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Beta Bionics

BBNX on Nasdaq. Beta Bionics sells insulin delivery systems to people with diabetes. Market value $853m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-7.3%low

For every $100 of what the whole company costs, it produced $-7.33 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$18.63 a share, 112% above its 1-year low

Over the past year the price has ranged from $8.80 to $32.71.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
-0.1
-0.1
2024202512 monthsto Jun '26
Revenue
$65m$100m
Operating margin
-69.5%-71.5%
Debt to equity
n/an/a
Shares outstanding
0.04bn0.04bn

Health checks

  • Free cash flow positive0 of 2 years
  • Accounting checksSkipped: company is not yet profitable
  • DebtUnknown
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesRoughly flat

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $32 million last quarter, up 38% on a year ago.
  • A loss of $23 million, compared with a loss of $17 million a year ago.
  • It loses 70 cents on each $1 of sales, compared with 80 cents a year earlier.
  • Over the past 12 months it spent $61 million more cash than it brought in, compared with $62 million a year earlier.
  • 3% more shares than a year ago. Each share owns a bit less of the company.
Sales by quarter
Sales by quarter
Quarter toAmount
December 2024Not reported
March 2025$18m
June 2025$23m
September 2025$27m
December 2025$32m
March 2026$28m
June 2026$32m
Profit by quarter
Profit by quarter
Quarter toAmount
December 2024Not reported
March 2025-$29m
June 2025-$17m
September 2025-$14m
December 2025-$13m
March 2026-$22m
June 2026-$23m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
24 February 2026
Next quarterly (estimated, 10-Q)
28 October 2026

Who owns it

1 long-term investor we follow owns it, down from 2 last quarter. 134 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

16 investors own more than 5%.

  • at least 13.4%+2.1 pts
    (filed with 2 related holders)
    Since 31 March 2026
  • Levy Guy
    Passive investor
    at least 9.8%+4.0 pts
    (filed with 8 related holders)
    Since 31 March 2026
  • Wellington Management Company LLP
    Passive investor
    9.0%
    Since 31 March 2025
  • Morgan Stanley
    Passive investor
    at least 8.6%+1.8 pts
    (filed with 1 related holder)
    Since 30 September 2025
  • Sands Capital Life Sciences Pulse Fund II. L.P.
    Passive investor
    at least 8.2%+0.9 pts
    (filed with 2 related holders)
    Since 30 June 2025
  • Roderick Wong, M.D.
    Passive investor
    7.6%
    Since 31 March 2025
  • Zone Healthcare Holdings, LLC
    Passive investor
    7.5%−0.1 pts
    Since 30 September 2025
  • Sands Capital Ventures, LLC
    Passive investor
    7.3%
    Since 2 April 2025
  • at least 6.9%
    (filed with 4 related holders)
    Since 17 July 2026
  • BlackRock, Inc.
    Passive investor
    6.4%
    Since 30 September 2025
  • Farallon Capital Management, L.L.C.
    Passive investor
    at least 5.8%−1.6 pts
    (filed with 1 related holder)
    Since 31 March 2026
  • at least 5.2%
    (filed with 2 related holders)
    Since 18 February 2026
  • RTW Investments, LP
    Passive investor
    at least 4.5%−1.2 pts
    (filed with 1 related holder)
    Since 31 March 2026
  • Perceptive Advisors LLC
    Passive investor
    at least 3.7%−1.4 pts
    (filed with 2 related holders)
    Since 31 March 2025
  • at least 1.8%−3.5 pts
    (filed with 2 related holders)
    Since 30 September 2025
  • at least 1.3%−6.8 pts
    (filed with 27 related holders)
    Since 30 June 2026
  • Soleus Capital Group, LLC
    Passive investor
    Sold down below 5%
    Since 31 December 2025
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026
  • Wellington Hadley Harbor Aggregator IV, L.P.
    Passive investor
    Sold down below 5%
    Since 31 December 2025
  • Sold down below 5%
    Since 31 December 2025
  • Fried, Richard B
    Passive investor
    Sold down below 5%
    Since 31 December 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 8 sold $5m, $3m of it under preset trading plans.

  • Hopman Mark
    Chief Commercial Officer
    Sold
    Date
    1 October 2026
    Shares
    370
    Price
    $18.96
    Value
    $7,015
  • Jones Christy
    Director
    Sold
    under a preset trading plan
    Date
    22 September 2026
    Shares
    6,430
    Price
    $23.00
    Value
    $147,890
  • Mensinger Mike
    Chief Product Officer
    Sold
    under a preset trading plan
    Date
    16 September 2026
    Shares
    2,650
    Price
    $22.00
    Value
    $58,300
  • Hopman Mark
    Chief Commercial Officer
    Sold
    under a preset trading plan
    Date
    16 September 2026
    Shares
    30,779
    Price
    $20.13
    Value
    $619,640
  • Hopman Mark
    Chief Commercial Officer
    Sold
    under a preset trading plan
    Date
    14 September 2026
    Shares
    775
    Price
    $15.52
    Value
    $12,028
  • Hopman Mark
    Chief Commercial Officer
    Sold
    under a preset trading plan
    Date
    9 September 2026
    Shares
    35,994
    Price
    $18.46
    Value
    $664,550
  • Saint Sean
    President & CEO, Director
    Sold
    under a preset trading plan
    Date
    3 September 2026
    Shares
    5,641
    Price
    $20.08
    Value
    $113,259
  • Russell Steven Jon
    Chief Medical Officer
    Sold
    Date
    2 September 2026
    Shares
    4,221
    Price
    $19.11
    Value
    $80,676
  • Saint Sean
    President & CEO, Director
    Sold
    Date
    2 September 2026
    Shares
    16,867
    Price
    $19.11
    Value
    $322,381
  • Feider Stephen
    Chief Financial Officer
    Sold
    Date
    2 September 2026
    Shares
    6,675
    Price
    $19.11
    Value
    $127,580

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 6 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.