Company: BLLN
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001628280-25-056321
Chunk: 496

Company: BillionToOne, Inc.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 2
Chunk 496
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 J. R. T., Palmer, G., Gajra, A., Huynh, C., & Zhou, W. (2025). Validation of a liquid biopsy assay with increased sensitivity for clinical comprehensive genomic profiling. The Journal of Liquid Biopsy, 100322.

2     More than 50% more actionable/reportable mutations when compared to the comparator products in the aggregate. Actual percentages may vary depending on the individual comparator test.

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Table of Contents

since inception, and had an accumulated deficit of $280.7 million as of September 30, 2025, we had net income of $1.5 million for the nine months ended September 30, 2025 compared to a net loss of $30.1 million for the nine months ended September 30, 2024. During the nine months ended September 30, 2025, we generated revenue of $209.1 million, representing 95% year-over-year revenue growth as compared to the nine months ended September 30, 2024 with a gross margin of 67%. This translated to a non-GAAP income from operations of $15.3 million for the nine months ended September 30, 2025 compared to a non-GAAP loss from operations of $29.4 million for the nine months ended September 30, 2024, which represented an improvement of approximately $44.7 million.

On November 7, 2025, we closed our initial public offering (“IPO”) of our Class A common stock, in which the Company issued and sold 5,233,765 shares of its Class A common stock, which includes the exercise in full of the underwriters’ option to purchase an additional 682,665 shares of Class A common stock, at a public offering price of $60.00 per share. The IPO resulted in net proceeds of $286.4 million after underwriting discounts, commissions and offering expenses payable by us. In connection with the IPO, 4,552,650 shares of our Class A common stock owned by Oguzhan Atay, our Chief Executive Officer and Co-Founder, and David Tsao, our Chief Technology Officer and Co-Founder were exchanged for an equivalent number of shares of Class B common stock.

Our key performance metrics

Our revenue is driven by selling and performing molecular diagnostic tests ordered by physicians and other providers. We generally bill the patients’ insurance carrier, the patient, or a combination of both upon delivery of the test results