Company: BLLN
Filing Date: 2025-10-17
Form Type: S-1/A
Source: 0001193125-25-242632
Chunk: 145

Company: BillionToOne, Inc.
Filing Date: 2025-10-17
Form: S-1/A
Chunk 145
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 contributing to the 86% year-over-year increase in our clinical test revenue.

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Total Test Volumes 120,000 100,000 80,000 60,000 40,000 20,000 0 2021 2022 2023 2024 2025 Q1 Overall ASP $400 $300 $200 $100 $0 2021 2022 2023 2024 2025

We believe that the combined effect of ASP increases, COGS decreases, and improved operational efficiency has been the main driver
in decreases in our net losses. Our net losses decreased from $82.7 million in the year ended December 31, 2023 to $41.6 million in the year ended December 31, 2024, despite our heavy investments in the growth of our sales force,
new product launches, and clinical studies.

Overall ASP Gross Margin Overall Cost Per Test 2021 2022 2023 2024 H1 2025

Overall ASP is the weighted
average ASP across all of our prenatal and oncology products. It is computed by dividing revenue for our prenatal and oncology tests by the number of tests that are delivered and billable. The number of tests that are delivered and billable in a
given period represents that number of billable tests for which we deliver a result to the ordering provider in such period.

Overall Cost Per Test is the weighted
average cost per test across all of our prenatal and oncology products. It is computed by dividing cost of goods sold for our prenatal and oncology tests by the number of tests that are accessioned. The number of tests that are accessioned in a
given period represents the number of billable tests that we receive for processing during such period. We refer to this number as our “Total Test Volume.”

95

Net Margin 0% 2021 2022 2023 2024 H1 2025 -27% -115% -100% -200% -303% -300% -400% -520% -500% -600% Net Loss -$42M -$80M -$83M -$42M Since increasing test volume drives each of these factors, either directly or indirectly, we believe that our net loss margin can continue to improve for at least the next twelve months, as long as we can continue to drive increased test volumes. However, such improvement will require continuous investments in sales force, further innovation, and new product launches, necess