BLLN: Northstar Response Data Published in "The Journal of Liquid Biopsy" Demonstrating Predictive Value in ICI Therapy Monitoring

Research evidence excerpt

BLLN: Northstar Response Data Published in "The Journal of Liquid Biopsy" Demonstrating Predictive Value in ICI Therapy Monitoring

FLASH NOTE

June 29, 2026

Subbu Nambi, Ph.D. subbu.nambi@guggenheimpartners.com BLLN: Northstar Response Data Published in "The

617 874 7383 Journal of Liquid Biopsy" Demonstrating Predictive

Ricki Levitus

ricki.levitus@guggenheimpartners.com Value in ICI Therapy Monitoring

212 823 6556

Thomas VonDerVellen Key Message: This afternoon, BLLN announced the publication of data using Northstar

thomas.vondervellen@guggenheimpartners.com Response for monitoring patients with advanced solid tumors receiving immune 617 859 4657

checkpoint inhibitor (ICI) therapy in The Journal of Liquid Biopsy. Below, we provide study

background and review the data in the publication. The data show that serial methylated

ctDNA monitoring with Northstar Response was a stronger independent predictor of

survival than standard-of-care imaging across 12 solid tumor types, and that combiningBLLN molecular monitoring with imaging delivered the strongest predictive value. We see this

BillionToOne, Inc. publication as directly addressing the data MolDx requested from BLLN as part of the

Sector: Diagnostics & Life Sciences Tools Northstar Response coverage review. Specifically, MolDx requested data showing that

Response can identify progression ahead of scans and provide additive value to imaging. Company Update BLLN continues to expect MolDx coverage for Northstar Response by year-end 2026,

Share Price $118.17 and we view today's publication as a supportive incremental data point to that end.

Market Data Publication Overview

52-Week Range $61.96 - $138.70 • Study Design & Patient Cohort: The study, performed in collaboration with the Shares Out (M) 41.4