Company: BLLN
Filing Date: 2025-06-20
Form Type: DRS
Source: 0000950123-25-006095
Chunk: 309

Company: BillionToOne, Inc.
Filing Date: 2025-06-20
Form: DRS
Chunk 309
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 was $47.7 million as
of December 31, 2023.

During May 2024, concurrent with the issuance of Series D redeemable convertible preferred stock, and pursuant to negotiation
with the Note Holders, the Company and Note Holders agreed to settle the Notes through the issuance of Series C-1 redeemable convertible preferred stock to the Note Holders instead of Series D redeemable
convertible preferred stock. The Notes converted into an aggregate of 1,726,823 shares of Series C-1 redeemable convertible preferred stock at a conversion price of approximately $19.6143 per share. The change
in terms of the Notes was accounted for as a debt extinguishment as the settlement was not pursuant to the original conversion terms. Immediately prior to the extinguishment, the Company recorded a mark-to-market adjustment for the Notes resulting in a loss of $0.8 million which was recorded to change in fair value of convertible notes in the Company’s statements of operations and
comprehensive loss. Upon extinguishment, the Company derecognized the Notes on the balance sheets at their fair value immediately prior to the extinguishment of $48.5 million. The difference of $8.6 million between the fair market value of
the Series C-1 redeemable convertible preferred shares received by the Note Holders of $39.9 million and the fair value of the Notes immediately prior to the extinguishment was recorded as a gain on debt
extinguishment in the Company’s statements of operations and comprehensive loss.

The Notes were subordinated in right of payment to all indebtedness
between the Company and Western Alliance Bank (“WAB”). The Note Holders agreed, that as long as any debt remains outstanding with WAB or WAB has obligations to make additional credit extensions to the Company, the Note Holders would not
have received any payment other than a conversion of the Notes into equity securities, unless otherwise agreed by WAB in writing. The priority to WAB excluded payments in cash, including interest, but did not preclude conversion of the Notes and
related interest in shares. As of December 31, 2023, the Company had $35.0 million of outstanding debt with WAB. The first payment due on the debt was in August 2025 and the last payment was in July 2027. As the Note was extinguished
during 2024, no payments of cash were made to the Note Holders in principal or interest for the Notes.

(10) Long-term