BillionToOne (BLLN) Registration Filing summary

Company overview and business model

• Operates as a precision diagnostics company leveraging proprietary single-molecule NGS (smNGS) technology for ultrasensitive molecular diagnostics in prenatal and oncology markets.

• Product portfolio includes UNITY (prenatal genetic testing) and Northstar (oncology liquid biopsy tests), with a focus on non-invasive, high-precision diagnostics.

• Business model is based on test volume and average selling price (ASP), with revenue primarily from third-party payors and direct contracts.

• Strategic partnerships, such as with Johnson & Johnson, support clinical trials and companion diagnostics development.

Financial performance and metrics

• Revenue grew from $8.1M in 2021 to $152.6M in 2024, with 113% YoY growth in 2024 and 82% YoY growth in H1 2025.

• Gross margin improved from 24% in 2023 to 53% in 2024, and reached 65% in H1 2025.

• Net loss narrowed from $82.7M in 2023 to $41.6M in 2024, and $4.2M in H1 2025.

• Non-GAAP net operating income was $1.2M for H1 2025, compared to a non-GAAP net operating loss of $18.9M in H1 2024.

• Cash and cash equivalents were $189.0M as of June 30, 2025.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used for working capital, R&D initiatives, technology development, and general corporate purposes.

• May also use proceeds for potential acquisitions or investments in complementary products, technologies, or businesses.