Modular Medical (MODD) director acquires 60,000 shares and 30,000 warrants

Rhea-AI Filing Summary

Modular Medical director Steven Felsher reported buying 60,000 shares of the company’s common stock in an underwritten public offering on December 11, 2025. The transaction was coded as an acquisition, and his directly held common stock increased to 253,177 shares after the purchase.

Felsher also acquired warrants to purchase 30,000 shares of common stock at an exercise price of $0.45 per share. These warrants were immediately exercisable on December 11, 2025 and expire on December 11, 2030. The offering price was $0.77 for each combination of two shares of common stock and one warrant, and his total beneficial ownership of this warrant class is 30,000 warrants.

Insights

Equity capital markets analyst

Director participates in underwritten offering, adding shares plus 5-year warrants.

A director of Modular Medical, Steven Felsher, purchased 60,000 common shares in an underwritten public offering on December 11, 2025, increasing his direct holdings to 253,177 shares. The Form 4 labels this as an acquisition, indicating he bought rather than sold shares.

He also received warrants to buy 30,000 common shares at an exercise price of $0.45, immediately exercisable and expiring on December 11, 2030. The unit pricing of $0.77 for two shares plus one warrant shows a typical small-cap financing structure combining equity and longer-dated leverage. The filing clarifies that 30,000 warrants of this specific class are beneficially owned, with other warrant classes, if any, reported separately.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

FELSHER STEVEN G

(Last) (First) (Middle)

C/O MODULAR MEDICAL, INC.

10740 THORNMINT ROAD

(Street)

SAN DIEGO, CA 92127

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Modular Medical, Inc. [ MODD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock(1)	12/11/2025		A		60,000	A	(1)	253,177	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrants to purchase Common Stock(2)	$0.45	12/11/2025		A		30,000		12/11/2025	12/11/2030	Common Stock	30,000	(1)(2)	30,000(3)	D

Explanation of Responses:

1. On December 11, 2025, Reporting Person purchased in an underwritten public offering (a) 60,000 shares of the Issuer's common stock, par value $0.001 per share ("Common Stock") and (b) warrants (each, a "Warrant") to purchase 30,000 shares of Common Stock, at an offering price of $0.77 for each two shares of Common Stock and one Warrant.

2. The Warrants were purchased by the Reporting Person from the Issuer in an underwritten public offering, were immediately exercisable and expire on the date that is five years from the date of issuance.

3. In accordance with Instruction 4 to this Form, column 9 reports only total beneficial ownership of the "class" of derivative security reported in column 1. Securities that have different exercise prices or vesting terms are not considered to be of the same "class."

	/s/ James Sullivan, attorney-in-fact for Steven Felsher	12/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Modular Medical (MODD) report in this Form 4?

A company director, Steven Felsher, reported acquiring 60,000 shares of Modular Medical common stock and warrants to purchase 30,000 additional shares in an underwritten public offering on December 11, 2025.

When did the Modular Medical (MODD) director buy the shares and warrants?

The purchase by director Steven Felsher took place on December 11, 2025, as shown in both the transaction tables and the explanatory notes.

How many Modular Medical shares does the director own after this transaction?

Following the reported acquisition, the director beneficially owns 253,177 shares of Modular Medical common stock directly, according to the post-transaction holdings column.

What were the terms of the Modular Medical (MODD) public offering units?

The director purchased in an underwritten public offering at an offering price of $0.77 for each combination of two shares of common stock and one warrant to purchase additional shares.

What is the exercise price and expiration date of the Modular Medical warrants?

The warrants allow the purchase of 30,000 shares of common stock at an exercise price of $0.45 per share, are immediately exercisable, and expire on December 11, 2030.

Were the Modular Medical (MODD) warrants acquired directly from the company?

Yes. The explanation states that the warrants were purchased from the issuer in an underwritten public offering and became immediately exercisable upon issuance.

Does this Form 4 distinguish between different classes of Modular Medical derivative securities?

Yes. The notes explain that column 9 reports total beneficial ownership only for the specific class of derivative security listed, and securities with different exercise prices or vesting terms are treated as different classes.