Company Overview - BillionToOne, Inc. is a healthcare diagnostics company specializing in molecular counting technology for single-molecule DNA detection, focusing on non-invasive prenatal testing and oncology liquid biopsy solutions [6] - The company generates revenue by providing advanced molecular testing services to healthcare providers and laboratories, leveraging proprietary molecular counting technology for high-sensitivity DNA analysis [8] Financial Metrics - As of February 13, 2026, the company's stock price was $88.61, reflecting a 48% increase from its November IPO price of $60 [7][10] - The market capitalization of BillionToOne is $4.06 billion, with a revenue of $254.14 million and a net income of -$14.20 million for the trailing twelve months (TTM) [4] Recent Developments - On February 13, 2026, Napean Trading & Investment disclosed a new position in BillionToOne, acquiring 233,333 shares valued at $19,095,973, which accounts for 3.71% of the fund's reportable U.S. equity assets under management [1][9] - The company reiterated its 2025 revenue guidance of $293 million to $299 million and projected 2026 revenue between $415 million and $430 million, indicating a growth rate of 40% to 45% at the midpoint [10] Market Position - BillionToOne's offerings include precision molecular diagnostics such as UNITY Complete (non-invasive prenatal screening), Northstar Select (liquid biopsy for tumor mutation profiling), and Northstar Response (cancer burden monitoring) [8] - The company is positioned to address critical needs in precision medicine and clinical diagnostics, with primary customers including hospitals, clinics, and research institutions focused on prenatal care and oncology diagnostics [6][8]

Core Insights - BillionToOne has launched two new add-on applications, Northstar PGx and Northstar Select CH, to enhance the Northstar Select platform for liquid biopsy testing, which is designed for advanced solid tumors [1] Group 1: Product Launch and Features - Northstar PGx provides pharmacogenomic insights into key variants in DPYD and UGT1A1, which are critical for fluoropyrimidine and irinotecan-based therapies, helping inform treatment planning without extending turnaround time [1] - Northstar Select CH addresses clonal hematopoiesis, which can lead to false positives in cfDNA testing, achieving over 99% accuracy in distinguishing tumor-derived alterations from non-tumor findings [1] - The integration of these applications into the Northstar workflow allows for comprehensive insights from a single blood draw, enhancing clinical decision-making without adding complexity [1] Group 2: Clinical Validation and Performance - Northstar Select demonstrated superior performance in detecting clinically actionable alterations, identifying 51% more pathogenic single nucleotide variants and 109% more copy number variants compared to other liquid biopsy tests [1] - The assay showed 98% concordance with results from digital droplet PCR, validating its sensitivity and accuracy in clinical settings [1] Group 3: Industry Context and Implications - The launch reflects a commitment to improving oncologists' ability to select appropriate therapies, thereby avoiding ineffective treatments and potential chemotherapy toxicity [1] - Recent guidelines emphasize the importance of broader testing, which aligns with the capabilities of Northstar PGx and Northstar Select CH, supporting the trend towards personalized medicine in oncology [1]

JPM Healthcare Conference 2026 Redefining Molecular Diagnostics with Single-Molecule Precision 2 Disclaimer & Forward Looking Statement 2025 Q3 Business Update 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, p ...

Financial Data and Key Metrics Changes - Total revenue in Q3 2025 was $83.5 million, representing a 117% increase compared to $38 million in Q3 2024 [20][25] - Gross profit was $58.4 million with a gross margin of 70%, up from 53% in Q3 2024, marking a 17 percentage point increase [23][19] - Operating income was $9.6 million, with a positive GAAP operating margin of 11.5%, compared to an operating loss of $12.6 million in Q3 2024 [24][25] - Net income available to common shareholders was $1.5 million, or $0.10 per diluted share, compared to a net loss of $14.9 million, or $1.47 per diluted share for the same period in 2024 [25] Business Line Data and Key Metrics Changes - Prenatal revenues were $74.1 million, increasing over 100% year-over-year, while oncology revenues grew 664% to $8.7 million [21][16] - Total test accession grew 51% year-over-year to 163,000 tests, driven by expanded geographic coverage and increased commercial density [13][16] - Average selling prices (ASVs) increased significantly, with a blended ASV of $501 in Q4, a 44% year-over-year increase [17] Market Data and Key Metrics Changes - The company has approximately 235 million contracted lives, contributing to the expansion of payer coverage [17] - The oncology business is growing faster than the prenatal business, indicating a shift in market dynamics [16] Company Strategy and Development Direction - The company aims to build a category-defining generational company and become a member of the S&P 500 [9] - Investments are being made in expanding the sales team and enhancing EMR integration to drive growth [30][49] - The company is focused on maintaining capital efficiency while achieving profitability [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue growing profitably, with expectations for positive GAAP operating income in Q4 and for the full year of 2025 [28] - The company believes it is well-positioned to address a $100 billion market opportunity in the U.S. [8] - Management noted that competitive product launches have not impacted business growth, indicating strong market positioning [14][89] Other Important Information - The company completed a successful IPO, raising $314 million in gross proceeds [5] - The company has established an exclusive agreement with Johnson & Johnson for hemolytic disease of fetus and newborn, enhancing its market position [11] Q&A Session Summary Question: Future GAAP net income expectations - Management aims to continue growing profitably and will provide more guidance at the JPMorgan Healthcare Conference [33] Question: Timing for oncology test reimbursements - The first Medicare coverage for Northstar Select Response is expected before the end of 2026 [35] Question: Guidance process as a public company - The company has been operating close to a public company for years and has been conservative in its projections [39] Question: Impact of EMR investment - EMR integration is expected to significantly accelerate adoption in large health systems, addressing a key barrier to growth [49] Question: Clinical spending compared to competitors - The company recognizes the importance of investing in clinical studies but aims to focus on studies that answer specific physician questions [55] Question: Mix between monitoring and therapy selection tests - There is a two-to-one ratio of response tests to select tests, with most providers using both together [60] Question: Sales force expansion expectations - The company plans to add 8-10 net reps in prenatal and 4-6 in oncology each quarter [65] Question: Contribution of Medicaid to ASP growth - The carrier code's incorporation into Medicaid coverage can significantly impact ASPs, although the full effect will take time to materialize [68]

2025 Q3 Business Update December 9, 2025 Disclaimer & Forward Looking Statement 2025 Q3 Business Update 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 industr ...

Core Viewpoint - BillionToOne, a molecular diagnostics company, is set to raise $200 million through its IPO by offering 3.8 million shares priced between $49 and $55 per share, resulting in a fully diluted market capitalization of $2.7 billion at the midpoint of the proposed price range [1][2] Company Overview - Founded in 2016, BillionToOne focuses on prenatal screening and cancer treatment monitoring, utilizing its Quantitative Counting Templates technology to detect DNA molecules with single-base pair precision [2] - The company plans to list on NASDAQ under the ticker symbol BLLN, with joint bookrunners including JPMorgan, Jefferies, Wells Fargo Securities, and BTIG [2] Product Development - BillionToOne has developed a single-molecule next-generation sequencing (smNGS) platform for prenatal and oncology products, allowing significant insights through simple blood collection [1] - In 2019, the company launched its first prenatal product, UNITY, which is a non-invasive prenatal test for assessing the risk of recessive genetic diseases without requiring paternal samples or invasive procedures [1] - In 2023, BillionToOne introduced two complementary pan-cancer liquid biopsy tests: Northstar Select for guiding treatment choices and Northstar Response, a methylation-based test that quantifies cancer severity at the single-molecule level without tissue biopsy [1] Financial Performance - For the 12 months ending June 30, 2025, BillionToOne reported revenue of $209 million [2]

Core Insights - BillionToOne, a molecular diagnostics company, has filed for an IPO to raise up to $100 million [1][2] - The company focuses on developing prenatal and oncology diagnostic technologies using its single-molecule next-generation sequencing (smNGS) platform [1] Company Overview - Founded in 2016 and headquartered in Menlo Park, California, BillionToOne reported revenue of $209 million for the 12 months ending June 30, 2025 [2] - The company plans to list on the NASDAQ under the ticker symbol "BLLN" [2] Product Development - In 2019, BillionToOne launched its first prenatal testing product, UNITY, which is the world's first non-invasive prenatal testing technology based on cell-free DNA [1] - In 2023, the company introduced two complementary liquid biopsy products: Northstar Select for treatment guidance and Northstar Response, which quantifies cancer burden at the single-molecule level without tissue biopsy [1]