Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Beta Bionics Inc. has successfully completed its upsized US IPO in January and sold 13.8M shares at $17.00 per share, above the marketed price range.</li>
<li>Maker of the first FDA-cleared insulin delivery device reported better than expected 3Q’25 results, including revenue of $27.3M and an adjusted EBITDA loss of ~$12M.</li>
<li>While there is long term potential from interesting pipeline, I believe that the valuation is full, and I would wait a share pull-back before becoming more positive on the stock.</li>
</ul>


Beta Bionics Inc. has successfully completed its upsized US IPO in January and sold 13.8M shares at $17.00 per share, above the marketed price range.
Maker of the first FDA-cleared insulin delivery device reported better than expected 3Q’25 results, including revenue of $27.3M and an adjusted EBITDA loss of ~$12M.
While there is long term potential from interesting pipeline, I believe that the valuation is full, and I would wait a share pull-back before becoming more positive on the stock.


Beta Bionics Inc. (BBNX.US): Solid 3Q’25 Results But Valuation Full at Current Levels

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>The company priced an upsized 12.0 million share offering at $17.00—above the initial range—and opened 29.4% higher at $22.00.</li>
<li>In March, amid broader sector weakness across the medical device space, the stock broke below its IPO price.</li>
<li>The company did report better than expected sales in its most recent quarterly report last week with guidance raised giving long term investors more confidence in its execution moving forward.</li>
</ul>


The company priced an upsized 12.0 million share offering at $17.00—above the initial range—and opened 29.4% higher at $22.00.
In March, amid broader sector weakness across the medical device space, the stock broke below its IPO price.
The company did report better than expected sales in its most recent quarterly report last week with guidance raised giving long term investors more confidence in its execution moving forward.


Beta Bionic Inc (BBNX) Six Month Summary: From Breakout to Breakdown

<ul>
<li>The stock opened 29.4% above its issue price at $22.00 and closed its debut session at $23.63, delivering a first-day gain of 39.0%.</li>
<li>This was a major victory for the IPO market, marking the highest first-day percentage gain of the year.</li>
<li>Looking ahead, the IPO market's next test will be from the biotech sector.</li>
</ul>


The stock opened 29.4% above its issue price at $22.00 and closed its debut session at $23.63, delivering a first-day gain of 39.0%.
This was a major victory for the IPO market, marking the highest first-day percentage gain of the year.
Looking ahead, the IPO market's next test will be from the biotech sector.


Beta Bionic Inc (BBNX): IPO Pops, Trades Strong on Opening Day

<ul>
<li>The underwriters amended the terms of this offering with a S-1/A on Tuesday morning.</li>
<li>With the updated terms, the company could raise as much as $170 million at the high-end of the new range. </li>
<li>We have updated our first day forecast given the bullish momentum during the roadshow. </li>
</ul>


The underwriters amended the terms of this offering with a S-1/A on Tuesday morning.
With the updated terms, the company could raise as much as $170 million at the high-end of the new range. 
We have updated our first day forecast given the bullish momentum during the roadshow. 


Beta Bionic Inc (BBNX): Bullish IPO Roadshow Moves Underwriters to Amend Offering Size and Range

<ul>
<li>The company has jumped from just eight sales territories in Q2 2023 to 43 sales to end 2024 with more than 15,000 units installed.</li>
<li>An existing shareholder is on the cover of the prospectus with a concurrent private placement</li>
<li>Medical Device IPOs have a strong history of success as many are poised for growth</li>
</ul>


The company has jumped from just eight sales territories in Q2 2023 to 43 sales to end 2024 with more than 15,000 units installed.
An existing shareholder is on the cover of the prospectus with a concurrent private placement
Medical Device IPOs have a strong history of success as many are poised for growth


Beta Bionic, Inc. (BBNX): IPO Is An "Execution Story" And in Growth Mode

United States

Beta Bionics, Inc. is a commercial-stage medical device company. The Company offers an automated insulin delivery system with closed-loop algorithms for the treatment of people with diabetes. Beta Bionics operates in the United States.

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Beta Bionics (BBNX US)

Beta Bionics Inc. (BBNX.US): Solid 3Q’25 Results But Valuation Full at Current Levels

Beta Bionics stock outperformed its peers in the U.S. in 2025. In my insight, I revised my estimates and set a new 12-month TP for Beta Bionics...

Andrei Zakharov

Beta Bionic Inc (BBNX) Six Month Summary: From Breakout to Breakdown

Company prices upsized share offering above initial range, opens 29.4% higher. Stock broke below IPO price in March but recent quarterly may begin...

IPO Boutique

Beta Bionic Inc (BBNX): IPO Pops, Trades Strong on Opening Day

Stock debuts with a 39% gain, marking highest first-day percentage increase of the year, setting the stage for biotech sector's upcoming IPOs.

IPO Boutique

Beta Bionic Inc (BBNX): Bullish IPO Roadshow Moves Underwriters to Amend Offering Size and Range

Underwriters amend offering terms, company could raise up to $170 million, first day forecast updated due to bullish momentum during roadshow.

IPO Boutique

Beta Bionic, Inc. (BBNX): IPO Is An "Execution Story" And in Growth Mode

Company rapidly expands sales territories, installs 15,000 units by end of 2024; shareholder featured in prospectus with private placement;...

IPO Boutique

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Beta Bionics Inc. (BBNX.US): Solid 3Q’25 Results But Valuation Full at Current Levels

Beta Bionics stock outperformed its peers in the U.S. in 2025. In my insight, I revised my estimates and set a new 12-month TP for Beta Bionics...

Andrei Zakharov

Beta Bionic Inc (BBNX) Six Month Summary: From Breakout to Breakdown

​Company prices upsized share offering above initial range, opens 29.4% higher. Stock broke below IPO price in March but recent quarterly may begin...

IPO Boutique

Beta Bionic Inc (BBNX): IPO Pops, Trades Strong on Opening Day

​Stock debuts with a 39% gain, marking highest first-day percentage increase of the year, setting the stage for biotech sector's upcoming IPOs.

IPO Boutique

Beta Bionic Inc (BBNX): Bullish IPO Roadshow Moves Underwriters to Amend Offering Size and Range

​Underwriters amend offering terms, company could raise up to $170 million, first day forecast updated due to bullish momentum during roadshow.

IPO Boutique

Beta Bionic, Inc. (BBNX): IPO Is An "Execution Story" And in Growth Mode

​Company rapidly expands sales territories, installs 15,000 units by end of 2024; shareholder featured in prospectus with private placement;...

IPO Boutique

Company prices upsized share offering above initial range, opens 29.4% higher. Stock broke below IPO price in March but recent quarterly may begin...

Stock debuts with a 39% gain, marking highest first-day percentage increase of the year, setting the stage for biotech sector's upcoming IPOs.

Underwriters amend offering terms, company could raise up to $170 million, first day forecast updated due to bullish momentum during roadshow.

Company rapidly expands sales territories, installs 15,000 units by end of 2024; shareholder featured in prospectus with private placement;...