AWM Investment Company stakes 9.99% in Modular Medical (NASDAQ: MODD) via funds

Rhea-AI Filing Summary

AWM Investment Company, Inc. reports beneficial ownership of 540,576 shares of Modular Medical, Inc., representing 9.99% of the class. AWM serves as investment adviser to four affiliated funds and discloses sole voting and dispositive power over these shares. The filing also describes pre-funded warrants and other warrants exercisable subject to a 9.99% ownership cap.

Insights

Corporate Governance Analyst

AWM reports a near-10% stake via adviser-managed funds with capped warrant exercises.

AWM discloses sole voting and dispositive power over an aggregate of 540,576 shares (9.99%), held across four funds. The filing lists pre-funded warrants and additional warrants exercisable only if total beneficial ownership does not exceed 9.99%.

Key items to watch in subsequent disclosures include any conversion/exercise activity and changes in ownership percentages; timing and cash-flow treatment for exercises are not stated in this excerpt.

Key Figures

Beneficial ownership: 540,576 shares Ownership percent: 9.99% Example convertible amount: 583,117 shares +3 more

6 metrics

Beneficial ownership 540,576 shares Represents 9.99% of common shares outstanding

Ownership percent 9.99% Percent of class reported in Schedule 13G

Example convertible amount 583,117 shares Warrants described may purchase up to 583,117 shares (pre 1-for-30 reverse split wording)

Sole voting power (total disclosed) 540,576 shares AWM holds sole voting power over the aggregate reported position

Per-fund example — CAYMAN sole voting power 55,186 shares Shares listed for Special Situations Cayman Fund, L.P.

Per-fund example — SSFQP sole voting power 189,258 shares Shares listed for Special Situations Fund III QP, L.P.

Key Terms

Schedule 13G, Pre-Funded Warrants, Beneficially owned, Sole dispositive power

4 terms

Schedule 13G regulatory

"Item 1. (a) Name of issuer: Modular Medical, Inc."

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Pre-Funded Warrants financial

"AWM holds sole voting and investment power over 30,102 Pre-Funded Warrants"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

Beneficially owned regulatory

"The aggregate amount of shares reported represent 9.99% of the current shares outstanding"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole dispositive power financial

"AWM holds sole investment power over 55,186 Shares"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Modular Medical, Inc.

(Name of Issuer)

Common Stock, Par Value $.001

(Title of Class of Securities)

60785L306

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 60785L306

1

Names of Reporting Persons

AWM Investment Company, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 540,576.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 540,576.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

540,576.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

IV

Comment for Type of Reporting Person: AWM Investment Company, Inc., a Delaware corporation (AWM), is the investment adviser to Special Situations Cayman Fund, L.P. (CAYMAN), Special Situations Fund III QP, L.P. (SSFQP), Special Situations Private Equity Fund, L.P. (SSPE) and Special Situations Life Sciences Fund, L.P. (SSLS), the Funds. As the investment adviser to the Funds, AWM holds sole voting and investment power over 366,666 shares of Common Stock of the Issuer (Shares) 200,000 Pre-Funded Warrants* and 17,493,500 pre 1 for 30 reverse split Warrants* to purchase 583,117 Shares. The aggregate amount of shares reported represent 9.99% of the current shares outstanding. * The Warrants described herein may only be exercised to the extent that the total number of Common Shares then beneficially owned does not exceed 9.99% of the outstanding shares

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Modular Medical, Inc.
(b)	Address of issuer's principal executive offices: 10740 THORNMINT ROAD, SAN DIEGO, CALIFORNIA, 92127
Item 2.
(a)	Name of person filing: The person filing this report is AWM Investment Company, Inc., a Delaware corporation (AWM), which is the investment adviser to Special Situations Cayman Fund, L.P., a Cayman Islands Limited Partnership (CAYMAN), Special Situations Fund III QP, L.P., a Delaware limited partnership (SSFQP), Special Situations Private Equity Fund, L.P., a Delaware limited partnership (SSPE) and Special Situations Life Sciences Fund, L.P., a Delaware limited partnership (SSLS). The principal business of each Fund is to invest in equity and equity-related securities and other securities of any kind or nature. David M. Greenhouse (Greenhouse) and Adam C. Stettner (Stettner) are members of: SSCayman, L.L.C., a Delaware limited liability company (SSCAY), the general partner of CAYMAN; MGP Advisers Limited Partnership, a Delaware limited partnership (MGP), the general partner of SSFQP; MG Advisers, L.L.C., a Delaware limited liability company (MG), the general partner of SSPE and LS Advisers, L.L.C., a New York limited liability company (LS). Greenhouse and Stettner are also controlling principals of AWM.
(b)	Address or principal business office or, if none, residence: 527 Madison Avenue, Suite 2600 New York, NY 10022
(c)	Citizenship: AWM is a Delaware Corporation
(d)	Title of class of securities: Common Stock, Par Value $.001
(e)	CUSIP Number(s): 60785L306
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 540,576 - Represents 9.99% of common shares outstanding
(b)	Percent of class: 9.99%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: AWM is the investment adviser to each of the Funds. As the investment adviser to the Funds, AWM holds sole voting power over 55,186 Shares, 30,102 Pre-Funded Warrants* and 2,558,634 pre-split Warrants* to purchase 85,288 Shares held by Cayman; 189,258 Shares, 103,231 Pre-Funded Warrants* and 8,774,700 pre-split Warrants* to purchase 292,490 Shares held by SSFQP; 61,111 Shares, 33,333 Pre-Funded Warrants* and 3,326,833 pre-split Warrants* to purchase 110,894 Shares of Common Stock held by SSPE; and 61,111 Shares, 33,333 Pre-Funded Warrants* and 2,833,333 pre-split Warrants* to purchase 94,444 Shares of Common Stock held by SSLS. Greenhouse and Stettner are members of: SSCAY, the general partner of CAYMAN; MGP, the general partner of SSFQP; MG, the general partner of SSPE; and LS, the general partner of SSLS. Greenhouse and Stettner are also controlling principals of AWM. The Warrants described herein may only be exercised to the extent that the total number of Common Shares then beneficially owned does not exceed 9.99% of the outstanding shares
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: AWM is the investment adviser to each of the Funds. As the investment adviser to the Funds, AWM holds sole investment power over 55,186 Shares, 30,102 Pre-Funded Warrants* and 2,558,634 pre-split Warrants* to purchase 85,288 Shares held by Cayman; 189,258 Shares, 103,231 Pre-Funded Warrants* and 8,774,700 pre-split Warrants* to purchase 292,490 Shares held by SSFQP; 61,111 Shares, 33,333 Pre-Funded Warrants* and 3,326,833 pre-split Warrants* to purchase 110,894 Shares of Common Stock held by SSPE; and 61,111 Shares, 33,333 Pre-Funded Warrants* and 2,833,333 pre-split Warrants* to purchase 94,444 Shares of Common Stock held by SSLS. Greenhouse and Stettner are members of: SSCAY, the general partner of CAYMAN; MGP, the general partner of SSFQP; MG, the general partner of SSPE; and LS, the general partner of SSLS. Greenhouse and Stettner are also controlling principals of AWM. The Warrants described herein may only be exercised to the extent that the total number of Common Shares then beneficially owned does not exceed 9.99% of the outstanding shares
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

AWM Investment Company, Inc.

Signature:	Adam Stettner
Name/Title:	Executive Vice President
Date:	05/04/2026

FAQ

What stake does AWM report in Modular Medical (MODD)?

AWM reports beneficial ownership of 540,576 shares, equal to 9.99%. The stake is held through four affiliated funds for which AWM is investment adviser, with sole voting and dispositive power disclosed in the filing.

Do the warrants increase AWM's potential ownership in MODD?

Yes, the filing lists pre-funded warrants and other warrants convertible into shares. Those warrants may be exercised only to the extent total beneficial ownership remains at or below 9.99%, per the filing's stated limitation.

Which funds are included in AWM's reported position?

The position is across four funds: CAYMAN, SSFQP, SSPE, and SSLS. AWM acts as investment adviser to each fund and reports specific share and warrant holdings for each entity in the filing.

Who holds voting and investment power over the reported shares?

AWM holds sole voting and sole dispositive power as the investment adviser. The filing also notes David M. Greenhouse and Adam C. Stettner as controlling principals of AWM and related general partner entities.

Does the filing indicate any immediate exercises or sales?

No specific exercises or sales are disclosed in the excerpt. The filing describes holdings and exercise limitations but does not state any executed conversions, exercises, or dispositions.