Monitor upcoming cash burn rate and next funding round announcement, as the company will need additional capital within four months to avoid liquidity crisis. The significant discount to market price suggests weak investor demand despite recent FDA approval.
Price Chart
Executive Summary
Modular Medical is raising $3.375 million through a public offering of 750,000 shares at $4.50 per share, despite having a pre-offering market cap of $26 million and facing substantial doubt about its ability to continue as a going concern. The company has only $2.9 million in cash and will need additional capital within four months to commercialize its FDA-cleared Pivot insulin pump.
Key Facts
- Offering 750,000 shares at $4.50 per share for gross proceeds of $3.375 million
- Net proceeds estimated at $2.9 million after fees and expenses
- Company had $2.9 million in cash as of December 31, 2025, and will have approximately $8.5 million after this offering
- Funds will last only about four months, requiring additional capital to commercialize the Pivot product
- Company has accumulated deficit of $106.6 million and has never generated revenue
- Last reported stock price was $5.86 on April 17, 2026, representing a 30% discount to the offering price
- Company received FDA clearance for its Pivot product on April 9, 2026, and plans to launch in Q2 2026
Financial Impact
Raises $3.375 million gross ($2.9 million net) through equity dilution at a 30% discount to market price
Risk Factors
- Insufficient capital runway (only 4 months post-offering)
- Continuing losses and lack of revenue generation
- Potential for further dilutive offerings
- Execution risk in commercializing the Pivot product
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001213900-26-045982 |
| Document: 0001213900-26-045982-index-headers.html | 0001213900-26-045982 |
| Document: 0001213900-26-045982-index.html | 0001213900-26-045982 |
| Document: 0001213900-26-045982.txt | 0001213900-26-045982 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 1, 2026 26d ago | DEF 14A | $2.08 | awaiting T+60 | — | $1.61 (+22.82%) |
Aug 19, 2026 9w ago | EFFECT | $3.32 | awaiting T+60 | — | $1.61 (+51.65%) |
Aug 5, 2026 11w ago | S-3 | $2.03 | awaiting T+60 | — | $1.61 (+20.92%) |
Apr 23, 2026 26w ago | S-3 | $4.65 $2.64 | ▲ +43.16% | ▲ +48.18% | $1.61 (+65.44%) |
Apr 21, 2026 26w ago | 8-K | $5.00 $3.24 | ▲ +35.20% | ▲ +42.10% | $1.61 (+67.89%) |
Apr 21, 2026 26w ago | 424B5 | $5.00 $3.24 | ▲ +35.20% | ▲ +42.10% | $1.61 (+67.89%) |
Apr 16, 2026 27w ago | 8-K | $4.82 $3.99 | ▼ −17.22% | ▼ −24.27% | $1.61 (−66.70%) |
Mar 4, 2026 33w ago | 424B4 | $5.70 $5.14 | ▲ +9.82% | ▲ +19.91% | $1.61 (+71.84%) |
Mar 4, 2026 33w ago | EFFECT | $5.70 $5.14 | ▼ −9.82% | ▼ −19.91% | $1.61 (−71.84%) |
Feb 27, 2026 34w ago | S-1 | $7.41 $4.90 | ▲ +33.87% | ▲ +43.26% | $1.61 (+78.34%) |
US Market Status
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