Company: BLLN
Filing Date: 2025-09-17
Form Type: DRS/A
Source: 0001193125-25-206347
Chunk: 15

Company: BillionToOne, Inc.
Filing Date: 2025-09-17
Form: DRS/A
Chunk 15
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| 3 |     | Half of this addressable market includes early detection, an area in which we have not yet begun specific product development or commercial sales, but we believe will be strongly enabled by our existing technology 
 platform.                                                                                                                                                                                                             |

2

tests – Northstar Select and Northstar Response. Our Northstar Select test is used to guide therapy selection and has been shown to detect over 50% more actionable solid tumor mutations than conventional liquid biopsies. 5Based on our knowledge of all widely available tests, Northstar Response is the only methylation-based assay that quantifies the amount of cancer (tumor burden) at the single molecule level without requiring a tissue biopsy, enabling real-time monitoring of patient response to therapy with unprecedented precision. Our Northstar tests give physicians extraordinary visibility into cancer profile and treatment response, enabling more informed and earlier treatment decisions that can fundamentally alter patient outcomes. Our business momentum is evidenced by our rapidly scaling commercial success and improving operational efficiency. Of approximately one million smNGS-based tests that we have processed since our initial launch, over 50% of them, or approximately 508,000 tests, were processed within the last 12 months ended June 30, 2025. For the year ended December 31, 2024, we generated revenue of $152.6 million, representing 113% year-over-year growth, with a gross margin of 53% and net loss of $41.6 million. We have incurred losses since inception, including a net loss of $41.6 million and $4.2 million for the year ended December 31, 2024 and six months ended June 30, 2025, respectively, and we had an accumulated deficit of $286.4 million as of June 30, 2025. Our loss from operations for the six months ended June 30, 2024 and 2025 was $22.8 million and $3.9 million, respectively. Our business model has demonstrated improving operational leverage, which has enabled us to reach, on a non-GAAP income from operations basis, positive operating income after adjusting for stock-based compensation expense for the six months ended June 30, 2025. During this period, we generated revenue of $125.5 million, representing 82% year-over-year revenue growth as compared to the six month ended June 30, 2024, with a gross margin of 65%. This translated to a non-GAAP net operating income of $1.2 million