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MODULAR MEDICAL, INC.

NASDAQ: MODD

Company: Modular Medical, Inc.
Ticker: Nasdaq: MODD
Sector: Healthcare
Investor Contact: Roger Weiss

Modular Medical, Inc. Financials

Financials – Current & Historical

CONDENSED CONSOLIDATED BALANCE SHEETS
v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2023
Mar. 31, 2023
CURRENT ASSETS    
Cash and cash equivalents $ 9,952 $ 3,799
Prepaid expenses and other 183 147
Security deposit 100 100
TOTAL CURRENT ASSETS 10,235 4,046
Property and equipment, net 2,036 1,721
Right of use asset, net 1,395 1,478
TOTAL NON-CURRENT ASSETS 3,431 3,199
TOTAL ASSETS 13,666 7,245
CURRENT LIABILITIES    
Accounts payable 473 285
Accrued expenses 198 339
Short-term lease liabilities 339 355
TOTAL CURRENT LIABILITIES 1,010 979
LONG-TERM LIABILITIES    
Long-term lease liabilities 1,100 1,190
TOTAL LIABILITIES 2,110 2,169
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, 50,000 shares authorized; 21,095 and 10,949 shares issued and outstanding as of June 30, 2023 and March 31, 2023, respectively 21 11
Additional paid-in capital 63,731 53,524
Accumulated deficit (52,196) (48,459)
TOTAL STOCKHOLDERS’ EQUITY 11,556 5,076
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 13,666 $ 7,245
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICALS)
v3.23.2
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares
shares in Thousands
Jun. 30, 2023
Mar. 31, 2023
Statement of Financial Position [Abstract]    
Preferred stock par value (in Dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized 5,000 5,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value (in Dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized 50,000 50,000
Common stock, shares issued 21,095 10,949
Common stock, shares, outstanding 21,095 10,949
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
v3.23.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating expenses    
Research and development $ 2,604 $ 2,222
General and administrative 1,147 1,277
Total operating expenses 3,751 3,499
Loss from operations (3,751) (3,499)
Other income 14
Net loss $ (3,737) $ (3,499)
Net loss per share    
Basic net loss per share (in Dollars per share) $ (0.22) $ (0.3)
Shares used in computing net loss per share    
Basic shares used in computing net loss per share (in Shares) 17,099 11,588
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (PARENTHETICALS)
v3.23.2
Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares
shares in Thousands
3 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]    
Diluted net loss per share $ (0.24) $ (0.33)
Diluted shares used in computing net loss per share 15,750 10,744
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (3,737) $ (3,499)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 484 739
Depreciation and amortization 58 29
Shares for services 5 51
Changes in assets and liabilities:    
Other assets and prepaid expenses (40) 2
Lease right-of-use asset 83 22
Accounts payable and accrued expenses 46 16
Lease liabilities (106) (35)
Net cash used in operating activities (3,207) (2,675)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (373) (76)
Net cash used in investing activities (373) (76)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock and warrants, net. 9,733 7,372
Net cash provided by financing activities 9,733 7,372
Net increase in cash and cash equivalents 6,153 4,621
Cash and cash equivalents at beginning of period 3,799 9,076
Cash and cash equivalents at end of period $ 9,952 $ 13,697

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