Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ FORM 10-K ___________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number 001-42934 _________________________ ...

Core Insights - The investment group community offers access to real-time portfolios and in-depth research on significant corporate events such as IPOs, mergers & acquisitions, and spin-offs, encouraging active discussions and special requests [1] - The Value Investor, with a Master of Science specializing in financial markets and a decade of experience, leads the investing group Value In Corporate Events, focusing on capitalizing on major corporate events [2] Company Insights - BillionToOne, Inc. (BLLN) has garnered interest due to its vision, products, and operational momentum since its public offering [1] - The investment group covers approximately 10 major corporate events monthly, aiming to identify the best investment opportunities [2]

Fund Performance - Baron Global Opportunity Fund achieved a 6.5% return in Q4 2025, outperforming the MSCI ACWI Index which returned 3.3% and the MSCI ACWI Growth Index which gained 2.8% [1] - For the entire year of 2025, the Fund rose 27.5%, exceeding the benchmarks' returns of 22.3% and 22.4% [1] - The Fund ended the year with 42 investments, an increase from 38 the previous year, with 35 stocks making up 99.3% of its net assets [1] Investment Highlights - The Fund's performance was influenced by factors such as de-globalization challenges, easing Federal Reserve policies, the initiation of the AI investment cycle, and investments in SpaceX [1] - BillionToOne, Inc. (NASDAQ:BLLN) was highlighted as a key investment, specializing in precision diagnostics with a focus on prenatal and oncology genetic tests [2][3] - BillionToOne, Inc. has a market capitalization of $3.303 billion, with its stock closing at $72.17 per share on March 05, 2026 [2]

Core Insights - BillionToOne (BLLN) reported $96.05 million in revenue for the quarter ended December 2025, showing no year-over-year change, with an EPS of $0.11 compared to $0 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $85.85 million by +11.89%, and the EPS surpassed the consensus estimate of $0.07 by +69.23% [1] Financial Performance - Total tests delivered were 170,000, slightly below the average estimate of 172,644 based on two analysts [4] - The overall average selling price (ASP) was $561.00, exceeding the two-analyst average estimate of $484.19 [4] - Revenue from Prenatal services was $86.1 million, higher than the three-analyst average estimate of $75.37 million [4] - Revenue from Oncology services reached $9.1 million, compared to the $8.82 million average estimate based on three analysts [4] - Revenue from Clinical Trial Support and Other Services was $0.8 million, below the $1.28 million average estimate based on three analysts [4] Market Performance - Shares of BillionToOne have returned +0.5% over the past month, while the Zacks S&P 500 composite has decreased by -1.3% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - The company reported a 100% year-over-year revenue growth for 2025, achieving a total revenue of $96.1 million in Q4, which is a 113% increase from $45.1 million in the same quarter of the previous year [1][3][7] - The company raised its 2026 revenue guidance to a range of $430 million to $445 million, indicating a growth of 41% to 46% from 2025 [4][16] Financial Performance - For the full year 2025, the company delivered 610,000 tests, a 51% increase from 2024, with an average selling price (ASP) rising 35% to $495 [2] - Operating income for 2025 was $16.0 million, compared to an operating loss of $47.1 million in 2024, resulting in a 5% operating margin [2] - Adjusted EBITDA was reported at $38.8 million, reflecting a 13% margin [2][3] - Gross profit for Q4 was $68.6 million, with a gross margin expansion to 71.4% from 57% [9] Product and Clinical Developments - The company expanded its UNITY prenatal offerings and launched Northstar add-ons for oncology, including the first platelet fetal-antigen NIPT [5][10] - The company secured Medicare coverage for Northstar Select and signed 44 payer contracts, reaching approximately 250 million contracted lives [6][14] Market Access and Strategic Initiatives - The company signed an in-network agreement with UnitedHealthcare, which is expected to enhance reimbursement predictability [15] - Management highlighted potential upside drivers not included in the revenue guidance, such as health system adoption and future EMR integrations [18] Sales Force Expansion - The company plans to increase its prenatal sales representatives from approximately 150 to 185 and oncology sales representatives from about 45 to 65 by the end of 2026 [19]

BillionToOne (NasdaqGS:BLLN) Q4 2025 Earnings call March 04, 2026 04:30 PM ET Company ParticipantsBrandon Couillard - Managing DirectorCasey Woodring - VP of Equity ResearchDan Arias - Managing DirectorDavid Deichler - Head of Investor RelationsDavid Westenberg - Managing Director of Equity ResearchOzan Atay - Co-founder and CEORoss Taylor - CFOConference Call ParticipantsAndrew Brackmann - Equity Research AnalystMark Massaro - Managing Director and Senior Equity Research AnalystSubbu Nambi - Managing Direc ...

BillionToOne (NasdaqGS:BLLN) Q4 2025 Earnings call March 04, 2026 04:30 PM ET Company ParticipantsBrandon Couillard - Managing DirectorCasey Woodring - VP of Equity ResearchDan Arias - Managing DirectorDavid Deichler - Head of Investor RelationsDavid Westenberg - Managing Director of Equity ResearchOzan Atay - Co-founder and CEORoss Taylor - CFOConference Call ParticipantsAndrew Brackmann - Equity Research AnalystMark Massaro - Managing Director and Senior Equity Research AnalystSubbu Nambi - Managing Direc ...

Financial Data and Key Metrics Changes - For the full year 2025, the company achieved 100% year-over-year growth with an adjusted EBITDA margin of 13%, a positive GAAP operating margin, and positive cash flow [5][34] - Total revenue in Q4 2025 was $96.1 million, representing an increase of 113% compared to $45.1 million in Q4 2024 [29][30] - Gross profit in Q4 2025 was $68.6 million, resulting in a gross margin of 71.4%, up from 57% in Q4 2024 [31][34] - The overall ASP increased from $368 in 2024 to $495 in 2025, a 35% year-over-year increase [33][24] Business Line Data and Key Metrics Changes - Prenatal revenue in Q4 was $86.9 million, up 98% year-over-year, reaching an annualized run rate of $348 million [21][29] - Oncology revenue reached $9.1 million in Q4, achieving a 736% year-over-year increase, with an annualized revenue run rate of $36 million [23][29] - Test volumes grew by 51% year-over-year, with approximately 170,000 tests delivered in Q4 [20][33] Market Data and Key Metrics Changes - The company signed 44 payer contracts, adding more than 25 million lives, reaching a total of 250 million contracted lives in the U.S. [6] - The company achieved a gross margin profile above 70%, despite subscale ASPs, particularly in oncology [10] Company Strategy and Development Direction - The long-term goal remains to build a category-defining business and enter the S&P 500 [10] - The company is focused on expanding its prenatal and oncology product lines, with recent launches aimed at solidifying its competitive advantage [11][18] - The company aims to leverage its revolutionary technology platform to address a market opportunity exceeding $100 billion in the U.S. [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing strong performance across all teams and the potential for further market penetration [4][7] - The company anticipates continued momentum in both prenatal and oncology segments, driven by new product launches and increased awareness among healthcare providers [37][41] - Management highlighted the importance of the recent in-network contract with UnitedHealthcare, which is expected to enhance ASPs and reduce friction in patient access to tests [41][60] Other Important Information - The company ended the year with approximately $496 million in cash and equivalents and only $50 million in term debt, positioning it for strong growth moving forward [34][35] - The company achieved GAAP profitability in both Q4 2025 and the full year 2025, with significant improvements in net and operating margins [27][34] Q&A Session Summary Question: Awareness of UNITY among providers - Management noted that around 50% of providers are unaware of UNITY, indicating significant growth potential as awareness increases [47][48] Question: Conversations with MFMs regarding test uptake - Management emphasized the influence of MFMs on test selection and the importance of building relationships with them to drive adoption [50][51] Question: New provider metrics for Northstar - Management reported a record increase in active ordering providers, indicating strong growth potential for Q1 2026 [54][55] Question: Gross margin expectations - Management expects gross margins to remain stable in the high 60% range, with no aggressive expectations for expansion [56] Question: Impact of UnitedHealthcare contract - Management anticipates higher ASPs from the in-network contract with UnitedHealthcare, which is expected to streamline reimbursement processes [60][61] Question: Coverage discussions with CMS - Management is in discussions with CMS regarding coverage for Northstar Response, with expectations for a decision by the end of the year [78]

Q4 2025 & FY 2025 Business Update March 4, 2026 Disclaimer & Forward Looking Statement This presentation contains certain "forward-looking statementsˮ within the meaning of applicable securities laws. These statements relate to future events and results of BillionToOne, Inc. (the "Company,ˮ "we,ˮ "us,ˮ or "ourˮ) and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materiall ...

Revenue Growth - Total revenue for Q4 2025 was $96.1 million, a 113% increase from $45.1 million in Q4 2024[6] - Prenatal clinical testing revenue reached $86.1 million in Q4 2025, up 99% from $43.2 million in Q4 2024[4] - Oncology clinical testing revenue was $9.1 million in Q4 2025, more than 8x higher than $1.1 million in Q4 2024[4] - Full year 2025 total revenue was $305.1 million, a 100% increase from $152.6 million in 2024[10] - The company raised its 2026 revenue guidance to a range of $430 million to $445 million, representing 41% to 46% growth over 2025[13] Profitability - Gross profit margin improved to 71% in Q4 2025, up from 57% in Q4 2024, reflecting a 14 percentage-point increase year-over-year[4] - Operating income for Q4 2025 was $10.3 million, compared to an operating loss of $11.7 million in Q4 2024[8] - Net income for Q4 2025 was $4.4 million, or $0.11 per diluted share, compared to a net loss of $11.5 million, or $1.13 per diluted share, in Q4 2024[9] Operating Expenses - Total operating expenses for Q4 2025 were $58.3 million, an increase of 56% from $37.4 million in Q4 2024[8] Asset Growth - Total assets increased to $632.654 million in 2025 from $302.059 million in 2024, representing a growth of 109.5%[21] - Current assets rose to $560.558 million in 2025, up from $227.817 million in 2024, marking an increase of 146.1%[21] - Cash and cash equivalents surged to $495.975 million in 2025, up from $191.477 million in 2024, an increase of 159.7%[21] - Accounts receivable grew to $41.617 million in 2025, compared to $24.709 million in 2024, a rise of 68.2%[21] - Inventories increased to $17.545 million in 2025 from $8.733 million in 2024, representing a growth of 100.0%[21] Liability and Equity Changes - Total liabilities increased to $152.549 million in 2025 compared to $134.306 million in 2024, reflecting a rise of 13.6%[21] - Stockholders' equity improved to $480.105 million in 2025 from a deficit of $251.656 million in 2024, indicating a significant turnaround[21] - Long-term debt increased to $57.226 million in 2025 from $51.481 million in 2024, reflecting an increase of 11.9%[21] - Additional paid-in capital significantly increased to $756.644 million in 2025 from $30.545 million in 2024, a growth of 2391.5%[21] Product Development - The company launched new prenatal and oncology products in early 2026, expanding its product offerings significantly[4]