BillionToOne, Inc.

Listed Company

BLLNCIK 0002070849NasdaqNon-AcceleratedEmerging GrowthServices-Medical LaboratoriesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$305.11M

Net Income

$7.45M

Total Assets

$632.65M

Equity

$480.11M

Shares Out

11.18M

Op. Cash Flow

$24.60M

Business

BillionToOne, Inc. is a publicly listed company in Medical Laboratories, incorporated in Delaware. Common stock trades on Nasdaq under the ticker BLLN.

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Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Revenue	305	153	72
Cost of revenue	97	72	54
Gross profit	208	81	17
Research and development	49	37	22
Selling, general and administrative	143	91	64
Total operating expenses	192	128	87
Income (loss) from operations	16	−47	−69
Interest income	8	6	3
Interest expense	−95,000	−2	−3
Net gain on extinguishment of debt	0	7	0
Change in fair value of term loan	−9	−3	0
Change in fair value of convertible notes	0	−835,000	−13
Other expense, net	−7	−1	−442,000
Total other income (expense)	−8	6	−13
Income (loss) before provision for income taxes	8	−42	−83
Total provision for income taxes	305,000	29,000	9,000
Net income (loss)	7	−42	−83
Less: Net income (loss) attributable to participating securities	−5	0	0
Net income (loss) attributable to common stockholders	3	−42	−83
Net income (loss) attributable to common stockholders	3	−42	−83
Change in fair value of term loan attributable to instrument-specific credit risk	−2	0	0
Other comprehensive loss, net of taxes	−2	0	0
Comprehensive income (loss), net of taxes	6	−42	−83
Net income (loss) per share, basic (in dollars per share)	0.18	−4.12	−8.45
Net income (loss) per share, diluted (in dollars per share)	0.14	−4.12	−8.45
Weighted-average shares used in calculating net income (loss) per share, basic (in shares)	16	10	10
Weighted-average shares used in calculating net income (loss) per share, diluted (in shares)	21	10	10

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	496	191	—	—
Accounts receivable	42	25	—	—
Inventories	18	9	—	—
Prepaid expenses and other current assets	5	3	—	—
Total current assets	561	228	—	—
Property and equipment, net	20	17	—	—
Operating lease right-of-use assets, net	47	52	—	—
Other non-current assets	5	5	—	—
Total assets	633	302	—	—
Accounts payable	7	4	—	—
Accrued expenses and other current liabilities	7	4	—	—
Accrued commissions	4	3	—	—
Accrued compensation and employee benefits	13	8	—	—
Common stock warrant liability	9	0	—	—
Deferred revenue, current	2	3	—	—
Operating lease liabilities, current	5	4	—	—
Financing lease liabilities, current	519,000	2	—	—
Total current liabilities	48	28	—	—
Operating lease liabilities, non-current	46	51	—	—
Financing lease liabilities, non-current	348,000	874,000	—	—
Deferred revenue, non-current	1	0	—	—
Long-term debt	57	51	—	—
Other non-current liabilities	0	3	—	—
Total liabilities	153	134	—	—
Commitments and contingencies (Note 7)	—	—	—	—
Redeemable convertible preferred stock, $0.00001 par value; 50,000,000 and 29,544,989 shares authorized as of December 31, 2025 and 2024, respectively; 0 and 29,084,235 shares issued and outstanding as of December 31, 2025 and 2024, respectively; aggregate liquidation preference of $0 and $422,458 as of December 31, 2025 and 2024, respectively	0	419	250	250
Additional paid-in capital	757	31	—	—
Accumulated other comprehensive loss	−2	0	—	—
Accumulated deficit	−275	−282	—	—
Total stockholders equity	480	−252	−219	−142
Total liabilities, redeemable convertible preferred stock, and stockholders equity	633	302	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Stock-based compensation	16	8	5
Depreciation and amortization	7	7	6
Amortization of debt discount costs and accretion of exit fees	0	341,000	540,000
Debt issuance costs on term loan expensed upon election of fair value option	0	453,000	0
Amortization of operating right-of-use assets	5	5	589,000
Loss on disposal of fixed assets	55,000	126,000	0
Change in fair value of common stock warrant liability	7	880,000	392,000
Change in fair value of redeemable convertible preferred stock warrant liability	615,000	84,000	48,000
Change in fair value of term loan	4	1	0
Accounts receivable	−17	−16	−3
Inventories	−9	−2	−1
Prepaid expenses and other current assets	−2	−860,000	2
Other non-current assets	−60,000	−3	491,000
Accounts payable	2	877,000	151,000
Accrued expenses and other current liabilities	3	697,000	733,000
Accrued commissions	1	905,000	387,000
Accrued compensation and employee benefits	4	6	737,000
Deferred revenue	672,000	−218,000	3
Operating lease liabilities	−4	−4	38,000
Net cash provided by (used in) operating activities	25	−41	−54
Proceeds from maturities of certificates of deposit	0	0	90
Deposits paid for financing leases	0	−31,000	−988,000
Purchase of domain name	−41,000	0	0
Purchases of property and equipment	−9	−5	−6
Net cash provided by (used in) investing activities	−9	−5	83
Proceeds from issuance of Class A common stock in connection with the Companys initial public offering, net of underwriting discounts and commissions	292	0	0
Payments of deferred offering costs	−5	—	0
Proceeds from issuance of debt, net	0	50	15
Repayment of debt upon extinguishment	0	−35	0
Payment of exit fee and prepayment payable upon debt extinguishment	0	−2	0
Principal payments on finance lease liabilities	−2	−2	−2
Repurchase of common stock outstanding	0	−546,000	0
Payment of debt issuance costs on term loan	—	−228,000	0
Proceeds from exercise of stock options, net of repurchases	3	1	444,000
Proceeds from exercise of common stock warrants	25,000	0	0
Proceeds from repayment of promissory notes by executives	51,000	0	51,000
Proceeds from issuance of Series D redeemable convertible preferred stock, net of issuance costs	0	130	0
Net cash provided by financing activities	289	141	13
Net increase in cash and cash equivalents	304	94	43
Cash payments for interest	5	4	3
Cash paid for income taxes	487,000	9,000	0
Conversion of redeemable convertible preferred stock into shares of Class A common stock in connection with the Companys initial public offering	419	0	0
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	2	1	0
Issuance of Series C-1 redeemable convertible preferred stock upon settlement of convertible notes	0	40	0
Offering costs in accounts payable and accrued expenses and other current liabilities	504,000	0	0
Right-of-use assets obtained in exchange for new finance lease liabilities	0	395,000	3
Exercise of stock options for which cash has not been received	3,000	173,000	102,000
Settlement of common stock warrant liability	845,000	0	0

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