Modular Medical (MODD) Q3 2025 earnings summary

Executive summary

• Received FDA clearance in September 2024 to market and sell the MODD1 insulin pump in the US; commercialization and initial shipments targeted for the first half of fiscal 2026.

• Remains a pre-revenue medical device company focused on expanding insulin pump adoption, especially in the type 2 diabetes market.

• Substantial doubt exists about the ability to continue as a going concern without additional capital; ongoing efforts to raise funds through equity and debt.

Financial highlights

• Net loss for the three months ended December 31, 2024 was $4.8 million, compared to $5.3 million for the same quarter last year.

• Net loss for the nine months ended December 31, 2024 was $13.9 million, compared to $13.2 million for the same period last year.

• Cash and cash equivalents were $7.0 million as of December 31, 2024, down from $9.2 million at March 31, 2024.

• Accumulated deficit reached approximately $80 million as of December 31, 2024.

• Operating expenses for the quarter were $4.9 million, down from $5.3 million year-over-year.

Outlook and guidance

• Expects operating losses and negative cash flows to continue as investments in product development and commercialization increase.

• Research and development and general and administrative expenses are projected to rise in support of MODD1 commercialization.

• Plans to commence initial shipments of MODD1 in the first half of fiscal 2026 and pursue regulatory clearance in foreign markets.