Fri, Jun 21, 9:19 PM (78 days ago)
Modular Medical, Inc., a pre-revenue medical device company, focuses on developing innovative insulin pumps to enhance adoption in the diabetes market. For the fiscal year ended March 31, 2024, the company reported a net loss of $17.5 million, an increase from $13.9 million in the previous year, reflecting ongoing research and development expenses. Cash and cash equivalents stood at $9.2 million, with an accumulated deficit of $65.9 million. The company completed two public offerings in 2023 and 2024, raising approximately $20 million in net proceeds. Despite these efforts, substantial doubt exists about its ability to continue as a going concern without additional capital. Key financial metrics: - Revenue: $0 (pre-revenue stage) - Net loss: $17.5 million (FY 2024) - Operating expenses: Increased due to R&D activities - Cash and cash equivalents: $9.2 million - Accumulated deficit: $65.9 million Strategically, the company aims to address market shortcomings by simplifying insulin pump usage, targeting both type 1 and type 2 diabetes markets. The MODD1 pump, awaiting FDA clearance, is designed to be affordable and user-friendly. Future outlook depends on securing additional financing and achieving regulatory milestones.