Company: BLLN
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001628280-25-056321
Chunk: 362

Company: BillionToOne, Inc.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 8
Chunk 362
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 Thereafter$120.0 In addition, the Company is required to maintain a trailing six-month Gross Margin of not less than 30%. The agreement also contains a revenue participation agreement, 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. Amounts paid under the revenue participation agreement during the three and nine months ended September 30, 2025 and 2024 were interest payments on 

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Table of ContentsBillionToOne, IncNotes to Unaudited Interim Financial Statements

the debt. 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 above and do not reduce principal on the debt. As of September 30, 2025, we have made revenue participation payments of $0.5 million.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 income (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 $1.0 million, $0.6 million, $3.0 million and $0.6 million for the three months ended September 30, 2025 and 2024 and nine months ended September 30, 2025 and 2024, respectively. Total debt outstanding as of September 30, 2025 and December 31, 2024 was $55.0 million and $51.5 million, respectively, and included within long-term debt on the Company’s balance sheets. Future principal payments of the Company’s long-term debt as of September 30, 2025 and December 31, 2024 are $50.0 million, and are due during the year ending December 31, 2031. The term loan advances are secured by a lien on the Company’s assets.Redeemable Convertible Preferred Stock WarrantsThe Company has issued Comerica Bank a warrant to purchase 9,660 Series A-6 redeemable convertible preferred shares at an exercise price of $2.59 per share in