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

To date, we have funded our operations primarily through equity financings, including our IPO completed in January 2025 and our follow-on public offering in September 2026, 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 September 30, 2026, we had cash, cash equivalents and short-term and long-term investments of $373.6 million.

Cash Flows

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

Operating Activities

Net cash used in operating activities was $50.7 million for the nine months ended September 30, 2026, compared to $42.3 million for the nine months ended September 30, 2025. The increase in net cash used of $8.4 million was primarily driven by a higher net loss in the current period and the absence of a $12.5 million non-cash adjustment for the change in fair value of warrant liabilities recorded in the prior-year period, as the warrants were net exercised in connection with our IPO in January 2025. These impacts were partially offset by higher stock-based compensation expense, favorable changes in the amortization of premiums and discounts on investments and higher depreciation expense. Working capital activity also partially offset the increase in cash used, primarily due to favorable changes in inventories and prepaid expenses and other current assets reflecting the timing of payments on software licenses and prepaid inventory, partially offset by unfavorable changes in accounts receivable and accounts payable, with the increase in accounts receivable primarily reflecting higher sales activity late in the quarter for amounts not yet due, and the change in accounts payable reflecting the timing of vendor payments on inventory and capital purchases.

Investing Activities

Net cash used in investing activities was $65.3 million for the nine months ended September 30, 2026, compared to net cash used of $163.5 million for the nine months ended September 30, 2025. The decrease of $98.1 million in net cash used in investing activities was primarily driven by a $192.8 million decrease in purchases of short-term investments and a $20.0 million increase in proceeds from maturities and redemptions of short-term investments. These decreases in cash used were partially offset by a $113.4 million increase in purchases of long-term investments, primarily from investing a portion of the proceeds from our September 2026 follow-on public offering, and a $1.3 million increase in purchases of property and equipment to support further development of Mint.

Financing Activities

In September 2026, we completed a follow-on public offering of common stock and a pre-funded warrant to purchase common stock. Net cash provided by financing activities was $166.0 million for thenine months ended September 30, 2026, compared to $213.8 million for the nine months ended September 30, 2025. The decrease of $47.8 million was primarily due to the higher proceeds from IPO-related financing activities in the prior-year period, which included $195.4 million of cash proceeds from our IPO, which, after $5.0 million of offering costs paid in prior periods, resulted in $190.4 million of net proceeds, and $15.6 million from the concurrent private placement, compared with $161.8 million of cash proceeds from the follow-on public offering, after underwriting discounts, commissions and offering expenses, in the current period. This decrease was partially offset by a $1.4 million increase in proceeds from stock option exercises and employee stock purchase plan issuances.