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BBNX

Beta Bionics, Inc.

BBNX

Beta Bionics, Inc. • NASDAQ
$31.34 ▲ 1.56% (+0.48)
Market Cap $1.38 B
52w High $32.71
52w Low $8.89
Dividend Yield 0%
P/E -16.15
Volume 137.19K
Outstanding Shares 44.02M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $27.253M ▲ $32.162M ▼ $-14.209M ▲ -52.137% ▲ $-0.33 ▲ $-13.526M ▲
Q2-2025 $23.238M ▲ $32.375M ▲ $-16.869M ▲ -72.592% ▲ $-0.39 ▲ $-16.216M ▲
Q1-2025 $17.639M ▼ $27.613M ▲ $-28.656M ▼ -162.458% ▼ $-0.93 ▼ $-18.038M ▼
Q4-2024 $20.44M ▲ $24.726M ▲ $-18.108M ▼ -88.591% ▼ $-0.42 ▲ $-17.579M ▼
Q3-2024 $16.705M $19.891M $-9.736M -58.282% $-1.55 $-10.671M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $228.687M ▼ $330.046M ▲ $35.286M ▲ $294.76M ▼
Q2-2025 $249.72M ▲ $329.971M ▼ $28.338M ▲ $301.633M ▼
Q1-2025 $231.473M ▲ $338.024M ▲ $24.272M ▼ $313.752M ▲
Q4-2024 $103.575M ▲ $149.645M ▲ $73.632M ▲ $76.013M ▲
Q3-2024 $60.897M $96.938M $64.072M $32.866M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-14.209M ▲ $-8.729M ▲ $9.486M ▲ $2.653M ▲ $3.41M ▲ $-10.011M ▲
Q2-2025 $-16.869M ▲ $-13.594M ▲ $6.173M ▲ $42K ▼ $-7.379M ▼ $-15.373M ▲
Q1-2025 $-28.656M ▼ $-19.975M ▼ $-179.122M ▼ $211.119M ▲ $12.022M ▼ $-20.308M ▼
Q4-2024 $-18.108M ▼ $-14.279M ▼ $-29.662M ▼ $56.892M ▲ $12.951M ▼ $-14.84M ▼
Q3-2024 $-9.736M $-9.613M $15.242M $-1.176M $17.481M $-11.534M

Five-Year Company Overview

Income Statement

Income Statement BBNX is still very much in the “early commercialization” phase. Revenue has just started to appear and is growing from a very small base, which is typical for a new medical device launch. Importantly, the core product seems to generate positive gross profit, meaning that each device and related supplies can be sold above their direct cost. However, operating expenses – especially for R&D, clinical work, and commercial build‑out – are far higher than current sales, so the company is posting sizeable losses each year. Those losses have eased compared with earlier periods but are still substantial. In plain terms, the business is investing heavily ahead of scale and is not close to profitability yet.

Balance Sheet

Balance Sheet The balance sheet shows a company that has been steadily building up its asset base and shareholder equity over the past few years, consistent with a young med‑tech firm ramping up operations. Cash has been kept at a modest but fairly stable level, suggesting prior funding rounds or capital raises. Debt remains low, with only a small amount introduced recently, so the capital structure is still largely equity‑funded. The main watchpoint is that the cash position is not large relative to ongoing losses, which implies that additional funding or improved cash generation will likely be needed over time to sustain growth plans.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, reflecting cash burn to support R&D, clinical validation, regulatory activities, and the commercial rollout. Free cash flow is similarly negative, and the numbers indicate that most of the cash use is in operating spend rather than heavy capital investment, which is typical for a software‑heavy medical device company. There is little sign yet of self‑funding through internal cash generation; the business still depends on external capital. While the rate of cash burn has improved versus earlier years, it remains meaningful and is a central financial risk to monitor.

Competitive Edge

Competitive Edge BBNX operates in a highly competitive diabetes technology market dominated by large, well‑funded players. Its main edge comes from the iLet Bionic Pancreas, which is positioned as simpler and more automated than many existing systems. The “no carb counting” approach and minimal setup requirements are strong user‑experience differentiators that directly address pain points for patients and clinicians. The company also benefits from a substantial patent portfolio around its algorithms and system design, plus growing clinical and real‑world evidence. On the other hand, it must fight for attention and reimbursement against established brands, integrated ecosystems, and large sales forces. Success will depend on how quickly it can convert clinical advantages and simplicity into broad, sticky adoption in the face of these incumbents.

Innovation and R&D

Innovation and R&D Innovation is clearly at the center of BBNX’s strategy. The current iLet system already incorporates advanced adaptive algorithms and broad compatibility with leading glucose sensors, positioning it as a next‑generation automation platform rather than just another pump. Looking ahead, the planned bi‑hormonal iLet and the “Mint” patch pump show a long product roadmap aimed at both better clinical outcomes and more convenient form factors. These efforts can deepen the company’s moat but also require ongoing heavy R&D spend, regulatory success, and timely execution. Delays or clinical setbacks in this pipeline would be key risks to its innovation story.

Summary

BBNX is an early‑stage, innovation‑driven medical technology company with a differentiated product aimed at simplifying diabetes management. Financials reflect a business in build‑out mode: small but growing revenue, positive unit economics at the product level, and sizable ongoing losses as the company invests in commercialization and R&D. The balance sheet is mostly equity‑funded with modest debt, and cash usage is driven by operating needs rather than large capital projects, leading to continued dependence on external financing. Strategically, BBNX holds a credible niche through its ease‑of‑use, automation, and strong IP, but it competes against very large incumbents. The core question going forward is whether it can scale adoption, manage cash burn, and successfully deliver its pipeline products fast enough to turn today’s promising technology into a durable, self‑sustaining business.

NEWS

November 3, 2025 · 4:08 PM UTC

Beta Bionics Announces Participation at Upcoming Investor Conferences

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October 28, 2025 · 4:02 PM UTC

Beta Bionics Reports Third Quarter 2025 Financial Results and Raises Full Year 2025 Guidance

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October 9, 2025 · 8:00 AM UTC

Beta Bionics to Announce Third Quarter 2025 Financial Results on October 28, 2025

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