Billiontoone, Inc. · NASDAQ:BLLN
Billiontoone — JPM Healthcare Conference 2026
39 slides from Billiontoone's conference presentation, 2026
Slide 1: Redefining Molecular Diagnostics with Single-Molecule Precision
Redefining Molecular Diagnostics with Single-Molecule Precision JPM Healthcare Conference 2026
Slide 2: Disclaimer & Forward Looking Statement
2 Disclaimer & Forward Looking Statement 2025 Q3 Business Update This presentation contains certain “forward-looking statementsˮ within the meaning of applicable Though we have attempted to identify important factors that could cause actual results to differ materially securities laws. These stateme
Slide 3: Our 4 Pillars of Differentiation
3 Our 4 Pillars of Differentiation 2025 Q3 Business Update Revolutionary smNGS Scalable Superior Gross GAAP Platform & Products Rapid Growth Margin Profile Profitability Patented QCT™ technology Zero to $334M ARR* 70% gross margin Culture of fiscal discipline enabling single-molecule in 5 years & e
Slide 4: Revolutionary smNGS Platform & Products
Revolutionary smNGS Platform & Products
Slide 5: BillionToOne is ushering in the next paradigm in molecular diagnostics
5 Pillar 1 — Platform & Technology CONFIDENTIAL & PROPRIETARY We believe BillionToOne is ushering in the next paradigm in molecular diagnostics. 1990s 2000s 2010s Now & Future PCR for infectious Advanced PCR + early Deep sequencing for Single-molecule NGS disease and sequencing with Sanger prenatal
Slide 6: Our patented smNGS platform has single-molecule precision
6 Pillar 1 — Platform & Technology CONFIDENTIAL & PROPRIETARY Our patented smNGS platform has single-molecule precision. Proprietary Design** Proprietary Machine Learning** Original sample Artificial molecules Amplification Decode molecular counts QCTs™* and sequencing from sequencing data Unique
Slide 7: Our technology transcends the precision vs. scale trade-off
7 Pillar 1 — Platform & Technology Precision of measurement BillionToOneʼs Our technology smNGS encoding 1% ddPCR transcends the precision vs. scale trade-off 10% NGS ddPCR-level accuracy with 100% NGS multiplex capability 1 10 100 1000 Number of loci assayable
Slide 8: smNGS powers an engineering biology approach to molecular diagnostics
8 Pillar 1 — Platform & Technology smNGS powers an engineering biology approach to molecular diagnostics Engineering biology approach Patented & proprietary integration of chemistry & bioinformatics ML leads to quantitative data Precise Differentiated Predictable laboratory products accuracy feedbac
Slide 9: Competing molecular diagnostics are limited
9 Pillar 1 — Platform & Technology CONFIDENTIAL & PROPRIETARY Competing molecular diagnostics are limited. Prenatal Oncology LIMITED TO LIMITED BY chromosomal changes lower sensitivity & measurement noise
Slide 10: Redefining non-invasive prenatal testing
10 Pillar 1 — Platform & Technology Redefining non-invasive prenatal testing
Slide 11: Where others stop
Aneuploidy Microdeletion Recessive Conditions Lower accuracy Requires physical limit of Easiest to detect by other methods precision & sensitivity 10 Where we million base pairs 1 others keep million base pairs stop going. single base pairs Ex. Down Ex. 22q11.2 microdeletion Ex. cystic fibrosis, S
Slide 12: Traditional carrier screening misses >58% of affected pregnancies
12 Pillar 1 — Platform & Technology CONFIDENTIAL & PROPRIETARY Traditional carrier screening misses >58% of affected pregnancies. Difficult Difficult Motherʼs Fatherʼs Conversation & Conversation & Amniocentesis DNA Test Counseling DNA Test Counseling 58% 1 positive case per not completed 4 amniocen
Slide 13: UNITY is a single blood test that directly identifies fetal risk
13 Pillar 1 — Platform & Technology CONFIDENTIAL & PROPRIETARY UNITY is a single blood test that directly identifies fetal risk, simplifying the workflow. Difficult Difficult UNITY Fatherʼs Conversation & Conversation & Amniocentesis cfDNA Test Counseling DNA Test Counseling not needed significantly
Slide 14: UNITY will grow to be the new standard in prenatal care
14 Pillar 1 — Platform & Technology CONFIDENTIAL & PROPRIETARY UNITY will grow to be the new standard in prenatal care. It detects ~3x more affected pregnancies than other methods. Misattributed Paternity 93% 93% 84% Missing Paternal ~3X Screening 35% Wynn J, Hoskovec J, Carter RD, Ross MJ, Perni SC
Slide 15: Our ordering providers are our strongest advocates
15 Pillar 1 — Platform & Technology Our ordering providers are our strongest advocates. “ We’ve always known you have the better test, but we just loved the “ UNITY provided a high-risk call for cystic fibrosis and it was confirmed. I’m 100% [competitor] rep. We needed to make confident I would have
Slide 16: From unknown carrier status to prenatal treatment
16 Pillar 1 — Platform & Technology From unknown carrier status to prenatal treatment. Real-World Patient Case ● Unknown carrier status for patientʼs partner ● UNITY showed high risk for cystic fibrosis ● Diagnosis confirmed via amniocentesis ● Prenatal therapy initiated at 27 weeks ● Baby passed ne
Slide 17: Redefining liquid biopsy for cancer care
17 Pillar 1 — Platform & Technology Redefining liquid biopsy for cancer care
Slide 18: We solve oncologists' two most important unmet needs
18 Pillar 1 — Platform & Technology CONFIDENTIAL & PROPRIETARY We solve oncologists’ two most important unmet needs. Therapy Selection Response Monitoring What therapy will work best? Is the therapy working? Problem: Conventional liquid biopsies miss Problem: Scan-based treatment response actionable
Slide 19: >95% of our providers use Select & Response in tandem
19 Pillar 1 — Platform & Technology CONFIDENTIAL & PROPRIETARY >95% of our providers use Select & Response in tandem. Patient is diagnosed with Consider Northstar Select again if cancer advanced cancer. Collect single progresses to help understand whether blood sample for both tests. a new treatment
Slide 20: Northstar Select detected 51-109% more actionable mutations than comparators
20 Pillar 1 — Platform & Technology CONFIDENTIAL & PROPRIETARY In a head-to-head clinical study, Northstar Select detected 51-109% more actionable mutations than comparator assays*. * Bower, X., Wignall, J., Varga, M. G., Zhu, J., O’Sullivan, M., Searle, N. E., Hong, L. K., Dogruluk, T., Li, Z., Far
Slide 21: Northstar Response predicts long-term outcomes for immunotherapy
21 Pillar 1 — Platform & Technology CONFIDENTIAL & PROPRIETARY Probability of Overall Survival Northstar Response predicts long-term outcomes for TMS Responder immunotherapy in a pan-cancer cohort. TMS Non-Responder Overall Survival (Days) * limit of quantification Overall Survival (Days)
Slide 22: Real-world patient impact
22 Pillar 1 — Platform & Technology CONFIDENTIAL & PROPRIETARY Real-world patient impact. Real-World Patient Case ● Patient in their 30s, diagnosed with Northstar Select Report Results stage II rectal cancer ● Provider ordered tissue NGS, MSS negative; proceeded with chemotherapy ● Northstar Select
Slide 23: Scalable Rapid Growth
Scalable Rapid Growth
Slide 24: Our total test volume is rapidly increasing with 51% YoY growth
24 Pillar 2 — Scalable Rapid Growth Our total test Test Volume Quarterly volume is rapidly 163K increasing with 51% 51% YOY* growth. • Increased geographic coverage via systematic growth of sales team * • Growth in each geography, which is only limited by access, logistics & onboarding speed • Land
Slide 25: Multiple levers for further commercial growth
25 Pillar 2 — Scalable Rapid Growth Multiple levers for further commercial growth. We currently have Our existing sales reps We land and expand within have been adding clinics with <20% 100+ 100%+ salesforce size of many new clinics every quarter* net test retention for of our competitors majority o
Slide 26: Our ASP is rapidly growing
26 Pillar 2 — Scalable Rapid Growth Our ASP is Overall ASP** rapidly growing. $501 • Reached 235M in covered lives*. • More Medicaids loading & covering UNITY carrier panel 0449U * Represents number of individuals covered under contracts with payors in the US ** Overall ASP is the weighted averag
Slide 27: ASP can increase further with expansion of contracting & coverage
27 Pillar 2 — Scalable Rapid Growth CONFIDENTIAL & PROPRIETARY We believe ASP can increase further with expansion of contracting & coverage. Select ADLT pricing via FDA approval 22q guideline inclusion Increased RhD and sgNIPT coverage Expanded panel guideline Further contracting from 225M to 300M
Slide 28: Exponential revenue growth: zero to $334M ARR
28 Pillar 2 — Scalable Rapid Growth 2025 Q3 Business Update Exponential Total GAAP Revenue Quarterly revenue growth: $83.5M zero to $334M* ARR in ~5 years. 117% • 25% QoQ increase in revenue • Driven by rapid increases both in test volumes and ASP across all products * Q3 2025 revenue of $83.5M ann
Slide 29: Prenatal and Oncology GAAP Revenue Quarterly
29 Pillar 2 — Scalable Rapid Growth 2025 Q3 Business Update Prenatal GAAP Revenue Quarterly Oncology GAAP Revenue Quarterly $74.8M* $8.7M 101% 664% Q3 Q3 * Includes revenue associated with clinical trial services Percentage growth rates represent growth from Q3 2024 to Q3 2025
Slide 30: Superior Gross Margin Profile
Superior Gross Margin Profile
Slide 31: 70% gross margin with continuing rapid expansion
31 Pillar 3 — Superior Gross Margin Profile 2025 Q3 Business Update 70% gross Gross Margin Quarterly margin* with $501 Overall ASP continuing $444 $455 rapid $384 $348 70% expansion. 57% 64% 65% Gross Margin 53% Overall COGS Per Test * For Q3 2025
Slide 32: GAAP Profitability
GAAP Profitability
Slide 33: Achieved profitability with ~10% accumulated deficits of competitors
33 Pillar 4 — GAAP Profitability Achieved profitability with Operating Income/Loss Margin ~10% accumulated deficits of many other public competitors* * Comparison includes the accumulated deficits reported by public company competitors Caris Operating $40M $74M $70M $47M $6M Life Sciences $2
Slide 34: Emerging profitability through continual, multi-pronged cost improvement
34 Pillar 4 — GAAP Profitability CONFIDENTIAL & PROPRIETARY Emerging profitability achieved through continual, multi-pronged cost improvement. AI and automation is embedded in all our operations to optimize productivity. Reimbursement 50% claims Patient Billing with only 15% higher headcount 50% h
Slide 35: And we're just getting started
And we’re just getting started. 35
Slide 36: We're achieving profitability while growing exponentially
36 Pillar 4 — GAAP Profitability CONFIDENTIAL & PROPRIETARY We’re achieving profitability while growing exponentially. Projections vs Actuals Historical Projections Previous vs Current $415M - $430M Current Projection 80% CAGR $293M $299M Previous Projections JPM 2025 $153M Actuals $72M Projecti
Slide 37: smNGS platform will drive growth in $100B markets
37 Next Steps CONFIDENTIAL & PROPRIETARY We believe our smNGS platform $50B+ will drive our continued and rapid growth in $100B markets. $30B+ $15B+ $1B $1.5B $6B Minimal Carrier Aneuploidy Therapy Therapy Residual Early Screening Testing Selection Monitoring Disease Detection Launched 2019 Launched
Slide 38: We are transforming healthcare: one molecule at a time
38 Next Steps We are transforming healthcare: one molecule at a time, one patient at a time. Single-molecule level Unique, paradigm- LONG-TERM GOAL sensitivity with single changing products base pair resolution To build a category-defining company and Exponential growth at scale Extremely efficient
Slide 39: Thank you
Thank you Oguzhan Atay, PhD CEO oatay@billiontoone.com 39