Modular Medical, Inc.
MODD · Surgical & Medical Instruments & Apparatus · 77.7M shares · +81%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$3M (gross $188K, SBC $3M)
Reference price $1.92 · est. market cap ~$149M — last insider purchase, 2025-03-20 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D42Pre-revenue insulin-pump maker with FDA clearance but going-concern doubt and under a year of cash runway.
Strengths
- Recently FDA-cleared MODD1 with a differentiated low-cost reusable patch-pump and a large TAM
- Strong current/quick ratio (~10.7x, 92nd pct) from a recent ~$12.5M placement
Risks
- Going-concern doubt with only ~2.9 quarters of cash runway and ~$18M annual cash burn
- Deeply negative returns (ROA -100%, ROE -110%) and no revenue; needs dilutive funding and reimbursement
Notable findings
- Going concernBased on our current operating plan, substantial doubt about our ability to continue as a going concern for a period of at least one year from the date that the financial statements included in
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-18.2M)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
-110.2%
Return on assets
-100.5%
Current ratio
10.7×
Free cash flow
-$18M
EBITDA
-$18M
Tangible book value
$17M
Cash & investments
$13M
Cash runway
3q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-03-31 | DeSisto Duane M | Grant | 83 | — |
| 2026-03-31 | FELSHER STEVEN G | Grant | 25 | — |
| 2026-03-31 | Volkart Carmen B | Grant | 103 | — |
| 2025-12-31 | DeSisto Duane M | Grant | 2.5K | — |
| 2025-12-31 | FELSHER STEVEN G | Grant | 750 | — |
| 2025-12-31 | Volkart Carmen B | Grant | 3.1K | — |
| 2025-12-11 | FELSHER STEVEN G | Grant | 60K | — |
| 2025-12-11 | Sheibley Philip Brent | Grant | 22K | — |
| 2025-09-30 | FELSHER STEVEN G | Grant | 750 | — |
| 2025-09-30 | DeSisto Duane M | Grant | 2.5K | — |
| 2025-09-30 | Volkart Carmen B | Grant | 3.1K | — |
| 2025-06-30 | Volkart Carmen B | Grant | 3.1K | — |
| 2025-06-30 | DeSisto Duane M | Grant | 2.5K | — |
| 2025-06-30 | FELSHER STEVEN G | Grant | 750 | — |
| 2025-03-31 | Volkart Carmen B | Grant | 625 | $1.10 |
| 2025-03-31 | FELSHER STEVEN G | Grant | 750 | $1.10 |
| 2025-03-31 | DeSisto Duane M | Grant | 2.5K | — |
| 2025-03-20 | Sheibley Philip Brent | Grant | 9.4K | — |
| 2025-03-20 | FELSHER STEVEN G | Grant | 62K | — |
| 2025-03-20 | MANCHESTER MANAGEMENT CO LLC | Buy | 521K | $1.92 |
| 2025-03-20 | MANCHESTER MANAGEMENT CO LLC | Buy | 156K | $1.92 |
| 2024-12-31 | FELSHER STEVEN G | Grant | 750 | $1.39 |
| 2024-12-31 | DeSisto Duane M | Grant | 2.5K | — |
| 2024-12-31 | Volkart Carmen B | Grant | 625 | $1.39 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (0)
Suppliers (1)
- ISA
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-20 | Exec/director changeExhibits | filing ↗ |
| 2026-04-21 | Material agreementOtherExhibits | filing ↗ |
| 2026-04-16 | OtherExhibits | filing ↗ |
| 2026-03-31 | 3.035.03OtherExhibits | filing ↗ |
| 2026-03-13 | Other | filing ↗ |
| 2026-03-06 | Material agreementReg FDExhibits | filing ↗ |
| 2026-02-24 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-01-23 | 3.035.03Shareholder voteExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-20 | 2026-05-14 | 0001213900-26-059557 ↗ |
| 8-K | 2026-04-21 | 2026-04-19 | 0001213900-26-045985 ↗ |
| 8-K | 2026-04-16 | 2026-04-15 | 0001213900-26-044343 ↗ |
| 8-K | 2026-03-31 | 2026-03-26 | 0001213900-26-037531 ↗ |
| 8-K | 2026-03-13 | 2026-03-12 | 0001213900-26-027652 ↗ |
| 8-K | 2026-03-06 | 2026-03-03 | 0001213900-26-024671 ↗ |
| 8-K | 2026-02-24 | 2026-02-23 | 0001213900-26-019603 ↗ |
| 10-Q | 2026-02-17 | 2025-12-31 | 0001213900-26-017262 ↗ |
| 8-K | 2026-01-23 | 2026-01-23 | 0001213900-26-007296 ↗ |
| 8-K | 2025-12-31 | 2025-12-30 | 0001213900-25-126825 ↗ |
| 8-K | 2025-12-11 | 2025-12-10 | 0001213900-25-120759 ↗ |
| 10-Q | 2025-11-14 | 2025-09-30 | 0001213900-25-110819 ↗ |