Monitor FDA approval timeline for Pivot insulin pump and subsequent capital raises, as current cash may not be sufficient to reach commercialization
Executive Summary
Modular Medical (MODD) has priced a $12M best-efforts offering of 68.1M shares and warrants at $0.1762 per share, representing a 12% discount to the prior closing price. The proceeds will be used to repay a $250K CEO loan and fund operations through FDA approval of its Pivot insulin pump, but the company faces a going concern risk with only $2.9M in cash and a history of significant losses.
Key Facts
- Offering of 68,098,000 shares and warrants priced at $0.1762 per share, raising $11.15M in gross proceeds before expenses
- Offering price represents a 12% discount to the prior closing price of $0.1570
- Dilution of 87% based on 77.7M shares outstanding pre-offering and 145.8M shares post-offering
- Proceeds to be used to repay $250K CEO loan and fund operations through FDA approval of Pivot insulin pump
- Company has $2.9M in cash and faces going concern risk with no revenue and $21.9M net loss in 9 months
- No minimum offering requirement, increasing risk that insufficient capital will be raised
Financial Impact
Raises $11.15M in gross proceeds, increases share count by 87% from 77.7M to 145.8M, diluting existing shareholders
Risk Factors
- Going concern risk due to limited cash and history of losses
- Significant dilution from offering
- No minimum offering requirement increases funding risk
- FDA approval timeline uncertainty
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B4 Filing (Primary) | 0001213900-26-023516 |
| Document: 0001213900-26-023516-index-headers.html | 0001213900-26-023516 |
| Document: 0001213900-26-023516-index.html | 0001213900-26-023516 |
| Document: 0001213900-26-023516.txt | 0001213900-26-023516 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 1, 2026 26d ago | DEF 14A | $2.08 | awaiting T+60 | — | $1.65 (+20.67%) |
Aug 19, 2026 9w ago | EFFECT | $3.32 | awaiting T+60 | — | $1.65 (+50.30%) |
Aug 5, 2026 11w ago | S-3 | $2.03 | awaiting T+60 | — | $1.65 (+18.72%) |
Apr 23, 2026 26w ago | S-3 | $4.65 $2.64 | ▲ +43.16% | ▲ +48.18% | $1.65 (+64.48%) |
Apr 21, 2026 27w ago | 8-K | $5.00 $3.24 | ▲ +35.20% | ▲ +42.10% | $1.65 (+67.00%) |
Apr 21, 2026 27w ago | 424B5 | $5.00 $3.24 | ▲ +35.20% | ▲ +42.10% | $1.65 (+67.00%) |
Apr 16, 2026 27w ago | 8-K | $4.82 $3.99 | ▼ −17.22% | ▼ −24.27% | $1.65 (−65.77%) |
Mar 4, 2026 33w ago | 424B4 | $5.70 $5.14 | ▲ +9.82% | ▲ +19.91% | $1.65 (+71.05%) |
Mar 4, 2026 33w ago | EFFECT | $5.70 $5.14 | ▼ −9.82% | ▼ −19.91% | $1.65 (−71.05%) |
Feb 27, 2026 34w ago | S-1 | $7.41 $4.90 | ▲ +33.87% | ▲ +43.26% | $1.65 (+77.73%) |
US Market Status
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