Company: BLLN
Filing Date: 2025-10-07
Form Type: S-1
Source: 0001193125-25-233697
Chunk: 366

Company: BillionToOne, Inc.
Filing Date: 2025-10-07
Form: S-1
Chunk 366
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.8 |
| Q1 2026    |     | $                 |  87.2 |
| Q2 2026    |     | $                 | 101.8 |
| Q3 2026    |     | $                 | 117.2 |
| Q4 2026    |     | $                 | 120.0 |
| Thereafter |     | $                 | 120.0 |

The agreement also contains a revenue participation provision, under which, for any fiscal quarter, 0.01% of net revenue for such fiscal quarter (up to $100.0 million of net revenue for each fiscal year) per each $1.0 million principal amount of the notes will be payable to Oberland Capital. The revenue participation payments are additional financing costs of the loan and are included in the computation of the internal rate of return measures described two paragraphs above. Beginning with the fiscal year beginning January 1, 2025, the Company is required to make revenue participation payments under the agreement. The term loan advances are secured by a lien on the Company’s assets.

F-28

B ILLIONT OO NE, INC. Notes to Financial Statements The Company elected to account for the 2024 Notes using the fair value option and changes in fair value related to the 2024 Notes are recorded in change in fair value of term loan on the Company’s statements of operations and comprehensive loss. The Company also elected to present interest incurred on the 2024 Notes in the change in fair value of the term loan; interest expense under the Oberland Capital arrangement was $1.6 million for the year ended December 31, 2024. The Company’s total indebtedness as of December 31, 2023 and 2024 is as follows (in thousands):

| As of December 31:                 |     | 2023 |        |   |     | 2024 |        |
|:-----------------------------------|:----|:-----|-------:|:--|:----|:-----|-------:|
| Long-term debt                     |     | $    | 35,000 |   |     | $    | 51,481 |
| Plus: accreted exit fee            |     |      |    441 |   |     |      |      - |
| Less: unamortized debt discount    |     |      |   (441 | ) |     |      |      — |
| Long-term debt, net