Company: BLLN
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001628280-25-056321
Chunk: 511

Company: BillionToOne, Inc.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 2
Chunk 511
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 May 2024. This amount was partially offset by a $1.3 million loss on extinguishment of the Western Alliance Bank debt in August 2024. We did not record an extinguishment of debt during the nine months ended September 30, 2025.

Change in fair value of term loan

Change in fair value of term loan increased $4.8 million, or 208% for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was due to interest expense of $2.9 million, which includes revenue participation and a change in fair value of the Oberland Capital debt of $1.9 million.

Change in fair value of convertible notes

Change in fair value of convertible notes decreased $0.8 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The decrease was due to a change in fair value of the 2022 Convertible Notes that were extinguished in 2024.

Other expense, net

Other expense, net increased $1.0 million, or 159%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 which was due to the following events, each of which increased the value of our common stock warrants: a higher probability that an IPO would occur, a reduced timeline until the IPO, and increase in valuation of our public peer companies during the nine months ending September 30, 2025.

Non-GAAP financial measures

We use certain non-GAAP financial measures to supplement our financial statements, which are presented in accordance with GAAP. These non-GAAP financial measures include EBITDA, Adjusted EBITDA, non-GAAP operating income (loss), and non-GAAP net income (loss). We use these non-GAAP financial measures for financial and operational decision-making and as a means to assist us in evaluating period-to-period comparisons. By excluding the impact of certain items that we believe do not directly reflect our underlying operations, we are of the opinion that EBITDA, Adjusted EBITDA, non-GAAP operating income (loss) and non-GAAP net income (loss) provide meaningful supplemental information regarding our performance. Accordingly, we believe these non-GAAP financial measures are useful to investors and others because they