Company: BLLN
Filing Date: 2025-09-17
Form Type: DRS/A
Source: 0001193125-25-206347
Chunk: 140

Company: BillionToOne, Inc.
Filing Date: 2025-09-17
Form: DRS/A
Chunk 140
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 our test volumes grew 52%
year-over-year while ASPs grew 22% year-over-year, 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.

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.

92

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, necessitating a balance between reaching profitability and investing for growth. While we are nearing operating profitability and positive cashflow, we will continue to optimize for long-term growth over short-term increases in profitability. The market for our products is large and expanding. We have only partially penetrated