BillionToOne, Inc. — Form 10-Q
Filed November 4, 2026 · analyzed by the Periodic Agent
10-Q
— Neutral
significance 48/100
What the filing says
BillionToOne, Inc. executed a second amendment (dated September 15, 2026) to its lease with Tarlton-Reger Owner, LLC for approximately 229,236 rentable square feet in a new building. The amendment confirms tenant improvement allowance of $41.26M ($180/sq ft) plus an additional $4.58M option ($20/sq ft), amortized at 10% annually into monthly rent starting at $1.07M and escalating to $1.66M by year 15. Base rent abatement totals $12.79M over 12 months (months 1–12). Exclusive use notices were recorded in Travis County (July 2025).
Why this rating
Large lease commitment (~$45.8M TI allowance + ~$12.8M abatement = ~$58.6M total incentives) is material relative to $729.7M asset base (~8%), but typical for real estate expansion. No operational change or financial restatement; standard build-to-suit terms. Neutral stance: neither boosts nor threatens near-term revenue; reflects prior planned growth.
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