MODD on Nasdaq

Modular Medical, Inc.

American surgical and medical instruments and apparatus company. Summary from the record

Price unavailable

Last updated Oct 19, 2026.

Overview

-$28.2MNet income, fiscal 2026²

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TickerMODD on Nasdaq¹
IndustrySurgical & Medical Instruments & Apparatus¹
HeadquartersSan Diego, California¹
Incorporated inNV³
Business address10740 Thornmint Road, San Diego, Ca 92127³
Filer categoryNon-accelerated filer, Smaller reporting company³
Legal formCorporation

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Medisize, our manufacturing partner, performs all manufacturing operations to ensure compliance with FDA regulations.⁴ From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

-217.9%Return on equity²

-$27.7MFree cash flow²

Financial statements

Operating income⁵⁶⁷⁸⁹¹⁰²-$27.6M in 2026+969% since 2019

Net income⁵⁶⁷⁸⁹¹⁰²-$28.2M in 2026+1012% since 2019

Every line of the income statement as filed: the last 2 fiscal years, latest first.²

Period ending	2026-03-31	2025-03-31
Research and development	$20.0M	$14.7M
General and administrative	$7.6M	$4.4M
Total operating expenses	$27.6M	$19.0M
Loss from operations	-$27.6M	-$19.0M
Other income	$155.0K	$226.0K
Change in fair value of warrant liabilities	-$835.0K
Loss before income taxes	-$28.2M	-$18.8M
Provision for income taxes	$2.0K	$2.0K
Net loss	-$28.2M	-$18.8M
Basic (in Dollars per share)	-$12.36	-$15.26
Diluted (in Dollars per share)	-$12.36	-$15.26
Basic (in Shares)	2.3M shares	1.2M shares
Diluted (in Shares)	2.3M shares	1.2M shares

Total assets⁵⁶⁷⁸⁹¹⁰²$14.8M in 2026+123% since 2019

Total liabilities⁵⁶⁷⁸⁹¹⁰²$1.9M in 2026+948% since 2019

Shareholders’ equity⁶⁷⁸⁹¹⁰²$13.0M in 2026+100% since 2019

Cash⁶⁷⁸⁹¹⁰²$6.9M in 2026+6% since 2019

Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.²

Period ending	2026-03-31	2025-03-31	2024-03-31
Cash and cash equivalents	$6.9M	$13.1M
Prepaid expenses and other	$600.0K	$422.0K
TOTAL CURRENT ASSETS	$7.5M	$13.5M
Property and equipment, net	$6.9M	$4.5M
Right of use assets, net	$363.0K	$765.0K
Other Assets, Noncurrent	$61.0K
TOTAL ASSETS	$14.8M	$18.7M
Accounts payable	$992.0K	$338.0K
Accrued expenses	$488.0K	$504.0K
Short-term lease liabilities	$393.0K	$423.0K
TOTAL CURRENT LIABILITIES	$1.9M	$1.3M
Long-term lease liabilities		$393.0K
TOTAL LIABILITIES	$1.9M	$1.7M
Common Stock, $0.001 par value, 250,000 and 100,000 shares authorized as of March 31, 2026 and 2025, respectively; 4,661 and 1,790 shares issued and outstanding as of March 31, 2026 and 2025, respectively	$5.0K	$2.0K
Additional paid-in capital	$125.9M	$101.8M
Accumulated deficit	-$113.0M	-$84.8M
TOTAL STOCKHOLDERS EQUITY	$13.0M	$17.1M	$11.5M
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	$14.8M	$18.7M
Preferred Stock,, par value	$0.00	$0.00
Preferred Stock,, authorized	5.0M shares	5.0M shares
Common Stock, par value	$0.00	$0.00
Common Stock, shares authorized	250.0M shares	100.0M shares
Common Stock, shares issued	4.7M shares	1.8M shares
Common Stock, shares outstanding	4.7M shares	1.8M shares

Period ending	2026-03-31	2025-03-31	2024-03-31
Cash and cash equivalents	$6.9M	$13.1M
Prepaid expenses and other	$600.0K	$422.0K
TOTAL CURRENT ASSETS	$7.5M	$13.5M
Property and equipment, net	$6.9M	$4.5M
Right of use assets, net	$363.0K	$765.0K
Other Assets, Noncurrent	$61.0K
TOTAL ASSETS	$14.8M	$18.7M
Accounts payable	$992.0K	$338.0K
Accrued expenses	$488.0K	$504.0K
Short-term lease liabilities	$393.0K	$423.0K
TOTAL CURRENT LIABILITIES	$1.9M	$1.3M
Long-term lease liabilities		$393.0K
TOTAL LIABILITIES	$1.9M	$1.7M
Common Stock, $0.001 par value, 250,000 and 100,000 shares authorized as of March 31, 2026 and 2025, respectively; 4,661 and 1,790 shares issued and outstanding as of March 31, 2026 and 2025, respectively	$5.0K	$2.0K
Additional paid-in capital	$125.9M	$101.8M
Accumulated deficit	-$113.0M	-$84.8M
TOTAL STOCKHOLDERS EQUITY	$13.0M	$17.1M	$11.5M
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	$14.8M	$18.7M
Preferred Stock,, par value	$0.00	$0.00
Preferred Stock,, authorized	5.0M shares	5.0M shares
Common Stock, par value	$0.00	$0.00
Common Stock, shares authorized	250.0M shares	100.0M shares
Common Stock, shares issued	4.7M shares	1.8M shares
Common Stock, shares outstanding	4.7M shares	1.8M shares

Cash from operations⁵⁶⁷⁸⁹¹⁰²-$23.8M in 2026+1214% since 2019

Capital spending⁵⁶⁷⁸⁹¹⁰²$3.9M in 2026+4998% since 2019

Free cash flow⁵⁶⁷⁸⁹¹⁰²-$27.7M in 2026+1369% since 2019

Every line of the cash flow as filed: the last 2 fiscal years, latest first.²

Period ending	2026-03-31	2025-03-31
Net loss	-$28.2M	-$18.8M
Stock-based compensation expense	$1.8M	$2.4M
Change in fair value of warrant liabilities	$835.0K
Depreciation and amortization	$1.7M	$1.1M
Shares issued for services	$11.0K	$51.0K
Other		$1.0K
Prepaid expenses and other assets	-$238.0K	-$100.0K
Lease right-of-use assets	$402.0K	$370.0K
Accounts payable and accrued expenses	$453.0K	-$288.0K
Lease liabilities	-$423.0K	-$374.0K
Net cash used in operating activities	-$23.8M	-$15.7M
Purchases of property and equipment	-$3.9M	-$2.5M
Net cash used in investing activities	-$3.9M	-$2.5M
Proceeds from issuance of promissory note	$250.0K
Repayment of promissory note	-$250.0K
Proceeds from at-the-market sales of common stock, net	$1.9M	$2.1M
Proceeds from exercise of common stock warrants	$5.0K	$1.3M
Proceeds from offerings of common stock and warrants, net	$15.7M	$7.3M
Proceeds from private placement of common stock and warrants, net		$11.4M
Proceeds from warrant inducement offering, net	$4.0M
Net cash provided by financing activities	$21.5M	$22.1M
Net increase in cash and cash equivalents	-$6.2M	$3.9M
Initial recognition of warrant liabilities	$2.0M
Income taxes	$2.0K	$2.0K
Interest	$30.0K

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Leadership

Who has led Modular Medical, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

Chief operating officer

Kevin Schmid2022–now

20202025

Chief executive officerJames E. Besser Oct 4, 2023 to now¹⁴
Chief executive officerEllen O'Connor Vos Aug 16, 2021 to Nov 1, 2021¹⁵
Chief operating officerKevin Schmid Aug 5, 2022 to now¹⁶

Board members and other officers (12)

Chief Commercial OfficerStephen Edward Daly Mar 30, 2020 to Mar 30, 2020¹⁷
OfficerPaul Diperna Aug 8, 2017 to now¹⁸
Board memberDuane M. Desisto Jul 13, 2023 to now¹⁹
Board memberEllen O'Connor Vos May 20, 2021 to now²⁰
Board memberPhilip Brent Sheibley Nov 30, 2021 to now²¹
Board memberSteven G. Felsher Dec 13, 2021 to now²²
Board memberCarmen L. Diersen Jan 27, 2020 to now²³
Board memberWilliam J. Febbo Jan 27, 2020 to Jul 5, 2023²⁴
Board memberLiam Burns Feb 12, 2020 to Jan 3, 2022²⁵
Board memberJames E. Besser May 5, 2017 to May 5, 2017²⁶
Board memberMorgan C. Frank May 5, 2017 to now²⁶
Board memberPaul Diperna Aug 8, 2017 to now¹⁸

Named in SEC Form D filings

People the company listed in its private-offering notices.

DirectorCarmen C. Volkart named Apr 7, 2025²⁷

Former names

BEAR LAKE RECREATION INCMar 8, 2002 to May 25, 2017³

Timeline

Oct 4, 2023New chief executive James E. Besser becomes CEO¹⁴
Aug 16, 2021New chief executive Ellen O'Connor Vos becomes CEO¹⁵

Filings

381 filings to the SEC since October 2021: 5 annual reports, 17 quarterly reports, 43 major events, 186 insider forms, 32 large holders, 1 private raises, 97 other. The latest 20:

Oct 1, 20264 EDGAR
Oct 1, 20264 EDGAR
Oct 1, 20264 EDGAR
Oct 1, 20264 EDGAR
Oct 1, 20264 EDGAR
Oct 1, 20264 EDGAR
Oct 1, 2026ARS EDGAR
Oct 1, 2026DEF 14A PROXY STATEMENT EDGAR
Oct 1, 20264 EDGAR
Sep 29, 20268-K CURRENT REPORT EDGAR
Sep 3, 20268-K CURRENT REPORT EDGAR
Aug 18, 2026EFFECT EDGAR
Aug 14, 2026SCHEDULE 13G/A EDGAR
Aug 14, 202610-Q QUARTERLY REPORT EDGAR
Aug 13, 2026SCHEDULE 13G EDGAR
Aug 7, 2026SCHEDULE 13G EDGAR
Aug 5, 2026S-3 REGISTRATION STATEMENT EDGAR
Jul 2, 20264 EDGAR
Jul 2, 20264 EDGAR
Jul 2, 20264 EDGAR

The 381 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

18 open-market trades by officers, directors and large owners since October 2021: 18 buys and 0 sales. Grants, option exercises and gifts are left out.

Date	Who	Trade	Shares	Price	Value	Filing
Mar 20, 2025	MANCHESTER MANAGEMENT PR, LLC	Buy	677,082	$1.92	$1.3M	Form 4
Dec 3, 2024	MANCHESTER MANAGEMENT PR, LLC	Buy	21,000	$1.68	$35.3K	Form 4
Nov 27, 2024	JEB Partners, L.P.	Buy	100,000	$1.69	$169.0K	Form 4
Nov 21, 2024	MANCHESTER MANAGEMENT CO LLCChief Executive Officer	Buy	166,666	$1.50	$250.0K	Form 4
Aug 19, 2024	Sheibley Philip BrentDirector	Buy	15,000	$1.69	$25.4K	Form 4
Feb 16, 2024	MANCHESTER MANAGEMENT PR, LLC	Buy	900,000	$1.10	$990.0K	Form 4
Feb 16, 2024	Manchester Explorer, L.P.	Buy	900,000	$1.10	$990.0K	Form 4
Nov 1, 2023	Sheibley Philip BrentDirector	Buy	10,000	$1.29	$12.9K	Form 4
Oct 16, 2023	JEB Partners, L.P.	Buy	33,000	$1.08	$35.5K	Form 4
Sep 12, 2023	Sheibley Philip BrentDirector	Buy	10,000	$1.15	$11.5K	Form 4
Aug 31, 2023	FRANK MORGAN C.Director	Buy	103,459	$1.08	$111.7K	Form 4
Aug 30, 2023	FRANK MORGAN C.Director	Buy	42,490	$1.04	$44.2K	Form 4
May 18, 2023	FELSHER STEVEN GDirector	Buy	117,300			Form 4
Jul 26, 2022	Sheibley Philip BrentDirector	Buy	2,000	$4.12	$8.2K	Form 4
Mar 15, 2022	DiPerna PaulSee Remarks	Buy	10,000	$4.00	$40.0K	Form 4
Feb 10, 2022	Manchester Explorer, L.P.	Buy	300,000	$6.00	$1.8M	Form 4
Oct 28, 2021	DiPerna PaulSee Remarks	Buy	37,037	$2.70	$100.0K	Form 4
Oct 28, 2021	Vos Ellen O'ConnorDirector	Buy	55,555	$2.70	$150.0K	Form 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Solas Capital Management, LLCSCHEDULE 13G/A, 6 filings Nov 14, 2024 to Aug 14, 2026²⁸
Bleichroeder LPSCHEDULE 13G, 1 filing Aug 13, 2026²⁹
Pathfinder Asset Management LtdSCHEDULE 13G, 2 filings Mar 23, 2026 to Aug 7, 2026³⁰
683 Capital Management, LLCSCHEDULE 13G/A, 5 filings Mar 1, 2024 to May 15, 2026³¹
BARD ASSOCIATES INCSCHEDULE 13G/A, 2 filings Jul 2, 2025 to May 13, 2026³²
AWM Investment Company, Inc.SCHEDULE 13G, 1 filing May 4, 2026³³
Alyeska Investment Group, L.P.SCHEDULE 13G/A, 2 filings May 15, 2025 to Aug 14, 2025³⁴
MANCHESTER MANAGEMENT CO LLCSCHEDULE 13D/A, 8 filings Feb 14, 2022 to Apr 7, 2025³⁵
Sio Capital Management, LLCSCHEDULE 13G/A, 3 filings Feb 13, 2023 to Feb 10, 2025³⁶
Walleye Capital LLCSC 13G/A, 2 filings Feb 15, 2023 to Feb 14, 2024³⁷

Money raised

Private offerings the company reported to the SEC on Form D.

Mar 20, 2025Raised $12 million in a private offering of equity Form D: $20 million offered in all Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

Fund	Shares	Value	Share of the fund	Change
AWM Investment Company, Inc.	441,095	$2.0M	0.2%	+74,429
Solas Capital Management, LLC	438,095	$2.0M	1.1%	+150,000
Bleichroeder LP	336,986	$1.5M	0.3%	+150,000
683 Capital Management, LLC	130,000	$585.0K	0.1%	+4,999
Vanguard Capital Management LLC	103,182	$464.3K	0.0%	+47,265
Bard Associates Inc	101,744	$457.8K	0.1%	+2,254
Northern Trust Corp	62,331	$280.5K	0.0%	New
Geode Capital Management, LLC	52,645	$236.9K	0.0%	+25,158
Sio Capital Management, LLC	26,190	$117.9K	0.0%	No change
HighTower Advisors, LLC	19,825	$89.2K	0.0%	New
Vanguard Fiduciary Trust Co	19,269	$86.7K	0.0%	+10,659
Morgan Stanley	9,764	$43.9K	0.0%	+7,899
UBS Group AG	4,696	$21.1K	0.0%	+4,073
BlackRock, Inc.	2,467	$11.1K	0.0%	−6,916
Northwestern Mutual Wealth Management Co	717	$3.2K	0.0%	+17
Vanguard Global Advisers, LLC	500	$2.2K	0.0%	No change
Royal Bank Of Canada	367	$2.0K	0.0%	New
Barclays PLC	353	$1.6K	0.0%	New
Osaic Holdings, Inc.	266	$1.2K	0.0%	No change
NFSG Corp	150	$675	0.0%	No change

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARModular Medical, Inc. filings on SEC EDGAR
2
SEC EDGARModular Medical, Inc. 10-K for fiscal 2026
3
SEC EDGARModular Medical, Inc. filings on SEC EDGAR
4
SEC EDGARModular Medical, Inc. annual report, Item 1 (Business)
5
SEC EDGARModular Medical, Inc. 10-K for fiscal 2019
6
SEC EDGARModular Medical, Inc. 10-K for fiscal 2020
7
SEC EDGARModular Medical, Inc. 10-K for fiscal 2021
8
SEC EDGARModular Medical, Inc. 10-K for fiscal 2022
9
SEC EDGARModular Medical, Inc. 10-K for fiscal 2023
10
SEC EDGARModular Medical, Inc. 10-K for fiscal 2024
11
SEC EDGARModular Medical, Inc. 10-Q for fiscal 2025
12
SEC EDGARModular Medical, Inc. 10-Q for fiscal 2025
13
SEC EDGARModular Medical, Inc. 10-Q for fiscal 2026
14
SEC EDGARJames E. Besser, Chief executive officer
15
SEC EDGAREllen O'Connor Vos, Chief executive officer
16
SEC EDGARKevin Schmid, Chief operating officer
17
SEC EDGARStephen Edward Daly, Chief Commercial Officer
18
SEC EDGARPaul Diperna, Officer
19
SEC EDGARDuane M. Desisto, Board member
20
SEC EDGAREllen O'Connor Vos, Board member
21
SEC EDGARPhilip Brent Sheibley, Board member
22
SEC EDGARSteven G. Felsher, Board member
23
SEC EDGARCarmen L. Diersen, Board member
24
SEC EDGARWilliam J. Febbo, Board member
25
SEC EDGARLiam Burns, Board member
26
SEC EDGARJames E. Besser, Board member
27
SEC EDGARModular Medical, Inc. Form D naming Carmen C. Volkart
28
SEC EDGARSolas Capital Management, LLC SCHEDULE 13G/A on Modular Medical, Inc.
29
SEC EDGARBleichroeder LP SCHEDULE 13G on Modular Medical, Inc.
30
SEC EDGARPathfinder Asset Management Ltd SCHEDULE 13G on Modular Medical, Inc.
31
SEC EDGAR683 Capital Management, LLC SCHEDULE 13G/A on Modular Medical, Inc.
32
SEC EDGARBARD ASSOCIATES INC SCHEDULE 13G/A on Modular Medical, Inc.
33
SEC EDGARAWM Investment Company, Inc. SCHEDULE 13G on Modular Medical, Inc.
34
SEC EDGARAlyeska Investment Group, L.P. SCHEDULE 13G/A on Modular Medical, Inc.
35
SEC EDGARMANCHESTER MANAGEMENT CO LLC SCHEDULE 13D/A on Modular Medical, Inc.
36
SEC EDGARSio Capital Management, LLC SCHEDULE 13G/A on Modular Medical, Inc.
37
SEC EDGARWalleye Capital LLC SC 13G/A on Modular Medical, Inc.