Modular Medical, Inc. Announces Workforce Reduction

On March 12, 2026, Modular Medical, Inc. implemented workforce reductions, impacting 20 positions, approximately 29% of its workforce. This strategic move aims to decrease operating expenses and cash burn by prioritizing high-return business activities and projects. The company anticipates an annual reduction in operating expenses of about $3.4 million. Associated non-recurring charges are estimated between $0.1 million and $0.2 million, primarily for severance payments, with most expected to be incurred by the quarter ending June 30, 2026. These figures are based on current assumptions and actual costs may vary.