[BLLN] BillionToOne: Q3 2026 Earnings Preview on Prenatal Growth and Margins

BillionToOne (BLLN) is a molecular diagnostics company that runs its own clinical laboratory and charges per test for prenatal screening and cancer liquid biopsies, and it is scheduled to hold its earnings call on 2026-10-06 to report results for the third quarter of 2026, ending September 30, 2026[1]. In the latest disclosed period, the second quarter of 2026, revenue rose 64% year over year to $109.4 million, tests delivered rose 35% to about 196,000, gross margin was 70%, operating income was $5.5 million and free cash flow was $5.1 million[2]. On August 5 the company reiterated full-year 2026 revenue guidance of $450 million to $465 million, or 48% to 52% growth, and said it would keep profitability similar to current levels while continuing to invest heavily[2]; on its May 6 call, management also said gross margin would stay at 70% or better in 2026, with slight sequential volume growth in the second and third quarters and a seasonally slower fourth quarter[3]. The Drillr earnings calendar, updated September 23, shows third-quarter consensus of $116.13 million in revenue and $0.16 in earnings per share[1].

Three things matter most in this BillionToOne Q3 2026 earnings preview. First, investors need to see whether the prenatal business can keep growing sequentially once one-time claim adjustments fade: $12.0 million of first-half revenue came from prior-period claim adjustments[4], and reported prenatal revenue already slipped from $96.53 million in the first quarter to $94.25 million in the second[5][6], so third-quarter volume and contract pricing must show that underlying growth is intact. Second, oncology volume has to keep growing without pulling gross margin below 70%: oncology revenue rose 176% year over year in the second quarter[2], but blended cost per test rose from $153 in the first quarter to $161 and gross margin eased from 73%[3][7]. Third, a sales force hired ahead of plan cut operating income from $17.83 million in the first quarter to $5.5 million in the second[8][9], and accounts receivable rose another $13.59 million in the second quarter[10][11]; whether third-quarter profit and collections hold up to management's promise of profitability "similar to current levels" decides whether this newly profitable company can fund its expansion from operating cash.

Company Background and Business Structure

BillionToOne's core asset is a sequencing platform that counts target molecules one by one in cell-free DNA from blood, and the company applies that platform to both prenatal and cancer testing. Founded in 2016 and based in Menlo Park, California, the company built its technology on patented Quantitative Counting Templates (QCT) and single-molecule next-generation sequencing (smNGS), and launched its first prenatal test, UNITY, in 2019[12]. As of June 30, 2026, it had processed more than 1.5 million tests, about 726,000 of them in the previous 12 months[13]. The company closed its Class A common stock IPO on November 7, 2025, raising net proceeds of about $286.9 million[14].

Almost all revenue comes from testing services in the United States, and the company reports it in three lines: prenatal, oncology, and clinical trial support and other services[4]. Full-year 2025 revenue was $305.1 million, of which prenatal contributed $277.1 million (about 91%), oncology $24.95 million (about 8%) and other services $3.05 million[15]; second-quarter 2026 revenue was $109.4 million, with prenatal at $94.25 million (86%), oncology at $13.66 million (12.5%) and other services at $1.54 million[5]. No single customer accounts for more than 10% of revenue or accounts receivable[16].

The prenatal and oncology lines serve different physicians, but both are billed as one blood draw and one report. In the typical prenatal case, an obstetrician draws one tube of blood from a pregnant patient in the first or second trimester and orders the UNITY panel, which covers fetal aneuploidy screening, 22q11.2 microdeletion and a screen for fetal recessive-condition risk that does not require a paternal sample[12]; in 2026 the company added Unity Confirm, which uses fetal cells to confirm high-risk results non-invasively, and announced a 130-gene panel expansion[13], which became commercially available on August 17[2]. The oncology business serves community oncologists: Northstar Select supports initial therapy selection, Northstar Response monitors treatment response, and physicians order about two Response tests for every Select test[3]; in 2026 the company added PGx, CH and Origin features to Select and plans to launch a tissue-free, pan-cancer minimal residual disease (MRD) test in the fourth quarter of 2026[13].

The way BillionToOne delivers and bills tests means revenue is recognized well before cash arrives. The company's own laboratory receives samples, sequences them and issues reports; revenue is recognized when results reach the ordering physician, bills go to commercial insurers, Medicaid, Medicare or patients, and revenue is estimated at the expected collectible amount, with later differences booked as revenue from performance obligations satisfied in prior periods[16]. On the cost side, 56% of cost of goods sold in the second quarter of 2026 was variable with test volume and 44% was fixed cost such as lab staff and equipment[17].

Financial History and Current Position

BillionToOne moved from heavy losses to a full-year profit in three years, driven mainly by price rather than scale alone. Revenue was $71.73 million in 2023, $152.6 million in 2024 and $305.1 million in 2025, a 100% increase; operating losses were $69.5 million in 2023 and $47.15 million in 2024, and 2025 turned into operating income of $16.02 million and net income of $7.45 million[15]. In 2025, delivered and billable tests rose 51% to about 610,000 and Overall ASP rose 35%[18]; gross margin climbed from 53% to 68%, with about 86% of the improvement coming from ASP and 14% from lower cost per test[19]. Revenue from performance obligations satisfied in prior periods was $8.7 million in 2025, compared with $11.0 million in 2024[16].

First-quarter 2026 profit included a clearly one-time revenue item. Revenue rose 84% to $108.4 million, tests rose 44% to about 188,000 and Overall ASP rose 28%[6]; gross margin was 73%, operating income was $17.8 million and free cash flow was $11.0 million[8]. Of that revenue, $9.2 million came from reprocessing older claims after new payor contracts were signed, and slightly more than half related to tests performed in 2025[6].

Second-quarter 2026 revenue still grew quickly, but profit fell back to a thinner level. Revenue rose 64% to $109.4 million, tests rose 35% to about 196,000 and Overall ASP rose 21%[20]; ASP on the earnings-call basis was $551, compared with $571 in the first quarter[7][3]. Prior-period revenue fell to $2.8 million[4]. Research and development expense was $17.32 million, selling, general and administrative expense rose 63% to $54.29 million, and operating income was $5.5 million; net income was $8.05 million, or $0.15 per diluted share, including $4.69 million of interest income and a $2.97 million fair-value loss on the term loan[9].

The company holds ample cash, but accounts receivable are absorbing the cash that profit produces. First-half operating cash flow was $24.57 million and capital expenditure was $8.52 million, while higher receivables consumed $33.28 million of cash[21], lifting the balance from $41.62 million at the end of 2025 to $74.89 million on June 30[10]. On June 30 the company held $548.6 million in cash and $595.7 million in working capital, with an accumulated deficit of $248.7 million[14]. Its Oberland note facility allows up to $140 million at 8% annual interest, with the first $50 million tranche due in a lump sum on August 5, 2031[22], and the company drew a $30 million third tranche in the first quarter[23]. Full-year revenue guidance was raised on May 6 from $430–445 million to $450–465 million[8] and reiterated on August 5, and management said the guidance excludes prior-period revenue beyond what has already been reported[7].

Operating Model

Revenue equals delivered and billable test volume times Overall ASP, plus prior-period claim adjustments and a small amount of clinical trial services. Volume depends on physician orders: in prenatal, it depends on how many clinics and physicians the sales force covers, add-on tests per patient and batch orders once a health system integrates through its electronic medical records, and management said each integrated health system adds 1,000 to 3,000 tests per quarter[7]; in oncology, it depends on adoption by community oncologists and the roughly 1:2 mix of Select to Response[3]. ASP depends on payors: the UnitedHealthcare contract took effect on April 1 and Anthem is already effective, bringing contracted lives to 300 million[3], and the proprietary PLA code also supports higher prenatal reimbursement[20]; Northstar Select received a positive MolDX coverage decision in April 2025, while Northstar Response is still reimbursed only by certain commercial insurers[24]. New contracts lift ASP with a lag: contracts signed late in the first quarter take several months to start paying, and about $10 million of held claims await in-network implementation by national payors and are not in revenue[3][7].

Gross profit equals revenue minus test volume times cost per test, and operating income is especially sensitive to the pace of spending. Blended cost per test was about $161 in the second quarter, compared with $153 in the first[7][3]; unit costs for both prenatal and oncology fell, but a rising share of higher-cost oncology tests pushed the blended figure up[17]. Operating income equals gross profit minus R&D and SG&A, and second-quarter SG&A rose 63%, mainly because average SG&A headcount rose by 139 employees[25], including 70 sales representatives added in the first half ahead of the hiring plan[7]; stock-based compensation rose from $2.73 million a year earlier to $8.22 million[9]. Because management reinvests most incremental gross profit in sales and R&D, a single prior-period revenue item or one hiring wave can swing quarterly operating income sharply.

Cash flow lags profit, and the gap is mainly accounts receivable. Operating cash flow equals operating income plus non-cash items such as stock compensation, minus increases in working capital; receivables rose $33.28 million in the first half, holding operating cash flow to $24.57 million[21]. Free cash flow was $11.0 million in the first quarter[8] and fell to $5.1 million in the second[2]. On the first-quarter call, management said the receivables increase caused by new contracts would come down "if not by Q2, certainly by Q3"[3], yet receivables rose another $13.59 million in the second quarter[10][11]. The company also signed a lease for a 62,000-square-foot dedicated oncology lab in Union City, California, which is slated to start production by the end of 2027 and is designed to support 5,000 tests per day over the long term[7], adding capital spending and fixed cost before it opens.

Industry and Competitive Position

In prenatal testing, BillionToOne faces larger rivals, and its differentiation rests on a single capability: recessive-condition screening. The 10-K names Illumina (through Verinata), Labcorp, Myriad, Natera and Quest as non-invasive prenatal testing competitors, with Fulgent also competing in carrier screening[26]. UNITY is the first test to use cell-free DNA to assess fetal recessive-condition risk without a paternal sample, while about 58% of affected pregnancies go undetected in traditional screening workflows[12]. That edge is not secure: the 10-K acknowledges that Natera and Myriad are developing similar non-invasive recessive tests[26], and Illumina sued on May 7, 2026, alleging that UNITY infringes three of its patents[27].

In oncology, BillionToOne is still a small player whose selling points are sensitivity and quantitative monitoring, while rivals offer broader gene panels. Therapy-selection and response-monitoring competitors include Caris, Foundation Medicine (Roche), Guardant, NeoGenomics and Tempus, and MRD will add Exact Sciences, Grail, Quest (Haystack) and Natera, some of whose therapy-selection panels cover more genes[26]; BillionToOne's second-quarter oncology revenue was only $13.66 million[5]. Financially, the company stands out for reaching GAAP operating profit at a small scale, with a 68% gross margin in 2025[19] and 70% in the second quarter of 2026[17]. The available comparison has clear limits: the company does not disclose test volume, ASP or unit cost by business line, so the volume and price gaps between each line and its peers can only be inferred from revenue and management commentary.

Core Debates

Once the one-time claim reprocessing fades, can the prenatal business keep growing sequentially on test volume and new in-network contract pricing?

This debate matters because prenatal testing contributes 86% of revenue and most gross profit, and past growth relied heavily on price. When revenue doubled in 2025, Overall ASP rose 35%[18]; in the first half of 2026 another $12.0 million of revenue came from prior-period claim adjustments[4], and full-year guidance includes no more of it[7], so second-half growth must come from normal volume and price. The starting points are second-quarter prenatal revenue of $94.25 million[5], total tests of about 196,000[20], call-basis ASP of $551[7] and prior-period revenue of $2.8 million[4].

The evidence supports underlying prenatal growth but also contains clear negative signals. On the supportive side, second-quarter test volume rose 35% and ASP rose 21% year over year[20]; management said prenatal revenue excluding prior-period items rose about $4.5 million (about 5%) sequentially on both higher volume and higher ASP, and said it had faced no payor friction because it used the correct PLA coding[7]; the UnitedHealthcare and Anthem contracts are both effective, bringing contracted lives to 300 million[3]. On the negative side, reported prenatal revenue fell from $96.53 million in the first quarter to $94.25 million in the second[6][5], Overall ASP fell from $571 to $551[3][7], and year-over-year volume growth slowed from 44% in the first quarter to 35%[6][20]. That supports another reading: much of the rapid ASP growth from 2025 through the first quarter of 2026 came from one-time contract transitions and claim reprocessing, normal ASP is close to a plateau, and future growth depends mainly on volume, whose growth rate is slowing.

The debate reaches the financial statements through three paths, and the third-quarter report can test each one. Sales representatives covering new clinics and physicians drive orders and billable test volume; in-network contracts and the PLA code set the collectible amount per test and therefore prenatal revenue; and reprocessing older claims after new contracts creates one-time prior-period revenue that makes quarterly revenue and gross margin volatile. What remains unresolved is when, and for how much, about $10 million of held claims will be collected[7]. The third-quarter report should show whether prenatal revenue is at least $97 million, whether prior-period revenue is no more than $5 million, whether total tests reach at least 200,000 with year-over-year growth holding at 30%, and whether call-basis ASP stays at or above $551. A sequential decline in prenatal revenue with unchanged prior-period revenue would mean underlying growth has stalled; ASP below $530 would mean new contract rates have not lifted the blended ASP.

Can Northstar oncology volume keep growing without pulling the company's gross margin below 70%?

Oncology is the company's fastest-growing business and its only second growth engine beyond prenatal, but the more it succeeds, the more near-term pressure it puts on gross margin. Oncology's share of revenue rose from about 7% in the second quarter of 2025 to 12.5% in the second quarter of 2026[5], yet oncology tests cost more per unit than prenatal tests, and the main product, Northstar Response, still lacks Medicare coverage. The starting points are second-quarter oncology revenue of $13.66 million[5], gross margin of 70.5%[9], call-basis cost per test of $161, and the fact that, as of August 5, Response had no coverage and had been submitted for MolDX review[7].

The evidence for oncology volume growth is strong, but the counter-signals on margin are just as clear. On the supportive side, oncology revenue rose 176% year over year[2] and 27% sequentially from $10.72 million in the first quarter[6]; management said oncology ASP was stable, prior-period revenue was minimal, all growth came from volume and ran ahead of internal expectations, oncology unit cost fell more than 10% sequentially, and a peer-reviewed study validating Response for immunotherapy monitoring had been published[7]. On the negative side, blended unit cost rose from $153 in the first quarter to $161 and gross margin fell from 73% to 70.5%[3][9], and the 10-K acknowledges that competitors' therapy-selection panels cover more genes[26]. Another reading is that Response carries about two-thirds of oncology volume at reimbursement well below Select, so volume growth adds little profit until coverage arrives, and margin stability rests more on prenatal ASP.

How this debate flows through the financials depends on when Medicare coverage lands. Adoption by community oncologists drives the roughly 1:2 Select-to-Response volume and oncology revenue; the lack of Medicare coverage for Response keeps oncology ASP low; oncology's higher unit cost means a rising oncology share lifts blended cost per test and presses gross margin; and once Medicare coverage arrives, Response ASP should step up and oncology margin should improve. Management anticipates Medicare coverage for Response around the end of 2026[3], and the tissue-free MRD test is planned for launch in the fourth quarter of 2026[28], but neither is in the company's sole control. The third-quarter report should show whether oncology revenue reaches at least $15.5 million, whether gross margin holds at 70%, whether call-basis cost per test stays at or below $161, and whether Response coverage and the MRD launch remain on schedule. Flat sequential oncology revenue, gross margin below 68%, or Response coverage slipping to 2027 would weaken the current understanding.

Having cut operating income from $17.8 million to $5.5 million by hiring sales staff ahead of plan, can BillionToOne hold its profit and cash-collection promises in the third quarter?

This debate determines whether the company's new profitability can turn into self-funding cash. BillionToOne reinvests most incremental gross profit in sales and R&D while keeping profitability near current levels, which leaves operating income sensitive to spending pace and one-time revenue; receivables absorbed $33.28 million of cash in the first half[21], and whether profit becomes cash decides whether the company can fund expansion without drawing on its $548.6 million in cash[14]. The starting points are second-quarter GAAP operating income of $5.5 million and SG&A of $54.29 million[9], accounts receivable of $74.89 million on June 30[10] and second-quarter free cash flow of $5.1 million[2].

The evidence shows the company is still profitable, but both spending and collections are moving the wrong way. On the supportive side, the second quarter still produced $5.5 million of GAAP operating income and $5.1 million of free cash flow, and first-half operating cash flow was $24.57 million[21]; management said the hiring staffs up ahead of four growth catalysts, namely new representatives ramping, Unity Confirm opening hospital systems, Epic Aura integration and the 130-gene panel, and that each integrated health system adds 1,000 to 3,000 tests per quarter[7]. On the negative side, second-quarter SG&A rose $7.72 million sequentially while gross profit fell $1.99 million[9]; receivables rose another $13.59 million in the second quarter[10][11], contrary to management's statement that they would come down "if not by Q2, certainly by Q3"[3]. Another reading is that first-quarter profit came mainly from one-time claim adjustments, that normal operating income is close to breakeven, and that because health-system integrations take two to four quarters to pay off, the mismatch between spending and revenue could last into 2027.

The transmission chain runs from spending first, to revenue later, to cash later still. Hiring sales representatives ahead of plan lifts SG&A first and compresses operating income; new representatives and health-system integrations need two to four quarters to turn into test volume and gross profit; and payor contract transitions pause claims, push up receivables and hold operating cash flow below profit, so free cash flow improves only after receivables fall. The third-quarter report should show whether operating income is at least $5 million, whether the sequential increase in SG&A is no larger than the sequential increase in gross profit, whether receivables stay at or below $74.9 million, and whether free cash flow is at least $5.1 million. A return to operating losses, a cut to the profitability language, or a sharp further rise in receivables with negative free cash flow would falsify the current understanding.

Risks and Falsifiers

Laboratory capacity is the most concrete operating constraint on expansion. The 10-K says parts of the process are not automated, scaling requires more certified laboratory scientists, and some equipment takes several months or more to procure, set up and validate[29]; the newly leased 62,000-square-foot oncology lab will not start production until the end of 2027[7]. Because 44% of cost of goods sold is fixed[17], a capacity shortfall would lengthen turnaround and push up the current $161 cost per test, and the new lab will add rent and capital spending before it opens. If the third-quarter 10-Q still describes falling prenatal and oncology unit costs and capital spending shows no unusual jump, this risk has not materialized.

Competition and patent litigation point directly at the core product line that produces 86% of revenue. Natera, Myriad and others are developing non-invasive recessive-condition tests that do not need a paternal sample[26], and on May 7, 2026, Illumina sued in the U.S. District Court in Delaware, alleging that UNITY infringes three patents; the company says the allegations are without merit and does not believe a loss is probable or reasonably estimable[27]. Prenatal revenue was $94.25 million in the second quarter, and an injunction or royalty arising from the suit would hit core-product volume or margin directly. If the legal proceedings section of the third-quarter 10-Q shows no new adverse development and prenatal volume keeps growing more than 30% year over year, this risk has not yet appeared.

The revenue-estimation and collection risk is that revenue already recognized can still be reversed. Revenue is recognized at the expected collectible amount when results are delivered[16], reprocessing of older claims after new first-quarter contracts produced $9.2 million of one-time revenue[6], and about $10 million of held claims await in-network implementation[7]. First-half prior-period revenue of $12.0 million[4] equaled more than half of first-half operating income of $23.34 million[9], so estimation errors would flow straight into revenue and profit. If third-quarter prior-period revenue falls between $0 and $5 million and receivables stop rising, this risk is receding.

The reimbursement-timing risk centers on Northstar Response. Response accounts for about two-thirds of oncology test volume but has no Medicare coverage; management anticipates coverage around the end of 2026, and the decision rests with MolDX[7]. Oncology revenue was $13.66 million in the second quarter, and a delay in coverage would leave oncology ASP at its current level and press gross margin as oncology's share rises. A formal MolDX coverage decision for Response announced before year-end would falsify this risk.

Front-loaded spending with lagging output is the most direct pressure on this quarter's profit. The company added 70 sales representatives in the first half, and health-system EMR integrations usually take two to four quarters to show results[7], so costs arrive before revenue; second-quarter SG&A was $54.29 million and operating income was $5.5 million[9], so each additional 1% of spending growth is about $0.54 million, or roughly one-tenth of operating income. If third-quarter operating income is at least $5 million and test volume is at least 200,000, the mismatch between spending and output remains manageable.

What to Watch Next

All baselines below are from the second quarter of 2026 or June 30, 2026.

• Prenatal underlying growth: prenatal revenue from a $94.25 million base, confirmed at $97 million or more and falsified by a sequential decline with unchanged prior-period revenue; prior-period revenue from a $2.8 million base, at $5 million or less; total tests from about 196,000 and ASP from $551, confirmed by at least 200,000 tests with growth holding at 30% and falsified by ASP below $530.
• Oncology volume and margin: oncology revenue from $13.66 million, confirmed at $15.5 million or more and falsified by flat sequential revenue; gross margin from 70.5% and cost per test from $161, confirmed if margin holds at 70% and cost stays at or below $161, falsified if margin drops below 68%; Response coverage (not yet covered by Medicare) and the MRD launch planned for the fourth quarter, falsified if coverage slips to 2027.
• Profit and collections: GAAP operating income from $5.5 million, confirmed at $5 million or more and falsified by a return to losses or a cut to the profitability language; receivables from $74.89 million and free cash flow from $5.1 million, confirmed if receivables stay at or below $74.9 million and free cash flow is at least $5.1 million, falsified if receivables jump and free cash flow turns negative.

Conclusion

BillionToOne's business is driven jointly by test volume and payor pricing, and its new profitability is still thin. Revenue doubled to $305.1 million in 2025, with ASP responsible for most of the gross-margin improvement[15][19]; second-quarter 2026 revenue was $109.4 million with gross margin around 70%, but after one-time claim adjustments faded and the sales force expanded ahead of plan, operating income was only $5.5 million and receivables reached $74.89 million[9][10]. The central unresolved relationship is whether normal volume and price growth can replace the fading one-time revenue while holding a 70% gross margin and near-current profitability as oncology's share rises and spending runs ahead.

Since the latest results, the only independent view with substance is the public summary of Canaccord Genuity's September 2 initiation. According to Investing.com, Canaccord attributes the company's differentiation to its smNGS and QCT platforms, notes 90% revenue growth over the last twelve months and GAAP profitability reached early relative to diagnostics peers, and names Northstar Response reimbursement and the upcoming blood-based MRD test as near-term catalysts, while cautioning that "the company must continue to execute in an increasingly mature prenatal testing and competitive oncology market"[30]. That view echoes the second debate and indirectly supports the premise of the first: a maturing prenatal market means growth has to come from share and contract pricing rather than market expansion. The public summary offers no independent quantitative judgment, however, so it serves only as a directional outside interpretation and cannot stand in for broader market opinion.

The combination that would most strengthen the current understanding is prenatal revenue back above $97 million with prior-period revenue at $5 million or less, tests above 200,000, oncology revenue reaching $15.5 million with gross margin holding at 70%, and operating income of at least $5 million with receivables no longer rising. Conversely, a further sequential decline in prenatal revenue with unchanged one-time revenue, ASP below $530, gross margin below 68%, or continued receivables growth that turns free cash flow negative would materially weaken the view that underlying growth can take over from one-time revenue.

Sources

[1] Drillr earnings calendar (updated 2026-09-23) · BLLN 2026-10-06 call and 3Q26 estimates · 2026-09-23 · Drillr earnings calendar · https://gateway.drillr.ai/mcp/private

[2] BLLN 8-K filed 2026-08-05 · 2Q26 results and reiterated 2026 guidance · 2026-08-05 · 8-K · https://investors.billiontoone.com/news-releases/news-release-details/billiontoone-reports-second-quarter-2026-results-and-reiterates

[3] BLLN 1Q26 earnings call 2026-05-06 · Drillr structured summary · 2026-05-06 · earnings-call · https://gateway.drillr.ai/mcp/private

[4] BLLN 10-Q filed 2026-08-05 · revenue related to performance obligations satisfied in prior periods · 2026-08-05 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-Q

[5] BLLN 10-Q filed 2026-08-05 · 2Q26 revenue by prenatal, oncology and other · 2026-08-05 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-Q

[6] BLLN 10-Q filed 2026-05-06 · 1Q26 revenue, test volume, ASP and payor reprocessing · 2026-05-06 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-Q

[7] BLLN 2Q26 earnings call 2026-08-05 · Drillr structured summary · 2026-08-05 · earnings-call · https://equibles.com/stocks/blln/calls/2026-q2

[8] BLLN 8-K filed 2026-05-06 · 1Q26 results and raised 2026 guidance · 2026-05-06 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=8-K

[9] BLLN 10-Q filed 2026-08-05 · 2Q26 statement of operations · 2026-08-05 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-Q

[10] BLLN 10-Q filed 2026-08-05 · balance sheet June 30, 2026 · 2026-08-05 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-Q

[11] BLLN 10-Q filed 2026-05-06 · balance sheet March 31, 2026 · 2026-05-06 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-Q

[12] BLLN 10-K filed 2026-03-11 · UNITY prenatal product description · 2026-03-11 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-K

[13] BLLN 10-Q filed 2026-08-05 · overview, product launches and MRD timing · 2026-08-05 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-Q

[14] BLLN 10-Q filed 2026-08-05 · liquidity and capital resources · 2026-08-05 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-Q

[15] BLLN 10-K filed 2026-03-11 · FY2025 revenue by prenatal, oncology and other · 2026-03-11 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-K

[16] BLLN 10-K filed 2026-03-11 · revenue recognition, variable consideration and prior-period revenue · 2026-03-11 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-K

[17] BLLN 10-Q filed 2026-08-05 · 2Q26 gross margin and cost per test · 2026-08-05 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-Q

[18] BLLN 10-K filed 2026-03-11 · FY2025 revenue, test volume and Overall ASP · 2026-03-11 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-K

[19] BLLN 10-K filed 2026-03-11 · FY2025 gross margin, cost per test and fixed/variable COGS · 2026-03-11 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-K

[20] BLLN 10-Q filed 2026-08-05 · 2Q26 revenue, test volume and Overall ASP · 2026-08-05 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-Q

[21] BLLN 10-Q filed 2026-08-05 · six-month 2026 cash flow statement · 2026-08-05 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-Q

[22] BLLN 10-K filed 2026-03-11 · Oberland Capital note purchase agreement · 2026-03-11 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-K

[23] BLLN 10-Q filed 2026-05-06 · 1Q26 financing activities (Oberland third tranche) · 2026-05-06 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-Q

[24] BLLN 10-K filed 2026-03-11 · reimbursement sources and payor status · 2026-03-11 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-K

[25] BLLN 10-Q filed 2026-08-05 · 2Q26 operating expenses · 2026-08-05 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-Q

[26] BLLN 10-K filed 2026-03-11 · competition in prenatal and oncology · 2026-03-11 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-K

[27] BLLN 10-Q filed 2026-08-05 · Illumina v. BillionToOne patent lawsuit · 2026-08-05 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-Q

[28] BLLN 10-K filed 2026-03-11 · oncology add-on products and MRD development · 2026-03-11 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-K

[29] BLLN 10-K filed 2026-03-11 · laboratory capacity and growth-management risk · 2026-03-11 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002070849&type=10-K

[30] Investing.com 2026-09-02 · Canaccord initiates BillionToOne stock coverage · 2026-09-02 · Canaccord Genuity via Investing.com · https://in.investing.com/news/stock-market-news/canaccord-initiates-billiontoone-stock-coverage-with-buy-rating-93CH-5579542