Beta Bionics, Inc.

Since our inception, we have incurred significant operating losses. To date, research and development, market development and commercial launch activities have accounted for a significant portion of our overall operating expenses. We expect to incur significant expenses and operating losses for the foreseeable future as we advance the commercialization of our iLet, including future development of the patch pump and bihormonal system of the iLet.

To date, we have funded our operations primarily with proceeds from the sale of our convertible preferred stock, raising an aggregate of approximately $356.6 million of gross proceeds, including net proceeds of approximately $101.7 million from the issuance and sale of our Series D convertible preferred stock in August 2023 and approximately $59.7 million from the issuance and sale of our Series E convertible preferred stock in November 2024. In January 2025, we completed our initial public offering and a concurrent private placement, pursuant to which we received aggregate net proceeds of approximately $190.4 million and approximately $15.6 million, respectively, in each case after deducting underwriting discounts, commissions, and other offering expenses. We have also received payments in connection with collaboration agreements and government grants, receiving $6.1 million to date from these types of arrangements, as well as from the sale of the iLet and single-use products utilized with the iLet from our contracts with customers. As of September 30, 2025, we had cash, cash equivalents and short-term and long-term investments of $274.0 million.

Cash Flows

The following table summarizes our cash flows for the periods presented:

Operating Activities

During the nine months ended September 30, 2025, net cash used in operating activities was $42.3 million, primarily resulting from our net loss of $59.7 million and net cash used by changes in our operating assets and liabilities of $7.7 million. This was partially offset by non-cash charges of $25.1 million, including $12.4 million attributable to the change in fair value of our warrant liabilities as a result of the remeasurement, $12.1 million in stock-based compensation expense due to increased headcount to support growing demand, $1.0 million in depreciation expense, $0.9 million in amortization of operating lease right-of-use asset, $0.4 million in provision for excess and obsolete inventory, and $0.3 million in provision for net realizable value of inventory, partially offset by $2.0 million in accretion of discount on short-term investments. Changes in our operating assets and liabilities for the nine months ended September 30, 2025 are primarily attributable to a $7.7 million increase in inventories, reflecting higher production levels to support anticipated future demand as commercial sales continue to grow, a $5.4 million increase in prepaid expenses and other current assets attributable to directors and officers insurance premiums, prepaid material components, and software license renewals, and a $0.9 million decrease in operating lease liabilities. These decreases to cash were offset by a $1.6 million increase in accrued expenses and other current liabilities due primarily to the payout of the 2024 corporate bonus offset by the nine months of accrual for 2025 corporate bonus based on company goals, a $0.4 million decrease in accounts receivable due to additional collections offset by revenue recognized from sales, a $1.6 million increase to accounts payable due to the timing of invoices processed and payments made to vendors, a $1.2 million increase to other long-term liabilities related to the increase of the warranty liability as a result of higher volume of sales, and a $1.5 million increase in deferred revenue due to increased sales ofperformance obligations that were not yet satisfied.

During the nine months ended September 30, 2024, net cash used in operations was $34.0 million, primarily attributable to our net loss of $36.6 million and net cash used by changes in our operating assets and liabilities of $10.2 million. The net cash used by changes in our operating assets and liabilities was partially offset by non-cash charges of $11.5 million, including $7.4 million attributable to the change in the fair value of our warrant liabilities during the year, $4.8 million in stock-based compensation expense due to increased headcount to support growing demand, $0.9 million in depreciation expense and $0.8 million in amortization of operating lease right-of-use asset, partially offset by the $2.2 million in accretion of discount on short-term investments and $0.2 million adjustment to excess and obsolete inventory. For nine months ended September 30, 2024, net cash used from changes in our operating assets and liabilities was primarily attributable to a $3.1 million increase in accounts receivable due to an increase in commercial sales of the iLet, a $9.9 million increase in inventories, reflecting higher production levels to support anticipated future demand as commercial sales continue to grow, a $1.7 million increase in prepaid expenses and other current assets attributable to prepaid material components, software license renewals and clinical supply purchases, a $1.3 million increase deferred offering costs related to the Series E financing, and a $0.7 million decrease in operating lease liabilities. These decreases to cash were offset by a $1.6 million increase in accounts payable due to the timing of invoices processed and payments made to vendors, a $3.2 million increase in accrued expenses and other current liabilities primarily due to the accrual for the 2024 corporate bonus based on company goals, net with the payout of the 2023 corporate bonus, and a $1.7 million increase in deferred revenue due to increased sales ofperformance obligations that were not yet satisfied.

Investing Activities

During the nine months ended September 30, 2025, net cash used in investing activities was $163.5 million, primarily attributable to $236.8 million in purchases of short-term investments and $45.3 million in purchases of long-term investments based on the proceeds received from our IPO in January 2025 as well as $3.4 million in additional investment in property and equipment for additional manufacturing equipment. These decreases to cash are offset by $122.0 million in proceeds from maturities and redemptions of short-term investments.

During the nine months ended September 30, 2024, net cash provided by investing activities was $26.2 million, primarily attributable to $56.0 million in proceeds from maturities and redemptions of short-term investments, offset by $27.0 million in purchases of short-term investments and $2.8 million in additional investment in property and equipment for additional manufacturing equipment.

Financing Activities

During thenine months ended September 30, 2025, net cash provided by financing activities was $213.8 million, primarily attributable to the net proceeds of $195.4 million received from our IPO,$15.6 million from the private placement, and $2.8 million from stock option exercises.

During the nine months ended September 30, 2024, net cash provided by financing activities was $1.3 million primarily attributable to proceeds from stock option exercises.