Company: BLLN
Filing Date: 2025-08-11
Form Type: DRS/A
Source: 0000950123-25-007483
Chunk: 134

Company: BillionToOne, Inc.
Filing Date: 2025-08-11
Form: DRS/A
Chunk 134
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 rapidly from $8.1 million in 2021 to
$152.6 million in 2024. Our pace of growth remains strong, as revenue grew 113% year-over-year in 2024 and % year-over-year in the six months ended June 30, 2025.

Revenue Growth 167% CAGR $72M $8M $26M $153M 2021 2022 2023 2024 H1 2024 H1 2025

Our revenue is the function of two inputs: the number of tests ordered and the ASP that we can achieve through reimbursement. There is a flywheel effect between these
two factors. The more tests that we process, the easier it becomes for us to contract with third-party payors and become an in-network provider. This increases our ASP for our tests, as the denial rate of our
tests significantly decreases once we become an in-network provider. As we become an in-network provider, it becomes easier for our sales representatives to convince
ordering providers to use our tests. We believe the in-network status results in a better patient and provider experience, with fewer requirements for prior authorization and lower patient payment
responsibilities. The impact of this flywheel can be seen in the results of concurrent increases of ASP and test volumes, which enable us to grow our revenue at a rapid rate. For example, for the six months ended June 30, 2025 compared to the
six months ended June 30, 2024, our test volumes have grown year-over-year while ASPs have grown year-over-year, the combined effect of which was a year-over-year growth in our clinical
revenue.

91

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.