 | % |
| Interest rate                     |     |         |   8.00 | % |

In August 2024, the Company entered into a new term loan agreement for which the Company elected to account for using the fair value option. As such, the fair value of the debt is calculated by using the probability weighting of the present value of settlement scenarios (See Note 9). The significant assumptions used in preparing the income approach model for valuing the new term loan as of December 31, 2024 and June 30, 2025, are as follows:

|                                    |     |     | December 31, 
         2024 |   |     |     | June 30, 
     2025 |   |
|:-----------------------------------|:----|:----|-------------:|:--|:----|:----|---------:|:--|
| Discount rate                      |     |     |         9.37 | % |     |     |     9.22 | % |
| Annual interest rate               |     |     |         8.00 | % |     |     |     8.00 | % |
| Expected term (years) – Scenario 1 |     |     |         5.32 |   |     |     |     4.75 |   |
| Expected