BLLNBillionToOne, Inc.
Industry Diagnostics Updated 28 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share in 12 months
$108 → $140
Promises vs. what happened
14 claims · 4 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| Q4 '25 revenue $84-90M | Q3 '25 | $96.1M, 113% growth | Held |
| FY '25 revenue $293-299M | Q3 '25 | $305.1M, 100% growth | Held |
| GAAP operating profit in Q4 and FY '25 | Q3 '25 | $10.3M and $16.0M | Held |
| 150→185 prenatal and 45→65 oncology reps | Q4 '25 | 70 added in H1 against 55 for the year | Held |
| Epic Aura drives health-system adoption | Q4 '25 | one system; roadmaps "quarters in the future" | Late |
| UnitedHealthcare in-network from 1 Apr '26 | Q4 '25 | never named again; $10M of claims held | Dropped |
| More Medicaid cover for the carrier panel | Q4 '25 | never reported again | Dropped |
| FY '26 revenue, raised three times | Q4 '25 | $450-465M, only reiterated in Aug | Open |
| Medicare coverage of Response in '26 | Q4 '25 | a supporting publication; "on track" dropped | Open |
| Tumour-naive MRD launch in '26 | Q4 '25 | not mentioned in the Aug deck | Open |
| Faster growth exiting '26 into early '27 | Q2 '26 | open — no number attached | Open |
| Union City oncology lab producing by Dec '27 | Q2 '26 | open; lease signed Q2 '26 | Open |
| Cost per test falls significantly in '26 | Q4 '25 | reversed in eight weeks; $161 again | Missed |
| Gross margin expanding past 73% | Q1 '26 | 70.5%; the expansion was true-ups | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'25Q4
'25Q1
'26Q2
'26
Four pillarsPage one since Q3 '25
ARRPage one since Q3 '25
ASPPage one since Q3 '25
ProfitPage one since Q1 '26
PayersOff page one Q2 '26
OncologyOff page one Q1 '26
LaunchesPage one since Q1 '26
S&P 500First seen Q3 '25
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Four pillars of differentiation
“Our 4 Pillars of Differentiation”
Deck 2025 Q3 Business Update · p. 3 ·
Four pillars of differentiation
“Our 4 Pillars of Differentiation 4”
Deck Q4 2025 & FY 2025 Business Update · p. 4 ·
Four pillars of differentiation
“Our 4 Pillars of Differentiation 3”
Deck Q1 2026 Business Update · p. 3 ·
Four pillars of differentiation
“Our 4 Pillars of Differentiation 3”
Deck Q2 2026 Business Update · p. 3 ·
Run-rate and "exponential" growth
“Zero to $334M ARR* in 5 years”
Deck 2025 Q3 Business Update · p. 3 ·
Run-rate and "exponential" growth
“Zero to $384M ARR* in 5 years”
Deck Q4 2025 & FY 2025 Business Update · p. 4 ·
Run-rate and "exponential" growth
“Exponential growth even as we scale”
Deck Q1 2026 Business Update · p. 3 ·
Run-rate and "exponential" growth
“Zero to $438M ARR* in 6 years”
Deck Q2 2026 Business Update · p. 3 ·
ASP growth
“Robust ASP growth drove outperformance reaching”
Deck 2025 Q3 Business Update · p. 4 ·
ASP growth
“Robust ASP growth to $561 per test, 47% YoY* increase”
Deck Q4 2025 & FY 2025 Business Update · p. 5 ·
ASP growth
“ASP growth to $571 per test, 28% YoY* increase”
Deck Q1 2026 Business Update · p. 4 ·
ASP growth
“ASP growth to $551 per test, 21% YoY increase”
Deck Q2 2026 Business Update · p. 4 ·
GAAP profitability
“Achieved 11.5% GAAP operating margin in Q3, bringing all YTD GAAP profitability metrics to positive”
Deck 2025 Q3 Business Update · p. 4 ·
GAAP profitability
“GAAP profitability achieved in Q4 2025 and FY 2025”
Deck Q4 2025 & FY 2025 Business Update · p. 19 ·
GAAP profitability
“Achieved 16% GAAP operating margin and 24% adjusted EBITDA margin • Strong balance sheet with $537.5M cash”
Deck Q1 2026 Business Update · p. 4 ·
GAAP profitability
“Achieved $5.5M in GAAP operating income, reflecting a 5% GAAP operating margin and a 15% adjusted”
Deck Q2 2026 Business Update · p. 4 ·
Payer contracts and covered lives
“Signed 15 payor contracts and reached 235M in covered lives* .”
Deck 2025 Q3 Business Update · p. 13 ·
Payer contracts and covered lives
“UNITY Fetal Antigen NIPT changed clinical guidelines 25M covered lives added to reach 250M total”
Deck Q4 2025 & FY 2025 Business Update · p. 3 ·
Payer contracts and covered lives
“In-network with Anthem, bringing contracted lives to 300M in the US”
Deck Q1 2026 Business Update · p. 4 ·
Payer contracts and covered lives
“$15 per test QoQ, due to record number of payor contracts signed in Q2.”
Deck Q2 2026 Business Update · p. 17 ·
Oncology scale-up
“Head-to-head study published on Northstar Select with 50% more actionable variants3”
Deck 2025 Q3 Business Update · p. 4 ·
Oncology scale-up
“MolDx dossier submitted for Northstar Response”
Deck Q4 2025 & FY 2025 Business Update · p. 5 ·
Oncology scale-up
“Revenue - Total Oncology $2.2 $9.1 $10.7 392% 17% Oncology revenues achieving $43M ARR, and 5x YoY”
Deck Q1 2026 Business Update · p. 17 ·
Oncology scale-up
“Signed lease for an oncology production lab, 62K sq ft, directly across from existing prenatal production lab in Union City, CA”
Deck Q2 2026 Business Update · p. 13 ·
Prenatal product launches
“Signed J&J agreement with”
Deck 2025 Q3 Business Update · p. 4 ·
Prenatal product launches
“Launched the first-and-only NIPT for platelet incompatibility”
Deck Q4 2025 & FY 2025 Business Update · p. 8 ·
Prenatal product launches
“Unity Confirm™ launch”
Deck Q1 2026 Business Update · p. 4 ·
Prenatal product launches
“Successful launch and reception of Unity Confirm”
Deck Q2 2026 Business Update · p. 4 ·
Long-term goal of entering the S&P 500
“To build a category-defining company and enter the S&P 500”
Deck 2025 Q3 Business Update · p. 19 ·
Long-term goal of entering the S&P 500
“To build a category-defining company and enter the S&P 500”
Deck Q4 2025 & FY 2025 Business Update · p. 25 ·
Long-term goal of entering the S&P 500
“To build a category-defining company and enter the S&P 500”
Deck Q1 2026 Business Update · p. 19 ·
Long-term goal of entering the S&P 500
“To build a category-defining company and enter the S&P 500”
Deck Q2 2026 Business Update · p. 23 ·
What they keep talking about · 10
The themes that show up deck after deck, and the ones that disappear.
- Four pillars
- Page three or four of all four decks, unchanged: platform, scalable growth, gross margin, GAAP profitability. The frame never moves, which is what makes the wording inside it readable.
- ARR
- The run-rate slide led every deck — $334M, $384M, then $438M — and ARR is simply the quarter times four. "Exponential growth even as we scale" in May became "rapid revenue growth" in August, when growth was 64%.
- ASP
- "Robust" ASP growth to $561, then $571, then $551 — the first sequential fall, explained by true-up timing ($49 a test in Q1, $14 in Q2), a split the decks had never shown before.
- Profit
- GAAP operating margin on the highlights slide every quarter: 11.5%, 11%, 16%, then 5%. The one pillar whose own number moved against it.
- Payers
- 15 contracts and 235M covered lives, then 250M, then 300M contracted with Anthem in-network — and then no count at all in August, where the payer line is $10m of claims held while national payers implement the codes.
- Oncology
- The growth engine of the story: $8.7M, $9.1M, $10.7M, $13.7M a quarter, with the year-on-year multiple falling from 7.6× to 2.8×. The MolDX dossier went in; coverage has not come out.
- Launches
- A new prenatal product in every deck — the J&J agreement, the platelet-incompatibility NIPT, Unity Confirm twice. Reliable, and never given a revenue number.
- S&P 500
- On the closing slide of all four decks as the "long-term goal", with no date and no metric attached to it.
- New
- Q2 '26: true-up revenue per test, gross margin excluding true-ups, the $10m of held claims, and the two new laboratories (Union City Dec '27, Texas Q1 '28).
- Quiet
- Covered lives, last given at 300M in May. UnitedHealthcare, named only in March. Quarterly revenue guidance, given once in the first deck and never again. "Exponential", gone in August.
Every quarterly report we’ve saved · 4
The press releases and shareholder letters behind this page.
- Q2 2026 release · 8-K 5 Aug 2026
- Q1 2026 release · 8-K 6 May 2026
- Q4 2025 release · 8-K 4 Mar 2026
- Q3 2025 release · 8-K 9 Dec 2025
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
4 calls · Q3 25 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|
| Demand & customers | 17% | 27% | 26% | 10% |
| Growth & sales | 25% | 40% | 11% | 30% |
| Pricing & margins | 17% | 27% | 16% | 20% |
| Guidance & outlook | 25% | 40% | 32% | 50% |
| Capital & financing | · | · | 5% | · |
| Competition | 25% | 33% | 5% | 20% |
| Products & technology | · | 20% | 32% | 40% |
| Macro & regulation | · | 7% | · | · |
| Other | 17% | 20% | 21% | 10% |
| Questions | 12 | 15 | 19 | 10 |
| How much the CEO talked | 92% | 92% | 84% | 87% |
Who’s in charge, who’s selling
read from the filings · 2 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · live
The company says its own controls do not work, on the line that is an estimate
The first 10-K discloses material weaknesses — "we lack a sufficient complement of resources with the appropriate knowledge, experience, and training" and an inability to segregate duties in finance — and the Q2 10-Q concludes disclosure controls were "not effective" at 30 Jun '26. Over 90% of revenue comes from third-party payers and is an estimate of collections revised each quarter: $12.0m of H1 revenue was prior-period true-ups, and receivables went from $41.6m to $74.9m in six months with $10m of claims held.
Tier 2 · stable
Two founders hold all the fifteen-vote stock and 63.3% of the votes
Class B carries fifteen votes a share and the founders hold all of it: 31.1% of the votes for Atay, 32.2% for Tsao, 77.7% for all directors and officers. At the first annual meeting 4,552,650 Class B shares carried 68.3m of the 109.7m votes entitled, so 0.45% of votes withheld from the chief executive is the loudest a holder can be. The board is classified into three on top of it.
Tier 2 · stable
Four of the five independent directors work for firms that own the stock
Hummingbird (19.0% of Class A), Neotribe (10.5%), Adams Street (largest 13F holder) and Premji Invest each hold a seat, and Hummingbird's managing partner is the lead independent director. Only Anthony Pagano, Genmab's chief financial officer and audit chair, is not a holder's employee. There is no nominating committee at all — the proxy relies on a majority of the independent directors recommending nominees.
Tier 2 · live
Every officer sold after the lock-up; nobody has bought
The SEC insider data sets record 34 sales by 5 insiders over 2025q3–2026q2 worth $9.19m, 100% of them on pre-set 10b5-1 plans, against 11 "purchases" that are all directed-share buys at the $60.00 offering price. Carried to 25 Sep '26 the Form 4 sweep totals about $44m across six people. New plans were still being written in June. Short interest rose to 6.2% of the Class A stock.
Tier 3 · stable
A bonus plan with no published measure, and stock pay at 77% of free cash flow
The Annual Incentive Plan adopted on 4 Mar '26 pays on "performance goals … as determined by the administrator", in cash or fully vested stock, and names no metric. As an emerging growth company there is no compensation discussion and analysis and no say-on-pay vote. Share-based pay was $25.5m, 6.4% of revenue but 77.1% of free cash flow; the share count went from 45.80m to 47.19m in eight months.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Atay (chair and CEO)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | — | 348,276 withheld | 0.45% |
| Rai (Class I)A board seat. | — | 438,268 withheld | 0.57% |
| Ratify PricewaterhouseCoopersThe auditor. Keeping the outside accounting firm that checks the company's books. This almost always passes; a sizeable no means shareholders doubt the audit or think the firm has been in place too long. | — | 197 against | 0.00% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, May–Sep 2026 | Sold | Note |
|---|---|---|
| Oguzhan Atay, chief executive | $21.6M | about 180,900 shares, with 138,038 option exercises; a further plan entered 5 Jun '26 |
| David Tsao, president and CTO | $8.5M | 80,000 shares; the Class B block and so the voting control is intact |
| Thomas Lynch, general counsel | $5.9M | 55,112 shares |
| The rest of the officer table | $8.1M | Johnson $3.3M, Riku Sakakibara $3.2M, ten Bosch $1.6M |