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MODD

Modular Medical, Inc.

MODD

Modular Medical, Inc. • NASDAQ
$0.39 ▲ 0.38% (+0.00)
Market Cap $24.95 M
52w High $1.79
52w Low $0.28
Dividend Yield 0%
P/E -0.79
Volume 67.02K
Outstanding Shares 63.29M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $0 $7.438M ▲ $-7.79M ▼ 0% $-0.14 ▼ $-7.397M ▼
Q1-2026 $0 $6.394M ▲ $-6.702M ▼ 0% $-0.12 $-6.292M ▼
Q4-2025 $0 $4.652M ▲ $-4.927M ▼ 0% $-0.12 ▲ $-4.601M ▼
Q3-2025 $0 $4.573M ▼ $-4.804M ▲ 0% $-0.13 ▲ $-4.523M ▲
Q2-2025 $0 $4.736M $-4.956M 0% $-0.14 $-4.694M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $5.316M ▼ $12.974M ▼ $4.205M ▲ $8.769M ▼
Q1-2026 $7.522M ▼ $14.171M ▼ $2.328M ▲ $11.843M ▼
Q4-2025 $13.095M ▲ $18.735M ▲ $1.658M ▼ $17.077M ▲
Q3-2025 $6.986M ▲ $12.149M ▲ $1.887M ▲ $10.262M ▲
Q2-2025 $3.893M $8.771M $1.855M $6.916M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $-7.79M ▼ $-5.411M ▼ $-771K ▲ $3.976M ▲ $-2.206M ▲ $-6.182M ▲
Q1-2026 $-6.702M ▼ $-5.372M ▼ $-934K ▲ $733K ▼ $-5.573M ▼ $-6.306M ▼
Q4-2025 $-4.927M ▼ $-4.31M ▼ $-948K ▼ $11.367M ▲ $6.109M ▲ $-5.258M ▼
Q3-2025 $-4.804M ▲ $-4.096M ▼ $-542K ▼ $7.731M ▲ $3.093M ▲ $-4.638M ▼
Q2-2025 $-4.956M $-3.766M $-161K $2.768M $-1.159M $-3.927M

Five-Year Company Overview

Income Statement

Income Statement Modular Medical is still a pure development-stage company. It has not generated any product revenue over the past several years, so all activity flows through as research and operating costs. The company runs at a consistent loss, but the absolute size of those losses appears relatively modest for a med‑tech developer. Loss per share has been narrowing over time, which likely reflects changes in share count rather than a shift to profitability. Overall, the income statement shows a business that is still firmly in the “build” phase, investing ahead of any commercial launch.

Balance Sheet

Balance Sheet The balance sheet is very light and simple. Assets are small, mostly cash and related working capital, with no debt on the books, so the company is entirely equity‑funded. That avoids interest burdens but also means it relies on shareholders and potentially future capital raises to keep funding development and commercialization. The equity base has been increasing gradually, suggesting ongoing funding injections, but the cushion is thin, so the company does not have a large financial buffer if timelines slip or spending needs to step up.

Cash Flow

Cash Flow Cash flows reflect a classic early-stage med‑tech profile: steady cash outflows from operations and no offsetting inflows from sales. Free cash flow is negative, driven almost entirely by payroll, R&D, and other operating costs rather than heavy equipment spending. The burn rate appears controlled rather than aggressive, but with a small cash base, even a modest, persistent burn implies a need for periodic external funding to support the path to FDA clearance and commercialization.

Competitive Edge

Competitive Edge Competitively, Modular Medical is trying to carve out its own lane in a market dominated by much larger insulin pump companies. Its strategy is to focus on simplicity, affordability, and ease of use for people who have not yet adopted pump therapy, rather than fighting directly for advanced power users. The modular, lower‑waste design and cost‑focused manufacturing approach could be meaningful differentiators if payers and patients respond well. The founder’s prior success in insulin pumps and the growing patent portfolio add credibility. However, the company is still pre‑commercial and will be competing against well‑entrenched players with strong brands, distribution, and payer relationships, so real‑world adoption and reimbursement remain open questions.

Innovation and R&D

Innovation and R&D Innovation is the clear centerpiece. The company’s two-part modular pump, microfluidics‑based delivery, and emphasis on intuitive use all point to a design built for broader adoption, not just tech‑savvy users. The Pivot pump aims to remove friction even further by enabling boluses without a separate controller and using gamified training to simplify onboarding. Beyond insulin, early work on GLP‑1 delivery and a future multi‑chamber pump hints at a platform rather than a single product. The partnership for a fully closed‑loop system shows ambition to catch the industry’s move toward automation. The flip side is that much of this is still in development or awaiting clearance, so there is meaningful regulatory, technical, and execution risk before these ideas translate into durable revenue.

Summary

Overall, Modular Medical looks like a very early‑stage, high‑innovation, high‑uncertainty story. Financially, it is pre‑revenue, runs modest but persistent losses, and operates on a lean balance sheet funded by equity, implying dependence on future capital raises. Strategically, it is pursuing a differentiated angle in diabetes care—targeting underserved users with a simpler, cheaper, modular pump design and a broader vision that includes GLP‑1 delivery and closed‑loop systems. The upside case rests on successful regulatory clearance, effective scaling of manufacturing, payer acceptance, and real‑world adoption in a market with powerful incumbents. The downside risks center on delays, higher‑than‑expected costs, slower uptake, and the need for continued financing. It is best viewed as a development‑stage med‑tech platform in the midst of turning promising technology into a commercial business.

NEWS

November 17, 2025 · 8:30 AM UTC

Modular Medical Receives IRB Approval to Deliver Insulin Using Pivot Patch Pump

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November 14, 2025 · 9:00 AM UTC

Modular Medical Submits Pivot Tubeless Insulin Patch Pump for FDA 510(k) Clearance

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November 3, 2025 · 8:30 AM UTC

Modular Medical Announces Successful Validation of Controller Line for Pivot Insulin Delivery System

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October 28, 2025 · 8:30 AM UTC

Modular Medical Announces Ongoing Progress to Obtain CE Mark

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October 6, 2025 · 8:30 AM UTC

Modular Medical Appoints David Bosshard to Lead its International Expansion for the Pivot Insulin Delivery System

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