Company: BLLN
Filing Date: 2025-08-11
Form Type: DRS/A
Source: 0000950123-25-007483
Chunk: 140

Company: BillionToOne, Inc.
Filing Date: 2025-08-11
Form: DRS/A
Chunk 140
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 results, evidenced by a significant and sustained increase in ASPs over the past two years. In addition, we have integrated our internal systems end-to-end,automated many of the repetitive reimbursement procedures, and incorporated AI for significant efficiency improvements (e.g., using large language models (LLMs) to read, categorize, and react to thousands of correspondence from insurance companies that we receive every day), allowing our team to significantly increase their productivity. For example, this has allowed us to respond to or correct 50% more claims by insurance companies with only a 15% corresponding increase in headcount. This strategic move not only streamlines our operations and improves cash flow but also allows us to better advocate for the value of our diagnostic tests with payors by providing rapid feedback and responding proactively to evolving reimbursement trends.

| • |     | Relentless focus on reducing costs and increasing operational efficiency |

Our financial results depend upon our ability to support current and future levels of demand for our prenatal screening and oncology diagnostic tests while maintaining discipline around our cost structure. Historically, we have been able to grow the size of our operational team much more slowly than our test volume increases. This has led to significantly increased operational leverage and efficiencies on a per-testbasis and has been a driver in improving our net loss margin. We actively seek ways to continuously reduce our costs-per-testand improve our gross profit margin, long-term profitability, and return on investment. In the last approximately three years, we have reduced COGS per test by more than 50% through automation and optimization of laboratory workflows, successful negotiations with suppliers, and re-designand re-validationof assays with more optimized chemistry or higher-throughput sequencing. For example, AI-supportedaccessioning of test requisitions reduced the average accessioning time from more than three minutes to 60 seconds, saving significant labor costs, and allowing us to shift our highly talented laboratory personnel to higher impact activities. These reductions have been important contributors to the growth of our gross profit margin over time to % gross profit margin in the second quarter of 2025. Nevertheless, as our test volumes grow, we have made and will continue to make significant investments in state-of-the-artinfrastructure to support our growth. In 2023 we successfully expanded our laboratory operations from a single facility with 36,000 square feet in Menlo Park, CA by adding a second laboratory facility in Union City, CA with 90,000 square feet. We estimate that these facilities can support a further four times revenue growth from the annual