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Modular Medical Inc. (MODD+0.02%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a net loss of $4.8 million compared to $5.3 million in the same quarter the previous year. The company continues to operate at a loss as it invests in the development and commercialization of its MODD1 insulin pump.
Research and development expenses for the quarter were $3.9 million, a slight increase from $3.8 million in the previous year. The increase is attributed to higher employee-related costs and depreciation expenses.
General and administrative expenses decreased to $1.0 million from $1.4 million in the previous year, primarily due to reduced stock-based compensation and professional service expenses.
The company reported cash and cash equivalents of $7.0 million as of December 31, 2024, down from $9.2 million at the end of March 2024. The decrease is due to ongoing operating losses and investments in property and equipment.
Modular Medical completed a public offering in November 2024, raising approximately $7.3 million in net proceeds. The company also raised $2.1 million through an at-the-market offering and $1.3 million from the exercise of warrants.
The company acknowledges substantial doubt about its ability to continue as a going concern due to its ongoing operating losses and cash outflows. Modular Medical plans to raise additional capital to support future operations.
Modular Medical received FDA clearance for its MODD1 insulin pump in September 2024 and is working towards commercialization, with initial shipments expected in the first half of fiscal 2026.
The filing details the company's focus on expanding the insulin pump market, targeting both type 1 and type 2 diabetes markets with its MODD1 product.
Modular Medical's future capital requirements will depend on the successful commercialization of its MODD1 product and other factors, including market developments and potential collaborations.
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 February 13, 2025. To report an error, please email earnings@qz.com.