Company: BLLN
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001628280-25-056321
Chunk: 507

Company: BillionToOne, Inc.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 2
Chunk 507
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, 2024. This was due to 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 three months ended September 30, 2025.

Change in fair value of term loan

Change in fair value of term loan increased $1.7 million, or 72% for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was due to a change in fair value of the Oberland Capital debt of $1.3 million and interest expense of $0.4 million.

Other expense, net

Other expense, net increased $1.5 million, or 853%, for the three months ended September 30, 2025 compared to the three 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.

36

Comparison of the nine months ended September 30, 2025 and 2024

Nine Months EndedSeptember 30,Change20252024AmountPercent(in thousands, except percent)Revenue$209,059 $107,505 $101,554 94.5 %Cost of revenue69,205 52,309 16,896 32.3 Gross profit139,854 55,196 84,658 153.4 Operating expenses:Research and development35,134 25,600 9,534 37.2 Selling, general and administrative99,029 65,050 33,979 52.2 Total operating expenses134,163 90,650 43,513 48.0 Income (loss) from operations5,691 (35,454)41,145 116.1 Other income (expense):Interest income4,492 4,148 344 8.3 Interest expense(92)(2,339)2,247 (96.1)Net (loss) gain on extinguishment of debt- 7,289 (7,289)(100.0)Change in fair value of term loan(7,038)(2,283)(4,755)208.3