Company: BLLN
Filing Date: 2025-10-17
Form Type: S-1/A
Source: 0001193125-25-242632
Chunk: 154

Company: BillionToOne, Inc.
Filing Date: 2025-10-17
Form: S-1/A
Chunk 154
---
 in our                                                                                                                                                                                                                        
 calculation of total addressable market opportunity.                                                                                                                                                                                                                                                                                                                                                                                                                           |

Key components of results of operations Revenue The majority of our revenue is derived from sales of our prenatal test, UNITY, and a smaller portion is derived from sales of our liquid biopsy oncology tests, Northstar. Specifically, in 2024, 96% of our revenues were from our prenatal tests, 2% of our revenues were from our oncology tests, and 2% of our revenue was from our clinical trial support services. Additionally, during the six months ended June 30, 2025, 93% of our revenue was 102

from our prenatal tests, 6% of our revenue was from our oncology tests, and 1% of our revenue was from our clinical trial support services. We market our products to health clinics and physicians
or a combination of the insurance carrier and patient for fees. Revenue for tests is recognized when test results are delivered to the ordering physician.

For many
health clinics and physicians, the payment we ultimately receive depends upon the rate of reimbursement from insurance carriers. We may also negotiate rates with patients, if the patient is responsible for payment. Our efforts in obtaining
reimbursement based on individual claims, including pursuing appeals or reconsiderations of claim denials, may take a substantial amount of time, and bills may not be paid for many months or, in some cases, ultimately may not receive payment.

We expect our revenue to increase over time as we expand our sales efforts, introduce new products, and contract with more payors. In addition, positive reimbursement
decisions from insurance carriers would eliminate much of the uncertainty around payment and increase our overall revenue growth from ordering physicians.

We also
derive revenue from a strategic partnership with Johnson & Johnson that utilizes our testing capabilities as part of a project to perform clinical trials. Revenue from this strategic partnership agreement is recognized as services are
performed and tests are delivered, as well as upon the achievement of certain milestones including (i) receipt of approval of the trial, which was achieved in 2023, (ii) various patient enrollment milestones, and (iii) subsequent full
trial completion. Our revenue derived from this agreement has not been material to our results of operations.

Cost of revenue

Our cost of revenue consists primarily of expenses related to materials and consumables, test kits, personnel-related expenses such as salaries, stock-based compensation
and related benefits for its operations and support personnel, shipping costs, overhead allocations, depreciation expense, facilities-related