October 30, 2025: Yield Curve Rises, S&P 500, Dow, Nasdaq, and Russell Fall -( $AAPL $ADT $GOVX $NOK $SER $TDOC Rise!)

Modular Medical, Inc. (NASDAQ: MODD, $.5136) is an insulin delivery technology company with the first FDA-cleared patch pump designed specifically to target the estimated $3 billion dollar adult “almost-pumpers” market with its user-friendly and affordable design. Using its patented technologies, the company seeks to eliminate the tradeoff between complexity and efficacy, thereby making top quality insulin delivery both affordable and simple to learn. Their mission is to improve access to the highest standard of glycemic control for people with diabetes taking it beyond “superusers” and providing “diabetes care for the rest of us.” Modular Medical was founded by Paul DiPerna, a seasoned medical device professional and microfluidics engineer. Prior to founding Modular Medical, Mr. DiPerna was the founder (in 2005) of Tandem Diabetes and invented and designed its t:slim insulin pump. More information is available at https://modular-medical.com. 

On October 30, GeoVax responded to testimony delivered at a Senate HELP Committee hearing by John Crowley, CEO of the Biotechnology Innovation Organization (BIO), who cautioned that U.S. biotech leadership could be overtaken by China within two years. GeoVax emphasized that Crowley’s warning should serve as a clear call to action for Congress and the Administration to secure America’s competitiveness and biosecurity through immediate investment and policy changes. GeoVax outlined six priority actions for policymakers:

• Diversify vaccine platforms beyond reliance on mRNA, funding MVA and other multi-antigen, next-generation technologies.

• Onshore advanced manufacturing with continuous cell-line vaccine production and U.S.-based fill/finish capacity.

• Protect NIH funding that fuels the biotech innovation pipeline.

• Modernize FDA pathways with expanded use of immuno-bridging and expedited programs for high-risk populations.

• Expand incentives such as priority review vouchers for biodefense products.

• Pair China guardrails with U.S. investment, ensuring scale-up and resilience at home.

On October, 28, Modular Medical announced that it is continuing to progress toward CE Mark certification under the European Union Medical Device Regulation (“EU MDR 2017/745”). As part of this process, the Company is pleased to announce the successful completion of its Stage 1 ISO 13485:2016 audit, conducted by BSI, its Notified Body and Registrar. The audit evaluated Modular Medical’s quality management system (“QMS”) for compliance with ISO 13485:2016 and alignment with EU MDR 2017/745 requirements, to confirm that the Company’s QMS is robust and well-documented, with no major nonconformances identified. “This milestone reflects the dedication of our team and our commitment to bringing innovative, patient-friendly, insulin delivery solutions to market in Europe and beyond,” stated Jeb Besser, CEO of Modular Medical. Completion of the Stage 1 audit paves the way for Modular Medical to advance to its Stage 2 audit in early 2026 – the final step before achieving the required ISO 13485 certification. In parallel, the Company will begin preparations for its CE technical documentation review under EU MDR 2017/745, which is anticipated to commence later in 2026. Successful completion of these steps is required for Modular Medical’s planned commercial launch in the European Union. The Pivot insulin delivery system is not currently cleared for sale by the U.S. Food and Drug Administration or in any other market outside the U.S.

On October 6, Modular Medical announced the appointment of David Bosshard as Head of International Operations. With two decades of expertise in scaling similar tubeless insulin delivery systems across Europe and beyond, Mr. Bosshard will drive Modular Medical’s global strategy, leveraging his success in launching blockbuster products, such as Insulet’s Omnipod and Ypsomed’s YpsoPump, to position the Company for international growth in the rapidly expanding wearable diabetes technology sector.

On Sept. 29, Modular Medical announced the exercise of certain existing warrants issued in May 2023 and March 2025 (the “Existing Warrants”) at a reduced exercise price of $0.68 per share. The shares of common stock issuable upon exercise of the Existing Warrants are registered pursuant to effective registration statements on Form S-1 (file no. 333-271413), as amended, and Form S-3 (file no. 333-286768). In consideration for the immediate exercise of 6,504,731 Existing Warrants for cash, the Company will issue new unregistered warrants to purchase up to 3,252,366 shares of common stock (the “New Warrants”). The New Warrants will have an exercise price of $0.84 per share and will be exercisable upon issuance and will have a term equal to five years from the date of issuance. The gross proceeds to the Company from the exercise of the Existing Warrants were approximately $4.4 million, prior to deducting servicing agent fees and offering expenses. The Company intends to use the net proceeds for working capital and general corporate purposes.

On Sept. 15, Modular Medical announced Institutional Review Board (“IRB”) approval to conduct an in-house feasibility study of its next-generation Pivot insulin delivery system using sterile saline (the “Study”). Pursuant to U.S. Food and Drug Administration (“FDA”) regulations, an IRB is a group that has been formally designated to review and monitor biomedical research involving human subjects. The Study will simulate real-world conditions by delivering sterile saline to adult participants for up to 90 days to gather critical data on device usability, extended wear performance and user feedback.

On September 11, Modular Medical announced the successful completion of a clinical study with the MODD1 pump. The MODD1 was worn by nine clinicians with Type 1diabetes who currently wear a continuous glucose monitor (“CGM”) and other pumps to provide the Company with real-world experience and feedback to make further refinements for the launch of its next-generation Pivot pump product. This MODD1 study was conducted to test and refine its ease of use for converting multiple daily injectors to this system and will continue as we prepare for the Pivot launch.

On August 26, Modular Medical announced that the MODD1 product cartridge production run has been completed and its manufacturing line is being converted to production for its Pivot product.“I want to congratulate our operational team for the successful validation of our MODD1 manufacturing process and production of human use cartridges,” said Jeb Besser, CEO of Modular Medical. “We will now begin converting our cartridge line to Pivot production, and we expect it to be ready to produce cartridges for our Pivot product upon receipt of clearance from the U.S. Food and Drug Administration (the “FDA”). We expect to submit the Pivot product to the FDA for clearance in October 2025. The Pivot will be the first tubeless, removable 3 milliliter patch to be available to the consumer when it is cleared. Along with these features, the ability to scale production is a key differentiator in the pump space, especially given the much higher volumes required for a patch pump. Modular Medical’s simple, low-cost platform was designed from the ground up for high volume manufacturing.”

• Third Quarter 2025 revenue of $626.4 million, down 2% year-over-year
• Third Quarter 2025 net loss of $49.5 million, or $0.28 per share
• Third Quarter 2025 adjusted EBITDA of $69.9 million, down 16% year-over-year
• Integrated Care segment revenue of $389.5 million, up 2% year-over-year, and adjusted EBITDA margin of 17.0%
• BetterHelp segment revenue of $236.9 million, down 8% year-over-year, and adjusted EBITDA margin of 1.6%