Company: BLLN
Filing Date: 2025-08-11
Form Type: DRS/A
Source: 0000950123-25-007483
Chunk: 33

Company: BillionToOne, Inc.
Filing Date: 2025-08-11
Form: DRS/A
Chunk 33
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 |     |                         | (76,984 | ) |     |      | (37,934 | ) |     |                           |     |      |
| Adjusted EBITDA               |     |                         | (59,209 | ) |     |      | (32,889 | ) |     |                           |     |      |

19

Risk factors Investing in our Class A common stock involves a high degree of risk. You should carefully consider the following risks and uncertainties described below, together with all of the other information contained in this prospectus, including our financial statements and the related notes and the section titled “Management’s discussion and analysis of financial condition and results of operations,” before making a decision to invest in our Class A common stock. The risks and uncertainties described below are not the only ones we may face. Our business, financial results, or prospects could also be harmed by additional risks and uncertainties not currently known to us or that we currently do not believe are material to disclose. Any of the following risks could have an adverse effect on our business, financial results, and prospects and could cause the market price of our Class A common stock to decline, which would cause you to lose all or part of your investment. Risks related to our business and strategy Our limited operating history and rapid growth make it difficult to evaluate our future prospects and the risks and challenges we may encounter. We were founded in 2016 and received our first commercial test sample in 2019. We have since experienced rapid growth in revenue, headcount, adoption of our products and testing volume. We operate in a highly competitive market characterized by rapid technological advances. Our business has evolved, and we expect it to continue to evolve, over time to remain competitive. Our limited operating history, evolving business, rapid growth and ambitious goals make it difficult to evaluate our future prospects and the risks and challenges we may encounter, and may increase the risk that we will not continue to grow at or near historical rates. Further, these factors may make it difficult for us to accurately project the future performance of our business. We intend to continue to expand our overall business, customer base, headcount and operations, and managing our growth will also require significant expenditures and allocation of valuable management resources. Continued growth increases the challenges involved in:

| • |     | recruiting, training and retaining sufficient skilled technical, marketing, sales and management personnel; |

| • |     | preserving our high performing culture, core values and entrepreneurial environment; |

| • |     | developing and improving our internal administrative