BillionToOne, Inc.

BillionToOne, Inc. IPO - What You Need to Know

Hey there! If you’re thinking about investing in BillionToOne’s IPO but aren’t sure where to start, here’s a plain-English breakdown of what matters most:

---

1. What does this company actually do?

BillionToOne makes advanced medical tests to help doctors detect serious health issues early. Their main focus is on prenatal testing (for pregnant people) and cancer diagnostics. Their tests use a simple blood sample to spot genetic risks or cancer signals. For example, their prenatal tests can check for conditions like Down syndrome without invasive procedures.

---

2. How do they make money, and are they growing?

They sell their tests to hospitals, labs, and clinics. Key numbers:

• 2024 revenue: $152.6 million (up 113% from 2023!)
• First half of 2025: $125.5 million (82% growth vs 2024)
• Profit check: Still losing money overall ($41.6M net loss in 2024), but improving quickly. For the first half of 2025, they almost broke even on an adjusted basis (a $1.2M profit if you exclude stock bonuses to employees).

---

3. What’s their secret sauce?

They claim four big advantages:

1. Better tech: Their tests act like a “spellcheck” for genetic errors, fixing mistakes other tests miss. Results are 10x more precise.
2. Breakthrough products: Their UNITY prenatal test detects tiny genetic issues (like single DNA errors) instead of just big ones.
3. Scaling fast: Already in hundreds of clinics, doubling revenue yearly.
4. Money efficiency: Gross margin jumped from 53% (2024) to 65% (mid-2025) – they keep more cash from each test sold.

---

4. What will they do with the IPO money?

The plan is to:

• Fund research for new tests (like cancer screenings).
• Scale up production and marketing.
• Pay off debt.
• Possibly buy smaller companies or tech (though specifics are light – the company didn’t share details in their filing).

---

5. What are the main risks?

• Still losing money: Total losses since founding are $286.4M.
• Doctor adoption: Clinics might stick with cheaper, less accurate tests.
• Regulatory speed bumps: FDA approvals take time (they’ve cleared some hurdles, but future tests could face delays).

---

6. How do they compare to competitors?

They’re up against giants like Natera and Guardant Health, but claim their tech is like “HD vs. standard TV” for genetic testing. Example: Their cancer tests can spot tumor DNA others miss, which could mean earlier treatment for patients.

---

7. Who’s running the company?

• CEO Oguzhan Atay: Stanford biotech researcher who founded the company in 2017.
• Leadership includes veterans from Genentech and Roche – folks with experience bringing medical tests to market.

---

8. Price, shares, and where to buy

• Listing: Likely NASDAQ (ticker symbol not finalized).
• Price range: The company hasn’t shared specifics yet – common for early IPO filings.

---

The Bottom Line:

BillionToOne is growing fast with legit tech, but it’s still a risky bet. The next 2 years will decide if they become a leader in medical testing or get squeezed by bigger players. If you believe their “10x better accuracy” can win over doctors and patients, this IPO might be worth watching.

One last thing: The company provided limited details in some areas (like exact IPO pricing). Always do your own research or talk to a financial advisor – IPOs can be volatile!

Good luck, and invest wisely!