[SCHEDULE 13G] Modular Medical, Inc. SEC Filing

Rhea-AI Filing Summary

Dropbox, Inc. (ticker: DBX) filed a Form 4 on 2 July 2025 reporting two open-market sales of Class A common stock by Chief Financial Officer Timothy Regan.

• Transaction dates & volumes: 2,500 shares sold on 30 Jun 2025 at $28.40; 10,000 shares sold on 1 Jul 2025 at a weighted-average $27.9392.
• Total shares sold: 12,500, representing approximately 2.4 % of the executive’s post-sale holdings.
• Remaining ownership: 516,094 Class A shares held directly.
• Trading plan: All sales executed under a Rule 10b5-1 plan adopted on 15 May 2024, indicating pre-arranged, schedule-based transactions.
• Equity mix: Remaining position includes restricted stock awards/units that vest through 15 Feb 2029; any unvested awards cancel if employment ends.

The filing discloses no derivative transactions and contains no indication of additional insider participation. While insider sales can be perceived negatively, the modest size relative to Regan’s continuing stake and the existence of a 10b5-1 plan mitigate potential signaling risk. No operational or financial performance metrics were provided in this document.

Insights

Sell-Side Equity Analyst

TL;DR: CFO’s 12.5k share sale (~$0.35 m) is small relative to >500k holdings; neutral signal given pre-arranged 10b5-1 plan.

From a valuation perspective, this disposition equates to roughly two trading days of average DBX volume and only ~2 % of the executive’s stake, limiting informational content. The continuing 516 k share position plus multi-year RSU vesting indicates sustained alignment with shareholders. I view the transaction as routine portfolio diversification, not a thesis-altering event.

Corporate Governance Specialist

TL;DR: Insider sale by a key officer is modest but still a mildly negative governance datapoint.

Even with 10b5-1 protection, market participants often discount insider selling by C-suite executives. The filing offers transparency on plan adoption and weighted-average pricing, but lacks detail on motive or future intent. Given insider trading research linking sequential sales to underperformance, I assign a slight negative governance bias, though magnitude is limited by the executive’s residual 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

(Title of Class of Securities)

60785L207

(CUSIP Number)

06/26/2025

(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)

SCHEDULE 13G

CUSIP No. 60785L207

1

Names of Reporting Persons

BARD ASSOCIATES 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

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 205,481.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 205,481.00
8	Shared Dispositive Power 3,115,700.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,910,219.00

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)

5.6 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Modular Medical, Inc.
(b)	Address of issuer's principal executive offices: 16772 WEST BERNARDO DRIVE, SAN DIEGO, CALIFORNIA, 92127
Item 2.
(a)	Name of person filing: Bard Associates, Inc.
(b)	Address or principal business office or, if none, residence: 135 South LaSalle St, Suite 3700, Chicago, IL 60603
(c)	Citizenship: USA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 60785L207
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: 2910219
(b)	Percent of class: 5.6 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 205481
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 205481
	(iv) Shared power to dispose or to direct the disposition of: 3115700
Item 5.	Ownership of 5 Percent or Less of a Class.
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.

BARD ASSOCIATES INC

Signature:	Michael Y. Demaray
Name/Title:	President
Date:	07/02/2025

FAQ

How many Dropbox (DBX) shares did the CFO sell?

12,500 Class A shares were sold across two days: 2,500 on 06/30/25 and 10,000 on 07/01/25.

What was the average sale price of the DBX shares?

Shares were sold at $28.40 and a weighted-average $27.9392, respectively.

Does the CFO still hold Dropbox stock after the sale?

Yes. 516,094 shares of Class A common stock remain in his direct ownership.

Was the sale conducted under a trading plan?

Yes, both transactions were executed under a Rule 10b5-1 plan adopted on 15 May 2024.

Did the filing disclose any derivative transactions?

No. Table II shows no derivative activity; only open-market sales of common stock were reported.

What happens to the CFO’s unvested RSUs if he leaves Dropbox?

Any unvested restricted stock awards/units will be cancelled upon termination of service.