Monitor the pace and pricing of the ATM offering; rapid sales at low prices would signal desperation and accelerate dilution. The company's ability to commercialize its Pivot product by Q3 2026 is critical for its survival.
Price Chart
Executive Summary
Modular Medical (MODD) filed an S-3 shelf registration to raise up to $150 million, primarily through an $100 million at-the-market (ATM) offering with Maxim Group. This follows a pattern of frequent capital raises to fund operations, with the company reporting a $2.9 million cash balance in December 2025 and burning cash rapidly. The offering signals ongoing financial pressure and high dilution risk for existing shareholders.
Key Financial Metrics
Key Facts
- S-3 shelf registration allows Modular Medical to raise up to $150 million in various securities, with $100 million specifically allocated for an at-the-market (ATM) offering of common stock.
- The company has burned $10.2 million in cash over the nine months ending December 31, 2025, with only $2.9 million in cash remaining as of that date.
- The company has a history of frequent capital raises, including a $3.4 million April 2026 registered direct offering and a $12 million March 2026 offering, indicating a persistent need for funding.
- The company's 10-Q states it does not have revenues to cover operating expenses and raises substantial doubt about its ability to continue as a going concern.
- The ATM offering structure allows for continuous sales, creating ongoing dilution pressure on existing shareholders.
Financial Impact
Up to $150 million in potential dilution, with $100 million specifically for common stock issuance via ATM offering. This represents a 417% increase over the current $24 million market cap.
Risk Factors
- Substantial dilution to existing shareholders from the ATM offering.
- The company may not be able to raise sufficient capital, leading to a liquidity crisis.
- Failure to successfully commercialize the Pivot product would jeopardize the company's future.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-3 Filing (Primary) | 0001213900-26-046882 |
| Document: ea028719601ex10-1.htm | 0001213900-26-046882 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 1, 2026 25d 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 26w ago | 8-K | $5.00 $3.24 | ▲ +35.20% | ▲ +42.10% | $1.65 (+67.00%) |
Apr 21, 2026 26w 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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