Company: BLLN
Filing Date: 2025-10-07
Form Type: S-1
Source: 0001193125-25-233697
Chunk: 346

Company: BillionToOne, Inc.
Filing Date: 2025-10-07
Form: S-1
Chunk 346
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 services to support a clinical trial for the
counterparty. The Company concluded that the agreement with Johnson & Johnson was within the scope of ASC 606 because the counterparty in the agreement meets the definition of a customer. The Company evaluated the terms of the agreement for
revenue recognition, including whether the services are capable of being distinct and considered distinct within the context of the contract. The Company concluded that the licensing of the know how is not distinct from the other promises within the
agreement and, as a result, was treated as a single performance obligation. Under this contract the Company receives payments upon the achievement of 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, as well as reimbursement for testing services. In making assessment of whether variable consideration should be included in the transaction price, the Company
considers the degree of complexity and uncertainty associated with each milestone and related testing services, and whether achievement of the milestones and testing services are dependent on parties other than the Company. The Company recognizes
revenue for the single performance obligation over time as the related services are provided. The Company utilizes an input method to measure progress to depict the transfer of services as the Company believes it provides a faithful depiction of the
transfer of services over the contract. In accordance with ASC 606, the Company applies the constraint on variable consideration and includes such amounts in the transaction price only to the extent that it is probable that a significant reversal of
cumulative revenue will not occur when the associated uncertainty is resolved.

As of December 31, 2024, the Company’s further performance
obligations beyond one year were $6.3 million. The Company expects to recognize substantially all of the remaining performance obligations as revenue over the 12 months following December 31, 2024.

F-13

B ILLIONT OO NE, INC. Notes to Financial Statements Disaggregation of revenue The following table presents disaggregation of revenue by Oncology, Prenatal and Clinical trial support services:

|                                 |     | Year ended    
 December 31,  |   2023 |     |   |    2024 |
|:--------------------------------|:----|:--------------|-------:|:----|:--|--------:|
|                                 |     | -in thousands |        |     |   |         |
| Prenatal                        |     | $             | 68,803 |