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Modular Medical, Inc.
MODDCIK 0001074871NasdaqEmerging GrowthSurgical & Medical Instruments & ApparatusNevadaFY ends Mar 31
Period
FY 2025
Revenue
—
Net Income
$-18.82M
Total Assets
$18.73M
Equity
$17.08M
Shares Out
77.70M
Op. Cash Flow
$-15.72M
Business
Modular Medical, Inc. is a medical device company focused on designing, developing and commercializing modernized wearable insulin pumps to increase adoption in the diabetes market. It offers a two-part reusable patch pump system and disposable cartridges/sets, with a simple user interface and optional phone software for bolus and basal insulin delivery. The company organizes around product development, regulatory clearance, manufacturing partnerships and go-to-market commercialization efforts including distributor and direct sales channels. It targets U.S. and select international markets through distributor, pharmacy benefit and provider channels.
Summary from filing dated 2025-06-20
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-03-31 | FY 2024 2024-03-31 | FY 2023 2023-03-31 | FY 2022 2022-03-31 | FY 2021 2021-03-31 |
|---|---|---|---|---|---|---|
| Research and development | 15 | 13 | 9 | 8 | 4 | |
| General and administrative | 4 | 5 | 5 | 7 | 3 | |
| Total operating expenses | 19 | 18 | 14 | 15 | 7 | |
| Loss from operations | −19 | −18 | −14 | −15 | −7 | |
| Other income | 226,000 | 61,000 | 1,000 | 368,920 | — | |
| Loss before income taxes | −19 | −17 | −14 | −19 | −7 | |
| Provision for income taxes | 2,000 | 2,000 | 2,000 | 1,600 | 1,600 | |
| Net loss | −19 | −17 | −14 | −19 | −7 | |
| Basic (in Dollars per share) | −0.51 | −0.78 | −1.15 | −2.74 | — | |
| Diluted (in Dollars per share) | −0.51 | −0.78 | −1.15 | −2.74 | — | |
| Basic (in Shares) | 37 | 22 | 12 | 7 | — | |
| Diluted (in Shares) | 37 | 22 | 12 | 7 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-03-31 | FY 2024 2024-03-31 | FY 2023 2023-03-31 | FY 2022 2022-03-31 | FY 2021 2021-03-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 13 | 9 | 4 | 9 | 1 | |
| Prepaid expenses and other | 422,000 | 465,000 | 147,000 | 313,422 | — | |
| TOTAL CURRENT ASSETS | 14 | 10 | 4 | 9 | 2 | |
| Property and equipment, net | 4 | 3 | 2 | 235,959 | 298,958 | |
| Right of use assets, net | 765,000 | 1 | 1 | 120,693 | 200,124 | |
| TOTAL NON-CURRENT ASSETS | 5 | 4 | 3 | 456,652 | 599,082 | |
| TOTAL ASSETS | 19 | 14 | 7 | 10 | 2 | |
| Accounts payable | 338,000 | 802,000 | 285,000 | 299,951 | — | |
| Accrued expenses | 504,000 | 280,000 | 339,000 | 524,891 | — | |
| Short-term lease liabilities | 423,000 | 373,000 | 355,000 | 144,857 | 125,500 | |
| TOTAL CURRENT LIABILITIES | 1 | 1 | 979,000 | 969,699 | 3 | |
| Long-term lease liabilities | 393,000 | 817,000 | 1 | 39,957 | 184,355 | |
| TOTAL LIABILITIES | 2 | 2 | 2 | 1 | 4 | |
| Commitments and Contingencies (Note 7) | — | — | — | — | — | |
| Preferred Stock, $0.001 par value, 5,000 shares authorized, none issued and outstanding | — | — | — | — | — | |
| Common Stock, $0.001 par value, 100,000 shares authorized as of March 31, 2025 and 2024; 53,706 and 32,464 shares issued and outstanding as of March 31, 2025 and 2024, respectively | 54,000 | 32,000 | 11,000 | 10,462 | 6,302 | |
| Additional paid-in capital | 102 | 77 | 54 | 43 | 15 | |
| Accumulated deficit | −85 | −66 | −48 | −35 | −16 | |
| TOTAL STOCKHOLDERS EQUITY | 17 | 12 | 5 | 9 | −1 | |
| TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | 19 | 14 | 7 | 10 | 2 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-03-31 | FY 2024 2024-03-31 | FY 2023 2023-03-31 | FY 2022 2022-03-31 | FY 2021 2021-03-31 |
|---|---|---|---|---|---|---|
| Stock-based compensation expense | 2 | 3 | 3 | 4 | 1 | |
| Loss on asset disposal | — | 21,000 | — | — | — | |
| Depreciation and amortization | 1 | 426,000 | 152,000 | 117,490 | 111,015 | |
| Shares issued for services | 51,000 | 19,000 | 203,000 | 395,950 | 68,880 | |
| Other | 1,000 | — | — | 274 | 1,004 | |
| Prepaid expenses and other assets | −100,000 | −94,000 | −14,000 | 65,652 | 25,600 | |
| Lease right-of-use assets | 370,000 | 342,000 | 203,000 | — | — | |
| Accounts payable and accrued expenses | −288,000 | 458,000 | −200,000 | 354,948 | −86,747 | |
| Lease liabilities | −374,000 | −355,000 | −200,000 | — | — | |
| Net cash used in operating activities | −16 | −14 | −11 | −10 | −6 | |
| Purchases of property and equipment | −2 | −2 | −2 | −54,764 | −109,669 | |
| Net cash used in investing activities | −2 | −2 | −2 | −54,764 | −109,669 | |
| Proceeds from at-the-market sales of common stock, net | 2 | 278,000 | — | — | — | |
| Proceeds from exercise of common stock warrants | 1 | 742,000 | — | — | — | |
| Proceeds from public offering of common stock and warrants, net | 7 | 20 | — | — | — | |
| Proceeds from private placements of common stock and warrants, net | 11 | — | — | 250,000 | 2 | |
| Net cash provided by financing activities | 22 | 21 | 7 | 18 | 4 | |
| Net increase in cash and cash equivalents | 4 | 5 | −5 | — | — | |
| Receivable from transfer agent for warrant exercise proceeds | — | 142,000 | — | — | — | |
| Income taxes | 2,000 | 2,000 | 2,000 | 1,600 | 1,600 |
Filings
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