Modular Medical Inc

For the period ended Dec 31, 2024. Filed Feb 13, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Dec 31, 2024 · Filed Feb 13, 2025

MODD$1.33+3.9%Stored close · as of Nov 6, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Financial Statements (Unaudited): Condensed Consolidated Balance Sheets as of December 31, 2024 and March 31, 2024

Item 1. Financial Statements

Condensed Consolidated Balance Sheets

(In thousands, except par value)

	December 31, 2024 (Unaudited)	March 31, 2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$6,986	$9,232
Prepaid expenses and other	345	465
TOTAL CURRENT ASSETS	7,331	9,697
Property and equipment, net	3,958	2,975
Right of use asset, net	860	1,135
TOTAL ASSETS	$12,149	$13,807
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$522	$802
Accrued expenses	451	280
Short-term lease liabilities	410	373
TOTAL CURRENT LIABILITIES	1,383	1,455
Long-term lease liabilities	504	817
TOTAL LIABILITIES	1,887	2,272
Commitments and Contingencies (Note 7)
STOCKHOLDERS’ EQUITY
Preferred Stock, $0.001 par value, 5,000 shares authorized, none issued and outstanding	—	—
Common Stock, $0.001 par value, 100,000 shares authorized; 40,665 and 32,464 shares issued and outstanding as of December 31, 2024 and March 31, 2024, respectively	41	32
Additional paid-in capital	90,047	77,432
Accumulated deficit	(79,826)	(65,929)
TOTAL STOCKHOLDERS’ EQUITY	10,262	11,535
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$12,149	$13,807

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share data)

	Three Months Ended December 31,		Nine Months Ended December 31,
	2024	2023	2024	2023
Operating expenses
Research and development	$3,853	$3,838	$10,760	$9,765
General and administrative	1,001	1,431	3,310	3,445
Total operating expenses	4,854	5,269	14,070	13 210
Loss from operations	(4,854)	(5,269)	(14,070)	(13,210)
Other income	50	—	175	23
Loss before income taxes	(4,804)	(5,269)	(13,895)	(13,187)
Provision for income taxes	—	—	2	2
Net loss	$(4,804)	$(5,269)	$(13,897)	$(13,189)
Net loss per share
Basic and diluted	$(0.13)	$(0.23)	$(0.39)	$(0.64)
Shares used in computing net loss per share
Basic and diluted	37,807	22,540	35,349	20,708

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)

(In thousands)

Common Stock · Additional Paid-In · Accumulated · Stockholders’
	Shares	Amount	Capital	Deficit	Equity
Balance as of March 31, 2024	32,464	$32	$77,432	$(65,929)	$11,535
Shares issued for services	10	—	15	—	15
Exercise of warrants	55	—	68	—	68
Issuances under equity incentive plan	32	—	6	—	6
Stock-based compensation	—	—	529	—	529
Net loss	—	—	—	(4,137)	(4,137)
Balance as of June 30, 2024	32,561	$32	$78,050	$(70,066)	$8,016
Shares issued for services	20	—	35	—	35
Exercise of warrants	939	1	844	—	845
At-the-market sales of stock, net	825	1	1,922	—	1,923
Issuances under equity incentive plan	25	—	9	—	9
Stock-based compensation	—	—	1,044	—	1,044
Net loss	—	—	—	(4,956)	(4,956)
Balance as of September 30, 2024	34,370	$34	$81,904	$(75,022)	$6,916
Issuance of common stock in equity offering, net	5,451	6	7,338	—	7,344
Exercise of warrants	723	1	195	—	196
At-the-market sales of stock, net	96	—	191	—	191
Issuances under equity incentive plan	25	—	5	—	5
Stock-based compensation	—	—	414	—	414
Net loss	—	—	—	(4,804)	(4,804)
Balance as of December 31, 2024	40,665	$41	$90,047	$(79,826)	$10,262

Common Stock · Additional Paid-In · Accumulated · Stockholders’
	Shares	Amount	Capital	Deficit	Equity
Balance as of March 31, 2023	10,949	$11	$53,524	$(48,459)	$5,076
Issuance of common stock and warrants in equity offering, net	10,139	10	9,723	—	9,733
Issuances under equity incentive plan	7	—	6	—	6
Stock-based compensation	—	—	478	—	478
Net loss	—	—	—	(3,737)	(3,737)
Balance as of June 30, 2023	21,095	$21	$63,731	$(52,196)	$11,556
Shares issued for services	2	—	1	—	1
Issuances under equity incentive plan	27	—	7	—	7
Stock-based compensation	—	—	557	—	557
Net loss	—	—	—	(4,183)	(4,183)
Balance as of September 30, 2023	21,124	$21	$64,296	$(56,379)	$7,938
Exercise of warrants	148	—	181	—	181
Issuance of common stock under equity incentive plan	27	—	11	—	11
Stock-based compensation	—	—	984	—	984
Net loss	—	—	—	(5,269)	(5,269)
Balance as of December 31, 2023	$21,299	$21	$65,472	$(61,648)	$3,845

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.