Company: BLLN
Filing Date: 2025-10-17
Form Type: S-1/A
Source: 0001193125-25-242632
Chunk: 370

Company: BillionToOne, Inc.
Filing Date: 2025-10-17
Form: S-1/A
Chunk 370
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 principal is available at
the Company’s option at any time prior to September 30, 2025 provided that the trailing six-month worldwide net revenue of the Company is at least $80.0 million. The Company is required to sell
the third tranche of notes in the principal amount of $30.0 million prior to March 31, 2026 as the Company has achieved the thresholds triggering this tranche. The thresholds are

F-27

B ILLIONT OO NE, INC. Notes to Financial Statements trailing six-month revenue of at least $112.5 million and a trailing six-monthGross Margin of the Company of at least 45%. The fourth tranche of up to $25.0 million is available at the mutual agreement of the Company and Oberland Capital at any time prior to March 26, 2026. Gross Margin is defined as (I) net revenue minus cost of goods sold divided by (II) net revenue, expressed as a percentage. The fourth tranche of up to $25.0 million in principal will be made available to the Company at the mutual agreement of the parties at any time prior to March 31, 2026. The Company has the option at any time to prepay all of the then-outstanding notes, and Oberland Capital has the option to redeem the notes upon (i) a change in control of the Company, (ii) an event of default, or (iii) the maturity date. The repayment amount of the note shall equal to the following: (1) 130% of principal amount of notes if the payment is made within 24 months of issuance; (2)145% of principal amounts of notes if the payment is made within 36 months of issuance; (3) if the payment is made within 48 months, an amount that would generate an internal rate of return (“IRR”) for the purchasers of 12.25%; (4) if the payment is made within 60 months of issuance, an amount that would generate an IRR for the purchasers of 11.75%; (5) If the payment is made thereafter but before maturity, an amount that would generate an IRR for the purchasers of 11.25%; and (6) if the payment is made at maturity, an amount that would generate an IRR for the purchasers of 10.0%. Under the terms of the 2024 Notes, on the last day of each fiscal quarter commencing with the fiscal quarter ending March