Company: BLLN
Filing Date: 2025-10-07
Form Type: S-1
Source: 0001193125-25-233697
Chunk: 394

Company: BillionToOne, Inc.
Filing Date: 2025-10-07
Form: S-1
Chunk 394
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 fiscal quarter, 0.01% of net revenue for such fiscal quarter (up to $100.0 million of net revenue for each fiscal year) per each $1.0 million principal amount of the notes will be payable to Oberland Capital. Amounts paid under the revenue participation agreement during the six months ended June 30, 2025 were interest payments on the debt. The revenue participation payments are additional financing costs of the loan and are included in the computation of the internal rate of return measures described above and do not reduce principal on the debt. As of June 30, 2025, we have made revenue participation payments of $0.5 million. The Company elected to account for the 2024 Notes using the fair value option and changes in fair value related to the 2024 Notes are recorded in change in fair value of term loan on the Company’s statements of operations and comprehensive loss. The Company also elected to present interest incurred on the 2024 Notes in the change in fair value of the term loan; interest expense under the Oberland Capital arrangement was $2.0 million for the six months ended June 30, 2025. Total debt outstanding as of December 31, 2024 and June 30, 2025 was $51.5 million and $52.1 million, respectively, and included within long-term debt on the Company’s balance sheets. Future principal payments of the Company’s long-term debt as of December 31, 2024 and June 30, 2025 $50.0 million, is due during the year ending December 31, 2031. The term loan advances are secured by a lien on the Company’s assets. Redeemable Convertible Preferred Stock Warrants The Company has issued Comerica Bank a warrant to purchase 9,660 Series A-6redeemable convertible preferred shares at an exercise price of $2.59 per share in connection with a former loan and security agreement entered into in March 2020. The warrants are exercisable until March 15, 2030. The warrants are classified as liabilities on the Company’s balance sheet. Common Stock Warrants In connection with the 2021 LSA, the Company issued to Western Alliance Bank (“WAB”) warrants to purchase shares of the Company’s common stock at an exercise price of $2.80 per share. The number of underlying shares of the warrants was initially 53,571 and was increased to 80,357 upon the funding of the loans