Slides
Page 1
Q3 2026 Earnings October 27, 2026
Page 2
Disclaimer 2 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this presentation that are not statements of historical fact are forward-looking statements. Such forward-looking statements include, without limitation, statements regarding: expectations of Beta Bionics, Inc. (the “Company,” “we,” “our” or “us”) regarding our expectations with regard to the design, results and timing of our research and development efforts, clinical trials and real world use or experience, including the timing and availability of data from such trials and real world use; our regulatory development plans for the iLet, Mint, iLet 3D, Mint 3D, fully- closed loop algorithm, bihormonal system and other product candidates, including the timing for potential regulatory approvals; the markets and market opportunities for the iLet and other product candidates, if approved; the timing, likelihood or success of our business strategy, including commercialization and our multi-channel reimbursement strategy, as well as plans and objectives of management for future operations including market and indication expansion; and our anticipated growth and other measures of future operating results and financial performance including 2026 full year guidance regarding revenue, new patient starts through pharmacy, and gross margin. In some cases, you can identify forward-looking statements by terms such as “expect,” “should,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “believe,” “estimates,” “potential” or “continue” or the negative of these terms or other similar expressions. These forward-looking statements are based on the beliefs of the management of the Company as well as assumptions made by and information currently available to the Company. These statements involve substantial known and unknown risks, uncertainties and other factors that may cause our actual results, timing of results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. Other factors that may cause the Company’s actual results to differ from current expectations are discussed in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the section titled “Risk Factors” in the Company’s Form 10-Q for the quarter ended September 30, 2026, filed with the SEC on October 27, 2026. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this presentation is given. Except as required by law, the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially and adversely from those anticipated or implied in the forward-looking statements. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. The forward-looking statements in this presentation represent our views as of the date of this presentation. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. Except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements in this presentation and the accompanying oral commentary. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation.
Page 3
Disclaimer (Cont’d) 3 This presentation contains trademarks, service marks, trade names and copyrights of the Company and other companies which are the property of their respective owners. This presentation discusses certain product candidates that have not yet received marketing authorization or clearance by the U.S. Food and Drug Administration. No representation is made as to the safety, effectiveness or likelihood of marketing authorization or clearance of these product candidates. In addition to the financial information presented in accordance with U.S. generally accepted accounting principles (GAAP), this presentation and accompanying oral presentation includes certain non-GAAP financial measures. These measures are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Our calculations of each of these measures may differ from the calculations of measures with the same or similar titles by other companies and therefore comparability may be limited. Because of these limitations, when evaluating our performance, you should consider each of these non-GAAP financial measures alongside other financial performance measures, including the most directly comparable financial measure calculated in accordance with GAAP and our other GAAP results. A reconciliation of non-GAAP measures to the most directly comparable GAAP measures are included in the Appendix to this presentation and can be found in our filings with the SEC. We have not provided the forward-looking GAAP equivalents for certain forward-looking non-GAAP measures presented in this presentation or the accompanying oral presentation, or a GAAP reconciliation, as a result of the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. Accordingly, a reconciliation of these non-GAAP guidance metrics to their corresponding forward-looking GAAP equivalents is not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results.
Page 4
~69% New patient starts coming from multiple daily injections in Q3’26 High 30s % New patient starts reimbursed through pharmacy in Q3’26 4% 40% 61% 56% 54% 53% 57% 51% 54% 55% 59% 59% 59% 57% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Gross Margin 4 ($ in millions) $1 $3 $8 $13 $15 $17 $20 $18 $23 $27 $32 $28 $32 $36 0 5 10 15 20 25 30 35 40 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Pharmacy DME 2023 2024 2025 2026 2023 2024 2025 2026 Third Quarter Financial Results & Key Metrics Revenue
Page 5
5 Recent Strategic Highlights 1. Subject to regulatory clearance Note: Type 2 Diabetes (T2D). U.S. Food & Drug Administration (FDA) Type 2 Diabetes Indication Completed enrollment for the U.S. pivotal trial; iLet indications for use expected to expand to adults with T2D around mid- year 20271 Mint FDA Clearance (Sep ‘26) Full U.S. commercial launch expected in Q1 2027 $ Public Offering (Sep ‘26) Raised approximately $161.3 million in net proceeds Fully-Closed Loop Algorithm Expect to initiate pivotal trial studying next-gen fully-closed loop algorithm in Q4 2026; algorithm completely removes meal announcement feature Integration with Eversense 365® Commercial launch of integrated iLet and Senseonics’ Eversense 365 continuous glucose monitoring system expected in Q4 2026 3D Intelligence New 510(k) submission expected in mid-Q4 2026; commercial launch of iLet 3D and Mint 3D expected around mid-year 2027.1 A launch as early as the fourth quarter of 2026 remains possible.1
Page 6
6 • Anticipated revenue deferral of up to $8.5 million in Q4 2026 as new prospective iLet users await the launch of Mint • Stable utilization and retention across DME and pharmacy channels • Contribution from at least 20 new sales territories onboarded in the first half of 2026 • Execution of additional formulary agreements and deeper adoption of iLet at the individual health plan level to drive increases in pharmacy new patient starts • Continued cost discipline and improved leverage of manufacturing overhead at greater scale Assumptions & Drivers $124-126M Total Revenue 37-39% New Patient Starts through Pharmacy 58.5-59.5% Gross Margin $121-126M 37-39% 58.5-59.5% Previous New Note: Previous guidance as of September 2026. New guidance as of October 2026. Full Year 2026 Guidance
Page 7
Strategic Outlook 7 • iLet launch (Black & White) • CGM integrations (Dexcom G6 & G7, Abbott Freestyle Libre 3 Plus) • Formulary agreements (e.g., Express Scripts & CVS Caremark) • Collaboration and licensing agreement with Xeris Pharmaceuticals • Color iLet launch • Expansion to 43 sales territories Lay the Foundation 2023 to 2024 Achievements • Capitalize on recent launches (Color iLet, Libre 3 Plus, Bionic Circle, Bionic Portal) • Continued expansion of sales territories • Additional formulary agreements • Growth of pharmacy coverage at the individual health plan level • Mint patch pump clearance • Advance bihormonal system development Execute Relentlessly 2025 to 2026 Objectives • iLet 3D and Mint 3D commercial launch1 • Bihormonal system commercialization1 • Expansion of sales territories • Growth of pharmacy channel mix • Market and indication expansion - Primary care - Type 2 insulin-intensive diabetes1 - International markets1 - Other insulin-requiring diseases1 Revolutionize Care Future Objectives 1. Subject to regulatory clearance
Page 8
Appendix
Page 9
($ in millions) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net Sales $20.4 $17.6 $23.2 $27.3 $32.1 $27.6 $32.0 $35.5 Gross Profit $11.7 $9.0 $12.5 $15.1 $18.9 $16.4 $18.9 $20.3 % Margin 57% 51% 54% 55% 59% 59% 59% 57% Total Operating Expenses $24.7 $27.6 $32.4 $32.2 $35.1 $40.7 $44.5 $46.9 Adjusted EBITDA1 ($11.3) ($15.5) ($14.5) ($12.2) ($10.5) ($17.7) ($17.7) ($18.9) Stock-Based Compensation Expense (1.6) (2.8) (4.8) (4.5) (4.3) (5.4) (7.0) (6.7) Change in Fair Value of Warrant Liabilities (6.0) (12.5) 0.0 0.0 0.0 0.0 0.0 0.0 Depreciation Expense (0.2) (0.3) (0.3) (0.4) (0.5) (0.6) (0.7) (0.9) Interest Income 1.0 2.4 3.0 2.8 2.7 2.4 2.2 2.3 Income Tax Expense (Benefit) 0.0 0.0 (0.0) 0.0 0.0 0.0 (0.0) (0.0) Litigation Settlement & Other Related Expense 0.0 0.0 (0.2) 0.0 (0.2) 0.0 (0.1) (0.1) Quality System Remediation 2 0.0 0.0 0.0 0.0 (0.6) (0.6) (0.1) (0.0) Net Loss ($18.1) ($28.7) ($16.9) ($14.2) ($13.5) ($21.9) ($23.4) ($24.4) 9 1. Adjusted EBITDA addbacks include stock-based compensation expense, depreciation and amortization expense, interest income, provi sion for state taxes, litigation settlement expense, quality system remediation, and change in fair value of warrant liabilities. 2. Amounts presented under “Quality system remediation” for the three months ended December 31, 2025, March 31, 2026, June 30, 2026, and September 30, 2026 reflect the same category of expenses previously labeled “Other non-recurring” in our Form 10-K for the year ended December 31, 2025. These expenses relate t o our one-time remediation efforts in response to the Form 483 and the Warning Letter, including contractor support and the various updates to our quality system to meet FDA expectations. Quarterly Financials & Reconciliation to GAAP Financials