0001213900-26-017262
SEC filingModular Medical, Inc. (MODD) reported a net loss of $7.4M for Q3 2026 ending December 31, 2025, driven by total operating expenses of $7.2M, including $5.4M in research and development and $1.8M in selling, general, and administrative costs. No revenue was disclosed. Loss from operations was $7.2M, partially offset by a $129K positive change in fair value of warrant liabilities and $13K other income, resulting in a loss before taxes of $7.4M after a $2K tax provision. Balance sheet shows total assets of $10.3M, with cash at $2.9M and property/equipment at $6.3M. Total liabilities stood at $4.4M, including $2.2M current liabilities, yielding stockholders' equity of $5.9M. Cash flow reflected heavy operating burn of $17.9M, investing outflows of $2.9M for equipment, offset by $10.7M financing inflows from stock offerings, leading to a $10.2M net cash decrease. Ending cash was $2.9M from $13.1M start. The company raised funds via at-the-market sales ($1.9M), public offerings ($7.3M + $4.8M), and warrant inducement ($4.0M), signaling ongoing capital needs amid pre-revenue development stage. Liquidity remains tight with low cash runway.
Modular Medical, Inc. reported a net loss of $7.4M for the quarter ended December 31, 2025, compared to no prior quarter figures disclosed in the filing. Operating expenses totaled $7.2M, comprising $5.4M in research and development and $1.8M in selling, general, and administrative expenses, resulting in a loss from operations of $7.2M. This was slightly widened by a $2K income tax provision, with offsets from a $129K favorable change in fair value of warrant liabilities and $13K other income. No revenue was reported, consistent with a development-stage medical device company. Shares outstanding increased to 77,703 from 53,706 at March 31, 2025, reflecting equity issuances. Basic and diluted EPS were both -$0, with 65.9M shares used in computation. Accumulated deficit reached -$106.6M. Total assets stood at $10.3M, down amid cash burn, with stockholders' equity at $5.9M supported by $112.4M additional paid-in capital.
No revenue figures are disclosed in the XBRL data or document content for the quarter ended December 31, 2025. The company appears to be in a pre-commercialization phase, with expenses heavily weighted toward research and development ($5.4M), indicating focus on product development rather than sales. No segment breakdowns, geographic revenue mix, or growth drivers are provided in the filing.
No gross profit or revenue data is available, precluding gross margin calculation. Operating loss of $7.2M on zero revenue reflects 100% operating expense absorption. Key cost drivers include R&D at $5.4M (75% of opex) and SG&A at $1.8M (25%). Non-operating items improved profitability slightly with $129K warrant liability gain. Stock-based compensation of $2.1M in cash flow adjustments highlights equity-driven expense structure. No prior period margins for comparison.
Net cash used in operating activities was $17.9M, adjusted from $7.4M net loss by $2.1M stock compensation, $1.2M depreciation, $129K warrant change, and working capital shifts including $593K accounts payable increase. Investing activities used $2.9M for property and equipment. Financing provided $10.7M, including $7.3M public stock offering, $4.8M stock/warrants offering, $4.0M warrant inducement, and $1.9M at-the-market sales. Net cash decrease was $10.2M, with ending cash at $2.9M (from $13.1M). Balance sheet shows $3.5M current assets, $6.3M PP&E; $2.2M current liabilities, warrant liabilities -$2.2M (asset-like), total liabilities $4.4M. Current ratio approximately 1.6x.
No management guidance, strategic priorities, or risk factors are explicitly disclosed in the provided document content or XBRL data. Commitments and contingencies noted in Note 8, but details unavailable. Ongoing financing activities suggest continued capital raises to fund operations and development.