Modular Medical (MODD) Registration filing summary

Company overview and business model

• Pre-revenue medical device company focused on innovative insulin pumps to increase adoption in the diabetes market.

• Developed a two-part patch pump to simplify user experience and expand the market beyond highly motivated users.

• MODD1 pump received FDA clearance in September 2024; Pivot, a next-generation tubeless patch pump, received FDA approval in April 2026.

• Targeting both type 1 and rapidly growing type 2 diabetes markets, with plans for commercialization and international regulatory clearance.

• Manufacturing partnership with Phillips Medisize enables scalable, cost-effective production.

Financial performance and metrics

• Net loss of $21.9 million for the nine months ended December 31, 2025, and $18.8 million for the year ended March 31, 2025.

• Accumulated deficit of $106.6 million as of December 31, 2025.

• Significant negative cash flows and ongoing need for additional capital to support operations.

• Recent offerings: $3.375 million raised in April 2026, $12 million in March 2026, $4.7 million in December 2025, and $4.4 million from a September 2025 warrant inducement.

• Workforce reduction of 29% in March 2026 expected to save $3.4 million annually.

Use of proceeds and capital allocation

• Net proceeds intended for working capital and general corporate purposes, including capital expenditures.

• Management retains broad discretion over allocation and timing of expenditures.