Modular Medical, Inc. has incurred persistent operating losses with no revenue generation since inception, leading to a significant accumulated deficit exceeding $100 million. Despite multiple equity financings in 2025, including public offerings and warrant inducements, cash reserves remain critically low at approximately $2.9 million as of December 31, 2025, sufficient for roughly one month of operations. The company faces Nasdaq’s minimum bid price compliance issues and has authorized a reverse stock split alongside increasing its authorized shares from 100 million to 250 million to facilitate future capital raises. The near-term viability depends heavily on successful financing efforts amid unproven commercialization prospects and ongoing liquidity risks.