Modular Medical Inc (MODD) is a pre-revenue medical device company developing a simplified insulin pump for people with insulin-dependent diabetes. The company has no commercial revenue as of the fiscal year ended March 31, 2025, and funds operations entirely through equity and debt issuances. Its core product is a wearable insulin pump designed to address complexity, bulk, and cost barriers associated with existing pump therapy. MODD targets both Type 1 diabetes (approximately 1.8 million people in the United States) and the subset of Type 2 diabetes patients requiring multiple daily injection therapy (approximately 1.6 million in the United States). The company reported net losses of $18.8 million for FY2025 and $17.5 million for FY2024, with an accumulated deficit of approximately $84.8 million as of March 31, 2025. Cash on hand was $13.1 million at that date. The going concern qualification in its FY2025 10-K reflects dependence on continued capital raises to fund operations.

Revenue model

No product revenue as of FY2025. Operations are funded through equity issuances, including a private placement closed March 26, 2025 that offered units at $1.92 per unit, each consisting of two shares of common stock and one warrant.

Products and services

A wearable insulin pump designed to be simpler and less bulky than existing devices, requiring only a cartridge change every few days and no external tubing. The product is not yet approved or eligible for insurance reimbursement as of the FY2025 10-K filing date.

Customers and end markets

Target end users are insulin-dependent diabetes patients, primarily Type 1 diabetes patients and Type 2 diabetes patients on intensive insulin therapy in the United States. The pump is not yet commercially available. Reimbursement from Medicare, Medicaid, and private insurers would be required for broad commercial adoption.

Value-chain role

Medical device developer at the research and development stage. The company has not yet reached commercial manufacturing or distribution.

Geographic exposure

United States focus based on regulatory and reimbursement discussion in the FY2025 10-K. Some reference to coverage variability in other countries, but no disclosed non-U.S. operations.

Source: SEC 10-K, filed 2025-06-20

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