(I'm still not convinced of their explanations, but a fast proton may be easy to catch by the magnetic field and create the effect they want.)
See the diagram here: https://undsci.berkeley.edu/teach-resources/products-of-deut...
With fuel costs insignificant, your cost per kWh is mainly capital cost. Let's say it's all capital just to keep it simple. I don't know how much the input energy will be but if your choice is between, say, generating net energy of 50MW without a turbine or 54MW with a turbine, then you would skip the turbine if it adds more than 8% to the capital cost. I suspect Helion has done this calculation in detail.
Helion's other fuel is helium-3 which they'll make themselves by fusing deuterium. So the helium-3 cost will directly depend on the capital cost of the reactor producing it.
To entirely skip the steam cycle portion is to intentionally make a much less efficient design.
For space-constrained, high-value, applications where economics don't matter that much, such as a submarine, that would make sense, but otherwise...