Modular Medical Net Loss Widens 57% to $21.9M in Nine Months Ending December

Modular Medical burned through $10.2 million in cash during the nine months ending December 31, 2025, as the Nevada-based medical device company reported a net loss of $21.9 million. That compares to a $13.9 million loss in the same period a year earlier, a 57% increase in red ink. Read more earnings reports.

The company ended the period with $2.9 million in cash and cash equivalents, down 78% from $13.1 million at the start of its fiscal year on April 1, 2025. Total assets fell to $10.3 million from $18.7 million over the same span.

Operating losses reached $21.9 million for the nine-month period, compared to $14.1 million a year earlier. The company reported no revenue in either period. Operating expenses climbed 55% to $21.9 million from $14.1 million, driven largely by research and development spending.

Research and development costs totaled $16.1 million for the nine months, up 50% from $10.8 million in the prior-year period. For the three months ending December 31, 2025 alone, R&D expenses hit $5.4 million, up 40% from $3.9 million a year earlier.

The third-quarter net loss was $7.4 million, compared to $4.8 million in the same quarter of fiscal 2025. That marked the company's largest quarterly loss of the fiscal year to date, following losses of $6.7 million in the first quarter and $7.8 million in the second quarter.

Cash used in operations totaled $17.9 million for the nine months, versus $11.4 million a year earlier. The company raised $10.7 million through financing activities during the period, roughly flat with the $10.7 million raised in the prior year.

Total liabilities more than doubled to $4.4 million from $1.7 million at the end of March 2025. Accounts payable tripled to $1.0 million from $338,000 over the same period.

Stockholders' equity fell 66% to $5.9 million from $17.1 million as accumulated losses mounted. The company issued 24 million shares during the nine months, bringing total shares outstanding to 77.7 million as of December 31, 2025, up from 53.7 million at fiscal year-end.

Property, plant and equipment rose 42% to $6.3 million from $4.5 million, while current assets dropped 74% to $3.5 million from $13.5 million.

Loss per share for the nine months was $0.37, compared to $0.39 in the prior-year period, based on a higher weighted average share count of 58.6 million versus 35.3 million.