Modular Medical Files Q3 2024 10-Q

TL;DR

MMED files 10-Q for Q3 2024. Financials out.

AI Summary

Modular Medical, Inc. filed its 10-Q for the quarterly period ended September 30, 2024. The company, incorporated in Nevada, is involved in the surgical and medical instruments and apparatus industry. Its principal business address is in San Diego, California.

Why It Matters

This filing provides investors with the latest financial performance and operational details of Modular Medical, Inc. for the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing financial information, not indicating immediate operational or financial distress.

Key Players & Entities

• Modular Medical, Inc. (company) — Registrant
• September 30, 2024 (date) — Quarterly period end date
• Nevada (location) — State of Incorporation
• San Diego, California (location) — Business Address City and State

FAQ

Key Financial Figures

• $0.001 — he registrant's common stock, par value $0.001 per share, was 34,571,939 as of Novembe

Filing Documents

• ea0220455-10q_modular.htm (10-Q) — 438KB
• ea022045501ex31-1_modular.htm (EX-31.1) — 9KB
• ea022045501ex31-2_modular.htm (EX-31.2) — 9KB
• ea022045501ex32-1_modular.htm (EX-32.1) — 5KB
• 0001213900-24-098418.txt ( ) — 3385KB
• modd-20240930.xsd (EX-101.SCH) — 33KB
• modd-20240930_cal.xml (EX-101.CAL) — 24KB
• modd-20240930_def.xml (EX-101.DEF) — 161KB
• modd-20240930_lab.xml (EX-101.LAB) — 307KB
• modd-20240930_pre.xml (EX-101.PRE) — 173KB
• ea0220455-10q_modular_htm.xml (XML) — 364KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION 1 Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited): 1 Condensed Consolidated Balance Sheets as of September 30, 2024 and March 31, 2024 1 Condensed Consolidated Statements of Operations for the three and six months ended September 30, 2024 and September 30, 2023 2 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the six months ended September 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) September 30, 2024 (Unaudited) March 31, 2024 ASSETS CURRENT ASSETS Cash and cash equivalents $ 3,893 $ 9,232 Prepaid expenses and other 283 465 TOTAL CURRENT ASSETS 4,176 9,697 Property and equipment, net 3,641 2,975 Right of use asset, net 954 1,135 TOTAL ASSETS $ 8,771 $ 13,807 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 501 $ 802 Accrued expenses 345 280 Short-term lease liabilities 398 373 TOTAL CURRENT LIABILITIES 1,244 1,455 Long-term lease liabilities 611 817 TOTAL LIABILITIES 1,855 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; 34,370 and 32,464 shares issued and outstanding as of September 30, 2024 and March 31, 2024, respectively 34 32 Additional paid-in capital 81,904 77,432 Accumulated deficit ( 75,022 ) ( 65,929 ) TOTAL STOCKHOLDERS' EQUITY 6,916 11,535 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,771 $ 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 September 30, Six Months Ended September 30, 2024 2023 2024 2023 Operating expenses Research and development $ 3,702 $ 3,159 $ 6,907 $ 5,927 General and administrative 1,294 1,031 2,309 2,014 Total operating expenses 4,996 4,190 9,216 7,941 Loss from operations ( 4,996 ) ( 4,190 ) ( 9,216 ) ( 7,941 ) Other income 42 9 125 23 Loss before income taxes ( 4,954 ) ( 4,181 ) ( 9,091 ) ( 7,918 ) Provision for income taxes 2 2 2 2 Net loss $ ( 4,

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. In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses . The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The standard is effective for the Company for annual periods beginning April 1, 2027 and interim periods beginning April 1, 2028, with early adoption permitted. The standard may be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is evaluating the impact that this ASU will have on the presentation of its consolidated financial statements. 8 NOTE 2 – CONSOLIDATED BALANCE SHEET DETAIL September 30, 2024 March 31, 2024 (in thousands) Property and equipment, net Machinery and equipment $ 4,540 $ 3,209 Computer equipment and software 66 66 Construction-in-process 74 283 Leasehold improvements 33 33 Office equipment 46 63 4,759 3,654 Less: accumulated depreciation and amortization ( 1,118 ) ( 679 ) Total $ 3,641 $ 2,975 September 30, 2024 March 31, 2024 (in thousands) Accrued expenses Accrued wages and employee benefits $ 265 $ 243 Other 80 37 Total

View Full Filing

View this 10-Q filing on SEC EDGAR