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 through equity financings, including our initial public offering completed in January 2025, as well as revenue generated from the sale of the iLet and related single-use products. We have also received payments under collaboration agreements and government grants. As of March 31, 2026, we had cash, cash equivalents and short-term and long-term investments of $239.5 million.

Cash Flows

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

Operating Activities

Net cash used in operating activities was $23.8 million for the three months ended March 31, 2026, compared to $20.0 million for the three months ended March 31, 2025. The increase in net cash used of $3.8 million was primarily driven by the impact of a $12.5 million non-cash benefit from the change in fair value of warrant liabilities in the prior year period that did not recur due to the net exercise of warrant liabilities upon IPO in January 2025, partially offset by a lower net loss and higher stock-based compensation expense in the current period. Working capital used $8.2 million of cash in the three months ended March 31, 2026, compared to $6.5 million in the prior year period. The increase in cash outflow for working capital was primarily due to $3.2 million more spend in accounts payable due to timing of vendor payments, $1.6 million decrease to accounts receivable driven by higher net sales partially offset by improved collections, and $0.3 million less of an increase to deferred revenue compared to the prior year period. These increases to cash outflows were offset by a $2.5 million increase to prepaid expenses due to an increase in prepaid materials due to long lead times and $0.8 million reduction in inventory-related cash outflows, driven by improved demand visibility and more efficient scaling of inventory purchases.

Investing Activities

Net cash provided by investing activities was $21.8 million for the three months ended March 31, 2026, compared to net cash used of $179.1 million for the three months ended March 31, 2025. The increase was primarily driven by reduced investment activity in the current period following the deployment of IPO proceeds in the prior year. Specifically, purchases of short-term investments decreased by $142.9 million and purchases of long-term investments decreased by $39.1 million, while proceeds from maturities and redemptions of short-term investments increased by $20.0 million. These changes reflect the timing of maturities of previously purchased U.S. Treasury securities and the reinvestment of a portion of those proceeds into longer-duration investments as part of the Company’s ongoing cash management strategy. This is offset by an increase in purchases of property and equipment by $1.0 million to support further development of our patch pump.

Financing Activities

Net cash provided by financing activities was $0.6 million for thethree months ended March 31, 2026, compared to $211.1 million for the three months ended March 31, 2025. The decrease of $210.5 million was primarily due to the IPO-related financing activities in the prior year period, which included $195.4 million in net proceeds from the Company’s IPO and $15.6 million from the concurrent private placement, and a significant amount of stock option exercises subsequent to the Company's IPO. Financing activities in the current period consisted primarily of proceeds from stock option exercises, with no other significant financing activities during the period.