Company: BLLN
Filing Date: 2025-10-07
Form Type: S-1
Source: 0001193125-25-233697
Chunk: 392

Company: BillionToOne, Inc.
Filing Date: 2025-10-07
Form: S-1
Chunk 392
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 Holders of $39.9 million and the fair
value of the Notes immediately prior to the extinguishment was recorded as a gain on debt extinguishment in the Company’s statements of operations and comprehensive loss for the six months ended June 30, 2024.

(9) Long-term Debt

Oberland Note Purchase Agreement

In August 2024, the Company entered into a note purchase agreement (the “2024 Notes”) with BWCB SA LLC (an entity affiliated with Oberland
Capital Management, LLC (“Oberland Capital”), which provided the Company with up to four tranches of capital advances totaling up to $140.0 million. The advanced principal accrues interest at a rate of 8.0% per annum. The first
tranche of $50.0 million was advanced on August 5, 2024, with a Maturity Date on the seventh anniversary of the first purchase date (August 31, 2031). The first tranche requires interest-only payments through August 31, 2031 and a
lump sum payment due on August 31, 2031.

The second tranche of up to $35.0 million in principal is available at the Company’s option at
any time prior to September 30, 2025 provided that the trailing six-month worldwide net revenue of the Company is at least $80.0 million. As of June 30, 2025, the Company has not elected the
option to draw on the second tranche.

The Company is required to sell the third tranche of notes in the amount of $30.0 million prior to
March 31, 2026 as the Company has achieved the revenue and gross margin thresholds triggering this obligation during the first half of fiscal 2025. The thresholds triggering this tranche are trailing
six-month revenue of at least $112.5 million and a trailing six-month gross margin of at least 45%. The terms of this tranche are identical to those of the first
$50 million tranche.

Gross Margin is defined as (I) net revenue minus cost of goods sold divided by (II) net revenue, expressed as a
percentage. The fourth tranche of up to $25.0 million in principal will be made available to the Company at the mutual agreement of the parties at any time prior to March 31, 2026.

The Company has the option at any time to prepay all of the then-outstanding notes, and Oberland