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Modular Medical, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, indicating a net loss of $4,956,000 compared to $4,183,000 in the same quarter the previous year. The increase in net loss is attributed to higher research and development expenses.
Research and development expenses for the quarter were $3,702,000, up from $3,159,000 in the previous year. This increase is primarily due to higher stock-based compensation and employee-related costs.
General and administrative expenses increased to $1,294,000 from $1,031,000 in the previous year, mainly due to higher professional service and legal expenses.
Cash and cash equivalents at the end of the period were $3,893,000, down from $9,232,000 at the beginning of the period. This decrease is primarily due to cash used in operating activities.
The company raised approximately $1,923,000 through at-the-market sales of stock and $1,055,000 from the exercise of common stock purchase warrants during the quarter.
Modular Medical received FDA clearance in September 2024 to market and sell its MODD1 insulin pump in the United States.
The company acknowledges substantial doubt about its ability to continue as a going concern due to its current financial condition and operating plan.
The filing outlines the company's need for additional capital to support its future operations and potential commercialization of its products.
Modular Medical continues to focus on the development and commercialization of its MODD1 insulin pump, targeting both type 1 and type 2 diabetes markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Modular Medical Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.