Modular Medical, Inc. (MODD) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: April 23, 2026

Risk Assessment Details

Potential Dilution: 302.19% of current shares
Recent Dilution: 232.94% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
5.4M
Potential Supply
16M
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

MODD currently has 5.41M outstanding shares. with significant dilution risk as 16.4M authorized shares could dilute existing holders by 302.2%. The company has significantly diluted shareholders by 232.94% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 stock split (positive for accessibility) and 1 reverse split (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Apr 23, 2026

S-3 filing: This S-3 filing outlines a shelf registration for Modular Medical, Inc., allowing them to offer up to $150,000,000 of various securities, including common stock, preferred stock, and debt securities, from time to time.

5.4M 16M
Mar 31, 2026
Stock Split

8-K filing: Stock split 1-for-30 | Outstanding: 63,599,550 → 2,119,984

2.1M 0
Nov 14, 2025

10-Q filing | 63.6M shares outstanding

64M 0
Sep 23, 2025

8-K filing: Modular Medical, Inc. entered into warrant inducement letter agreements with holders of outstanding warrants to exercise their warrants at a reduced price, resulting in the issuance of new warrants. ($3.7M proceeds)

54M 0
Aug 14, 2025

10-Q filing | 54.3M shares outstanding

54M 0
Aug 13, 2025

POS AM filing: This prospectus relates to shares of Common Stock issuable upon the exercise of outstanding warrants issued in May 2023 and shares of Common Stock underlying the Underwriter Warrants.

55M 0
Jun 20, 2025

10-K filing | 54.2M shares outstanding

54M 0
May 15, 2025

S-3 filing: Modular Medical, Inc. files an S-3 to offer up to $75,000,000 of any combination of common stock, preferred stock, and debt securities, either individually or in units, and up to $7,200,000 of common stock through an at the market offering.

54M 0
May 06, 2025

S-3/A filing: This S-3/A filing relates to the resale of up to 20,398,891 shares of common stock by selling stockholders.

54M 0
Apr 25, 2025

S-3 filing: This S-3 filing relates to the resale of up to 20,398,891 shares of common stock by selling stockholders. The company will not receive any proceeds from the sale of these shares.

54M 0
Mar 26, 2025

8-K filing: Modular Medical, Inc. completed a private placement of 6,247,656 units and a concurrent direct placement of 260,417 units, each unit consisting of two shares of common stock and one warrant, for total gross proceeds of approximately $12.5 million. ($12.5M proceeds)

38M 0
Feb 13, 2025

10-Q filing | 37.8M shares outstanding

38M 0
Nov 25, 2024

8-K filing: Modular Medical, Inc. closed a firm commitment underwritten offering of 5,450,573 shares of common stock at $1.50 per share, resulting in gross proceeds of approximately $8.2 million. ($8.2M proceeds)

34M 0
Nov 14, 2024

10-Q filing | 34.3M shares outstanding

34M 0
Aug 13, 2024

10-Q filing | 33.9M shares outstanding

34M 0
Jun 21, 2024

10-K filing | 32.5M shares outstanding

33M 0
Feb 16, 2024

8-K filing: Modular Medical, Inc. entered into an underwriting agreement for a firm commitment underwritten offering of 9,090,910 shares of common stock at a public offering price of $1.10 per share, with an over-allotment option for the underwriter to purchase up to an additional 1,321,989 shares. ($10.0M proceeds)

23M 3M
Feb 13, 2024

10-Q filing | 22.5M shares outstanding

23M 3M
Nov 13, 2023

10-Q filing | 22.4M shares outstanding

22M 3M
Aug 14, 2023

10-Q filing | 21.1M shares outstanding

21M 4.4M
Jun 26, 2023

10-K filing | 21.1M shares outstanding

21M 4.4M
May 17, 2023

8-K filing: Modular Medical, Inc. entered into an underwriting agreement for a firm commitment underwritten offering of units, each consisting of two shares of common stock and one warrant, for aggregate gross proceeds of $9,400,000, with the offering expected to close on May 18, 2023. ($9.4M proceeds)

11M 15M
May 16, 2023

POS AM filing: This is a post-effective amendment No. 1 filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended, which will become effective upon filing with the SEC.

11M 15M
May 12, 2023

S-1/A filing: Modular Medical, Inc. is offering units, each consisting of two shares of common stock and one warrant to purchase one share of common stock.

11M 17M
May 05, 2023

S-1/A filing: This S-1/A filing relates to an offering of 2,116,402 units, each consisting of two shares of common stock and one warrant to purchase one share of common stock, with the net proceeds of approximately $7,031,490 intended for general corporate purposes.

11M 15M
Apr 24, 2023

S-1 filing: This S-1 filing is for a development-stage medical device company focused on designing, developing, and commercializing an innovative insulin pump.

11M 15M
Feb 13, 2023

10-Q filing | 10.9M shares outstanding

11M 15M
Nov 14, 2022

10-Q filing | 10.9M shares outstanding

11M 15M
Aug 11, 2022

10-Q filing | 10.9M shares outstanding

11M 15M
Jul 06, 2022

S-1/A filing: This S-1/A filing from Modular Medical, Inc. discusses the offering of common stock by selling stockholders at prevailing market prices or privately negotiated prices, while also detailing the company's financial condition, operations, and regulatory landscape.

11M 15M
Jun 28, 2022

10-K filing | 10.9M shares outstanding

11M 15M
Jun 06, 2022

S-1 filing: This S-1 filing describes an offering of common stock by selling stockholders at prevailing market prices or privately negotiated prices; the company has 10,911,684 shares of common stock outstanding as of June 2, 2022, and the closing price per share was $4.75.

11M 15M
May 05, 2022

8-K filing: Modular Medical, Inc. entered into a securities purchase agreement with Sio Capital Management to sell 449,438 shares of common stock at $4.45 per share and pre-funded warrants to purchase 1,348,314 shares of common stock at $4.44 per warrant in a registered direct offering, and issued warrants to purchase 1,438,202 shares of common stock at $6.60 per share in a concurrent private placement.

6.4M 19M
Apr 15, 2022

S-3/A filing: The filing discusses the issuance and sale of securities, including common stock, preferred stock, and debt securities, subject to certain conditions and legal proceedings.

6.4M 19M
Apr 08, 2022

S-3 filing: The company intends to offer up to $50,000,000 of any combination of common stock, preferred stock and/or debt securities, either individually or in units.

6.4M 19M
Feb 14, 2022

8-K filing: Modular Medical, Inc. closed a public offering of 2,500,000 shares of common stock and 2,500,000 warrants at a price of $6.00 per Unit on February 14, 2022, resulting in gross proceeds of $15 million. ($15.0M proceeds)

6.4M 7.3M
Feb 14, 2022

10-Q filing | 6.4M shares outstanding

6.4M 7.3M
Feb 09, 2022

S-1/A filing: This S-1/A filing is for an offering of 1,621,622 units, each consisting of one share of common stock and one warrant to purchase one share of common stock, with an assumed public offering price of $9.25 per Unit.

6.4M 7.3M
Feb 07, 2022

S-1/A filing: Modular Medical, Inc. is offering 1,621,622 units, with each unit consisting of one share of common stock and one warrant to purchase one share of common stock, based on an assumed public offering price of $9.25 per Unit.

6.4M 7.3M
Jan 13, 2022

S-1/A filing: This S-1/A filing relates to an offering of 2,401,922 shares of common stock at a price of $12.49 per share, with an option for the underwriters to purchase up to an additional 360,288 shares.

6.4M 6.9M
Nov 29, 2021
Stock Split

8-K filing: Stock split 1-for-3 | Outstanding: 19,100,154 → 6,366,718

6.4M 4.1M
Nov 12, 2021

10-Q filing | 19.1M shares outstanding

19M 12M
Nov 02, 2021

S-1 filing: This S-1 filing outlines a proposed initial public offering of common stock underwritten by Oppenheimer & Co. Inc. The filing includes details on outstanding common stock warrants and options, transfer agent information, underwriting terms, lock-up agreements, and risk factors.

19M 12M
Oct 29, 2021

8-K filing: Modular Medical, Inc. sold 92,592 shares of common stock at $2.70 per share to Ellen O'Connor (Lynn) Vos and Paul DiPerna, receiving proceeds of approximately $250,000. ($0.25M proceeds)

19M 12M
Aug 16, 2021

10-Q filing | 19.0M shares outstanding

19M 12M
Jul 07, 2021

S-1 filing: This prospectus relates to the offer and sale of up to 13,591,059 shares of our common stock by the selling shareholders.

19M 13M
Jun 29, 2021

10-K filing | 18.9M shares outstanding

19M 0
May 12, 2021

8-K filing: Modular Medical, Inc. completed a private placement selling $6,560,000 aggregate principal amount of promissory notes and warrants to purchase 2,285,736 shares of its common stock, with net proceeds to the Company of approximately $6,379,200.

19M 0
Feb 12, 2021

10-Q filing | 18.8M shares outstanding

19M 0
Nov 09, 2020

10-Q filing | 18.6M shares outstanding

19M 0
Oct 14, 2020

POS AM filing: This is a prospectus relating to the offer and sale of up to 9,658,201 shares of common stock by selling stockholders.

19M 0
Aug 12, 2020

10-Q filing | 18.6M shares outstanding

19M 0
Jul 22, 2020

POS AM filing: This POS AM filing by Modular Medical, Inc. is for offering up to 2,000,000 Preferred Units, each consisting of one share of 13% Series A Cumulative Redeemable Perpetual Preferred Stock and three warrants to purchase common stock at $11.00 per share, at a public offering price of $25.00 per Preferred Unit.

18M 0
Jun 29, 2020

10-K filing | 17.9M shares outstanding

18M 7.8M
May 06, 2020

S-1/A filing: The company sold 7,801,213 shares of common stock at $0.66 per share, resulting in gross proceeds of $4,731,872.

18M 7.8M
May 01, 2020

S-1/A filing: This S-1/A filing details an offering of 2,000,000 Preferred Units, each consisting of one share of 13% Series A Preferred Stock with a $25.00 liquidation preference and three warrants exercisable to purchase common stock at $11.00 per share.

18M 6M
Apr 09, 2020

S-1 filing: Modular Medical, Inc. is offering 2,000,000 preferred units at a public offering price of $25.00 per Preferred Unit, with each Preferred Unit consisting of (i) one share of our 13% Series A Cumulative Redeemable Perpetual Preferred Stock with a $25.00 liquidation preference amount and (ii) three common stock purchase warrants, each to purchase one share of our common stock at an exercise price of $11.00 per share.

18M 6M
Feb 13, 2020

10-Q filing | 17.9M shares outstanding

18M 0
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