Company: BLLN
Filing Date: 2025-10-17
Form Type: S-1/A
Source: 0001193125-25-242632
Chunk: 371

Company: BillionToOne, Inc.
Filing Date: 2025-10-17
Form: S-1/A
Chunk 371
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31, 2025, excluding any fiscal quarter with respect to which the Company’s aggregate cash and cash equivalents is greater than 1.1 times the aggregate principal amount of the notes issued (the “Liquidity Condition”) at all times during such fiscal quarter, the Company is required to achieve minimum thresholds for both trailing six month revenues and trailing six month gross margin. If the Liquidity Condition is not satisfied, the Company is required to have trailing six-month Net Revenue of not less than the amount shown for each applicable period in the table below, as well as a trailing six-month Gross Margin of not less than 30%, each as defined in the 2024 Notes. The Company was in compliance with all material financial covenants as of December 31, 2024.

| Period     |     | Minimum Trailing  
 Six-Month Net     
 Revenue Threshold 
 (in millions)     |       |
|:-----------|:----|:------------------|------:|
| Q1 2025    |     | $                 |  56.1 |
| Q2 2025    |     | $                 |  65.6 |
| Q3 2025    |     | $                 |  74.8 |
| Q4 2025    |     | $                 |  82.8 |
| Q1 2026    |     | $                 |  87.2 |
| Q2 2026    |     | $                 | 101.8 |
| Q3 2026    |     | $                 | 117.2 |
| Q4 2026    |     | $                 | 120.0 |
| Thereafter |     | $                 | 120.0 |

The agreement also contains a revenue participation provision, under which, for any 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. 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 two paragraphs above. Beginning with the fiscal year beginning January 1, 2025, the Company is required to make revenue participation payments under the agreement. The term loan advances are secured by a lien on the Company’s assets.

F-28

B ILLIONT OO NE, INC.