Overview
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- TickerBLLN on Nasdaq1
- IndustryServices-Medical Laboratories1
- HeadquartersDE1
- Websitebilliontoone.com
- Incorporated inDE5
- Business address1035 O'Brien Drive, Menlo Park, Ca5
- Filer categoryNon-accelerated filer, Emerging growth company5
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
68.3%Gross margin4
5.3%Operating margin4
2.4%Net margin4
100.0%Revenue growth, 20254
1.6%Return on equity4
0.12×Debt to equity4
$15.7MFree cash flow4
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Prenatal brought in 91% of the revenue BillionToOne (United States) broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Prenatal | $68.8M | $145.9M | $277.1M |
| Oncology | $0 | $2.9M | $25.0M |
| Clinical Trial Support and Other Services | $2.9M | $3.7M | $3.1M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue32¢$96.7M
- Research and development16¢$49.4M
- Selling, general and admin47¢$143.1M
- Other costs3¢$8.3M
- Income tax0¢$305.0K
- Profit2¢$7.5M
Out of $305.1M in revenue.4
Where each dollar of operating cash went, fiscal 2025
- Capital spending36¢$8.9M
- Kept or used elsewhere64¢$15.7M
Out of $24.6M of cash from operations.4
Financial statements
Every line of the income statement in the latest annual report, as filed.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | $305.1M | $152.6M | $71.7M |
| Cost of revenue | $96.7M | $71.7M | $54.4M |
| Gross profit | $208.5M | $80.9M | $17.3M |
| Research and development | $49.4M | $36.6M | $22.4M |
| Selling, general and administrative | $143.1M | $91.5M | $64.4M |
| Total operating expenses | $192.4M | $128.1M | $86.8M |
| Income (loss) from operations | $16.0M | -$47.1M | -$69.5M |
| Interest income | $7.8M | $5.8M | $3.5M |
| Interest expense | -$95.0K | -$2.4M | -$3.3M |
| Net gain on extinguishment of debt | $0 | $7.3M | $0 |
| Change in fair value of term loan | -$8.5M | -$3.1M | $0 |
| Change in fair value of convertible notes | $0 | -$835.0K | -$12.9M |
| Other expense, net | -$7.4M | -$1.1M | -$442.0K |
| Total other income (expense) | -$8.3M | $5.6M | -$13.2M |
| Income (loss) before provision for income taxes | $7.8M | -$41.5M | -$82.7M |
| Total provision for income taxes | $305.0K | $29.0K | $9.0K |
| Net income (loss) | $7.5M | -$41.6M | -$82.7M |
| Less: Net income (loss) attributable to participating securities | -$4.5M | $0 | $0 |
| Net income (loss) attributable to common stockholders | $2.9M | -$41.6M | -$82.7M |
| Net income (loss) attributable to common stockholders | $2.9M | -$41.6M | -$82.7M |
| Change in fair value of term loan attributable to instrument-specific credit risk | -$1.8M | $0 | $0 |
| Other comprehensive loss, net of taxes | -$1.8M | $0 | $0 |
| Comprehensive income (loss), net of taxes | $5.7M | -$41.6M | -$82.7M |
| 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) | 15.9M shares | 10.1M shares | 9.8M shares |
| Weighted-average shares used in calculating net income (loss) per share, diluted (in shares) | 21.2M shares | 10.1M shares | 9.8M shares |
Every line of the balance sheet in the latest annual report, as filed.4
| Period ending | 2025-12-31 | 2025-10-31 | 2024-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $496.0M | $191.5M | |
| Accounts receivable | $41.6M | $24.7M | |
| Inventories | $17.5M | $8.7M | |
| Prepaid expenses and other current assets | $5.4M | $2.9M | |
| Total current assets | $560.6M | $227.8M | |
| Property and equipment, net | $20.4M | $17.1M | |
| Operating lease right-of-use assets, net | $46.7M | $51.7M | |
| Other non-current assets | $5.0M | $5.4M | |
| Total assets | $632.7M | $302.1M | |
| Accounts payable | $7.2M | $4.3M | |
| Accrued expenses and other current liabilities | $7.2M | $3.9M | |
| Accrued commissions | $3.9M | $2.8M | |
| Accrued compensation and employee benefits | $12.6M | $8.4M | |
| Common stock warrant liability | $9.3M | $0 | |
| Deferred revenue, current | $2.2M | $2.8M | |
| Operating lease liabilities, current | $5.1M | $4.4M | |
| Financing lease liabilities, current | $519.0K | $1.8M | |
| Total current liabilities | $48.0M | $28.4M | |
| Operating lease liabilities, non-current | $45.7M | $50.8M | |
| Financing lease liabilities, non-current | $348.0K | $874.0K | |
| Deferred revenue, non-current | $1.3M | $0 | |
| Long-term debt | $57.2M | $51.5M | |
| Other non-current liabilities | $0 | $2.8M | |
| Total liabilities | $152.5M | $134.3M | |
| 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 | $419.4M | |
| Additional paid-in capital | $756.6M | $30.5M | |
| Accumulated other comprehensive loss | -$1.8M | $0 | |
| Accumulated deficit | -$274.7M | -$282.2M | |
| Total stockholders equity | $480.1M | -$251.7M | |
| Total liabilities, redeemable convertible preferred stock, and stockholders equity | $632.7M | $302.1M | |
| Redeemable convertible preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Redeemable convertible preferred stock, authorized (in shares) | 50.0M shares | 29.5M shares | |
| Redeemable convertible preferred stock, issued (in shares) | 0 shares | 29.1M shares | |
| Redeemable convertible preferred stock, outstanding (in shares) | 0 shares | 29.1M shares | 29.1M shares |
| Redeemable convertible preferred stock, liquidation preference | $0 | $422.5M |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | $7.5M | -$41.6M | -$82.7M |
| Stock-based compensation | $15.9M | $8.4M | $4.9M |
| Depreciation and amortization | $6.9M | $7.0M | $5.9M |
| Amortization of debt discount costs and accretion of exit fees | $0 | $341.0K | $540.0K |
| Debt issuance costs on term loan expensed upon election of fair value option | $0 | $453.0K | $0 |
| Amortization of operating right-of-use assets | $5.0M | $4.6M | $589.0K |
| Loss on disposal of fixed assets | $55.0K | $126.0K | $0 |
| Change in fair value of common stock warrant liability | $6.7M | $880.0K | $392.0K |
| Change in fair value of redeemable convertible preferred stock warrant liability | $615.0K | $84.0K | $48.0K |
| Net gain on extinguishment of debt | $0 | -$7.3M | $0 |
| Change in fair value of convertible notes | $0 | $835.0K | $12.9M |
| Change in fair value of term loan | $4.0M | $1.5M | $0 |
| Accounts receivable | -$16.9M | -$15.6M | -$2.6M |
| Inventories | -$8.8M | -$1.5M | -$1.4M |
| Prepaid expenses and other current assets | -$2.2M | -$860.0K | $2.2M |
| Other non-current assets | -$60.0K | -$3.1M | $491.0K |
| Accounts payable | $1.8M | $877.0K | $151.0K |
| Accrued expenses and other current liabilities | $2.6M | $697.0K | $733.0K |
| Accrued commissions | $1.2M | $905.0K | $387.0K |
| Accrued compensation and employee benefits | $4.1M | $5.9M | $737.0K |
| Deferred revenue | $672.0K | -$218.0K | $3.0M |
| Operating lease liabilities | -$4.4M | -$3.8M | $38.0K |
| Net cash provided by (used in) operating activities | $24.6M | -$41.4M | -$53.7M |
| Proceeds from maturities of certificates of deposit | $0 | $0 | $90.0M |
| Deposits paid for financing leases | $0 | -$31.0K | -$988.0K |
| Purchase of domain name | -$41.0K | $0 | $0 |
| Purchases of property and equipment | -$8.9M | -$5.4M | -$6.2M |
| Net cash provided by (used in) investing activities | -$8.9M | -$5.4M | $82.8M |
| Proceeds from issuance of Class A common stock in connection with the Companys initial public offering, net of underwriting discounts and commissions | $292.0M | $0 | $0 |
| Payments of deferred offering costs | -$4.6M | $0 | |
| Proceeds from issuance of debt, net | $0 | $49.8M | $15.0M |
| Repayment of debt upon extinguishment | $0 | -$35.0M | $0 |
| Payment of exit fee and prepayment payable upon debt extinguishment | $0 | -$1.7M | $0 |
| Principal payments on finance lease liabilities | -$1.8M | -$2.4M | -$2.1M |
| Repurchase of common stock outstanding | $0 | -$546.0K | $0 |
| Payment of debt issuance costs on term loan | -$228.0K | $0 | |
| Proceeds from exercise of stock options, net of repurchases | $3.1M | $1.1M | $444.0K |
| Proceeds from exercise of common stock warrants | $25.0K | $0 | $0 |
| Proceeds from repayment of promissory notes by executives | $51.0K | $0 | $51.0K |
| Proceeds from issuance of Series D redeemable convertible preferred stock, net of issuance costs | $0 | $130.0M | $0 |
| Net cash provided by financing activities | $288.8M | $141.0M | $13.4M |
| Net increase in cash and cash equivalents | $304.5M | $94.2M | $42.6M |
| Cash payments for interest | $4.7M | $3.9M | $2.6M |
| Cash paid for income taxes | $487.0K | $9.0K | $0 |
| Conversion of redeemable convertible preferred stock into shares of Class A common stock in connection with the Companys initial public offering | $419.4M | $0 | $0 |
| Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities | $2.4M | $1.0M | $0 |
| Issuance of Series C-1 redeemable convertible preferred stock upon settlement of convertible notes | $0 | $39.9M | $0 |
| Offering costs in accounts payable and accrued expenses and other current liabilities | $504.0K | $0 | $0 |
| Right-of-use assets obtained in exchange for new finance lease liabilities | $0 | $395.0K | $2.8M |
| Exercise of stock options for which cash has not been received | $3.0K | $173.0K | $102.0K |
| Settlement of common stock warrant liability | $845.0K | $0 | $0 |
Timeline
Recent filings
- Oct 14, 2026144
- Oct 14, 2026144
- Oct 14, 20264
- Oct 13, 2026144
- Oct 13, 2026144
- Oct 13, 20264
- Oct 7, 20264
- Oct 7, 20264
- Oct 5, 2026144
- Oct 5, 2026144
- Oct 5, 2026144
- Sep 30, 20264
- Sep 28, 2026144
- Sep 28, 2026144
- Sep 28, 20264
Every filing from the last three years, summarized. The full record is on SEC EDGAR.2
Links
- Websitebilliontoone.com1
- WikidataQ133812186
- SEC EDGARCIK 2070849
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 3Company websiteBillionToOne (United States) logo
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