Material Event (Form 8-K)

Item 8.01 Other Events.

On March 12, 2026, Modular Medical, Inc. (the "Company") implemented an employee lay-off and eliminated certain positions (the "Reductions") to reduce the Company's operating expense and cash burn, as the Company prioritizes business activities and projects that it believes will have a higher return on investment. The Reductions impacted 20 positions, or approximately 29% of the Company's workforce. The Company expects that the Reductions will reduce annual operating expenses by approximately $3.4 million.

The Company estimates that the total non-recurring charges will approximate $0.1 million to $0.2 million in connection with the Reductions, primarily consisting of severance payments. The Company expects that the majority of the charges would be incurred by the quarter ending June 30, 2026. The charges that the Company expects to incur and the estimated cost savings are subject to a number of assumptions, and actual expenses may differ materially from the estimates disclosed.