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 Mint, our patch pump, and the bihormonal system of the iLet.

To date, we have funded our operations primarily through equity financings, including our IPO 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 June 30, 2026, we had cash, cash equivalents and short-term and long-term investments of $225.2 million.

Cash Flows

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

Operating Activities

Net cash used in operating activities was $38.5 million for the six months ended June 30, 2026, compared to $33.6 million for the six months ended June 30, 2025. The increase in net cash used of $4.9 million was primarily driven by the impact of a $12.5 million non-cash adjustment from the change in fair value of warrant liabilities in the prior year period, which did not recur in the current period due to the net exercise of warrant liabilities upon our IPO in January 2025, partially offset by higher stock-based compensation expense, a favorable change in amortization of premiums and discounts on investments, higher depreciation expense, and a lower net loss in the current period. Working capital activity was relatively consistent year-over-year, as favorable changes in prepaid expenses and other current assets due to timing of payments on software licenses and prepaid inventory, were mostly offset by higher cash outflows from accrued expenses and other current liabilities due to timing of services incurred and accounts payable due to timing of vendor payments, mainly on inventory and progress billings on capital purchases.

Investing Activities

Net cash provided by investing activities was $48.8 million for the six months ended June 30, 2026, compared to net cash used of $172.9 million for the six months ended June 30, 2025. The increase of $221.7 million of cash provided by investing activities was primarily driven by reduced investment activity in the current period following the deployment of IPO proceeds in the prior year period. Specifically, purchases of short-term investments decreased by $190.8 million and proceeds from maturities and redemptions of short-term investments increased by $45.0 million. These increases in cash provided were partially offset by a $13.7 million increase in purchases of long-term investments as part of our cash management strategy and a $0.3 million increase in purchases of property and equipment to support further development of Mint, our patch pump.

Financing Activities

Net cash provided by financing activities was $2.4 million for thesix months ended June 30, 2026, compared to $211.2 million for the six months ended June 30, 2025. The decrease of $208.8 million was primarily due to 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. This decrease was partially offset by a $2.3 million increase in proceeds from stock option exercises and employee stock purchase plan issuances in the current period.