Beta Bionics Inc 2025年度报告

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. YESNO Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months(or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YESNO Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of thischapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). YESNO Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See thedefinitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accountingstandards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the Registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting underSection 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the Registrant included in the filing reflect the correction of anerror to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the Registrant’sexecutive officers during the relevant recovery period pursuant to §240.10D-1(b). Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YESNO As of June 30, 2025, the last business day of the Registrant’s most recently completed second fiscal quarter, the aggregate market value of the Registrant’s Common Stock held by non-affiliates of the Registrant was approximately $631,998,349, based on the closing price of the Registrant’s Common Stock on the Nasdaq Global Market on June 30, 2025 of $14.56 pershare. The number of shares of the Registrant’s Common Stock outstanding as of February 20, 2026 was 44,382,146. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive proxy statement relating to its 2026 annual meeting of stockholders (Proxy Statement) are incorporated by reference into Part III of this AnnualReport on Form 10-K where indicated. The Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Table of Contents PART I Item 1.Business5Item 1A.Risk Factors36Item 1B.Unresolved Staff Comments102Item 1C.Cybersecurity102Item 2.Properties103Item 3.Legal Proceedings103Item 4.Mine Safety Disclosures103 PART II Item 5.Market for Registrant’sCommon Equity, Related Stockholder Matters and Issuer Purchasesof Equity Securities104Item 6.[Reserved]105Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations106Item 7A.Quantitative and Qualitative Disclosures About Market Risk128Item 8.Financial Statements and Supplementary Data128Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure128Item 9A.Controls and Procedures128Item 9B.Other Information129Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections129 PART III Item 10.Directors, Executive Officers and Corporate Governance130Item 11.Executive Compensation130Item 12.Security Ownership of Certain Beneficial Owners and Management and RelatedStockholder Matters130Item 13.Certain Relationships and Related Transactions, and Director Independence130Item 14.Principal Accounting Fees and Services130 PART IV Item 15.Exhibits, Financial Statement Schedules166Item 16.Form 10-K Summary168Signatures SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (Annual Report) contains forward-looking statements about us and ourindustry that involve substantial risks and uncertainties. All statements other than statements of historical factscontained in this Annual Report, including statements regarding our future results of operations, financialcondition, business strategy and plans and objectives of management for future operations, are forward-lookingstatements. In some cases, you can id