Core Viewpoint - Modular Medical, Inc. has announced a public offering of 68,098,000 shares of its common stock and warrants, targeting adult "almost-pumpers" with its FDA-cleared insulin delivery technology [1] Group 1: Company Overview - Modular Medical specializes in insulin delivery technology and has developed the first FDA-cleared patch pump designed for adult users [1] - The company aims to provide a user-friendly and affordable solution for insulin delivery [1] Group 2: Public Offering Details - The public offering includes 68,098,000 shares of common stock and warrants to purchase an equal number of shares at a combined price of $0.1762 per share [1] - The warrants will have an exercise price of $0.1762 per share, are immediately exercisable, and will expire five years from the issuance date [1]

As filed with the Securities and Exchange Commission on February 27, 2026 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 MODULAR MEDICAL INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Nevada 3841 87-0620495 (I.R.S. Employer Identification Number) 10470 Thornmint Road ...

Financial Performance - For the nine months ended December 31, 2025, the company incurred a net loss of approximately $21.9 million and for the year ended March 31, 2025, the net loss was approximately $18.8 million[106]. - As of December 31, 2025, the company had a cash balance of $2.9 million and an accumulated deficit of $106.6 million, raising substantial doubt about its ability to continue as a going concern for at least one year[106]. - Cash used in operating activities for the nine months ended December 31, 2025, was approximately $17.9 million, compared to $11.4 million for the same period in 2024[102]. Research and Development - Research and development (R&D) expenses for the three months ended December 31, 2025, were $3.853 million, a 40.3% increase from $2.300 million in the same period of 2024[93]. - R&D expenses for the nine months ended December 31, 2025, were $10.760 million, a 49.9% increase from $5.388 million in the same period of 2024[93]. - The company aims to continue seeking regulatory approvals for its Pivot insulin delivery system and to commercialize this product[110]. - The company plans to develop or enhance its products and expand its product development and sales and marketing organizations[110]. Selling, General and Administrative Expenses - Selling, general and administrative (SG&A) expenses for the three months ended December 31, 2025, were $1.001 million, an 83.7% decrease from $1.839 million in the same period of 2024[98]. - SG&A expenses for the nine months ended December 31, 2025, were $3.310 million, a 73.5% decrease from $5.745 million in the same period of 2024[98]. Financing Activities - Cash provided by financing activities for the nine months ended December 31, 2025, was approximately $10.7 million, attributed to a public offering and warrant inducement offering[104]. - During the nine months ended December 31, 2025, the company received net proceeds of approximately $1.9 million from sales of common stock under the ATM Agreement and approximately $4.8 million from a public offering completed in December 2025[107]. - The company is currently seeking additional financing to meet its cash requirements for the foreseeable future, with no assurance that such capital will be available on acceptable terms[106]. - The company may face dilution of equity ownership if it raises additional capital through equity securities sales, and debt financing may impose restrictions that could harm its business[108]. Regulatory and Compliance - The company submitted a 510(k) premarket notification for its next-generation patch pump, Pivot, on November 13, 2025, and expects to launch commercially by March 31, 2026[86]. - The company received FDA clearance for its MODD1 pump in September 2024 and announced its first human use in August 2025[86]. - The company has until June 29, 2026, to regain compliance with Nasdaq's minimum bid price requirement after receiving a 180-day extension[90]. Other Financial Information - The company has outstanding purchase orders for machinery and equipment totaling approximately $2.0 million as of December 31, 2025[105]. - The company has no off-balance sheet arrangements or obligations that could materially affect its financial condition[111]. - No material amounts related to indemnifications are reflected in the company's condensed consolidated financial statements for the three and nine months ended December 31, 2025[112]. - Recently issued accounting pronouncements are detailed in the Notes to the Condensed Consolidated Financial Statements included in the report[113].

Core Insights - The after-hours market showed a generally positive tone with small- and mid-cap stocks experiencing modest gains, highlighted by a significant surge in DBV Technologies following major clinical news [1] Company Highlights - DBV Technologies S.A. (DBVT) experienced a dramatic increase of 61.29%, reaching $29.00, after announcing that its Phase 3 study for the VIASKIN Peanut patch met its primary endpoint, reigniting investor enthusiasm [2] - Modular Medical, Inc. (MODD) saw a slight increase of 3.53% to $0.3549, with no new news but possibly influenced by a recent public offering announcement [3] - Co-Diagnostics, Inc. (CODX) rose 1.58% to $0.25, indicating light-volume trading rather than a specific catalyst [4] - Elutia Inc. (ELUT) gained 1.38% to $0.5525, reflecting broader low-volume momentum without new announcements [4] - Treace Medical Concepts, Inc. (TMCI) increased by 3.70% to $2.80, suggesting gains were driven by light trading activity [5] - Amylyx Pharmaceuticals, Inc. (AMLX) advanced 4.83% to $12.90, potentially reflecting positive early trial data from a recent presentation [6] - Cognition Therapeutics, Inc. (CGTX) gained 3.95% to $1.58, with recent announcements regarding full enrollment in its expanded access program for zervimesine [7]

Core Points - Modular Medical, Inc. has announced a public offering of 12,173,000 shares of common stock along with warrants to purchase an additional 6,086,500 shares [1] - The offering price is set at $0.77 for two shares of common stock and one accompanying warrant, resulting in an effective price of $0.38 per share and $0.01 per warrant [1] Company Overview - Modular Medical specializes in insulin delivery technology and has developed the first FDA-cleared patch pump aimed at adult "almost-pumpers" [1] - The company's product is designed to be user-friendly and affordable, targeting a specific segment of the diabetes management market [1]

Core Insights - Several biotech and life sciences companies experienced significant gains in after-hours trading on November 26, indicating strong investor interest despite a quiet news cycle [1] Company Summaries - Modular Medical, Inc. (MODD) shares increased by 11.51% to $0.4380 after a previous decline of 1.80% at the close, following the IRB approval for its Pivot insulin delivery system study announced on November 17 [2] - Standard BioTools Inc. (LAB) saw a 4.90% rise to $1.50 after a 0.70% gain during regular trading, following a strategic collaboration with Molecular Instruments announced on November 19 [3] - Werewolf Therapeutics, Inc. (HOWL) rose 4.39% to $1.0199 after a strong 7.33% gain during regular trading, reflecting continued investor optimism despite no new updates [4] - Cogent Biosciences, Inc. (COGT) climbed 6.09% to $42.85 in after-hours trading, building on a 1.69% rise during regular trading, indicating strong investor confidence in its pipeline [5] - Longeveron Inc. (LGVN) shares increased by 4.59% to $0.6772, extending gains from a 7.02% rise during regular trading, with upcoming presentation of Alzheimer's study results at CTAD 2025 highlighting ongoing research [6] - AbCellera Biologics Inc. (ABCL) gained 3.85% to $3.78 after a 0.55% increase during regular trading, reflecting renewed investor interest in its antibody discovery platform [7]

Core Insights - Modular Medical, Inc. has received Institutional Review Board (IRB) approval to conduct an in-house study of its next-generation Pivot™ insulin delivery system targeting the diabetes market [1] Company Overview - Modular Medical is focused on innovative insulin delivery technology aimed at the $3 billion adult "almost-pumpers" diabetes market [1] - The company offers user-friendly and affordable patch pumps for diabetes management [1] Regulatory Approval - The IRB approval is a significant step in compliance with U.S. Food and Drug Administration (FDA) regulations for conducting biomedical research involving human subjects [1]

Financial Performance - The company incurred a net loss of approximately $14.5 million for the six months ended September 30, 2025, compared to a net loss of $9.1 million for the same period in 2024[89]. - As of September 30, 2025, the company had a cash balance of $5.3 million and an accumulated deficit of approximately $99.2 million[89]. Research and Development - Research and development (R&D) expenses for the three months ended September 30, 2025, were $3.7 million, a 51.1% increase from $5.6 million in the same period of 2024[82]. - R&D expenses for the six months ended September 30, 2025, totaled $6.9 million, reflecting a 55.3% increase from $10.7 million in the prior year[82]. - The full-time R&D employee headcount increased to 56 as of September 30, 2025, from 42 a year earlier[85]. - The company submitted a 510(k) premarket notification for its next-generation patch pump, Pivot, on November 13, 2025, with expected regulatory approval in Q1 2026[75]. - The company is actively working to commercialize its Pivot product and expand its market presence in the diabetes device sector[75]. Operating Expenses - Selling, general and administrative (SG&A) expenses for the three months ended September 30, 2025, were $1.3 million, a 72.8% increase from $2.2 million in the same period of 2024[86]. - SG&A expenses for the six months ended September 30, 2025, amounted to $2.3 million, a 69.2% increase from $3.9 million in the prior year[86]. Cash Flow and Investments - For the six months ended September 30, 2025, cash used in investing activities was approximately $1.7 million, compared to $1.0 million for the same period in 2024[91]. - Cash provided by financing activities for the six months ended September 30, 2025 was approximately $4.7 million, an increase from $3.0 million in 2024[92]. - As of September 30, 2025, the company had outstanding purchase orders for machinery and equipment totaling approximately $1.7 million[93]. Fundraising - In September 2025, the company raised approximately $3.9 million through a warrant inducement offering[77].

Core Insights - The manufacturing line for the Pivot Controller has been validated for human-use production, supporting an expected market launch in Q1 2026 [1] - Pivot aims to introduce the first two-part tubeless patch pump, targeting the $3 billion market for adult "almost-pumpers" with a design that is affordable, user-friendly, and easy to learn [1]

Core Insights - Several biotech and healthcare stocks experienced significant after-hours trading gains due to clinical updates, strategic deals, and regulatory milestones [1] Company Summaries - **Genenta Science S.p.A. (GNTA)**: Shares closed at $2.40, down 27.71% during regular trading, but rebounded to $2.45, up 2.08% in after-hours. The volatility was driven by a $15 million registered direct offering and a strategic collaboration announcement [2] - **EDAP TMS S.A. (EDAP)**: Closed at $1.81, down 22.58%, but rose 8.29% to $1.96 in after-hours trading. The recovery appears technical, with no new news, and is supported by upcoming investor meetings at the UBS Global Healthcare Conference [3] - **BridgeBio Pharma Inc. (BBIO)**: Ended regular trading at $64.50, up 1.48%, and climbed 6.71% to $68.83 after hours. The increase reflects anticipation for Phase 3 CALIBRATE trial results for ADH1, with topline data expected on October 29 [4] - **OrthoPediatrics Corp. (KIDS)**: Closed at $16.91, down 0.29%, but surged 6.45% to $18.00 after releasing Q3 financial results, reporting a GAAP loss per share of $(0.50) despite 12% revenue growth [5][6] - The company raised its full-year 2025 revenue guidance to $233.5 million to $234.5 million, indicating projected growth of 14% to 15% compared to the prior year [7] - **Modular Medical Inc. (MODD)**: Dipped 1.30% to $0.5392 but rallied 5.38% to $0.5682 after hours following the successful completion of its Stage 1 ISO 13485:2016 audit, a key step toward CE Mark certification [8] - **Vivani Medical Inc. (VANI)**: Rose 3.09% to $1.67 and added 3.65% to $1.7310 after closing a $15.7 million capital raise, which included a registered direct offering and private placement, indicating insider confidence [9] - **Amarin Corp. plc (AMRN)**: Slipped 1.56% to $18.94 but rebounded 5.07% to $19.90 after the FDA revised fenofibrate drug labeling, which may favor Amarin's Vascepa in the lipid management space [10]