Modular Medical, Inc.

What they do

Modular Medical designs insulin pumps intended to be simpler and cheaper than existing pumps to expand adoption beyond highly motivated "super users." It developed the MODD1, cleared by the FDA in September 2024, which it does not intend to commercialize, and the next-generation Pivot, a tubeless patch pump cleared in April 2026. The company reported no revenue in any year presented and has funded operations through equity and convertible note financings.

Revenue drivers

• Pivot insulin delivery system — The only product the company intends to commercialize; commercial availability was announced in June 2026 and initial shipments began then. As of the latest balance sheet and quarterly data, reported revenue remains $0.00, so no revenue contribution is yet reflected in the financials.
• MODD1 insulin pump — Cleared by the FDA in September 2024 and first used in a human in August 2025, but the company states it does not intend to commercialize MODD1, so it is not a revenue source.
• International (CE mark) sales — Management intends to obtain CE mark clearance for Pivot to sell in Europe and certain other international markets, targeting the second quarter of 2027. No international revenue has been reported.
• Future pump products — The company states it is working to develop new pump products in addition to expanding Pivot; these are development-stage and generate no reported revenue.

Recent performance

The company reported no revenue, with annual revenue of $0.00 across all years shown in the data. Net losses were approximately $28.2 million for fiscal 2026 and $18.8 million for fiscal 2025, with an accumulated deficit of approximately $113.0 million as of March 31, 2026. Operating cash flow was negative $23.8 million in fiscal 2026 versus negative $15.7 million in fiscal 2025. At June 30, 2026, total assets were $12.3 million, total liabilities $1.5 million, shareholder equity $10.8 million and cash and equivalents $3.9 million. In April 2026 the company completed a registered direct offering of 750,000 shares for gross proceeds of approximately $3.375 million.

Strategy

Management is focused on commercializing Pivot, stating it is actively working to expand commercial activities across metropolitan markets by late 2026. It also intends to obtain CE mark clearance for Pivot by the second quarter of 2027, improve manufacturability and usability of Pivot, and develop new pump products. The company converted its cartridge manufacturing line to Pivot production and says Pivot is expected to offer cost, usability and manufacturability improvements, with marketing focused on low cost, ease of use and learnability. Because it has no revenues to cover operating expenses, funding depends on raising additional equity or debt, and management states there is substantial doubt about the ability to continue as a going concern for at least one year from June 29, 2026. In April 2026 it raised approximately $3.375 million gross through a registered direct offering.

Risks

• Going concern — Management states there is substantial doubt about the company's ability to continue as a going concern for at least one year from June 29, 2026, and its auditor expressed the same doubt for fiscal 2026.
• No revenue and continuing losses — The company reported $0.00 revenue and net losses of approximately $28.2 million in fiscal 2026, with an accumulated deficit of approximately $113.0 million as of March 31, 2026.
• Need for substantial additional capital — The company states it will need substantial additional funding, which may not be available and, if available, is likely to substantially dilute existing stockholders.
• Early commercial execution — Pivot received FDA clearance on April 9, 2026 and initial shipments began only in June 2026, so the company has limited commercial history on which to evaluate performance and faces risks in expanding across metropolitan markets.

Outlook

Management intends to expand Pivot commercial activities across metropolitan markets by late 2026 and expects CE mark clearance by the second quarter of 2027 to sell in Europe and certain other markets. It also plans to improve Pivot manufacturability and usability and to develop new pump products. The company cautions that its ability to continue depends on raising additional capital and that, absent it, it would need to curtail research and development and reduce costs.