0002070849-26-000031 | 10-Q | XBRL Viewer

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Employee Benefit Plan (Details) - USD ($) $ in Millions	3 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Retirement Benefits [Abstract]
Amount contributed to plan	$ 1.1	$ 0.8

Net Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and dilutive net income (loss) per share attributable to common stockholders for the three months ended March 31, 2026 and 2025 (in thousands, except per share amounts):


	Three Months Ended March 31,
	2026		2025
Basic net income (loss) per share:
Numerator:
Net income (loss)	$	17,970	$	(3,988)


Denominator:
Weighted-average shares used in calculating net income (loss) per share, basic	45,932,719		10,312,892
Net income (loss) per share, basic	$	0.39	$	(0.39)
Diluted net income (loss) per share:
Numerator:
Net income (loss)	$	17,970	$	(3,988)
Denominator:
Weighted-average shares used in calculating net income (loss) per share, basic	45,932,719		10,312,892
Effect of dilutive securities:
Outstanding stock options	6,982,322		—

Warrants to purchase common stock	113,319		—

Weighted-average shares used in calculating net income (loss) per share, diluted	53,028,360		10,312,892
Net income (loss) per share, diluted	$	0.34	$	(0.39)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026	2025
Redeemable convertible preferred stock	-	29,084,235
Outstanding stock options	-	6,916,176
Restricted stock awards in exchange for non-recourse note	-	700,000
Warrants to purchase common stock	-	121,566
Warrants to purchase redeemable convertible preferred stock	-	9,660
Unvested early-exercised options	-	314

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Accrued professional services	$	1,989	$	2,591
Accrued inventory purchases	2,307		995
Accrued fixed asset purchases	482		1,006
Accrued property and other taxes	155		188
Accrued information technology purchases	532		462
Accrued legal expense	787		968
Accrued phlebotomy expense	341		200

Accrued rent	54		174
Accrued clinical expenses	224		35
Other	1,763		628
Accrued expenses and other current liabilities	$	8,634	$	7,247

Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue	$ 108,388	$ 58,963
Cost of revenue	29,292	20,991
Gross profit	79,096	37,972
Operating expenses:
Research and development	14,692	10,430
Selling, general and administrative	46,570	29,857
Total operating expenses	61,262	40,287
Income (loss) from operations	17,834	(2,315)
Other income (expense):
Interest income	4,645	1,506
Interest expense	(10)	(40)
Change in fair value of term loan	(4,261)	(3,092)
Other expense, net	301	53
Total other (expense) income	675	(1,573)
Income (loss) before provision for income taxes	18,509	(3,888)
Provision for income taxes	539	100
Net income (loss)	17,970	(3,988)
Comprehensive income (loss)	$ 17,970	$ (3,988)
Net income (loss) per share, basic and diluted:
Net income (loss) per share, basic (in dollars per share)	$ 0.39	$ (0.39)
Net income (loss) per share, diluted (in dollars per share)	$ 0.34	$ (0.39)
Weighted-average shares used in calculating net income (loss) per share, basic and diluted:
Weighted-average shares used in calculating net income (loss) per share, basic (in shares)	45,932,719	10,312,892
Weighted-average shares used in calculating net income (loss) per share, diluted (in shares)	53,028,360	10,312,892

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2026
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions There were no material related party transactions during the three months ended March 31, 2026 and 2025.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue	$ 108,388	$ 58,963
Prenatal
Disaggregation of Revenue [Line Items]
Revenue	96,525	56,076
Oncology
Disaggregation of Revenue [Line Items]
Revenue	10,720	2,177
Clinical trial support and other services
Disaggregation of Revenue [Line Items]
Revenue	$ 1,143	$ 710

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Common Stock - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Number of Options Outstanding
Beginning balance (in shares)	9,552,013
Granted (in shares)	228,786
Exercised (in shares)	(176,137)
Forfeited or expired (in shares)	(57,472)
Ending balance (in shares)	9,547,190
Weighted Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 12.96
Granted (in dollars per share)	78.39
Exercised (in dollars per share)	7.12
Forfeited or expired (in dollars per share)	22.02
Ending balance (in dollars per share)	$ 14.61
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Vested and exercisable (in shares)	5,139,286
Vested and expected to vest (in shares)	9,547,190
Vested and exercisable (in dollars per share)	$ 7.04
Vested and expected to vest (in dollars per share)	$ 14.61
Aggregate intrinsic value, outstanding	$ 614,211	$ 657,915
Aggregate intrinsic value, vested and exercisable	369,504
Aggregate intrinsic value, vested and expected to vest	$ 614,211

Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 537,450	$ 495,975
Accounts receivable	61,305	41,617
Inventories	19,217	17,545
Prepaid expenses and other current assets	6,166	5,421
Total current assets	624,138	560,558
Property and equipment, net	22,277	20,361
Operating lease right-of-use assets, net	49,396	46,742
Other non-current assets	4,916	4,993
Total assets	700,727	632,654
Current liabilities:
Accounts payable	8,702	7,184
Accrued expenses and other current liabilities	8,634	7,247
Accrued commissions	3,581	3,912
Accrued compensation and employee benefits	18,283	12,551
Common stock warrant liability	8,924	9,282
Deferred revenue, current	2,796	2,188
Operating lease liabilities, current	5,818	5,079
Financing lease liabilities, current	424	519
Total current liabilities	57,162	47,962
Operating lease liabilities, non-current	47,695	45,723
Financing lease liabilities, non-current	245	348
Deferred revenue, non-current	0	1,290
Long-term debt	90,005	57,226
Total liabilities	195,107	152,549
Commitments and contingencies (Note 5)
Stockholders’ equity:
Additional paid-in capital	764,189	756,644
Accumulated other comprehensive loss	(1,792)	(1,792)
Accumulated deficit	(256,777)	(274,747)
Total stockholders’ equity	505,620	480,105
Total liabilities and stockholders’ equity	700,727	632,654
Common Class A
Stockholders’ equity:
Common stock value	0	0
Common Class B
Stockholders’ equity:
Common stock value	$ 0	$ 0

Fair Value Measurements - Summary of Fair Value Measurement of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Total assets	$ 392,993	$ 359,813
Liabilities:
Term loan	90,005	57,226
Total liabilities	98,929	66,508
Common stock warrants
Liabilities:
Common stock warrants	8,924	9,282
Money market funds
Current assets:
Money market funds	392,993	359,813
Level 1
Current assets:
Total assets	392,993	359,813
Liabilities:
Term loan	0	0
Total liabilities	0	0
Level 1 \| Common stock warrants
Liabilities:
Common stock warrants	0	0
Level 1 \| Money market funds
Current assets:
Money market funds	392,993	359,813
Level 2
Current assets:
Total assets	0	0
Liabilities:
Term loan	0	0
Total liabilities	8,924	9,282
Level 2 \| Common stock warrants
Liabilities:
Common stock warrants	8,924	9,282
Level 2 \| Money market funds
Current assets:
Money market funds	0	0
Level 3
Current assets:
Total assets	0	0
Liabilities:
Term loan	90,005	57,226
Total liabilities	90,005	57,226
Level 3 \| Common stock warrants
Liabilities:
Common stock warrants	0	0
Level 3 \| Money market funds
Current assets:
Money market funds	$ 0	$ 0

Fair Value Measurements - Schedule of Fair Value Assumptions of New Term Loan (Details) - Term Loan	Mar. 31, 2026	Dec. 31, 2025
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument measurement input	0.0710	0.0710
Annual interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument measurement input	0.0800	0.0800
Expected term (years) – Scenario 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument measurement input	4	4.25
Expected term (years) – Scenario 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument measurement input	5.35	5.6

Common Stock - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended	12 Months Ended
	Oct. 31, 2025 shares	Dec. 31, 2018	Mar. 31, 2026 USD ($) vote $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Class of Stock [Line Items]
Dividends \| $			$ 0.0	$ 0.0
Total common stock reserved (in shares)			17,989,278
Total unrecognized compensation cost \| $			$ 85.2
The 2018 Plan
Class of Stock [Line Items]
Common stock authorized (in shares)			3,447,650	3,390,306
The 2018 Plan \| Share-Based Payment Arrangement, Tranche One
Class of Stock [Line Items]
Vesting period			1 year
Outstanding stock options
Class of Stock [Line Items]
Recognition period for unrecognized compensation cost			3 years 9 months 18 days
Outstanding stock options \| The 2018 Plan
Class of Stock [Line Items]
Expiration period		10 years
Purchase price of common stock, percent of market price		100.00%
Outstanding stock options \| The 2018 Plan \| Share-Based Payment Arrangement, Tranche One
Class of Stock [Line Items]
Vesting percentage		25.00%
Outstanding stock options \| The 2018 Plan \| Share-Based Payment Arrangement, Tranche Two
Class of Stock [Line Items]
Vesting percentage		75.00%
Vesting period			36 months
Outstanding stock options \| The 2025 ESPP
Class of Stock [Line Items]
Expiration period	10 years
Outstanding stock options \| The 2025 ESPP \| Share-Based Payment Arrangement, Tranche One
Class of Stock [Line Items]
Vesting percentage	25.00%
Outstanding stock options \| The 2025 ESPP \| Share-Based Payment Arrangement, Tranche Two
Class of Stock [Line Items]
Vesting percentage	75.00%
Vesting period	36 months
Restricted stock units outstanding
Class of Stock [Line Items]
Unrecognized compensation cost \| $			$ 12.1
Recognition period for unrecognized compensation cost			3 years 1 month 6 days
Common Class A
Class of Stock [Line Items]
Common stock, authorized (in shares)			800,000,000	800,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.00001	$ 0.00001
Common stock, outstanding (in shares)			41,428,242	41,252,105
Number of votes per share of common stock \| vote			1
Common Class A \| The 2018 Plan
Class of Stock [Line Items]
Common stock, authorized (in shares)	10,034,626
Common Class A \| The 2025 ESPP
Class of Stock [Line Items]
Common stock, authorized (in shares)	3,297,972
Common Class A \| Shares available for future issuance under the Employee Stock Purchase Plan
Class of Stock [Line Items]
Purchase price of common stock, percent of market price			85.00%
Common stock authorized (in shares)			548,880
Total common stock reserved (in shares)			8,400,000
Shares authorized per participant (in shares)			7,500
Outstanding shares of Class B common stock
Class of Stock [Line Items]
Common stock, authorized (in shares)			10,000,000	10,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.00001	$ 0.00001
Common stock, outstanding (in shares)			4,552,650	4,552,650
Number of votes per share of common stock \| vote			15
Conversion ratio, number of shares convertible per share (in shares)			1
Common stock, convertible, term			7 years
Total common stock reserved (in shares)			4,552,650
Outstanding shares of Class B common stock \| Minimum
Class of Stock [Line Items]
Common stock, convertible, death or incapacitation term			90 days
Common stock, convertible, non-active board member term			61 days
Outstanding shares of Class B common stock \| Maximum
Class of Stock [Line Items]
Common stock, convertible, death or incapacitation term			270 days
Common stock, convertible, non-active board member term			180 days

Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net income (loss)	$ 17,970	$ (3,988)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation	6,510	2,374
Depreciation and amortization	1,738	1,793
Amortization of operating right-of-use assets	1,252	1,217
Loss on disposal of fixed assets	57	3
Change in fair value of common stock warrant liability	(358)	(58)
Change in fair value of redeemable convertible preferred stock warrant liability	0	2
Change in fair value of term loan	2,779	1,797
Changes in operating assets and liabilities:
Accounts receivable	(19,688)	(4,881)
Inventories	(1,672)	(3,326)
Prepaid expenses and other current assets	(708)	515
Other non-current assets	77	(275)
Accounts payable	1,686	3,218
Accrued expenses and other current liabilities	2,483	1,856
Accrued commissions	(331)	916
Accrued compensation and employee benefits	5,512	2,716
Deferred revenue	(682)	(203)
Operating lease liabilities	(1,195)	(1,051)
Net cash provided by operating activities	15,430	2,625
Cash flows from investing activities:
Purchases of property and equipment	(4,471)	(2,347)
Net cash used in investing activities	(4,471)	(2,347)
Cash flows from financing activities:
Proceeds from issuance of debt	30,000	0
Principal payments on finance lease liabilities	(198)	(521)
Payment of deferred offering costs	(504)	0
Proceeds from exercise of stock options	1,218	365
Net cash provided by (used in) financing activities	30,516	(156)
Net increase in cash and cash equivalents	41,475	122
Cash and cash equivalents at beginning of period	495,975	191,477
Cash and cash equivalents at end of period	537,450	191,599
Supplemental cash flow disclosure:
Cash payments for interest	1,491	1,334
Cash paid for income taxes	129	0
Supplemental non-cash investing and financing activities:
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	1,632	1,604
Deferred offering costs in accounts payable and accrued expenses and other current liabilities	0	237
Right-of-use assets obtained in exchange for new operating lease liabilities	4,010	0
Cash paid for amounts included in the measurement of operating lease liabilities	2,368	2,188
Operating cash flows from financing leases (interest paid)	10	39
Exercise of stock options for which cash had not been received	$ 40	$ 0

Net Income (Loss) Per Share - Schedule of Potentially Dilutive Securities Excluded From Computation (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded (in shares)	0	29,084,235
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded (in shares)	0	6,916,176
Restricted stock awards in exchange for non-recourse note
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded (in shares)	0	700,000
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded (in shares)	0	121,566
Warrants to purchase redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded (in shares)	0	9,660
Unvested early-exercised options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded (in shares)	0	314

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All intercompany transactions and balances have been eliminated upon consolidation.

The unaudited interim financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 11, 2026.

For a summary of the Company’s significant accounting policies refer to “Note 2. Summary of Significant Accounting Policies” in the notes to the financial statements as of and for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K. There have been no significant changes to these policies during the three months ended March 31, 2026.

Unaudited interim financial information

The unaudited financial statements do not include all disclosures, including certain notes required by GAAP on an annual reporting basis. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements. In management’s opinion, the unaudited financial statements reflect all normal recurring adjustments necessary to state fairly the balance sheets, statements of operations and comprehensive income (loss), statements of redeemable convertible preferred stock and stockholders’ equity (deficit), and statements of cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On a regular basis, management evaluates estimates, including, but not limited to: stock-based compensation, deferred tax assets and liabilities, useful lives of long-lived assets, the incremental borrowing rate applied to operating and finance leases, determination of revenue recognition and accounts receivable, and valuation of debt and common stock warrants. These estimates are inherently subject to judgment and actual results could differ from those estimates.

Risks and Uncertainties

Certain of the Company’s product candidates are in development. If the Company is unable to advance its product candidates through development, clinical validation and ultimately commercialize its product candidates, or experiences significant delays in doing so, the Company’s business will be materially harmed. Even if the Company completes the necessary validation studies and product development, the process to meet any applicable regulatory requirements can be expensive. As a result, the Company cannot predict when, or if, it will be able to commercialize a product candidate.

The Company is subject to certain risks and uncertainties that the Company believes could have a material adverse effect on its future financial position or results of operations. As of the date of issuance of the financial statements, the Company is not aware of any specific event or circumstance that would require it to update its estimates, judgments, or the carrying value of its assets or liabilities. These estimates may change as new

events occur and additional information is obtained and are recognized in the financial statements as soon as they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s financial statements.

The Company is subject to regulation and enforcement by the federal government and by authorities in state and foreign jurisdictions in which the Company conducts business. Such laws include, without limitation, state and federal anti-kickback, fraud and abuse, false claims, privacy and security laws and regulations. If the Company’s operations are found to be in violation of any such laws or government regulations that apply to use, the Company may be subject to penalties, including, without limitation, civil and criminal penalties, damages, fines, the curtailment or restructuring of operations and exclusion from participation in federal and state healthcare programs.

Revenue

The Company recognizes revenue upon transfer of control of promised goods and services in an amount that reflects the consideration it expects to be entitled to receive in exchange for those goods and services. Under ASC 606—Revenue from Contracts with Customers ("ASC 606"), the Company applies the following five-step approach:

•Identify the contract with a customer

•Identify the performance obligations in the contract

•Determine the transaction price

•Allocate the transaction price to the performance obligations in the contract

•Recognize revenue when, or as, a performance obligation is satisfied

The Company generates revenue primarily from prenatal and oncology testing services, which are referred to as testing services or test results. The Company considers the patient as its customer, that requests a test service through their physician. Test results are the single performance obligation being provided to customers. Testing service revenue is recognized at a point in time when test results are delivered to the ordering physician. The Company generally bills an insurance carrier, Medicaid, Medicare, the patient, or a combination upon delivery of test results.

The Company enters into contracts with third-party payors, including insurance carriers, Medicaid and Medicare, to set the pricing for tests provided to patients. Due to the nature of these third-party payor contract arrangements, the total consideration the Company expects to collect for test results is variable as they are dependent on the terms negotiated with the third-party payor. The predominance of the Company’s revenue is derived from payments by third-party insurance carriers.

The Company uses the expected value method of estimating variable consideration. The total consideration the Company expects to collect in exchange for the Company’s products is an estimate and is largely variable in nature. Consideration includes reimbursement from both patients and third-party payors. The Company establishes variable consideration by considering historical payment trends for tests delivered, test reimbursement disallowances, and contractual arrangements in place, among other factors, which is adjusted for current expectations. Current expectations of cash collections factor in changes in reimbursement rate trends, historical events not expected to recur, and future known changes such as anticipated contractual pricing changes or changes to insurance coverage. The Company also considers hindsight, where applicable, in estimates established for variable consideration and updates those estimates when actual experience supports doing so. In establishing variable consideration, the Company considers payors with similar reimbursement characteristics together. The Company monitors the cash collections against the estimated variable consideration over the expected cash collection period and any difference is recognized as an adjustment to estimated revenues after such estimated cash collection period has closed.

In January 2023, the Company entered a partnership with Johnson & Johnson ("J&J") under which the Company is licensing the Company’s proprietary knowledge, performing clinical trial support services including developing a clinical study assay, and other testing services to support a clinical trial for the counterparty. In March 2026, the Company amended and restated the agreement governing the partnership with J&J to amend

pricing and extend the term of the agreement, the extension is expected to have a duration of approximately three years. The Company concluded that the agreement and the amended agreement with J&J were within the scope of ASC 606 because the counterparty in the agreement meets the definition of a customer. The Company evaluated the terms of the agreement for revenue recognition, including whether the services are capable of being distinct and considered distinct within the context of the contract. The Company concluded that the licensing of the know how is not distinct from the other promises within the agreement and, as a result, was treated as a single performance obligation. Under this contract, the Company receives payments upon the achievement of milestones, including (i) receipt of approval of the trial, which was achieved in 2023, (ii) various patient enrollment milestones, and (iii) subsequent full trial completion, as well as reimbursement for testing services. In making an assessment of whether variable consideration should be included in the transaction price, the Company considers the degree of complexity and uncertainty associated with each milestone and related testing services, and whether achievement of the milestones and testing services are dependent on parties other than the Company.

In July 2025, the Company entered into a partnership with J&J for the development and commercialization of a companion diagnostic (CDx), intended for use with a new drug candidate of J&J. The Company is providing services related to regulatory filings to support companion diagnostic submissions for the Company’s assay. The development and regulatory support services represent a single performance obligation as the Company performs a significant integration service, such as analytical validation and regulatory submissions. The individual promises are not separately identifiable from other promises in the contract, and therefore, not distinct. The Company receives payment from achievement of milestones, including (i) various CDx development milestones, (ii) FDA regulatory submission and pre-approval, and (iii) CDx approval by FDA. For the companion diagnostic development and regulatory approval performed, the Company is compensated through a combination of an upfront fee and performance-based, non-refundable regulatory and development milestones. The transaction price represents variable consideration and the Company uses the most likely amount to estimate variable consideration. Application of the constraint for variable consideration to milestone payments is an area that requires significant judgment. The Company evaluates factors such as the scientific, clinical, regulatory, and other risks that must be managed to achieve the respective milestone and the level of effort and investment required to achieve the respective milestone. In making this assessment, the Company considers its historical experience with similar milestones, the degree of complexity and uncertainty associated with each milestone, and whether the achievement of the milestone is dependent on parties other than the Company. The constraint for variable consideration is applied to the contract price such that it is probable a significant cumulative reversal of revenue will not occur when the uncertainty associated with the contingency is resolved. Application of the constraint for variable consideration is assessed and updated at each reporting period as a revision to the estimated transaction price.

The Company recognizes revenue for the single performance obligation for each of the J&J partnership agreements over the period the services are provided. Specifically, the Company recognizes revenue using an input method to measure progress, utilizing costs incurred to-date relative to the total expected costs as a measure of progress. The Company assesses the changes to the total expected cost estimates in determining the revenue recognition for each reporting period.

The Company applies the practical expedient not to disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. As of March 31, 2026, the Company’s remaining performance obligations beyond one year were approximately $7.6 million.

Disaggregation of revenue

The following table presents disaggregation of revenue by Prenatal, Oncology and Clinical trial support and other services for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Prenatal	$	96,525	$	56,076
Oncology	10,720		2,177
Clinical trial support and other services	1,143		710
Total revenues	$	108,388	$	58,963

Substantially all revenues recognized for the three months ended March 31, 2026 and 2025 were generated in the United States.

Revenue related to performance obligations satisfied in prior periods

For the three months ended March 31, 2026 and 2025, the Company recorded $9.2 million and $2.9 million, respectively, as revenue related to performance obligations satisfied in prior periods.

In 2026, the Company entered into new agreements with payors that resulted in an increase of revenue related to expected payments on the reprocessing of claims from the three months ended March 31, 2026 and the year ended December 31, 2025. Revenue related to services performed during the year ended December 31, 2025 that were covered by these payors contributed slightly more than half of the $9.2 million in revenue related to performance obligations satisfied in prior periods for the three months ended March 31, 2026.

Deferred revenue

Deferred revenue, which is a contract liability, consists of billings or cash received for services in advance of revenue recognition and is recognized as revenue when all the Company’s revenue recognition criteria are met. As of March 31, 2026 and December 31, 2025, the deferred revenue balance was $2.8 million and $3.5 million, respectively. All deferred revenue as of March 31, 2026 was classified as current. As of December 31, 2025, $1.3 million of the deferred revenue balance was classified as non-current and $2.2 million was classified as current. For the three months ended March 31, 2026 and 2025, revenue recognized from deferred revenue at the beginning of the period was $1.0 million and $0.7 million, respectively.

Comprehensive Income (Loss)

During the three months ended March 31, 2026 and 2025, the Company did not have any other comprehensive income (loss) and, therefore, the net income (loss) and comprehensive income (loss) was the same.

Segment information

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented on a company-wide basis to make operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it is managed as one operating segment and one reportable segment.

Key areas of focus for the CODM when making decisions on the allocations of resources is cash used in operations as well as revenue, gross margin and net income (loss) and comprehensive income (loss); this information is used by the CODM and compared to budgeted amounts in order for the CODM to make decisions on how resources should be allocated across the organization. The Company’s segment measure of profitability is net income (loss) and comprehensive income (loss).

Segment revenues are predominantly derived from prenatal and oncology testing results, leveraging the Company’s diagnostic technology platform, which are delivered to patients, who are the Company’s customer. The Company’s customers are predominantly located in the United States. Substantially all of the Company’s long-lived assets are located in the United States. The Company’s technology platform is applied similarly in both the prenatal and oncology settings.

The financial statements provide the CODM with a view of the Company’s financial condition as it pertains to the Company’s assets, liabilities and expenses. Significant expense categories align with the expense categories and amounts presented on the statements of operations.

Recently Adopted Accounting Pronouncements

In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides for a practical expedient to estimate credit losses related to accounts receivable and contract assets from revenue contracts accounted for in accordance with ASC 606 using information as of the balance sheet date. The Company adopted this ASU effective for the Company’s fiscal year beginning January 1, 2026 and it did not have a material impact on the Company’s its financial statements and related disclosures.

Recently Issued Accounting Pronouncements not yet Adopted

In November 2024 and January 2025, the FASB issued ASU 2024-03 and ASU 2025-01, respectively, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure in the notes to the financial statements of specified information about an entity’s certain costs and expenses. The amendments to the standards are effective for the Company’s fiscal year beginning January 1, 2027 and interim periods beginning January 1, 2028. Early adoption is permitted. The amendments should be applied either prospectively to the financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating this ASU to determine the impact it may have on its financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which clarifies and expands the existing guidance on capitalizing implementation costs for cloud computing arrangements that are service contracts. The new guidance is effective for public business entities for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating this ASU to determine the impact it may have on its financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-07, Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract, which amends the guidance under ASC Topic 815 (Derivatives and Hedging) and ASC Topic 606 (Revenue from Contracts with Customers). The ASU (i) refines the scope for derivative accounting to exclude certain non-exchange-traded contracts whose underlyings are based on the operations or activities specific to one of the parties to the contract, and (ii) provides clarification on how to account for share-based noncash consideration from customers (such as equity instruments, warrants, or shares) received in exchange for the transfer of goods or services under a revenue contract. The new guidance is effective for public business entities for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating this ASU to determine the impact it may have on its financial statements and related disclosures.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Disaggregation of Revenue

The following table presents disaggregation of revenue by Prenatal, Oncology and Clinical trial support and other services for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Prenatal	$	96,525	$	56,076
Oncology	10,720		2,177
Clinical trial support and other services	1,143		710
Total revenues	$	108,388	$	58,963

Common Stock - Restricted Stock Unit Activity (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Shares
Nonvested as of January 1, 2026 (in shares) \| shares	33,332
Issued (in shares) \| shares	119,289
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	(64)
Nonvested as of March 31, 2026 (in shares) \| shares	152,557
Weighted- Average Grant Date Fair Value (per share)
Nonvested as of January 1, 2026 (in dollars per share) \| $ / shares	$ 108.94
Issued (in dollars per share) \| $ / shares	76.24
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	76.00
Nonvested as of March 31, 2026 (in dollars per share) \| $ / shares	$ 85.59

Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024	29,084,235
Beginning balance at Dec. 31, 2024	$ 419,409
Ending balance (in shares) at Mar. 31, 2025	29,084,235
Ending balance at Mar. 31, 2025	$ 419,409
Beginning balance (in shares) at Dec. 31, 2024		10,925,950
Beginning balance at Dec. 31, 2024	(251,656)	$ 0	$ 30,545	$ 0	$ (282,201)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		130,387
Issuance of common stock upon exercise of stock options	365		365
Stock-based compensation	2,374		2,374
Net income (loss)	(3,988)				(3,988)
Ending balance (in shares) at Mar. 31, 2025		11,056,337
Ending balance at Mar. 31, 2025	$ (252,905)	$ 0	33,284	0	(286,189)
Beginning balance (in shares) at Dec. 31, 2025	0
Beginning balance at Dec. 31, 2025	$ 0
Ending balance (in shares) at Mar. 31, 2026	0
Ending balance at Mar. 31, 2026	$ 0
Beginning balance (in shares) at Dec. 31, 2025		45,804,755
Beginning balance at Dec. 31, 2025	$ 480,105	$ 0	756,644	(1,792)	(274,747)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	176,137	176,137
Issuance of common stock upon exercise of stock options	$ 1,255		1,255
Stock-based compensation	6,290		6,290
Net income (loss)	17,970				17,970
Ending balance (in shares) at Mar. 31, 2026		45,980,892
Ending balance at Mar. 31, 2026	$ 505,620	$ 0	$ 764,189	$ (1,792)	$ (256,777)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

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+ Details

Long-term Debt - Narrative (Details)		1 Months Ended	3 Months Ended		12 Months Ended
Long-term Debt - Narrative (Details)	Aug. 05, 2024 USD ($)	Aug. 31, 2024 USD ($) tranche	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2025 USD ($)	Jul. 31, 2022 USD ($) tranche	Jan. 31, 2022 shares	Dec. 31, 2021 USD ($) $ / shares shares	Oct. 31, 2021 USD ($) tranche
Debt Instrument [Line Items]
Capital advances, number of tranches \| tranche							4			3
Proceeds from issuance of debt			$ 30,000,000	$ 0
Long-term debt			90,005,000			$ 57,226,000
Long-term debt, maturity, after year five			$ 80,000,000.0			$ 50,000,000.0
Capital advances							$ 35,000,000.0			$ 15,000,000.0
Prepayment of outstanding term loan		$ 35,000,000.0
Payments of loan termination fees		$ 1,500,000
Lock-up agreement, number of days			180 days
2021 LSA Common Stock Warrants
Debt Instrument [Line Items]
Warrant exercise price (in dollars per share) \| $ / shares									$ 2.80
Number of securities called by warrants (in shares) \| shares								80,357	53,571
Right to return warrants to company, cash value									$ 450,000
2022 LSA Common Stock Warrants
Debt Instrument [Line Items]
Warrant exercise price (in dollars per share) \| $ / shares					$ 10.92
Right to return warrants to company, cash value					$ 450,000
Warrants issued during period (in shares) \| shares					41,209
Warrants exercisable (in shares) \| shares					30,907
2024 Notes \| Notes Payable
Debt Instrument [Line Items]
Capital advances, number of tranches \| tranche		4
Debt instrument, face amount		$ 140,000,000.0
Debt instrument, interest rate, stated percentage		8.00%
Worldwide net revenue		$ 120,000,000.0
Threshold, trailing six-month gross margin, minimum		30.00%
Interest expense, debt			$ 1,000,000.0	1,000,000.0
2024 Notes \| Notes Payable \| Oberland Capital
Debt Instrument [Line Items]
Revenue participation agreement, percent of quarterly net revenue		0.01%
Revenue participation agreement, maximum annual net revenue		$ 100,000,000.0
Revenue participation agreement, principal amount of notes		$ 1,000,000.0
Payments for revenue participation agreement			$ 500,000	$ 300,000
2024 Notes \| Notes Payable \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage		130.00%
Debt instrument, redemption period		24 months
2024 Notes \| Notes Payable \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage		145.00%
Debt instrument, redemption period		36 months
2024 Notes \| Notes Payable \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt instrument, redemption period		48 months
Redemption, internal rate of return generated		12.25%
2024 Notes \| Notes Payable \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Debt instrument, redemption period		60 months
Redemption, internal rate of return generated		11.75%
2024 Notes \| Notes Payable \| Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Redemption, internal rate of return generated		11.25%
2024 Notes \| Notes Payable \| Debt Instrument, Redemption, Period Six
Debt Instrument [Line Items]
Redemption, internal rate of return generated		10.00%
2024 Notes \| Notes Payable \| First Tranche
Debt Instrument [Line Items]
Proceeds from notes payable	$ 50,000,000.0
2024 Notes \| Notes Payable \| Second Tranche
Debt Instrument [Line Items]
Debt instrument, face amount		$ 35,000,000.0
Worldwide net revenue		80,000,000.0
2024 Notes \| Notes Payable \| Third Tranche
Debt Instrument [Line Items]
Debt instrument, face amount		30,000,000.0
Worldwide net revenue		$ 112,500,000
Threshold, trailing six-month gross margin, minimum		45.00%
2024 Notes \| Notes Payable \| Fourth Tranche
Debt Instrument [Line Items]
Debt instrument, face amount		$ 25,000,000.0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
John ten Bosch [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 6, 2026, John ten Bosch, our Senior Vice President of Laboratory Operations, entered into a pre-arranged stock trading plan. Such trading plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. Mr. ten Bosch’s plan provides for, subject to certain market price limits and other terms set forth in the plan, the sale of up to 12,750 shares of Class A common stock between June 15, 2026 and August 28, 2026.
Name	John ten Bosch
Title	Senior Vice President of Laboratory Operations
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 6, 2026
Expiration Date	August 28, 2026
Arrangement Duration	74 days
Aggregate Available	12,750,000,000
Nancy Johnson [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 6, 2026, Nancy Johnson, our Senior Vice President of Sales and Commercial Operations, entered into a pre-arranged stock trading plan. Such trading plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. Ms. Johnson’s plan provides for, subject to certain market price limits and other terms set forth in the plan, (a) the sale of up to 29,000 shares of Class A common stock, and (b) the exercise of up to 30,000 stock options and sale of the underlying shares of Class A common stock, between June 8, 2026 and August 31, 2026.
Name	Nancy Johnson
Title	Senior Vice President of Sales and Commercial Operations
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 6, 2026
Expiration Date	August 31, 2026
Arrangement Duration	84 days
Shan Riku Sakakibara [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 6, 2026, Shan Riku Sakakibara, our Chief Product Officer, entered into a pre-arranged stock trading plan. Such trading plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. Ms. Sakakibara’s plan provides for, subject to certain market price limits and other terms set forth in the plan, (a) the sale of up to 20,000 shares of Class A common stock, and (b) the exercise of up to 8,000 stock options and sale of the underlying shares of Class A common stock, between June 8, 2026 and August 31, 2026.
Name	Shan Riku Sakakibara
Title	Chief Product Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 6, 2026
Expiration Date	August 31, 2026
Arrangement Duration	84 days
David Tsao [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 6, 2026, David Tsao, our President, Chief Technology Officer and Director, entered into a pre-arranged stock trading plan. Such trading plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. Mr. Tsao’s plan provides for, subject to certain market price limits and other terms set forth in the plan, the exercise of up to 60,000 stock options and sale of the underlying shares of Class A common stock, between June 15, 2026 and August 28, 2026.
Name	David Tsao
Title	President, Chief Technology Officer and Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 6, 2026
Expiration Date	August 28, 2026
Arrangement Duration	74 days
Aggregate Available	60,000,000,000
Oguzhan Atay [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 6, 2026, Oguzhan Atay, our Chief Executive Officer and the Chair of our Board of Directors, entered into a pre-arranged stock trading plan. Such trading plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. Mr. Atay’s plan provides for, subject to certain market price limits and other terms set forth in the plan, the exercise of up to 120,000 stock options and sale of the underlying shares of Class A common stock, between June 8, 2026 and August 21, 2026.
Name	Oguzhan Atay
Title	Chief Executive Officer and the Chair of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 6, 2026
Expiration Date	August 21, 2026
Arrangement Duration	74 days
Aggregate Available	120,000,000,000
Nancy Johnson, Common Stock Trading Arrangement [Member] \| Nancy Johnson [Member]
Trading Arrangements, by Individual
Aggregate Available	29,000,000,000
Nancy Johnson, Stock Options Trading Arrangement [Member] \| Nancy Johnson [Member]
Trading Arrangements, by Individual
Aggregate Available	30,000,000,000
Shan Riku Sakakibara, Common Stock Trading Arrangement [Member] \| Shan Riku Sakakibara [Member]
Trading Arrangements, by Individual
Aggregate Available	20,000,000,000
Shan Riku Sakakibara, Stock Option Trading Arrangement [Member] \| Shan Riku Sakakibara [Member]
Trading Arrangements, by Individual
Aggregate Available	8,000,000,000

Common Stock

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Common Stock

As of March 31, 2026 and December 31, 2025, the Company’s Certificate of Incorporation, as amended, authorized the Company to issue 800,000,000 shares of Class A common stock, par value $0.00001 per share, and 10,000,000 shares of Class B Common Stock, par value $0.00001 per share. Total common stock outstanding as of March 31, 2026 and December 31, 2025 was 41,428,242 and 41,252,105 shares of Class A common stock, respectively, and 4,552,650 shares of Class B common stock.

The holders of Class A common stock are entitled to vote on all corporate matters at a ratio of one vote per share together with the holders of Class B common stock. The holders of Class B common stock are entitled to vote on all corporate matters at a ratio of 15 votes per share together with the holders of Class A common stock. The holders of Class A common stock and Class B common stock are also entitled to receive dividends whenever funds are legally available and when and if declared by the Board of Directors, subject to the prior

rights of holders of all series of stock outstanding. As of March 31, 2026 and December 31, 2025, no dividends had been declared or paid.

All of the outstanding shares of the Company’s Class B common stock will convert automatically on a one-to-one basis into shares of the Company’s Class A common stock upon the earliest of (i) 7 years from the date of filing the Post-IPO Certificate of Incorporation, and (ii) the date specified by a vote of the holders of Class B common stock representing a majority of the outstanding shares of Class B common stock. In addition, each share of Class B common stock held by a Co-Founder and such Co-Founder's permitted transferees will automatically convert into one share of Class A common stock upon the earlier of (i) the date that is between 90 days and 270 days, as determined by the Board of Directors, after the death or incapacitation of such Co-Founder or (ii) the date that is between 61 and 180 days, as determined by the Board of Directors, after the date on which such Co-Founder is no longer serving as an officer or director of the Company.

The Company is required to reserve and keep available out of its authorized but unissued shares of Class A common stock such a number of shares sufficient to affect the conversion of all outstanding shares of common stock warrants, all outstanding shares of Class B common stock, options granted under the Company’s 2018 Stock Plan and 2025 Equity Incentive Plan, shares available for grant under the Company’s 2025 Equity Incentive Plan, restricted stock units outstanding and shares available for issuance under the Employee Stock Purchase Plan.

The amount of such shares of the Company’s Class A common stock reserved for these purposes at March 31, 2026 is as follows:


Common stock warrants			121,566
Outstanding shares of Class B common stock			4,552,650
Options to purchase common stock			9,547,190
Restricted stock units outstanding			152,557
Shares available for future issuance under the Employee Stock Purchase Plan			548,880
Shares available for future grants			3,066,435
Total common stock reserved			17,989,278

Stock Plan

In December 2018, the Company adopted the 2018 Stock Plan (the “2018 Plan”). The 2018 Plan authorizes the granting of stock options upon the approval of the Company’s Board of Directors, to employees and consultants providing services to the Company. Stock options granted under the 2018 Plan generally expire within 10 years from the date of grant and are generally issued at the fair value of the underlying shares of common stock on the date of grant as determined by the Company’s Board of Directors. The shares subject to each option typically allow for 25% of the shares to vest and become exercisable on the first anniversary of the vesting commencement date and thereafter, the remaining 75% will vest and become exercisable in 36 equal monthly installments. The Company may include other vesting terms from time to time.

Incentive and non-statutory stock options may be granted with exercise prices not less than 100% of the estimated fair value of the common stock on the date of grant.

In connection with the IPO, the Company adopted the 2025 Equity Incentive Plan (the “2025 Plan”), which became effective in October 2025, although no awards could be granted under the 2025 Plan until the IPO date. The 2018 Plan was terminated upon the completion of the IPO, however, awards outstanding under the 2018 Plan will remain outstanding and will continue to be governed by their existing terms. On the effective date of the 2025 Plan, the maximum number of shares of Class A common stock authorized for issuance was 3,297,972 shares of Class A common stock, plus up to 10,034,626 shares under the 2018 Plan that (i) remain available for issuance on the IPO date and (ii) that are outstanding on the IPO date and that are subsequently forfeited, expire, are reacquired by the Company or lapse unexercised, subject to annual adjustment on the first day of each fiscal year, beginning January 1, 2027, through January 1, 2035. The 2025 Plan authorizes the granting of stock options upon the approval of the Company’s Board of Directors to employees and consultants

providing services to the Company. Stock options granted under the 2025 Plan generally expire within 10 years from the date of grant and are issued at the fair value of the underlying shares of common stock on the date of grant as determined by the Company’s Board of Directors. The shares subject to each option typically allow for 25% of the shares to vest and become exercisable on the first anniversary of the vesting commencement date and thereafter, the remaining 75% will vest and become exercisable in 36 equal monthly installments. The Company may include other vesting terms from time to time.

Incentive and non-statutory stock options may be granted with exercise prices not less than 100% of the fair value of the Class A common stock on the date of grant, as determined by the Board of Directors. As of March 31, 2026 and December 31, 2025, the Company had authorized up to 3,447,650 and 3,390,306 shares of Class A common stock reserved for issuance under the 2025 Plan, respectively.

In October 2025, the Company adopted the 2025 Employee Stock Purchase Plan (the “2025 ESPP”), which became effective in October 2025. As of March 31, 2026, the number of shares of Class A common stock available for issuance under the 2025 ESPP is 548,880 shares of Class A common stock, subject to annual adjustment on the first day of each fiscal year, beginning January 1, 2027, through January 1, 2035. No more than 8,400,000 shares of Class A common stock may be issued under the 2025 ESPP. Each participant may purchase up to the number of shares determined by the Board of Directors on any purchase date, not to exceed 7,500 shares. The price of each share of Class A common stock purchased under the 2025 ESPP will not be less than 85% of the lower of the fair market value per share of Class A common stock on the first day of the applicable offering period or the fair market value per share of Class A common stock on the purchase date.

Stock-based Compensation

The weighted average assumptions used to calculate the fair value of option grants issued under the 2025 Plan and 2018 Plan during the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended March 31,
	2026		2025

Dividend yield	-	%	-	%
Risk-free interest rate	4.1	%	4.4	%
Expected volatility	75	%	67	%
Expected term (in years)	6.15		5.99

A summary of the Company’s stock option activity and related information is as follows:


	Number of Options Outstanding	Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value (in thousands)
Balance as of December 31, 2025	9,552,013	$	12.96	$	657,915
Granted	228,786	$	78.39
Exercised	(176,137)	$	7.12
Forfeited or expired	(57,472)	$	22.02
Balance as of March 31, 2026	9,547,190	$	14.61	$	614,211
Vested and exercisable as of March 31, 2026	5,139,286	$	7.04	$	369,504
Vested and expected to vest as of March 31, 2026	9,547,190	$	14.61	$	614,211

As of March 31, 2026, there was approximately $85.2 million of total unrecognized compensation cost related to unvested options, which is expected to be recognized over the weighted average period of 3.8 years.

Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit activity and related information is as follows:


	Shares	Weighted- Average Grant Date Fair Value (per share)
Nonvested as of January 1, 2026	33,332	$	108.94
Issued	119,289	76.24
Vested	-	-
Forfeited	(64)	76.00
Nonvested as of March 31, 2026	152,557	$	85.59

As of March 31, 2026, there was approximately $12.1 million of total unrecognized compensation cost related to outstanding restricted stock units, which is expected to be recognized over the weighted average period of 3.1 years.

There was no restricted stock unit activity during the three months ended March 31, 2025.

Stock-Based Compensation Expense

The table below shows stock-based compensation expense included in the statements of operations and comprehensive income (loss) for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	634	$	352
Research and development	1,356		748
Selling, general and administrative	4,520		1,274
Total stock-based compensation	$	6,510	$	2,374

- Definition

The entire disclosure for equity.

+ References

+ Details

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Disaggregation of Revenue [Line Items]
Extension period	3 years
Revenue related to performance obligations satisfied in prior periods		$ 9,200	$ 2,900
Deferred revenue balance	$ 2,800	2,800		$ 3,500
Deferred revenue, non-current	0	0		1,290
Deferred revenue, current	$ 2,796	2,796		$ 2,188
Deferred revenue recognized		$ 1,000	$ 700
Number of operating segments \| segment		1
Number of reportable segments \| segment		1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, expected timing of satisfaction, period
Remaining performance obligations beyond one year	$ 7,600	$ 7,600

Common Stock (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Common Stock Reserved

The amount of such shares of the Company’s Class A common stock reserved for these purposes at March 31, 2026 is as follows:


Common stock warrants			121,566
Outstanding shares of Class B common stock			4,552,650
Options to purchase common stock			9,547,190
Restricted stock units outstanding			152,557
Shares available for future issuance under the Employee Stock Purchase Plan			548,880
Shares available for future grants			3,066,435
Total common stock reserved			17,989,278

Schedule of Stock Options Valuation Assumptions

The weighted average assumptions used to calculate the fair value of option grants issued under the 2025 Plan and 2018 Plan during the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended March 31,
	2026		2025

Dividend yield	-	%	-	%
Risk-free interest rate	4.1	%	4.4	%
Expected volatility	75	%	67	%
Expected term (in years)	6.15		5.99

Schedule of Stock Option Activity

A summary of the Company’s stock option activity and related information is as follows:


	Number of Options Outstanding	Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value (in thousands)
Balance as of December 31, 2025	9,552,013	$	12.96	$	657,915
Granted	228,786	$	78.39
Exercised	(176,137)	$	7.12
Forfeited or expired	(57,472)	$	22.02
Balance as of March 31, 2026	9,547,190	$	14.61	$	614,211
Vested and exercisable as of March 31, 2026	5,139,286	$	7.04	$	369,504
Vested and expected to vest as of March 31, 2026	9,547,190	$	14.61	$	614,211

Schedule of Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit activity and related information is as follows:


	Shares	Weighted- Average Grant Date Fair Value (per share)
Nonvested as of January 1, 2026	33,332	$	108.94
Issued	119,289	76.24
Vested	-	-
Forfeited	(64)	76.00
Nonvested as of March 31, 2026	152,557	$	85.59

Schedule of Stock-Based Compensation Expense

The table below shows stock-based compensation expense included in the statements of operations and comprehensive income (loss) for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	634	$	352
Research and development	1,356		748
Selling, general and administrative	4,520		1,274
Total stock-based compensation	$	6,510	$	2,374

Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

The Company applies the two-class method when computing net income (loss) per share attributable to common shareholders when shares meet the definition of participating securities. The two-class method determines net income (loss) per share of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires net income (loss) available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The holders of the Company’s redeemable convertible preferred stock were entitled to dividends in preference to common stockholders, if declared. Such dividends were not cumulative. Any remaining earnings would be distributed among the holders of redeemable convertible preferred stock and common stock pro rata on an as-converted basis. The holders of the Company’s redeemable convertible preferred stock were not contractually obligated to participate in the Company’s losses.

Basic net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. The dilutive effect of potentially dilutive common shares is reflected in diluted earnings per share by application of the if-converted method for the Company’s outstanding preferred stock, the treasury stock method for the Company’s other potentially dilutive securities, and is ultimately applied by sequencing instruments beginning with those that are more dilutive. For periods in which the Company reports net losses, diluted net income (loss) per common share is the same as basic net income (loss) per common share as all potentially dilutive securities are anti-dilutive.


	Three Months Ended March 31,
	2026		2025
Basic net income (loss) per share:
Numerator:
Net income (loss)	$	17,970	$	(3,988)


Denominator:
Weighted-average shares used in calculating net income (loss) per share, basic	45,932,719		10,312,892
Net income (loss) per share, basic	$	0.39	$	(0.39)
Diluted net income (loss) per share:
Numerator:
Net income (loss)	$	17,970	$	(3,988)
Denominator:
Weighted-average shares used in calculating net income (loss) per share, basic	45,932,719		10,312,892
Effect of dilutive securities:
Outstanding stock options	6,982,322		—

Warrants to purchase common stock	113,319		—

Weighted-average shares used in calculating net income (loss) per share, diluted	53,028,360		10,312,892
Net income (loss) per share, diluted	$	0.34	$	(0.39)

Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026	2025
Redeemable convertible preferred stock	-	29,084,235
Outstanding stock options	-	6,916,176
Restricted stock awards in exchange for non-recourse note	-	700,000
Warrants to purchase common stock	-	121,566
Warrants to purchase redeemable convertible preferred stock	-	9,660
Unvested early-exercised options	-	314

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 04, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-42934
Registrant Name	BillionToOne, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-1082020
Entity Address, Address Line One	1035 O’Brien Drive
Entity Address, City or Town	Menlo Park
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94025
Local Phone Number	650
City Area Code	460-2551
Title of 12(b) Security	Class A common stock, par value
Trading Symbol	BLLN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Central Index Key	0002070849
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		41,442,834
Outstanding shares of Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,552,650

Common Stock - Reserved for Future Issuance (Details)	Mar. 31, 2026 shares
Class of Stock [Line Items]
Total common stock reserved (in shares)	17,989,278
Common stock warrants
Class of Stock [Line Items]
Total common stock reserved (in shares)	121,566
Outstanding shares of Class B common stock
Class of Stock [Line Items]
Total common stock reserved (in shares)	4,552,650
Options to purchase common stock
Class of Stock [Line Items]
Total common stock reserved (in shares)	9,547,190
Restricted stock units outstanding
Class of Stock [Line Items]
Total common stock reserved (in shares)	152,557
Shares available for future issuance under the Employee Stock Purchase Plan
Class of Stock [Line Items]
Total common stock reserved (in shares)	548,880
Shares available for future grants
Class of Stock [Line Items]
Total common stock reserved (in shares)	3,066,435

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Accounting for income taxes for interim periods generally requires the provision for income taxes to be determined by applying an estimate of the annual effective tax rate for the full fiscal year to income or loss before income taxes, adjusted for discrete items, if any, for the reporting period. The Company updates its estimate of the annual effective tax rate each quarter and makes a cumulative adjustment in such period. The Company recorded income tax expense of $0.5 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively. Income tax expense consists primarily of income taxes for U.S. federal and the states in which the Company conducts business. Due to the Company’s history of losses in the United States, a full valuation allowance on substantially all of the Company’s deferred tax assets, including net operating loss carryforwards, research and development tax credits, and other book versus tax differences, was maintained. Based on the significant improvement in the Company's pre-tax income during the first quarter of 2026, and its current forecasts of sustained profitability, the Company expects that in the near future, which may occur prior to December 31, 2026, the positive evidence supporting the realizability of its deferred tax assets may outweigh the negative evidence, in which event the Company would be able to release a portion or all of the valuation allowance. A release of the valuation allowance would result in the recognition of an increase in deferred tax assets and an income tax benefit in the period in which the release occurs, although the exact timing and amount of the release is subject to change based on numerous factors, including projections of future taxable income, which continues to be assessed based on available information each reporting period.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax expense	$ 539	$ 100

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Employee Benefit Plan	3 Months Ended
Employee Benefit Plan	Mar. 31, 2026
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan The Company sponsors a qualified 401(k) defined contribution plan covering eligible employees. Participants may contribute a portion of their annual compensation limited to a maximum annual amount set by the Internal Revenue Service. Employer contributions to the plan are discretionary. During the three months ended March 31, 2026 and 2025, the Company contributed $1.1 million and $0.8 million to this plan, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings From time to time, the Company is party to certain claims in the ordinary course of business. The Company, in conjunction with its legal counsel, assesses the need to record a liability for litigation or contingencies. A liability is recorded when and if it is determined that such a liability for litigation or contingencies is both probable and the amount can be reasonably estimated. The Company believes that it is not presently a party to any litigation of which the outcome, if determined adversely, would individually or in the aggregate be expected to have a material and adverse effect on the business, operating results, cash flows, or financial position. Legal fees are expensed in the period in which they are incurred. Indemnification Agreements The Company has entered into indemnification agreements with its directors and officers against any liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual. Additionally, in the ordinary course of business, the Company enters into agreements of varying scope and terms pursuant to which it agrees to indemnify customers, vendors, lessors, business partners, and other parties with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements, services to be provided by the Company, or from intellectual property infringement claims made by third parties. As of March 31, 2026 and December 31, 2025, no demands have been made upon the Company to provide indemnification under such agreements, and there are no claims that the Company is aware of that could have a material adverse effect on its financial position, results of operations, or cash flows. Accordingly, the Company has no liabilities recorded for these agreements as of March 31, 2026 and December 31, 2025.

Fair Value Measurements - Schedule of Fair Value Assumptions of Common Stock Warrant Liability (Details) - Common stock warrants	Mar. 31, 2026 $ / shares	Dec. 31, 2025 $ / shares
Exercise price (in dollars per share) \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	2.80	2.80
Exercise price (in dollars per share) \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	10.92	10.92
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0.709	0.535
Expected term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0.1	0.3
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0.0374	0.0363
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0	0

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The fair value measurements of assets and liabilities that are measured at fair value on a recurring basis consisted of the following as of March 31, 2026 (in thousands):


	As of March 31, 2026
	Level 1		Level 2		Level 3		Total
Current assets:
Money market funds	$	392,993	$	-	$	-	$	392,993
Total assets	$	392,993	$	-	$	-	$	392,993
Liabilities:
Common stock warrants	$	-	$	8,924	$	-	$	8,924
Term loan	-		-		90,005		90,005
Total liabilities	$	-	$	8,924	$	90,005	$	98,929

The fair value measurements of assets and liabilities that are measured at fair value on a recurring basis consisted of the following as of December 31, 2025 (in thousands):


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
Current assets:
Money market funds	$	359,813	$	-	$	-	$	359,813
Total assets	$	359,813	$	-	$	-	$	359,813
Liabilities:
Common stock warrants	$	-	$	9,282	$	-	$	9,282
Term loan	-		-		57,226		57,226
Total liabilities	$	-	$	9,282	$	57,226	$	66,508

Level 3 instruments consist of the Company’s term loan due to the lack of relevant observable market data for the respective fair value inputs of the instrument.

In August 2024, the Company entered into a term loan agreement which the Company elected to account for using the fair value option. As such, the fair value of the debt is calculated by using the probability weighting of the present value of settlement scenarios (See Note 6).

The significant assumptions used in preparing the income approach model for valuing the term loan as of March 31, 2026 and December 31, 2025, are as follows:


	March 31, 2026		December 31, 2025
Discount rate	7.10	%	7.10	%
Annual interest rate	8.00	%	8.00	%
Expected term (years) – Scenario 1	4		4.25
Expected term (years) – Scenario 2	5.35		5.6

The fair values of the common stock warrants are measured using a probability weighted option pricing model.

The significant assumptions used in preparing the option pricing model for valuing the common stock warrant liability as of March 31, 2026 and December 31, 2025 are as follows:


	March 31, 2026		December 31, 2025

Exercise price	$2.80 - $10.92		$2.80 – $10.92
Volatility	70.9	%	53.5	%
Expected term (years)	0.1		0.3
Risk-free rate	3.74	%	3.63	%
Dividend yield	-	%	-	%

The redeemable convertible preferred stock warrant liability was reclassified to equity upon the exercise of the underlying warrants; as such, the redeemable convertible preferred stock warrant liability fair value was determined as of the date of exercise, on November 14, 2025.

The following tables present a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands):


	Term Loan
Balance at December 31, 2025	$	57,226
Additions	30,000
Adjustments to fair value	2,779
Balance at March 31, 2026	$	90,005


	Common Stock Warrants		Redeemable Convertible Preferred Stock Warrants		Term Loan
Balance at December 31, 2024	$	2,533	$	230	$	51,481
Adjustments to fair value	(58)		2		1,797
Balance at March 31, 2025	$	2,475	$	232	$	53,278

For the three months ended March 31, 2026 and 2025, the Company recognized losses related to the change in fair value of the term loan in change in fair value of term loan in the statements of operations and comprehensive income (loss).

For the three months ended March 31, 2026 and 2025, the Company recognized gains (losses) related to the change in the fair value of the common stock warrant liability and for the three months ended March 31, 2025, the Company recognized a loss related to the change in convertible preferred stock warrant liability in other expense, net in the statements of operations and comprehensive income (loss).

The common stock warrant liability is recorded within common stock warrant liability on the balance sheet as of March 31, 2026 and December 31, 2025. The term loan is recorded within long-term debt on the balance sheets as of March 31, 2026 and December 31, 2025.

During the three months ended March 31, 2026 and 2025, the Company had no transfers of financial assets or liabilities between different levels of the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments


Period	Minimum Trailing Six-Month Net Revenue Threshold (in millions)
Q1 2026	$	87.2
Q2 2026	$	101.8
Q3 2026	$	117.2
Q4 2026	$	120.0
Thereafter	$	120.0

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Long-term Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Long-term Debt

Oberland Note Purchase Agreement

In August 2024, the Company entered into a note purchase agreement (the “2024 Notes”) with BWCB SA LLC, an entity affiliated with Oberland Capital Management, LLC (“Oberland Capital”), which provided the Company with up to four tranches of capital advances totaling up to $140.0 million. The advanced principal accrues interest at a rate of 8.0% per annum. The first tranche of $50.0 million was advanced on August 5, 2024, with a Maturity Date on the seventh anniversary of the first purchase date (August 5, 2031). The first tranche requires interest-only payments through August 5, 2031 and a lump sum payment due on August 5, 2031.

The second tranche of up to $35.0 million in principal was available at the Company’s option at any time prior to September 30, 2025 provided that the trailing six-month worldwide net revenue of the Company is at least $80.0 million. The Company did not elect the option to draw on the second tranche.

The Company was required to sell the third tranche of notes in the amount of $30.0 million prior to March 31, 2026 as the Company achieved the revenue and gross margin thresholds triggering this obligation during the first half of fiscal 2025. The third tranche of $30.0 million was advanced on March 31, 2026, with a Maturity Date on the seventh anniversary of the initial purchase date (August 5, 2031). The third tranche requires interest-only payments through August 5, 2031 and a lump sum payment due on August 5, 2031. The thresholds triggering this tranche were trailing six-month revenue of at least $112.5 million and a trailing six-month gross margin of at least 45%. Gross Margin is defined as (I) net revenue minus cost of goods sold divided by (II) net revenue, expressed as a percentage. The terms of the third tranche are identical to those of the first $50.0 million tranche. Lastly, the fourth tranche of up to $25.0 million in principal was made available to the Company at the mutual agreement of the parties at any time prior to March 31, 2026. The Company did not elect the option to draw on the fourth tranche.

The Company has the option at any time to prepay all of the then-outstanding notes, and Oberland Capital has the option to redeem the notes upon (i) a change in control of the Company, (ii) an event of default, or (iii) the maturity date. The redemption price of the notes shall equal to the following: (1) 130% of principal amounts of notes if the payment is made within 24 months of issuance; (2)145% of principal amounts of notes if the payment is made within 36 months of issuance; (3) If the payment is made within 48 months, an amount that would generate an internal rate of return (“IRR”) of 12.25%; (4) if the payment is made within 60 months of the issuance, an amount that would generate an IRR of 11.75%; (5) if the payment is made thereafter but before maturity, an amount that would generate an IRR of 11.25%; and (6) if the payment is made at maturity, an amount that would generate an IRR of 10.0%.

The Company is required to maintain trailing six-month net revenue based on a schedule that gradually increases up to $120.0 million as of the year ending December 31, 2026.


Period	Minimum Trailing Six-Month Net Revenue Threshold (in millions)
Q1 2026	$	87.2
Q2 2026	$	101.8
Q3 2026	$	117.2
Q4 2026	$	120.0
Thereafter	$	120.0

In addition, the Company is required to maintain a trailing six-month Gross Margin of not less than 30%. The agreement also contains a revenue participation provision, under which, for any fiscal quarter, 0.01% of net revenue for such fiscal quarter (up to $100.0 million of net revenue for each fiscal year) per each $1.0 million principal amount of the notes will be payable to Oberland Capital. Amounts paid under the revenue participation provision during the three months ended March 31, 2026 and 2025 were interest payments on the debt. The revenue participation payments are additional financing costs of the loan and are included in the computation of the internal rate of return measures described above and do not reduce principal on the debt. During the three months ended March 31, 2026 and 2025, the Company made revenue participation payments of $0.5 million and $0.3 million, respectively.

The Company elected to account for the 2024 Notes using the fair value option and changes in fair value related to the 2024 Notes are recorded in change in fair value of term loan on the Company’s statements of operations and comprehensive income (loss). The Company also elected to present interest incurred on the 2024 Notes in the change in fair value of the term loan; interest expense under the 2024 Notes was $1.0 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively. Total debt outstanding as of March 31, 2026 and December 31, 2025 was $90.0 million and $57.2 million, respectively, and included within

long-term debt on the Company’s balance sheets. Future principal payments of the Company’s long-term debt as of March 31, 2026 and December 31, 2025 are $80.0 million and $50.0 million, respectively, and are due during the year ending December 31, 2031. The term loan advances are secured by a lien on the Company’s assets.

Western Alliance Bank Debt

In October 2021, the Company entered into a loan and security agreement (the “2021 LSA”) with Western Alliance Bank (“WAB”), which provided the Company with three tranches of capital advances totaling $15.0 million. In July 2022, the Company amended the 2021 LSA, such that WAB made four tranches of capital advances available to the Company for an aggregate amount up to $35.0 million (the "2022 LSA Amendment"). During August 2024, the Company elected to prepay the outstanding amount of the term loans of $35.0 million in principal and the $1.5 million exit fee that became payable upon early loan payoff.

Common Stock Warrants

In connection with the 2021 LSA, the Company issued to Western Alliance Bank (“WAB”) warrants to purchase shares of the Company’s common stock at an exercise price of $2.80 per share. The number of underlying shares of the warrants was initially 53,571 and was increased to 80,357 upon the funding of the loans in January 2022. The warrants will expire if unexercised on October 12, 2031. Upon the occurrence of an acquisition of the Company, if the acquiror shall not have assumed the warrants, WAB shall have the right to put the warrants back to the Company for cash equal to the greater of (x) $450,000 or (y) the value of the aggregate consideration payable to WAB had WAB exercised the warrants immediately prior to exercise such put right.

In connection with the 2022 LSA Amendment, the Company issued up to 41,209 warrants for common stock at an exercise price of $10.92 per share to WAB. 30,907 warrants were exercisable upon execution of the agreement; the remaining warrants became exercisable as the Company made additional draws on the 2022 LSA Amendment. As of March 31, 2026 and December 31, 2025 all of the warrants were exercisable. The warrants will expire if unexercised on July 22, 2032. Upon the occurrence of an acquisition of the Company, if the acquiror shall not have assumed the warrants, WAB shall have the right to put the warrants back to the Company for cash equal to the greater of (x) $450,000 or (y) the value of the aggregate consideration payable to WAB had WAB exercised the warrants immediately prior to exercise such put right.

All the warrants issued to WAB are puttable warrants and thus are liability classified. The warrants were initially recognized at fair value with any subsequent changes in fair value to be recorded in other income (expense) in the statements of operations and comprehensive income (loss) (See Note 3).

In connection with the Company’s IPO, WAB entered into a lock-up agreement with the Company, pursuant to which WAB may not sell, transfer, or otherwise dispose of the underlying shares of Class A common stock for a period of 180 days following the date that the Company filed its final prospectus.

Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Common Class A
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	800,000,000	800,000,000
Common stock, issued (in shares)	41,428,242	41,252,105
Common stock, outstanding (in shares)	41,428,242	41,252,105
Common Class B
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	10,000,000	10,000,000
Common stock, issued (in shares)	4,552,650	4,552,650
Common stock, outstanding (in shares)	4,552,650	4,552,650

Long-term Debt - Schedule of Notes Payable Covenants (Details) - 2024 Notes - Notes Payable - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Aug. 31, 2024	Mar. 31, 2026
Debt Instrument [Line Items]
Minimum Trailing Six-Month Net Revenue Threshold (in millions)	$ 120.0
Q1 2026
Debt Instrument [Line Items]
Minimum Trailing Six-Month Net Revenue Threshold (in millions)		$ 87.2
Q2 2026
Debt Instrument [Line Items]
Minimum Trailing Six-Month Net Revenue Threshold (in millions)		101.8
Q3 2026
Debt Instrument [Line Items]
Minimum Trailing Six-Month Net Revenue Threshold (in millions)		117.2
Q4 2026
Debt Instrument [Line Items]
Minimum Trailing Six-Month Net Revenue Threshold (in millions)		120.0
Thereafter
Debt Instrument [Line Items]
Minimum Trailing Six-Month Net Revenue Threshold (in millions)		$ 120.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements - Summary of Changes in the Fair Value of Level 3 Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Common Stock Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		$ 2,533
Adjustments to fair value		(58)
Ending balance		2,475
Redeemable Convertible Preferred Stock Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		230
Adjustments to fair value		2
Ending balance		232
Term Loan
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 57,226	51,481
Additions	30,000
Adjustments to fair value	2,779	1,797
Ending balance	$ 90,005	$ 53,278

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Accrued professional services	$	1,989	$	2,591
Accrued inventory purchases	2,307		995
Accrued fixed asset purchases	482		1,006
Accrued property and other taxes	155		188
Accrued information technology purchases	532		462
Accrued legal expense	787		968
Accrued phlebotomy expense	341		200

Accrued rent	54		174
Accrued clinical expenses	224		35
Other	1,763		628
Accrued expenses and other current liabilities	$	8,634	$	7,247

Common Stock - Stock Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 6,510	$ 2,374
Cost of revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	634	352
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,356	748
Selling, general and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 4,520	$ 1,274

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued professional services	$ 1,989	$ 2,591
Accrued inventory purchases	2,307	995
Accrued fixed asset purchases	482	1,006
Accrued property and other taxes	155	188
Accrued information technology purchases	532	462
Accrued legal expense	787	968
Accrued phlebotomy expense	341	200
Accrued rent	54	174
Accrued clinical expenses	224	35
Other	1,763	628
Accrued expenses and other current liabilities	$ 8,634	$ 7,247

Net Income (Loss) Per Share - Schedule of Computation of Basic and Dilutive Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net income (loss)	$ 17,970	$ (3,988)
Denominator:
Weighted-average shares used in calculating net income (loss) per share, basic (in shares)	45,932,719	10,312,892
Net income (loss) per share, basic (in dollars per share)	$ 0.39	$ (0.39)
Numerator:
Net income (loss)	$ 17,970	$ (3,988)
Denominator:
Outstanding stock options (in shares)	6,982,322	0
Weighted-average shares used in calculating net income (loss) per share, diluted (in shares)	53,028,360	10,312,892
Net income (loss) per share, diluted (in dollars per share)	$ 0.34	$ (0.39)
Warrants to purchase common stock
Denominator:
Warrants (in shares)	113,319	0

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of Fair Value Measurement of Assets and Liabilities

The fair value measurements of assets and liabilities that are measured at fair value on a recurring basis consisted of the following as of March 31, 2026 (in thousands):


	As of March 31, 2026
	Level 1		Level 2		Level 3		Total
Current assets:
Money market funds	$	392,993	$	-	$	-	$	392,993
Total assets	$	392,993	$	-	$	-	$	392,993
Liabilities:
Common stock warrants	$	-	$	8,924	$	-	$	8,924
Term loan	-		-		90,005		90,005
Total liabilities	$	-	$	8,924	$	90,005	$	98,929

The fair value measurements of assets and liabilities that are measured at fair value on a recurring basis consisted of the following as of December 31, 2025 (in thousands):


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
Current assets:
Money market funds	$	359,813	$	-	$	-	$	359,813
Total assets	$	359,813	$	-	$	-	$	359,813
Liabilities:
Common stock warrants	$	-	$	9,282	$	-	$	9,282
Term loan	-		-		57,226		57,226
Total liabilities	$	-	$	9,282	$	57,226	$	66,508

Schedule of Fair Value Significant Assumptions

The significant assumptions used in preparing the income approach model for valuing the term loan as of March 31, 2026 and December 31, 2025, are as follows:


	March 31, 2026		December 31, 2025
Discount rate	7.10	%	7.10	%
Annual interest rate	8.00	%	8.00	%
Expected term (years) – Scenario 1	4		4.25
Expected term (years) – Scenario 2	5.35		5.6

The significant assumptions used in preparing the option pricing model for valuing the common stock warrant liability as of March 31, 2026 and December 31, 2025 are as follows:


	March 31, 2026		December 31, 2025

Exercise price	$2.80 - $10.92		$2.80 – $10.92
Volatility	70.9	%	53.5	%
Expected term (years)	0.1		0.3
Risk-free rate	3.74	%	3.63	%
Dividend yield	-	%	-	%

Schedule of Changes in the Fair Value Instruments

The following tables present a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands):


	Term Loan
Balance at December 31, 2025	$	57,226
Additions	30,000
Adjustments to fair value	2,779
Balance at March 31, 2026	$	90,005


	Common Stock Warrants		Redeemable Convertible Preferred Stock Warrants		Term Loan
Balance at December 31, 2024	$	2,533	$	230	$	51,481
Adjustments to fair value	(58)		2		1,797
Balance at March 31, 2025	$	2,475	$	232	$	53,278

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Consolidation

All intercompany transactions and balances have been eliminated upon consolidation.

Use of Estimates

Revenue

•Identify the contract with a customer

•Identify the performance obligations in the contract

•Determine the transaction price

•Allocate the transaction price to the performance obligations in the contract

•Recognize revenue when, or as, a performance obligation is satisfied

Disaggregation of revenue

The following table presents disaggregation of revenue by Prenatal, Oncology and Clinical trial support and other services for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Prenatal	$	96,525	$	56,076
Oncology	10,720		2,177
Clinical trial support and other services	1,143		710
Total revenues	$	108,388	$	58,963

Substantially all revenues recognized for the three months ended March 31, 2026 and 2025 were generated in the United States.

Revenue related to performance obligations satisfied in prior periods

For the three months ended March 31, 2026 and 2025, the Company recorded $9.2 million and $2.9 million, respectively, as revenue related to performance obligations satisfied in prior periods.

Deferred revenue

Segment Information

Recently Adopted and Issued Accounting Pronouncements not yet Adopted

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements not yet Adopted

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
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Description of Business	3 Months Ended
Description of Business	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business BillionToOne, Inc. (the “Company”, “we”, or “our”) was formed in 2016 and is headquartered in Menlo Park, California. The Company is a precision diagnostics company that quantifies biology to create molecular diagnostics. The Company’s proprietary molecular counting platform is designed to detect and measure DNA molecules at the single-count level to help improve disease detection. The Company currently applies the proprietary technology to non-invasive prenatal screening (“Prenatal”) and liquid biopsy (“Oncology”).

Common Stock - Valuation Assumptions (Details) - Employee Stock Option	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Risk-free interest rate	4.10%	4.40%
Expected volatility	75.00%	67.00%
Expected term (in years)	6 years 1 month 24 days	5 years 11 months 26 days

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