Beta Bionics, Inc.
BBNX · Surgical & Medical Instruments & Apparatus · 44.6M shares · +20%/yr ↑ shares · EDGAR filings ↗
Reference price $15.01 · est. market cap ~$669M — last insider sale, 2026-06-24 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Medical-device company (the iLet automated insulin-delivery system) with operating losses and cash burn.
Strengths
- Liquidity — current ratio 8.7 (89th)
Risks
- Operating/net losses & cash burn — per metrics
- heavy cash burn during commercialization — per 10-K
- Adoption/reimbursement dependence — per 10-K
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Net lossNet loss (net margin -73.0%)
- Cash burnNegative free cash flow (-56.2M)
- Chronic dilutionShare count +20%/yr over 1y (dilution)
- Customer concentration~52% of revenue from one customer/distributor — For the year ended December 31, 2025, our top four DME distributors represented approximately 52% of our total sales
- FDA recallFDA recall (Class II) — iLet Bionic Pancreas, REF: BB1001 (2026-03-12)
- Strong balance sheetStrong balance sheet — $265M cash & investments, ~19 quarters of runway
- FDA approvalFDA clearance/approval — iLet ACE Pump (2026-04-30)
- Revenue declineRevenue -14.0% YoY
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +1 more (as of 2026-03-31)
- Insider sellingInsider selling — 22 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$2M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
55.4%
Operating margin
-71.5%
Net margin
-73.0%
Return on equity
-25.5%
Return on assets
-22.3%
Revenue growth (QoQ)
-14.0%
Current ratio
8.7×
Free cash flow
-$56M
Tangible book value
$288M
Cash & investments
$265M
Cash runway
19q
Stock comp / revenue
16.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-24 | Hopman Mark | Sell | 1.3K | $15.01 |
| 2026-06-24 | Jones Christy | Sell | 1.4K | $15.00 |
| 2026-06-04 | Hopman Mark | Sell | 275 | $12.31 |
| 2026-06-04 | Jones Christy | Sell | 2.8K | $14.00 |
| 2026-06-02 | Russell Steven Jon | Sell | 4.2K | $12.61 |
| 2026-06-02 | Saint Sean | Sell | 17K | $12.61 |
| 2026-06-02 | Feider Stephen | Sell | 6.7K | $12.61 |
| 2026-06-02 | Mensinger Mike | Sell | 4.4K | $12.61 |
| 2026-06-02 | Hopman Mark | Sell | 5.3K | $12.61 |
| 2026-05-22 | Lezack Adam | Sell | 998 | $11.21 |
| 2026-05-21 | Jones Christy | Sell | 2.0K | $9.95 |
| 2026-05-21 | Jones Christy | Grant | 17K | — |
| 2026-05-21 | Lezack Adam | Sell | 1.0K | $9.95 |
| 2026-05-21 | Lezack Adam | Grant | 17K | — |
| 2026-05-21 | Palasis Maria | Grant | 17K | — |
| 2026-05-21 | Dearen Danny L. | Grant | 17K | — |
| 2026-05-21 | CARNEY SEAN | Grant | 17K | — |
| 2026-05-21 | MICHEL GERARD J | Grant | 17K | — |
| 2026-03-04 | Hopman Mark | Sell | 353 | $11.57 |
| 2026-03-02 | Feider Stephen | Sell | 1.4K | $12.36 |
| 2026-03-02 | Russell Steven Jon | Sell | 1.0K | $12.36 |
| 2026-03-02 | Saint Sean | Sell | 3.4K | $12.36 |
| 2026-03-02 | Mensinger Mike | Sell | 1.1K | $12.36 |
| 2026-03-02 | Hopman Mark | Sell | 834 | $12.36 |
| 2026-02-27 | Hopman Mark | Grant | 109K | — |
| 2026-02-27 | Russell Steven Jon | Grant | 109K | — |
| 2026-02-27 | Feider Stephen | Grant | 132K | — |
| 2026-02-27 | Saint Sean | Grant | 343K | — |
| 2026-02-27 | Mensinger Mike | Grant | 109K | — |
| 2026-01-13 | Dearen Danny L. | Grant | 4.0K | — |
| 2026-01-13 | CARNEY SEAN | Grant | 4.0K | — |
| 2026-01-13 | MICHEL GERARD J | Grant | 4.0K | — |
| 2026-01-13 | Jones Christy | Grant | 4.0K | — |
| 2026-01-13 | Lezack Adam | Grant | 4.0K | — |
| 2026-01-13 | Palasis Maria | Grant | 4.0K | — |
| 2026-01-06 | Mensinger Mike | Sell | 2.2K | $30.10 |
| 2026-01-02 | Feider Stephen | Option exercise | 20K | $5.10 |
| 2026-01-02 | Feider Stephen | Sell | 20K | $29.53 |
| 2026-01-02 | Mensinger Mike | Sell | 7.2K | $29.56 |
| 2026-01-02 | Mensinger Mike | Sell | 600 | $30.20 |
| 2025-12-04 | Hopman Mark | Sell | 2.1K | $30.66 |
| 2025-12-02 | Hopman Mark | Sell | 856 | $29.34 |
| 2025-12-02 | Saint Sean | Sell | 3.3K | $29.34 |
| 2025-12-02 | Feider Stephen | Sell | 1.4K | $29.34 |
| 2025-12-02 | Mensinger Mike | Sell | 1.1K | $29.34 |
| 2025-12-02 | Russell Steven Jon | Sell | 1.0K | $29.34 |
| 2025-12-01 | Lezack Adam | Sell | 906 | $29.35 |
| 2025-12-01 | Lezack Adam | Sell | 500 | $29.91 |
| 2025-12-01 | Palasis Maria | Sell | 906 | $29.33 |
| 2025-12-01 | Palasis Maria | Sell | 500 | $29.96 |
| 2025-10-31 | Lezack Adam | Sell | 1.4K | $26.85 |
| 2025-10-31 | Lezack Adam | Sell | 38 | $27.70 |
| 2025-10-31 | Palasis Maria | Sell | 119 | $27.45 |
| 2025-10-31 | Palasis Maria | Sell | 1.3K | $26.86 |
| 2025-10-03 | Feider Stephen | Sell | 1.2K | $22.28 |
| 2025-10-03 | Feider Stephen | Option exercise | 5.0K | $5.10 |
| 2025-10-03 | Feider Stephen | Sell | 3.8K | $21.52 |
| 2025-10-01 | Feider Stephen | Option exercise | 15K | $5.10 |
| 2025-10-01 | Feider Stephen | Sell | 100 | $21.08 |
| 2025-10-01 | Feider Stephen | Sell | 15K | $20.76 |
| 2025-09-08 | Feider Stephen | Option exercise | 9.9K | $5.10 |
| 2025-09-08 | Feider Stephen | Sell | 9.9K | $21.13 |
| 2025-09-05 | Feider Stephen | Sell | 100 | $21.00 |
| 2025-09-05 | Hopman Mark | Option exercise | 11K | $5.10 |
| 2025-09-05 | Hopman Mark | Sell | 11K | $20.56 |
| 2025-09-05 | Feider Stephen | Option exercise | 100 | $5.10 |
| 2025-09-04 | Hopman Mark | Option exercise | 4.1K | $5.10 |
| 2025-09-04 | Hopman Mark | Sell | 6.8K | $19.97 |
| 2025-09-04 | Hopman Mark | Option exercise | 656 | $5.10 |
| 2025-09-02 | Saint Sean | Sell | 3.4K | $18.86 |
| 2025-09-02 | Russell Steven Jon | Sell | 1.0K | $18.86 |
| 2025-09-02 | Mensinger Mike | Sell | 1.1K | $18.86 |
| 2025-09-02 | Hopman Mark | Sell | 848 | $18.86 |
| 2025-09-02 | Feider Stephen | Sell | 1.5K | $18.86 |
| 2025-08-22 | Feider Stephen | Option exercise | 4.4K | $5.10 |
| 2025-08-22 | Feider Stephen | Sell | 4.4K | $17.01 |
| 2025-08-19 | Feider Stephen | Option exercise | 5.6K | $5.10 |
| 2025-08-19 | Hopman Mark | Option exercise | 16K | $5.10 |
| 2025-08-19 | Hopman Mark | Sell | 16K | $16.61 |
| 2025-08-19 | Feider Stephen | Sell | 5.6K | $17.03 |
| 2025-06-02 | Feider Stephen | Sell | 951 | $18.15 |
| 2025-06-02 | Hopman Mark | Sell | 238 | $17.03 |
| 2025-06-02 | Hopman Mark | Sell | 551 | $18.15 |
| 2025-06-02 | Hopman Mark | Sell | 79 | $18.69 |
| 2025-06-02 | Russell Steven Jon | Sell | 285 | $17.03 |
| 2025-06-02 | Russell Steven Jon | Sell | 660 | $18.15 |
| 2025-06-02 | Russell Steven Jon | Sell | 94 | $18.69 |
| 2025-06-02 | Mensinger Mike | Sell | 306 | $17.03 |
| 2025-06-02 | Mensinger Mike | Sell | 708 | $18.15 |
| 2025-06-02 | Mensinger Mike | Sell | 101 | $18.69 |
| 2025-06-02 | Feider Stephen | Sell | 410 | $17.03 |
| 2025-06-02 | Feider Stephen | Sell | 136 | $18.69 |
| 2025-06-02 | Saint Sean | Sell | 943 | $17.03 |
| 2025-06-02 | Saint Sean | Sell | 2.2K | $18.15 |
| 2025-06-02 | Saint Sean | Sell | 311 | $18.69 |
| 2025-03-26 | MICHEL GERARD J | Grant | 13K | — |
| 2025-03-15 | Jones Christy | Grant | 11K | — |
| 2025-03-15 | Palasis Maria | Grant | 11K | — |
| 2025-03-15 | Dearen Danny L. | Grant | 11K | — |
| 2025-03-15 | Lezack Adam | Grant | 11K | — |
| 2025-03-15 | CARNEY SEAN | Grant | 11K | — |
| 2025-02-27 | Hopman Mark | Grant | 35K | — |
| 2025-02-27 | Russell Steven Jon | Grant | 35K | — |
| 2025-02-27 | Mensinger Mike | Grant | 35K | — |
| 2025-02-27 | Feider Stephen | Grant | 47K | — |
| 2025-02-27 | Saint Sean | Grant | 108K | — |
| 2025-01-31 | Mensinger Mike | Conversion | 15K | — |
| 2025-01-31 | Mensinger Mike | Option exercise | 11K | $0.02 |
| 2025-01-31 | Mensinger Mike | Sell | 13 | $17.00 |
| 2025-01-31 | Mensinger Mike | Buy | 33K | $17.00 |
| 2025-01-31 | Wellington Hadley Harbor Aggregator IV, L.P. | Conversion | 2.9M | — |
| 2025-01-31 | Wellington Hadley Harbor Aggregator IV, L.P. | Buy | 1.0M | $17.00 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06891898 ↗ | The iLet Experience Study Type 1 Diabetes | — | Recruiting | 2027-06-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-22 | 2026-05-21 | 0001171843-26-003648 ↗ |
| 8-K | 2026-05-21 | 2026-05-21 | 0001171843-26-003617 ↗ |
| 10-Q | 2026-04-21 | 2026-03-31 | 0001193125-26-166843 ↗ |
| 8-K | 2026-04-21 | 2026-04-21 | 0001171843-26-002614 ↗ |
| 10-K | 2026-02-24 | 2025-12-31 | 0001193125-26-067065 ↗ |
| 8-K | 2026-02-17 | 2026-02-17 | 0001171843-26-000859 ↗ |
| 8-K | 2026-01-30 | 2026-01-29 | 0001171843-26-000538 ↗ |
| 8-K | 2026-01-08 | 2026-01-08 | 0001171843-26-000145 ↗ |
| 8-K | 2025-10-28 | 2025-10-28 | 0001171843-25-006720 ↗ |
| 10-Q | 2025-10-28 | 2025-09-30 | 0001193125-25-253538 ↗ |
| 8-K | 2025-07-29 | 2025-07-29 | 0001171843-25-004780 ↗ |
| 10-Q | 2025-07-29 | 2025-06-30 | 0000950170-25-099652 ↗ |