Modular Medical (MODD) Registration filing summary

Company overview and business model

• Focuses on developing and commercializing innovative, simplified insulin patch pumps for diabetes care, targeting both type 1 and type 2 diabetes markets.

• Aims to expand insulin pump adoption by reducing cost and complexity, making pumps accessible to a broader patient base.

• MODD1 received FDA clearance in September 2024; Pivot, a next-generation tubeless patch pump, is pending FDA approval with commercial launch expected by March 31, 2026.

• Manufacturing is outsourced to Phillips Medisize, enabling scalable, cost-effective production.

Financial performance and metrics

• Pre-revenue company with no current product sales; relies on external financing.

• Net losses 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.

• Cash and cash equivalents of $2.9 million as of December 31, 2025; recent offerings raised additional capital but liquidity remains a concern.

Use of proceeds and capital allocation

• Estimated net proceeds of $10.9 million (if fully subscribed) to be used for repayment of CEO loan, working capital, FDA approval and commercialization of Pivot, R&D, and manufacturing scale-up.

• No minimum offering amount; proceeds may be significantly less if not all securities are sold.

• Additional proceeds possible from warrant exercises.