Company: BLLN
Filing Date: 2025-10-17
Form Type: S-1/A
Source: 0001193125-25-242632
Chunk: 381

Company: BillionToOne, Inc.
Filing Date: 2025-10-17
Form: S-1/A
Chunk 381
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ory note, resulting in net proceeds to the Company of $51,000.

The Recourse Notes issued were collateralized by the
shares issued in exchange for the notes and were nonrecourse for accounting purposes as the Company did not intend nor has a history of demanding repayment of loan amounts in excess of the fair value of the shares. As such, for accounting purposes
the exercised awards continue to be treated as unexercised awards and are not reflected as outstanding in the financial statements until the notes are repaid and the underlying awards have vested.

Incremental stock-based compensation expense was not material.

F-34

B ILLIONT OO NE, INC. Notes to Financial Statements

| (12) | Income Taxes |

The components of the provision for income taxes for the year ended December 31, 2023 and 2024 are as follows (in thousands):

| Current:                         |     | 2023 |   |     | 2024 |    |
|:---------------------------------|:----|:-----|--:|:----|:-----|---:|
| Federal                          |     | $    | - |     | $    |  - |
| State                            |     |      | 9 |     |      | 29 |
| Foreign                          |     |      | - |     |      |  - |
|                                  |     |      | 9 |     |      | 29 |
| Deferred:                        |     |      |   |     |      |    |
| Federal                          |     |      | - |     |      |  - |
| State                            |     |      | - |     |      |  - |
| Foreign                          |     |      | - |     |      |  - |
|                                  |     |      | - |     |      |  - |
| Total provision for income taxes |     | $    | 9 |     | $    | 29 |

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets as of December 31, 2023 and 2024 are as follows (in thousands):

| Deferred tax assets:             |     | 2023 |         |   |     | 2024 |         |   |
|:---------------------------------|:----|:-----|--------:|:--|:----|:-----|--------: