Modular Medical Inc.
MODD evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for MODD—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · MODD
Modular Medical Inc. (MODD) is a development-stage medical device company focused on obtaining FDA clearance and commercializing its Pivot insulin pump, with no current product revenue and a going concern warning due to recurring operating losses.
Key risk: Going concern uncertainty
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate for Modular Medical Inc..
Modular Medical Inc. (MODD) is a development-stage medical device company focused on obtaining FDA clearance and commercializing its Pivot insulin pump, with no current product revenue and a going concern warning due to recurring operating losses.
- Modular Medical is pre-revenue and has incurred net losses of approximately $6.5 million for the three months ended June 30, 2026 and $28.2 million for the fiscal year ended March 31, 2026 [sec_mda · as of 2026-08-14].
- As of June 30, 2026, the company had a cash balance of $3.9 million and an accumulated deficit of approximately $75 million [sec_mda · as of 2026-08-14].
- The company's ability to continue as a going concern for at least one year from the issuance of its financial statements is in substantial doubt, dependent on raising additional capital [sec_mda · as of 2026-06-29].
- Modular Medical plans to commercialize its Pivot insulin pump upon receiving FDA clearance, which it previously believed might occur by March 31, 2026 or shortly thereafter [sec_mda · as of 2026-02-17].
- Subsequent to June 30, 2026, the company raised approximately $5.1 million through its at-the-market offering program [sec_mda · as of 2026-08-14].
What works
- The company has a clear product candidate (Pivot insulin pump) that it intends to commercialize, with plans to expand sales and marketing and improve manufacturability [sec_mda · as of 2026-08-14].
- Modular Medical has demonstrated an ability to raise capital through equity offerings, including a $3.375 million registered direct offering in April 2026 and subsequent ATM sales [sec_mda · as of 2026-08-14].
- The company is actively working to obtain regulatory clearance in foreign jurisdictions and develop new pump products, indicating a strategic growth plan beyond the initial U.S. launch [sec_mda · as of 2026-08-14].
What to weigh
- The company has no current revenues and expects to continue incurring operating losses and negative cash flows for the foreseeable future [sec_mda · as of 2026-08-14].
- There is substantial doubt about Modular Medical's ability to continue as a going concern for at least one year, as stated in its SEC filings [sec_mda · as of 2026-06-29].
- The company's future capital requirements depend on factors such as successful commercialization, competing market developments, and the need for collaborations, all of which are uncertain [sec_mda · as of 2026-08-14].
- If additional capital is not secured timely, the company may need to curtail R&D, reduce headcount, or take other cost-cutting measures [sec_mda · as of 2026-08-14].
From the filings
Quoted directly from source documents.
Substantial doubt about going concern
“When considered with our current operating plan, these conditions raise substantial doubt about our ability to continue as a going concern for a period of at least one year from the date that the financial statements included in Item 8 of this Report are issued.”
SEC MD&A · June 29, 2026
Net loss for three months ended June 30, 2026
“For the three months ended June 30, 2026 and year ended March 31, 2026, we incurred net losses of approximately $6.5 million and $28.2 million, respectively.”
SEC MD&A · August 14, 2026
Cash balance and accumulated deficit as of June 30, 2026
“At June 30, 2026, we had a cash balance of $3.9 million and an accumulated deficit of ap”
SEC MD&A · August 14, 2026
Post-June 30, 2026 ATM proceeds
“Subsequent to June 30, 2026, we received proceeds of approximately $5.1 million from sales under our at-the-market offering program.”
SEC MD&A · August 14, 2026
Risks & what to watch (4)›
Key risks
- Going concern uncertainty — Substantial doubt exists about the company's ability to continue as a going concern for at least one year [sec_mda · as of 2026-06-29].
- No revenue and recurring losses — The company has no current revenues and expects to continue incurring operating losses and negative cash flows [sec_mda · as of 2026-08-14].
- Dependence on FDA clearance — Commercialization of the Pivot pump is contingent on receiving FDA clearance, which has not yet been obtained [sec_mda · as of 2026-02-17].
- Need for additional capital — Future operations depend on raising additional capital through equity or debt sales; failure to do so may force cost reductions [sec_mda · as of 2026-08-14].
What to watch
- FDA clearance decision for the Pivot insulin pump, which was previously expected by March 31, 2026 or shortly thereafter [sec_mda · as of 2026-02-17].
- Ability to raise additional capital to fund operations and commercialization, given the going concern warning [sec_mda · as of 2026-08-14].
- Progress in expanding commercial activities and entering foreign markets [sec_mda · as of 2026-08-14].
- Cash burn rate and any updates on operating cash flows in future filings [sec_mda · as of 2026-08-14].
Sources: SEC filings · SEC MD&A · Generated August 27, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
2.1 months
D/E 0.14 · 0% dilution
Lead: Approved
1 candidate
No upcoming catalysts tracked
No insider transactions in the last 180 days
Runway
Pipeline
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
15
Total value held
$2.3M
| Holder | Shares | Value |
|---|---|---|
| 683 capital management, llc | 125,001 | $660K |
| vanguard capital management llc | 111,834 | $590K |
| bard associates inc | 99,490 | $525K |
| heights capital management, inc | 50,000 | $264K |
| geode capital management, llc | 27,487 | $145K |
| blackrock, inc. | 9,383 | $50K |
| vanguard fiduciary trust co | 8,610 | $45K |
| morgan stanley | 1,865 | $10K |
| northwestern mutual wealth management co | 700 | $4K |
| ubs group ag | 623 | $3K |
Showing top 10 of 15 institutional holders of Modular Medical Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 12, 2026- % of float
- 1.9%
- Days to cover
- 1.3
- Shares short
- 102,667
- Daily short volume (May 1, 2026)
- 81.9%
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
MODD short interestGovernance
Frequently asked questions
What is the AI investment thesis for Modular Medical Inc.?
Modular Medical Inc. (MODD) is a development-stage medical device company focused on obtaining FDA clearance and commercializing its Pivot insulin pump, with no current product revenue and a going concern warning due to recurring operating losses.
What is Modular Medical Inc.'s lead drug candidate?
Modular Medical Inc.'s most advanced tracked candidate is pivot (Approved) for Type 1 and Type 2 diabetes.
Who is the CEO of Modular Medical Inc.?
Mr. James E. Besser is the chief executive officer of Modular Medical Inc. (MODD).
Where is Modular Medical Inc. headquartered?
Modular Medical Inc. (MODD) is headquartered in San Diego, CA, United States.
What therapeutic areas does Modular Medical Inc. focus on?
Modular Medical Inc. develops therapies across Metabolic.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.