Beta Bionics Reports $28.6 Million Net Loss and $17.6 Million in Sales for Q1 2025

Beta Bionics, Inc. reported a net loss of $28.6 million for the three months ended March 31, 2025, compared to a net loss of $12.4 million for the same period in 2024. Net sales increased to $17.6 million, a 36% rise from $12.9 million in the prior-year period. This increase was primarily driven by a surge in single-use product sales, which constituted 43% of total net sales in Q1 2025, up from 18% in Q1 2024. The company's gross margin decreased to 51% from 56% in the same period last year, attributed to a higher proportion of sales through the pharmacy benefit plan (PBP) channel, which has a lower upfront revenue contribution.

Operating expenses increased significantly, rising 66% to $27.6 million. Research and development expenses increased by 39% to $7.6 million, largely due to increased spending on the patch pump and bihormonal iLet projects. Sales and marketing expenses jumped 75% to $13.4 million, reflecting expansion of the sales force and increased marketing initiatives. General and administrative expenses rose 89% to $6.6 million, primarily due to increased headcount and public company costs. The company's other expenses, net, increased to $10.0 million, primarily due to a change in the fair value of warrant liabilities.

Beta Bionics completed its initial public offering (IPO) on January 31, 2025, raising net proceeds of approximately $190.4 million. A concurrent private placement added another $15.6 million in net proceeds. The company also reported 3,853 new patient starts in Q1 2025, with 71% originating from the multiple daily injection (MDI) population. The installed customer base reached 19,151 as of March 31, 2025. The company's cash, cash equivalents, and short-term and long-term investments totaled $295.5 million as of March 31, 2025.

The company's financial performance is heavily reliant on new patient adoption and iLet sales. Beta Bionics is pursuing a multi-channel reimbursement strategy to expand access to the iLet, focusing on both the DME and PBP channels. The company plans to continue investing in research and development, including the development of a patch pump and a bihormonal iLet configuration. The company's outlook anticipates continued investment in growth and innovation, with expenses expected to increase accordingly. The company projects that its current cash resources will be sufficient to fund operations through the first half of 2028. However, the company acknowledges several significant risks, including competition, regulatory hurdles, and the need for future funding.