Modular Medical Files Q2 2024 10-Q
Ticker: MODD · Form: 10-Q · Filed: Aug 13, 2024 · CIK: 1074871
Sentiment: neutral
Topics: 10-Q, quarterly-report, medical-devices
TL;DR
Modular Medical filed its 10-Q for Q2 2024, check financials.
AI Summary
Modular Medical, Inc. filed its 10-Q for the quarterly period ended June 30, 2024. The company, incorporated in Nevada, is involved in the surgical and medical instruments and apparatus industry. The filing details its financial performance and operational status for the specified quarter.
Why It Matters
This filing provides investors and stakeholders with an update on Modular Medical's financial health and operational progress during the second quarter of 2024.
Risk Assessment
Risk Level: medium — As a publicly traded company filing a 10-Q, there are inherent risks associated with financial performance and market conditions.
Key Players & Entities
- Modular Medical, Inc. (company) — Registrant
- June 30, 2024 (date) — Quarterly period end date
- Nevada (location) — State of incorporation
- 3841 (industry_code) — Standard Industrial Classification for Surgical & Medical Instruments & Apparatus
- 858-800-3500 (phone_number) — Business phone number
FAQ
What is the primary business of Modular Medical, Inc.?
Modular Medical, Inc. is in the business of Surgical & Medical Instruments & Apparatus, as indicated by its Standard Industrial Classification code 3841.
In which state is Modular Medical, Inc. incorporated?
Modular Medical, Inc. is incorporated in Nevada.
What is the filing date of this 10-Q report?
This 10-Q report was filed on August 13, 2024.
What period does this 10-Q report cover?
This 10-Q report covers the quarterly period ended June 30, 2024.
What is the SEC file number for Modular Medical, Inc.?
The SEC file number for Modular Medical, Inc. is 001-41277.
Filing Stats: 4,573 words · 18 min read · ~15 pages · Grade level 15.2 · Accepted 2024-08-13 17:23:51
Key Financial Figures
- $0.001 — he registrant's common stock, par value $0.001 per share, was 32,561,407 as of August
Filing Documents
- ea0210785-10q_modular.htm (10-Q) — 368KB
- ea021078501ex31-1_modular.htm (EX-31.1) — 10KB
- ea021078501ex31-2_modular.htm (EX-31.2) — 10KB
- ea021078501ex32-1_modular.htm (EX-32.1) — 5KB
- 0001213900-24-068407.txt ( ) — 3201KB
- modd-20240630.xsd (EX-101.SCH) — 36KB
- modd-20240630_cal.xml (EX-101.CAL) — 23KB
- modd-20240630_def.xml (EX-101.DEF) — 175KB
- modd-20240630_lab.xml (EX-101.LAB) — 315KB
- modd-20240630_pre.xml (EX-101.PRE) — 173KB
- ea0210785-10q_modular_htm.xml (XML) — 296KB
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION 1 Item 1.
Financial Statements (Unaudited)
Financial Statements (Unaudited) : 1 Condensed Consolidated Balance Sheets as of June 30, 2024 and March 31, 2024 1 Condensed Consolidated Statements of Operations for the three months ended June 30, 2024 and June 30, 2023 2 Condensed Consolidated Statements of Stockholders' Equity for the three months ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the three months ended June 30, 2024 and 2023 4 Notes to Condensed Consolidated Financial Statements 5 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 17 Item 4.
Controls and Procedures
Controls and Procedures 17
— OTHER INFORMATION
PART II — OTHER INFORMATION 18 Item 1.
Legal Proceedings
Legal Proceedings 18 Item 1A.
Risk Factors
Risk Factors 18 Item 2. Unregistered Sales of Equity Securities 18 Item 3. Defaults Upon Senior Securities 18 Item 4. Mine Safety Disclosures 18 Item 5. Other Information 18 Item 6. Exhibits 19
– FINANCIAL INFORMATION
Part I – FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements Modular Medical, Inc. Condensed Consolidated Balance Sheets (In thousands, except par value) June 30, 2024 (Unaudited) March 31, 2024 ASSETS CURRENT ASSETS Cash and cash equivalents $ 5,052 $ 9,232 Prepaid expenses and other 355 465 TOTAL CURRENT ASSETS 5,407 9,697 Property and equipment, net 3,619 2,975 Right of use asset, net 1,046 1,135 TOTAL ASSETS $ 10,072 $ 13,807 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 461 $ 802 Accrued expenses 495 280 Short-term lease liabilities 386 373 TOTAL CURRENT LIABILITIES 1,342 1,455 Long-term lease liabilities 714 817 TOTAL LIABILITIES 2,056 2,272 Commitments and Contingencies (Note 7) STOCKHOLDERS' EQUITY Preferred Stock, $ 0.001 par value, 5,000 shares authorized, none issued and outstanding — — Common Stock, $ 0.001 par value, 100,000 shares authorized; 32,561 and 32,464 shares issued and outstanding as of June 30, 2024 and March 31, 2024, respectively 32 32 Additional paid-in capital 78,050 77,432 Accumulated deficit ( 70,066 ) ( 65,929 ) TOTAL STOCKHOLDERS' EQUITY 8,016 11,535 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 10,072 $ 13,807 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 Modular Medical, Inc. Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share data) Three Months Ended June 30, 2024 2023 Operating expenses Research and development $ 3,205 $ 2,768 General and administrative 1,015 983 Total operating expenses 4,220 3,751 Loss from operations ( 4,220 ) ( 3,751 ) Other income 83 14 Net loss $ ( 4,137 ) $ ( 3,737 ) Net loss per share Basic and diluted $ ( 0.12 ) $ ( 0.22 ) Shares used in computing net loss per share Basic and diluted 33,884 17,099 The accompanying notes are an integral part of these condensed consolidated fi
financial statements
financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which expands disclosures in an entity's income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact that this ASU will have on the presentation of its consolidated financial statements. 8 NOTE 2 – CONSOLIDATED BALANCE SHEET DETAIL June 30, 2024 March 31, 2024 (in thousands) Property and equipment, net Machinery and equipment $ 4,082 $ 3,209 Computer equipment and software 66 66 Construction-in-process 250 283 Leasehold improvements 33 33 Office equipment 46 63 4,477 3,654 Less: accumulated depreciation and amortization ( 858 ) ( 679 ) Total $ 3,619 $ 2,975 June 30, 2024 March 31, 2024 (in thousands) Accrued expenses Accrued wages and employee benefits $ 296 $ 243 Other 199 37 Total $ 495 $ 280 NOTE 3 – LEASES Thornmint Road, San Diego, CA The 48 -month lease term commenced February 1, 2023, and the lease provides for an initial base monthly rent of $ 36,000 with annual rent increases of approximately 4 %. In addition to the minimum lease payments, the Company is responsible for property taxes, insurance and certain other operating costs. A discount rate of 8 %, which approximated the Company's incremental borrowing rate, was used to measure the lease asset and liability. The Company obtained a right-of-use asset of approximately $ 1,560,000 in exchange for its obligations under the operating lease. Future minimum payments under the facility operating lease, as of June 30, 2024, are listed in the table below (in thousands). Annual Fiscal Years 2025 $ 340 2026 470 2027 405 Total future lease payments $ 1,215 Less: Imputed interest ( 115 ) Present