Modular Medical, Inc. (MODD): Business Model Canvas [Dec-2025 Updated]

You're looking for a clean breakdown of Modular Medical, Inc.'s (MODD) business model as they pivot from development to commercialization, and honestly, the numbers tell a story of high R&D spend and a clear market target. Here's the quick math on their late 2025 position: they burned through $14.7 million in Research and Development for fiscal year 2025 while holding onto $13.1 million in cash as of March 31, 2025, all aimed at launching their affordable, user-friendly insulin pump system after raising about $19.8 million in late 2024/early 2025. This canvas maps out exactly how they plan to capture the 'almost-pumper' segment by balancing patented microfluidics with a targeted distributor channel, so you can see the near-term risks and the path to revenue from pump sales and recurring disposables. Dive into the nine blocks below to see the strategic partnerships and key activities driving this transition from lab to patient.

Modular Medical, Inc. (MODD) - Canvas Business Model: Key Partnerships

You're looking at the crucial external relationships Modular Medical, Inc. (MODD) is building to get its MODD1 and upcoming Pivot insulin pumps to market. These aren't just vendor agreements; they are foundational to scaling production and achieving market penetration in the diabetes space.

Manufacturing and design collaboration with Phillips-Medisize

Modular Medical, Inc. relies heavily on its partnership with Phillips-Medisize, which is a Molex company and a large tier-one medical device manufacturer. This collaboration is central to the company's high-volume manufacturing strategy. The goal is to establish production assembly lines that operate as 'lights out' or near 'lights out,' meaning minimal human labor is required for assembly, which drives down cost and ensures scalability. As of late 2025, the company announced the successful validation of the Pivot controller line on November 3, 2025, which supports the expected Q1 2026 market launch for the Pivot product. This validation followed the completion of over 6,000 units of MODD1 cartridges, demonstrating manufacturing readiness. Modular Medical, Inc. shifted its focus to managing the process of preparing to move initial production to Phillips-Medisize to produce products for human use. This manufacturing optimization is key to capturing a significant share of the market.

Data connectivity integration with Glooko for patient data upload

The integration with Glooko, Inc., a leader in connected care for diabetes, is designed to make data review easier for clinicians and patients. This collaboration, announced in December 2023, ensures that data from the MODD1 pump, once commercially available, can be uploaded easily. The Glooko platform, as of the partnership announcement, had been deployed in over 8,000 clinical locations across more than 30 countries. This integration allows users of continuous glucose monitoring systems (CGMS) like Dexcom to view their glucose levels alongside their pump data in one accessible format. This connectivity is a necessary feature to compete in the modern diabetes technology sector.

Strategic distributors for a differentiated go-to-market strategy

Modular Medical, Inc. is pursuing a differentiated go-to-market strategy that leans on strategic distributors alongside a small direct sales force. The primary target is the underserved adult 'almost-pumpers' segment, which represents an estimated $3 billion market opportunity. The company is focusing its initial launch in a single region during the quarter ending September 30, 2025, for the MODD1 pump. For international growth, the company appointed David Bosshard in October 2025 to lead international operations, leveraging his past success in scaling similar systems. For example, during his tenure at Ypsomed AG, he oversaw the launch of Insulet's Omnipod in Europe, growing the user base to nearly 70,000 across 13 country affiliates between 2010 and 2017. This experience is intended to accelerate the international rollout of the Pivot product to unlock new revenue streams in the overall insulin pump market, valued over $3 billion.

Key opinion leaders (KOLs) and diabetes educators for clinical adoption

Clinical adoption is supported by targeting diabetes educators and key opinion leaders (KOLs) as part of the sales and marketing effort. The go-to-market plan explicitly names diabetes educators as a target audience for the sales force. While specific financial arrangements with KOLs aren't public, their involvement is critical for driving the adoption of new, user-friendly pump technology among patients hesitant about current offerings.

Here is a quick look at the scale of some of these external relationships and market targets as of late 2025:

Partner/Metric	Role/Context	Latest Reported Number/Amount
Phillips-Medisize	Manufacturing Partner for High-Volume Production	Pivot controller line validated for human-use production as of November 3, 2025
Glooko	Connected Care/Data Integration Platform	Platform deployed in over 8,000 clinical locations
Target Market (Almost-Pumpers)	Primary Market Opportunity Size	$3 billion
David Bosshard (International Ops)	International Scale Experience (Prior Role)	Grew user base to nearly 70,000 across 13 country affiliates
MODD1 Cartridge Production	Operational Milestone Before Pivot Conversion	Over 6,000 units manufactured

The company's focus on a low-cost, high-volume platform, supported by Phillips-Medisize, is designed to meet the higher volumes required for a patch pump strategy. This operational readiness is a key differentiator as they move toward the expected Q1 2026 launch of the Pivot pump, which was submitted for FDA clearance on November 14, 2025.

Modular Medical, Inc. (MODD) - Canvas Business Model: Key Activities

You're trying to map out the core engine of Modular Medical, Inc. as they transition from development to market. Here are the concrete activities driving their near-term value, grounded in their late 2025 filings and announcements.

High-volume manufacturing readiness for the Pivot controller line

The operational team hit a major gate with the controller line. This activity is all about proving they can actually build the Pivot pump at scale when clearance arrives. The validation of the Pivot controller line was announced on November 3, 2025. This validation confirms manufacturing readiness for high-volume production for the expected Q1 2026 market launch. Modular Medical's platform was designed from the ground up for high volume manufacturing.

Manufacturing Milestone	Date Achieved	Significance
MODD1 Cartridge Production Run Completion	Before August 27, 2025	Allowed conversion to Pivot production line
Pivot Controller Line Validation	November 3, 2025	Demonstrates readiness for human-use production at scale
Targeted Commercial Launch (Post-Clearance)	Q1 2026	The goal supported by manufacturing readiness

Regulatory clearance process for the Pivot pump (510(k) submission Nov 2025)

The primary regulatory hurdle is the FDA submission for the Pivot pump. This is the key that unlocks the next phase of revenue generation. Modular Medical, Inc. submitted the 510(k) premarket application for the Pivot tubeless patch pump to the FDA on November 14, 2025. The submission timeline was impacted by the U.S. government shutdown, leading to expected initial FDA questions during Q4 2025. The Pivot pump is designed with a 3 milliliter (ml) removable reservoir. The market they are targeting is the $3 billion 'almost-pumper' segment. Following the submission, the stock price closed at $0.55 on that trading day, adding approximately $4M to the market cap, bringing it to $30M.

Research and development (R&D) for next-generation products like Pivot

R&D spending reflects the ongoing investment to refine the Pivot and future pipeline. Research and Development expenses for the fiscal year ended March 31, 2025, totaled $14.7 million. This represented a 14.1% increase. The company plans to increase R&D expenses in fiscal 2026 to support hiring and further Pivot development. A key R&D activity involved clinical testing; Modular Medical received IRB approval to deliver insulin using the Pivot pump in a feasibility study, following an earlier study using sterile saline for up to 90 days.

• R&D Expense (FY Ended Mar 31, 2025): $14.7 million
• R&D Expense Increase (FY Ended Mar 31, 2025 vs Prior Year): 14.1%
• Feasibility Study Wear Duration (Saline): Up to 90 days
• Pivot Reservoir Size: 3 ml

Commercialization of the MODD1 insulin pump (initial shipments Q4 2025)

The commercialization effort centers on the first-generation product, the MODD1, which serves as the immediate revenue driver while Pivot awaits clearance. Modular Medical received FDA clearance for the MODD1 insulin pump in September 2024. Initial shipments for the MODD1 were planned for the quarter ending September 30, 2025. As of the March 31, 2025, 10-K, Modular Medical was still a pre-revenue company. The projected FY 2025 Revenue estimate was $52,441 thousand USD. The TTM EBITDA was reported as ($22,813) thousand USD.

• MODD1 FDA Clearance Date: September 2024
• MODD1 Initial Shipment Target Quarter: Quarter ending September 30, 2025
• Projected FY 2025 Revenue: $52,441 thousand USD
• TTM EBITDA: ($22,813) thousand USD

Finance: draft 13-week cash view by Friday.

Modular Medical, Inc. (MODD) - Canvas Business Model: Key Resources

You're looking at the core assets Modular Medical, Inc. (MODD) relies on to execute its strategy of expanding insulin pump adoption beyond the current 'super users.' These resources are the foundation for their market entry, so let's lay out the hard numbers and proven assets they bring to the table.

The intellectual property forms a significant moat. Modular Medical, Inc. is built around its proprietary methods for insulin delivery. Founder and President Paul DiPerna, who also founded what became Tandem Diabetes Care, holds over 70 patents in areas including micro pumping. The company itself has eight families of patents specifically covering the method used to move insulin, which is key to their low-cost microfluidics technology.

Regulatory milestones are critical, de-risking the technology for commercialization. The company secured a major win with the U.S. Food and Drug Administration (FDA) clearance for its initial product.

• FDA clearance for the MODD1 insulin pump received on September 4, 2024.
• The company is targeting CE mark clearance for the MODD1 and the Pivot product for European markets by the first quarter of 2026.
• The MODD1 system uses a novel two-part patch pump design with a 300 units/3mL reservoir size.

Financial resources are always front-of-mind for a pre-revenue company moving toward launch. The balance sheet as of the end of the last fiscal year shows the capital available to fund the initial commercial pilot. Here's the quick math on their recent funding and cash position as of the last reported 10-K filing.

Financial/Regulatory Metric	Value/Date	Context
Cash Balance (as of March 31, 2025)	$13.1 million	Capital available post-recent private placements.
MODD1 FDA Clearance	September 2024	Cleared to market and sell in the United States.
Net Loss (Fiscal Year Ended March 31, 2025)	$18.8 million	Reflects ongoing investment in R&D and operations.
Total Assets (as of March 31, 2025)	$18.7 million	Total resources on the balance sheet.

The human capital, specifically the executive team, is a non-fungible asset. The leadership experience directly ties back to successful exits and product development in the insulin delivery space. This depth of experience is what allows Modular Medical, Inc. to pursue disruptive technology.

• Founder + President Paul DiPerna founded the company that became Tandem Diabetes Care (TNDM), which had a $450 million IPO in 2013.
• Paul DiPerna has approximately 30 years of experience in the medical device industry.
• The team includes executives with profound expertise in drug delivery, such as Kevin Schmid, COO, who previously held a Vice President role at Insulet Corporation.

Finance: draft 13-week cash view by Friday.

Modular Medical, Inc. (MODD) - Canvas Business Model: Value Propositions

You're looking at the core promise Modular Medical, Inc. (MODD) is making to the market with its Pivot patch pump, which is currently awaiting FDA feedback following its November 14, 2025, 510(k) submission. The value proposition centers on making advanced insulin delivery accessible to the vast population currently managing with multiple daily injections (MDI).

Simplified, user-friendly insulin pump for non-superusers

Modular Medical, Inc. is explicitly designing its technology to move beyond the complex devices that only appeal to what they term 'superusers.' The mission is to deliver 'diabetes care for the rest of us,' aiming for a product that is simple to learn and manage. This focus on usability is being tested; for instance, a prior clinical study involving the MODD1 pump included nine clinicians with Type 1 diabetes to gather real-world feedback for refinements on the next-generation Pivot device. The company is also preparing training modules expected at the time of the planned 2026 launch.

Affordability to address cost barriers of incumbent pumps

A major barrier Modular Medical, Inc. is targeting is the cost of current pump therapy. The company states a focus on overcoming copay and insurance hurdles. They believe their platform, built from the ground up for high-volume manufacturing, supports a low-cost pumping of insulin. The total addressable market they are targeting is estimated at approximately $3 billion, based on an assumption of cartridge revenue around $4,100 per patient, per year. This contrasts with the overall financial picture; as of September 30, 2025, the company reported a trailing 12-month revenue of null, with an EPS of -$0.51 for the fiscal year ending March 31, 2025.

First two-part tubeless patch pump with a 3ml removable reservoir

The Pivot pump is engineered to offer key physical differentiators in the tubeless patch pump space. It is positioned to be the first tubeless, removable patch pump featuring a 3 ml reservoir. This is an expansion over the 3.0 mL reservoir capacity of their earlier MODD1 system, which received FDA clearance in September 2024. Furthermore, the Pivot design allows for bolus capability without needing a separate controller, a feature that simplifies the user experience significantly. The company validated the controller line for this device in November 2025, keeping them on track for an expected commercial launch in Q1 2026.

Here's a quick look at the reservoir capacity context:

Device Version	Reservoir Capacity	Design Feature
Pivot (Next-Gen)	3 ml	Two-part, tubeless, removable
MODD1 (Cleared)	3.0 mL (or 300 units)	Body worn, pump is primary interface

Expanded access to optimal glycemic control for a broader patient base

The ultimate goal is to expand access beyond the current users, specifically targeting the $3 billion adult 'almost-pumpers' segment. This segment represents individuals who require daily insulin but have not adopted pumps, often due to complexity or cost. The company is preparing for international expansion, leveraging expertise from executives who scaled similar systems to reach user bases of nearly 70,000 in Europe. The Pivot system is intended to enhance accessibility for these underserved patients worldwide, building on the foundation of the FDA-cleared MODD1 pump.

The strategy for broader access includes:

• Targeting the $3 billion adult 'almost-pumpers' market.
• Designing for an easy-to-learn interface.
• Seeking CE Mark clearance in the first quarter of 2026.
• Focusing on overcoming insurance hurdles.

Finance: draft 13-week cash view by Friday.

Modular Medical, Inc. (MODD) - Canvas Business Model: Customer Relationships

Direct support for healthcare providers via data sharing platforms is centered on the MODD1 pump, which is designed to help providers connect online to manage patient diabetes better. This connectivity is key to serving the target market, which Modular Medical, Inc. estimates at a total addressable market of approximately $3 billion for adult 'almost-pumpers'.

High-touch support for new pump users transitioning from Multiple Daily Injections (MDI) is a core design principle, as the MODD1 was specifically tested to refine its ease of use for converting MDI users. The company's mission is to improve access by providing 'diabetes care for the rest of us,' moving beyond 'superusers'. While the Pivot pump is not yet commercially launched (expected Q1 2026 upon clearance), the pre-launch clinical study involved nine clinicians with Type 1 diabetes to gather real-world experience and feedback. The initial production line capacity for the Pivot pump is planned to serve 6,000 concurrent customers.

Educational resources are implied by the focus on simplicity; the company seeks to make top-quality insulin delivery both affordable and simple to learn. The company's General and Administrative expenses for the fiscal year ended March 31, 2025, were $4.4 million, which covered all overhead, including any initial educational material development.

Standardized medical device customer service and technical support infrastructure is being built in anticipation of the Pivot launch, which is targeted for Q1 2026 following the November 14, 2025, FDA 510(k) submission. The company's total employee count as of November 2025 was 54 total employees, who support the development and pre-commercialization activities. The Net Loss for the fiscal year ended March 31, 2025, was $18.8 million.

Here's the quick math on the scale of the customer base and initial service capacity:

Customer Relationship Metric	Value/Amount	Context/Date
Total Addressable Market (TAM)	$3 billion	Targeted 'almost-pumpers' market
Initial Pivot Concurrent Customer Capacity	6,000 customers	Planned initial production line limit
MODD1 Clinical Study Participants	9 clinicians	MODD1 study for Pivot refinement feedback
General & Administrative Expenses (FY2025)	$4.4 million	For the fiscal year ended March 31, 2025
Expected Commercial Launch (Pivot)	Q1 2026	Post-FDA 510(k) submission November 14, 2025

The focus on simplicity is intended to reduce the hurdles to insurance coverage, which is a major factor for adoption in the underserved segment. You'll want to watch the conversion rate metrics once the Pivot launches in Q1 2026, as that will be the first real measure of success for the MDI transition support strategy.

• Facilitates data sharing with care teams via MODD1.
• Aims to convert Multiple Daily Injectors (MDI) users.
• Focuses on making delivery simple to learn.
• Total employees supporting operations as of late 2025: 54.

Modular Medical, Inc. (MODD) - Canvas Business Model: Channels

You're looking at how Modular Medical, Inc. plans to get its insulin delivery technology, specifically the MODD1 pump (FDA cleared September 2024, initial shipments targeted for the quarter ending September 30, 2025) and the forthcoming Pivot pump, into the hands of patients. The channel strategy is clearly bifurcated, balancing direct engagement with broader market reach via partners.

The company's approach for the US market, as detailed in its filings around April 2025, relies on two primary routes to market:

• Small, targeted direct sales force
• Medical device distributors for market penetration

Here's a quick look at how those channels map against the intended customer base for the initial launch phase:

Channel Strategy	Primary Target Audience	Focus/Activity
Small, targeted direct sales force	Larger diabetes educator practices	Deliver a consultative message to users indicating a desire for a pump but who have rejected currently available options.
Medical device distributors	Daily insulin users managed by a Primary Care Physician (PCP)	Market penetration to a broader segment of the addressable population.

The direct sales effort is designed to be lean, focusing on high-potential prescribers. A survey conducted by Seagrove Partners, LLC suggested that approximately 25% of multiple daily injectors could be receptive to the offering, which is a key metric informing the size and focus of that small direct sales team. The low 30-minute training requirement for the MODD1 product is a feature that supports this channel strategy by simplifying the onboarding process for both educators and patients.

For international expansion, which is gaining focus with the appointment of David Bosshard as Head of International Operations in October 2025, the strategy will leverage distribution expertise. Mr. Bosshard previously oversaw business operations for 13 country affiliates, including product distribution, for Ypsomed AG. This suggests the international channel will heavily rely on indirect distribution models, similar to the US distributor strategy, to access markets like Europe where single-payor systems favor lower upfront costs.

The integration with digital health platforms is a crucial supporting channel for both patient engagement and clinician oversight, especially as the company moves toward commercialization:

• Online patient data connectivity via Glooko platform
• Enables clinicians and patients to easily review insulin dosing data from the MODD1 pump upon commercial availability.
• Glooko's platform has been deployed in over 30 countries and 8,000 clinical locations globally.
• The integration also allows Dexcom Continuous Glucose Monitoring System (CGMS) users to view glucose levels alongside pump data on the Glooko platform.

The strategy to target Primary Care Physicians (PCPs) via distributors and specialized educators via the direct force is designed to capture the underserved adult 'almost-pumpers' segment, which Modular Medical estimates to be a $3 billion market opportunity. Finance: draft 13-week cash view by Friday.

Modular Medical, Inc. (MODD) - Canvas Business Model: Customer Segments

You're looking at the specific groups Modular Medical, Inc. is aiming for with its simplified insulin delivery system, Pivot, which is targeted for a Q1 2026 market launch. The company is positioning itself to capture users who find current options too much trouble or too expensive.

Adult 'almost-pumpers' (T1D and T2D) who avoid complex pumps

This segment is defined as insulin-requiring people with diabetes who stick with Multiple Daily Injections (MDI) therapy because existing pumps are too complex, require too much learning time, or are too costly. Modular Medical, Inc. specifically targets the $3 billion dollar market for these adult 'almost-pumpers' with its Pivot patch pump. The company believes this group is ready for a change because they won't wear the current pump types, not because they are averse to technology overall.

Here's a look at the broader context of insulin users in the US, based on the latest available data:

Insulin User Group Context	Estimated US Population (Adults 20+)	Pump Usage Rate
Total Insulin Users	Approximately 3.6 million (T1D and T2D combined)	N/A
Insulin Users on MDI Therapy	Approximately 80% of insulin-dependent people with diabetes	N/A
Insulin Users on Pumps	Approximately 20% of insulin-dependent people with diabetes	N/A

The pump adoption rate for Type 1 Diabetes (T1D) has been flat for about 15 years, hovering around only 1 in 3 Americans with T1D using a pump.

Insulin-dependent Type 2 diabetes patients (a rapidly growing segment)

This group represents a significant and expanding opportunity, as Type 2 diabetes prevalence continues to rise, driven by factors like obesity, where over 40% of U.S. adults are obese. Modular Medical, Inc. sees this as a key area for growth in device adoption.

The numbers for insulin use in Type 2 Diabetes (T2D) patients show a large pool still relying on injections:

• Estimated Type 2 diabetes patients requiring daily insulin: 2.0 million.
• Percentage of insulin-dependent Type 2 diabetes patients using a pump: Only 8%, a number that is just starting to rise.

Healthcare providers (HCPs) seeking simpler, more affordable patient solutions

HCPs are a critical segment because they influence patient adoption. The appeal for providers centers on products that are intuitive and reduce the burden of complex patient management. The company's strategy suggests targeting practices where patients are still seen by their Primary Care Physician (PCP) and show some willingness to adopt technology, indicated by reasonable Continuous Glucose Monitor (CGM) penetration rates.

The company's focus on simplicity is a direct response to provider concerns:

• The need for a product that is easier to learn and less time-consuming to operate than current systems.
• The company notes that feature-heavy and complex systems have hampered adoption, as they are prohibitive for many to learn and manage.

Payers/Insurers looking for cost-effective diabetes management solutions

Payers are sensitive to the high cost of current diabetes management technologies, which has limited access. Modular Medical, Inc. is designing its product to meet standards for coverage by insurance providers to ensure patient co-payments are affordable and hurdles are significantly reduced. Payors have shown interest in simple products that are less expensive.

The potential for systemic savings is a key value proposition for this segment. Here is the financial impact Modular Medical, Inc. suggests its solution offers:

Cost Impact Metric	Financial Amount / Percentage
Estimated Annual Savings Per Patient	$10,000 per patient year
Percentage of Cost Savings	40% savings
Savings Calculation Basis	Even after accounting for the cost of the pump

For context on the overall market spend, 1 in 4 Healthcare dollars in the US is spent on diabetes and related complications.

Finance: draft 13-week cash view by Friday

Modular Medical, Inc. (MODD) - Canvas Business Model: Cost Structure

You're looking at the cost side of Modular Medical, Inc.'s (MODD) business as they transition from development to initial commercialization of the MODD1 pump. Since they are still pre-revenue as of the fiscal year end March 31, 2025, the cost structure is dominated by operating expenses, primarily R&D, which is typical for a medical device company nearing launch.

The core of the cost structure for Modular Medical, Inc. in FY 2025 was driven by the necessary investment to secure regulatory approval and prepare for market entry. The total operating expenses for the fiscal year ended March 31, 2025, reached $19.0 million.

Here's a quick breakdown of the major reported operating costs for FY 2025:

Cost Category	FY 2025 Amount (USD)	Change from Prior Year
Research and Development (R&D)	$14.7 million	14.1% Increase
General and Administrative (G&A)	$4.4 million	6.4% Decrease
Total Operating Expenses	$19.0 million	Increase

The R&D spend is the clear cost leader, reflecting the intensive work to finalize the MODD1 pump, which received FDA clearance in September 2024, and to advance the Pivot pump development. The G&A reduction, down to $4.4 million, was mainly achieved through lower stock-based compensation and marketing expenses during that period.

Beyond these headline numbers, the cost structure includes several critical, ongoing, and future-facing expenditures:

• Manufacturing and production costs for the MODD1 and Pivot pumps, which will scale with initial shipments planned for the quarter ending September 30, 2025.
• Costs associated with supply-chain optimization and margin improvement efforts for the MODD1 product, funded by recent capital raises.
• Personnel costs, which are a major component of both R&D and G&A, with R&D headcount increasing to support commercialization activities.
• Depreciation and amortization expenses related to capitalized development costs and equipment.

Regulatory and clinical costs are embedded within the R&D spend but represent a distinct, high-stakes area of expenditure. Modular Medical, Inc. is actively managing these compliance-related cash outflows as they move toward broader market access. Specifically, the company is focused on:

• Submitting a tubeless version of the MODD1 to the FDA in Q3 2025.
• Pursuing CE mark certification for overseas markets.
• Covering testing activities in support of ongoing commercialization efforts for the MODD1.

To be fair, since Modular Medical, Inc. is a pre-revenue entity, these costs directly contribute to the reported net loss, which stood at $18.8 million for FY 2025. Finance: draft 13-week cash view by Friday.

Modular Medical, Inc. (MODD) - Canvas Business Model: Revenue Streams

You're looking at the engine that drives Modular Medical, Inc. (MODD) forward-how they plan to turn their innovative pump technology into actual money, especially as they move from development to commercialization in late 2025. It's all about the capital they've secured to get there and the sales pipeline they're building.

Capital Raised via Public and Private Equity Offerings

Modular Medical, Inc. has relied heavily on equity financing to fund its journey to market. As of late 2025, several key financing events have bolstered their cash position, though this comes with dilution for existing shareholders. You need to track these inflows to understand their runway.

• Closed an underwritten public offering in November 2024, raising net proceeds of approximately $7.3 million.
• Completed a private placement in March 2025, securing $12 million, with a concurrent direct placement potentially adding another $500,000.
• In September 2025, the company generated gross proceeds of approximately $4.4 million through the exercise of existing warrants.

Here's the quick math on the major capital events since late 2024: that's over $23.7 million in gross proceeds from the public offering (net $7.3 million), the March 2025 private placement (gross $12.5 million), and the September 2025 warrant exercise (gross $4.4 million). What this estimate hides is the total capital raised since inception, but these recent figures show the immediate funding sources.

Anticipated Sales of the MODD1 and Pivot Insulin Pump Systems (Post-launch)

The primary revenue driver will be the sale of the insulin pump hardware itself, though Modular Medical, Inc. is targeting a specific, underserved segment of the diabetes market. They are pre-revenue as of mid-2025, but the launch timeline is set.

Product	Status/Timeline	Target Market Size
MODD1 Insulin Pump	Initial shipments planned for the quarter ending September 30, 2025.	Part of the $3 billion adult 'almost-pumpers' market.
Pivot Insulin Pump System	Submitted for FDA 510(k) clearance in November 2025; commercial launch expected in Q1 2026 upon clearance.	Targets the same $3 billion adult 'almost-pumpers' market.

The company sees a specific opportunity in the UK, estimating a $25-30 million annual opportunity there without needing a direct sales force. That's a clear, quantifiable revenue target for an international market.

Sales of Recurring Disposable Pump Supplies (Patch/Reservoir)

For a medical device company like Modular Medical, Inc., the recurring revenue from consumables is often the most valuable part of the model. Their design is built around this recurring stream.

• The MODD1 system features a 90-day reusable component and a three-day disposable portion.
• The Pivot pump will feature a 3 ml removable reservoir.
• The company is designing its products to attain preferential reimbursement, noting that established remote monitoring codes offer a $200-250 reimbursement rate per patient month.
• They project gaining equivalent or preferential reimbursement by pricing at a 10-20% discount to Omnipod.

If onboarding takes 14+ days, churn risk rises, which directly impacts the volume of recurring supplies sold.

Potential Future Licensing or Partnership Revenue from Patented Technology

Modular Medical, Inc. holds proprietary technology, which creates potential for revenue streams beyond direct sales, though these are less certain in the near term. They anticipate further patent issuances.

The development roadmap includes the MODD2, a native multi-chamber pump designed to be prefilled, which will specifically enable Modular Medical, Inc. to capture drug revenue. This suggests a future licensing or partnership model where they supply the device for specific drug delivery beyond just insulin.

Finance: draft 13-week cash view by Friday.