SCHEDULE 13G: Soleus Funds Disclose 8.8% Stake in Beta Bionics, Inc.

Soleus Capital Management and its affiliated entities have disclosed a collective beneficial ownership of 8.8% of Beta Bionics, Inc.'s common stock as of March 31, 2025.

Summary

• Soleus Capital Management, L.P., along with its affiliated funds and managing entities (collectively, the "Soleus Funds"), has reported beneficial ownership of 3,795,341 shares of Beta Bionics, Inc. common stock.
• This aggregate ownership represents 8.8% of Beta Bionics, Inc.'s outstanding common stock, based on 43,348,840 shares outstanding as of March 1, 2025.
• Individual Soleus entities hold varying percentages: Soleus BB SPV, LLC holds 1.4% (595,176 shares), Soleus Private Equity Fund I, L.P. holds 0.9% (396,204 shares), Soleus Private Equity Fund II, L.P. holds 3.9% (1,703,961 shares), and Soleus Capital Master Fund, L.P. holds 2.5% (1,100,000 shares).
• Guy Levy is identified as the sole managing member of key entities within the Soleus structure, including Soleus PE GP I, LLC, Soleus PE GP II, LLC, and Soleus GP, LLC, and is therefore deemed to beneficially own the same aggregate amount of shares as Soleus Capital Management, L.P. (8.8%).
• The filing is a Schedule 13G, indicating passive investment intent, as the reporting persons certify that the securities were not acquired for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership, which is neutral in sentiment. The certification of passive intent prevents it from being overtly positive or negative regarding potential control changes.

Positives

• The disclosure of a significant stake by institutional investors like Soleus Funds can be viewed positively, indicating confidence in Beta Bionics, Inc.'s long-term prospects.
• The passive nature of the investment, as indicated by the Schedule 13G filing, suggests that the investors are not seeking to influence or change the control of the company at this time.

Negatives

• No explicit negatives are presented in this beneficial ownership disclosure.

Risks

• While the filing indicates a passive investment, a large institutional holding could potentially influence future corporate actions or shareholder votes, even without an explicit intent to control.
• Changes in the investment strategy or holdings of a significant shareholder like Soleus Funds could impact stock price volatility.

Future Outlook

This Schedule 13G filing is a disclosure of current beneficial ownership and does not contain any forward-looking statements or guidance regarding Beta Bionics, Inc.'s future performance or strategic direction.

Management Comments

• Guy Levy, Managing Member of various Soleus entities, certified that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

This filing is a standard disclosure of a significant ownership stake by an investment group in a publicly traded company. It does not provide specific insights into broader industry trends or competitive landscape beyond the fact that Beta Bionics, Inc. is a company in which Soleus Funds have invested.

Stakeholder Impact

• Shareholders: The disclosure provides transparency regarding a significant institutional investor's stake, which can influence market perception and potentially provide a degree of stability or interest in the stock.
• Company Management: Awareness of a large, passive institutional holder may influence management's strategic decisions, though the filing explicitly states no intent to influence control.

Next Steps

• The reporting persons will be required to file amendments to this Schedule 13G if their beneficial ownership percentage significantly changes (e.g., increases above 10% or decreases below 5% for certain filers, or if their investment intent changes from passive to active).

Key Dates

Keywords

Beta Bionics Inc., Soleus Capital Management, Beneficial Ownership, Schedule 13G, Common Stock, Institutional Investor, Equity Stake, SEC Filing, Investment Fund