Beta Bionics Aims for $114M IPO to Fund Insulin Pump and Innovation Projects

Beta Bionics is preparing for an Initial Public Offering (IPO) with the goal of raising $114.4 million to fund the development of its iLet automated insulin delivery system. The company has estimated sales of over $20 million in Q4 2024, driven by an installed base of over 15,000 devices. The iLet device, which was cleared by the FDA for use in Type 1 diabetes in 2023, automatically calculates and delivers insulin, streamlining the process for users. With plans to develop a bihormonal version that will automate the delivery of both insulin and glucagon, Beta Bionics aims to enhance blood sugar management. Additionally, the company is targeting the release of a patch pump by 2027, expected to make insulin delivery even more convenient by eliminating tubing.

The company’s IPO filing reveals that Beta Bionics will sell 7.5 million shares to public investors, along with 1.1 million shares to Wellington Management, which recently invested in the company. Beta Bionics plans to allocate funds toward the bihormonal iLet device and the patch pump's U.S. market introduction. With growing sales and a rising patient base—67% to 70% of whom switched from multiple daily insulin injections—the company is positioning itself to expand its market share by appealing to Type 1 diabetes patients who have traditionally avoided insulin pumps. Despite competition from major players like Medtronic, Tandem, and Insulet, Beta Bionics’ growth strategy focuses on converting patients from injections to the iLet system, which could allow the company to bypass direct competition in the pump market.