Modular Medical (MODD) 10-Q 13 Feb 25 2025 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Dec. 31, 2024	Feb. 10, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Information [Line Items]
Entity Registrant Name	MODULAR MEDICAL, INC.
Entity Central Index Key	0001074871
Entity File Number	001-41277
Entity Tax Identification Number	87-0620495
Entity Incorporation, State or Country Code	NV
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	10740 Thornmint Road
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92127
Entity Phone Fax Numbers [Line Items]
City Area Code	(858)
Local Phone Number	800-3500
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock Par Value $.001 per Share
Trading Symbol	MODD
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		40,665,220

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
CURRENT ASSETS
Cash and cash equivalents	$ 6,986	$ 9,232
Prepaid expenses and other	345	465
TOTAL CURRENT ASSETS	7,331	9,697
Property and equipment, net	3,958	2,975
Right of use asset, net	860	1,135
TOTAL ASSETS	12,149	13,807
CURRENT LIABILITIES
Accounts payable	522	802
Accrued expenses	451	280
Short-term lease liabilities	410	373
TOTAL CURRENT LIABILITIES	1,383	1,455
Long-term lease liabilities	504	817
TOTAL LIABILITIES	1,887	2,272
Commitments and Contingencies (Note 7)
STOCKHOLDERS’ EQUITY
Preferred Stock, $0.001 par value, 5,000 shares authorized, none issued and outstanding
Common Stock, $0.001 par value, 100,000 shares authorized; 40,665 and 32,464 shares issued and outstanding as of December 31, 2024 and March 31, 2024, respectively	41	32
Additional paid-in capital	90,047	77,432
Accumulated deficit	(79,826)	(65,929)
TOTAL STOCKHOLDERS’ EQUITY	10,262	11,535
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 12,149	$ 13,807

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands	Dec. 31, 2024	Mar. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000	5,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000	100,000
Common stock, shares issued	40,665	32,464
Common stock, shares outstanding	40,665	32,464

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Operating expenses
Research and development	$ 3,853	$ 3,838	$ 10,760	$ 9,765
General and administrative	1,001	1,431	3,310	3,445
Total operating expenses	4,854	5,269	14,070	13,210
Loss from operations	(4,854)	(5,269)	(14,070)	(13,210)
Other income	50		175	23
Loss before income taxes	(4,804)	(5,269)	(13,895)	(13,187)
Provision for income taxes			2	2
Net loss	$ (4,804)	$ (5,269)	$ (13,897)	$ (13,189)
Net loss per share
Basic (in Dollars per share)	$ (0.13)	$ (0.23)	$ (0.39)	$ (0.64)
Diluted (in Dollars per share)	$ (0.13)	$ (0.23)	$ (0.39)	$ (0.64)
Shares used in computing net loss per share
Basic (in Shares)	37,807	22,540	35,349	20,708
Diluted (in Shares)	37,807	22,540	35,349	20,708

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance at Mar. 31, 2023	$ 11	$ 53,524	$ (48,459)	$ 5,076
Balance (in Shares) at Mar. 31, 2023	10,949
Issuance of common stock and warrants in equity offering, net	$ 10	9,723		9,733
Issuance of common stock and warrants in equity offering, net (in Shares)	10,139
Issuances under equity incentive plan		6		6
Issuances under equity incentive plan (in Shares)	7
Stock-based compensation		478		478
Net loss			(3,737)	(3,737)
Balance at Jun. 30, 2023	$ 21	63,731	(52,196)	11,556
Balance (in Shares) at Jun. 30, 2023	21,095
Balance at Mar. 31, 2023	$ 11	53,524	(48,459)	5,076
Balance (in Shares) at Mar. 31, 2023	10,949
Net loss				(13,189)
Balance at Dec. 31, 2023	$ 21	65,472	(61,648)	3,845
Balance (in Shares) at Dec. 31, 2023	21,299
Balance at Jun. 30, 2023	$ 21	63,731	(52,196)	11,556
Balance (in Shares) at Jun. 30, 2023	21,095
Shares issued for services		1		1
Shares issued for services (in Shares)	2
Issuances under equity incentive plan		7		7
Issuances under equity incentive plan (in Shares)	27
Stock-based compensation		557		557
Net loss			(4,183)	(4,183)
Balance at Sep. 30, 2023	$ 21	64,296	(56,379)	7,938
Balance (in Shares) at Sep. 30, 2023	21,124
Exercise of warrants		181		181
Exercise of warrants (in Shares)	148
Issuances under equity incentive plan		11		11
Issuances under equity incentive plan (in Shares)	27
Stock-based compensation		984		984
Net loss			(5,269)	(5,269)
Balance at Dec. 31, 2023	$ 21	65,472	(61,648)	3,845
Balance (in Shares) at Dec. 31, 2023	21,299
Balance at Mar. 31, 2024	$ 32	77,432	(65,929)	11,535
Balance (in Shares) at Mar. 31, 2024	32,464
Shares issued for services		15		15
Shares issued for services (in Shares)	10
Exercise of warrants		68		68
Exercise of warrants (in Shares)	55
Issuances under equity incentive plan		6		6
Issuances under equity incentive plan (in Shares)	32
Stock-based compensation		529		529
Net loss			(4,137)	(4,137)
Balance at Jun. 30, 2024	$ 32	78,050	(70,066)	8,016
Balance (in Shares) at Jun. 30, 2024	32,561
Balance at Mar. 31, 2024	$ 32	77,432	(65,929)	11,535
Balance (in Shares) at Mar. 31, 2024	32,464
Net loss				(13,897)
Balance at Dec. 31, 2024	$ 41	90,047	(79,826)	10,262
Balance (in Shares) at Dec. 31, 2024	40,665
Balance at Jun. 30, 2024	$ 32	78,050	(70,066)	8,016
Balance (in Shares) at Jun. 30, 2024	32,561
Shares issued for services		35		35
Shares issued for services (in Shares)	20
Exercise of warrants	$ 1	844		845
Exercise of warrants (in Shares)	939
At-the-market sales of stock, net	$ 1	1,922		1,923
At-the-market sales of stock, net (in Shares)	825
Issuances under equity incentive plan		9		9
Issuances under equity incentive plan (in Shares)	25
Stock-based compensation		1,044		1,044
Net loss			(4,956)	(4,956)
Balance at Sep. 30, 2024	$ 34	81,904	(75,022)	6,916
Balance (in Shares) at Sep. 30, 2024	34,370
Issuance of common stock in equity offering, net	$ 6	7,338		7,344
Issuance of common stock in equity offering, net (in Shares)	5,451
Exercise of warrants	$ 1	195		196
Exercise of warrants (in Shares)	723
At-the-market sales of stock, net		191		191
At-the-market sales of stock, net (in Shares)	96
Issuances under equity incentive plan		5		5
Issuances under equity incentive plan (in Shares)	25
Stock-based compensation		414		414
Net loss			(4,804)	(4,804)
Balance at Dec. 31, 2024	$ 41	$ 90,047	$ (79,826)	$ 10,262
Balance (in Shares) at Dec. 31, 2024	40,665

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (13,897)	$ (13,189)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	2,007	2,043
Loss on asset disposal		21
Depreciation and amortization	737	283
Shares for services	48	16
Changes in assets and liabilities:
Prepaid expenses and other assets	(20)	(63)
Lease right-of-use asset	275	255
Accounts payable and accrued expenses	(285)	453
Change in lease liability	(275)	(268)
Net cash used in operating activities	(11,410)	(10,449)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(1,545)	(1,217)
Net cash used in investing activities	(1,545)	(1,217)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from at-the-market sales of stock, net	2,114
Proceeds from exercise of common stock purchase warrants	1,251	181
Proceeds from issuance of common stock, net	7,344
Proceeds from issuance of common stock and warrants, net		9,733
Net cash provided by financing activities	10,709	9,914
Net decrease in cash and cash equivalents	(2,246)	(1,752)
Cash and cash equivalents at beginning of period	9,232	3,799
Cash and cash equivalents at end of period	$ 6,986	$ 2,047

The Company and Summary of Sign

The Company and Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2024
The Company and Summary of Significant Accounting Policies [Abstract]
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Modular Medical, Inc. (the “Company”) was incorporated in Nevada in October 1998 under the name Bear Lake Recreation, Inc. The Company had no material business operations until approximately 2017 when it acquired all of the issued and outstanding shares of Quasuras, Inc., a Delaware corporation (“Quasuras”), and changed its name from Bear Lake Recreation, Inc. to Modular Medical, Inc. The Company is a pre-revenue, medical device company focused on the design, development and commercialization of innovative insulin pumps using modernized technology to increase pump adoption in the diabetes marketplace. Through the creation of an innovative two-part patch pump, its initial product, the MODD1, the Company seeks to fundamentally alter the trade-offs between cost and complexity and access to the higher standards of care requiring considerable motivation that presently available insulin pumps provide. By simplifying and streamlining the user experience from introduction, prescription, reimbursement, training and day-to-day use, the Company seeks to expand the wearable insulin delivery device market beyond the highly motivated “super users” and expand the category into the mass market. The product seeks to serve both the type 1 and the rapidly growing, especially in terms of device adoption, type 2 diabetes markets. In January 2024, the Company submitted a 510(k) premarket notification to the United States Food and Drug Administration (“FDA”) for the MODD1, and, in September 2024, the Company received FDA clearance to market and sell its MODD1 pump in the United States. Liquidity and Going Concern The Company does not currently have revenues to generate cash flows to cover operating expenses. Since its inception, the Company has incurred operating losses and negative cash flows in each year due to costs incurred in connection with its operations. The Company expects to continue to incur operating losses for the foreseeable future and incur cash outflows from operations as it continues to invest in the development and commercialization of its products. The Company expects that its operating expenses will continue to increase, and, as a result, it will eventually need to generate significant revenue to achieve profitability. raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these financial statements are issued. In addition, the Company’s independent registered public accounting firm, in its report on the consolidated financial statements as of and for the year ended March 31, 2024, expressed substantial doubt about the Company’s ability to continue as a going concern. These condensed consolidated financial statements do not include any adjustments that might result from this uncertainty. Implementation of the Company’s plans and its ability to continue as a going concern will depend upon the Company’s ability to raise additional capital, through the sale of additional equity or debt securities, to support its future operations. There can be no assurance that such additional capital, whether in the form of debt or equity financing, will be sufficient or available and, if available, that such capital will be offered on terms and conditions acceptable to the Company. The Company’s operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully commercialize its MODD1 product, competing technological and market developments, and the need to enter into collaborations with other companies or acquire other companies or technologies to enhance or complement its product offering. If the Company is unable to secure additional capital, it may be required to curtail its product commercialization and research and development initiatives and take additional measures to reduce costs in order to conserve its cash. Basis of Presentation The Company’s fiscal year ends on March 31 of each calendar year. Each reference to a fiscal year in these notes to the condensed consolidated financial statements refers to the fiscal year ended March 31 of the calendar year indicated (for example, fiscal 2025 refers to the fiscal year ending March 31, 2025). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Quasuras. All significant intercompany transactions and balances have been eliminated in consolidation. The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and with the rules and regulations of the United States Security and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated balance sheet as of March 31, 2024 has been derived from the audited consolidated financial statements at that date. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with these rules and regulations of the SEC. The information in this report should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in its most recent annual report on Form 10-K filed with the SEC. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) necessary to summarize fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. The operating results for the nine months ended December 31, 2024 are not necessarily indicative of the results that may be expected for the year ending March 31, 2025 or for any other future period. Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Estimates may include those pertaining to accruals, stock-based compensation and income taxes. Actual results could differ from those estimates. Reportable Segment The Company operates in one business segment and uses one measurement of profitability for its business. Research and Development The Company expenses research and development expenditures as incurred. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash held in demand deposit accounts. The Company maintains a portion of its cash in demand deposit accounts at high credit quality financial institutions within the United States, which are insured by the Federal Deposit Insurance Corporation up to limits of approximately $250,000. No reserve has been made in the financial statements for any possible loss due to financial institution failure. Risks and Uncertainties The Company is subject to risks from, among other things, competition associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements, limited operating history, pandemics, wars and acts of terrorism and the volatility of public markets. The Company may be unable to access the capital markets, and additional capital may only be available to the Company on terms that could be significantly detrimental to its existing stockholders and to its business. Cash and Cash Equivalents Cash and cash equivalents include cash held in demand deposit and money market accounts, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less. Property and Equipment Property and equipment are recorded at historical cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally three to five years. Depreciation is recorded in operating expenses in the consolidated statements of operations. Leasehold improvements and assets acquired through finance leases are amortized over the shorter of their estimated useful life or the lease term, and amortization is recorded in operating expenses in the consolidated statements of operations. Construction-in-process includes machinery and equipment and is stated at cost and not depreciated. Depreciation on construction-in-process commences when the assets are ready for their intended use and placed into service. Fair Value of Financial Instruments The Company measures the fair value of financial instruments using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: ● Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. Due to their short-term nature, the carrying values of cash equivalents, accounts payable and accrued expenses, approximate fair value. Leases The Company’s right-of-use assets consist of leased assets recognized in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 842, Leases Stock-Based Compensation The Company periodically issues stock options, restricted stock units and stock awards to employees and non-employees. The Company accounts for such awards based on FASB ASC Topic 718, whereby the value of the award is measured on the date of grant and recognized as compensation expense on a straight-line basis over the requisite service period, usually the vesting period. With respect to performance-based awards, the Company assesses the probability of achieving the requisite performance criteria before recognizing compensation expense. The fair value of the Company’s stock options is estimated using the Black-Scholes-Merton Option Pricing (“Black Scholes”) model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the options, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes model. The assumptions used in the Black-Scholes model could materially affect compensation expense recorded in future periods. Per-Share Amounts Basic net loss per share is computed by dividing loss for the period by the weighted-average number of shares of common stock outstanding (“WASO”) during the period. In addition, the Company includes the number of shares of common stock issuable under pre-funded warrants as outstanding for purposes of the WASO calculation. Diluted net loss per share gives effect to all potentially dilutive common shares outstanding during the period. Potentially dilutive common shares consist of incremental shares of common stock issuable upon the exercise of stock options and exercise of warrants. The following table sets forth securities outstanding which were excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive (in thousands). Nine Months Ended December 31, 2024 2023 Options to purchase common stock 4,633 3,720 Unvested restricted stock units 125 208 Common stock purchase warrants 10,647 11,892 Total 15,405 15,820 Reclassifications Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations or cash flows. Comprehensive Loss Comprehensive loss represents the changes in equity of an enterprise, other than those resulting from stockholder transactions. Accordingly, comprehensive loss may include certain changes in equity that are excluded from net loss. For the three and nine months ended December 31, 2024 and 2023, the Company’s comprehensive loss was the same as its net loss. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

Consolidated Balance Sheet Deta

Consolidated Balance Sheet Detail	9 Months Ended
	Dec. 31, 2024
Consolidated Balance Sheet Detail [Abstract]
CONSOLIDATED BALANCE SHEET DETAIL	NOTE 2 – CONSOLIDATED BALANCE SHEET DETAIL December 31, 2024 March 31, 2024 (in thousands) Property and equipment, net Machinery and equipment $ 4,912 $ 3,209 Computer equipment and software 66 66 Construction-in-process 300 283 Leasehold improvements 33 33 Office equipment 46 63 5,357 3,654 Less: accumulated depreciation and amortization (1,399 ) (679 ) Total $ 3,958 $ 2,975 December 31, 2024 March 31, 2024 (in thousands) Accrued expenses Accrued wages and employee benefits $ 300 $ 243 Other 151 37 Total $ 451 $ 280

Leases

Leases	9 Months Ended
	Dec. 31, 2024
Leases [Abstract]
LEASES	NOTE 3 – LEASES Thornmint Road, San Diego, CA The 48-month lease term commenced February 1, 2023, and the lease provides for an initial base monthly rent of $36,000 with annual rent increases of approximately 4%. In addition to the minimum lease payments, the Company is responsible for property taxes, insurance and certain other operating costs. A discount rate of 8%, which approximated the Company’s incremental borrowing rate, was used to measure the lease asset and liability. The Company obtained a right-of-use asset of approximately $1,560,000 in exchange for its obligations under the operating lease. Future minimum payments under the facility operating lease, as of December 31, 2024, are listed in the table below (in thousands). Annual Fiscal Years 2025 $ 115 2026 470 2027 405 Total future lease payments $ 990 Less: Imputed interest (76 ) Present value of lease liability $ 914 Cash paid for amounts included in the measurement of lease liabilities was approximately $337,000 and $365,000 for the nine months ended December 31, 2024 and 2023, respectively. Rent expense was approximately $337,000 for each of the nine month periods ended December 31, 2024 and 2023, respectively and $112,000 for each of the three month periods ended December 31, 2024 and 2023.

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Dec. 31, 2024
Stockholders’ Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 4 – STOCKHOLDERS’ EQUITY November 2024 Public Offering In November 2024, the Company entered into an Underwriting Agreement (the “Agreement”) with Titan Partners Group LLC, a division of American Capital Partners, LLC (the “Underwriter”), relating to a firm commitment underwritten offering (the “Offering”) of 5,450,573 shares (the “Shares”) of common stock of the Company, at a public offering price of $1.50 per share. The Offering closed on November 25, 2024 (the “Closing Date”), resulting in gross proceeds to the Company of approximately $8.2 million, before deducting underwriting discounts, commissions and offering expenses. The Offering was made pursuant to an effective registration statement on Form S-3 (Registration Statement No. 333-264193) previously filed with the Securities and Exchange Commission on April 8, 2022, subsequently amended on April 15, 2022, and declared effective by the SEC on April 19, 2022, and a preliminary prospectus supplement relating to the Offering dated November 21, 2024. Pursuant to the Agreement, as partial compensation for its services, the Company issued to the Underwriter on the Closing Date, warrants (the “Underwriter Warrants”) to purchase an aggregate of 381,540 shares of common stock, representing 7% of the Shares issued on the Closing Date. The Underwriter Warrants will be exercisable, in whole or in part, commencing on May 21, 2025 and expiring on November 25, 2029, at an exercise price per share of $1.875. Pursuant to the Agreement, each of the Company’s directors and executive officers entered into “lock-up” agreements with the Underwriter that, subject to certain exceptions, prohibit, without the prior written consent of the Underwriter, the sale, transfer or other disposition of securities of the Company for a period of 60 days after the Closing Date (the “Lock-Up Period”). In addition, pursuant to the Agreement, except with respect to certain exempt issuances, the Company is prohibited from issuing common stock or common stock equivalents during the Lock-Up Period and from engaging in certain variable rate transactions for a period of one year from the Closing Date. ATM Offering In November 2023, the Company entered into a Sales Agreement (the “ATM Agreement”) with Leerink Partners LLC (“Leerink”) under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock through an “at the market offering” program under which Leerink will act as sales agent or principal. The ATM Agreement provides that Leerink will be entitled to compensation for its services equal to 3.0% of the gross proceeds from sales of any shares of common stock under the ATM Agreement. The Company has no obligation to sell any shares under the ATM Agreement and may, at any time, suspend solicitation and offers under the ATM Agreement. During the three and nine months ended December 31, 2024, under the ATM Agreement, the Company sold 95,685 and 920,199 shares of common stock, respectively, for gross proceeds of $218,449 and $2,224,440. During the three and nine months ended December 31, 2024, the Company incurred commissions and legal fees of $27,760 and $110,440, respectively. Common Stock Purchase Warrants As of December 31, 2024, the Company had the following warrants outstanding (share amounts in thousands): Number of Exercise Expiration Balance as of March 31, 2024 12,521 Warrants exercised (55 ) 1.22 May 2028 Balance as of June 30, 2024 12,466 Warrants exercised (252 ) 0.01 — Warrants exercised (649 ) 1.22 May 2028 Warrants exercised (39 ) 1.32 May 2027 Balance as of September 30, 2024 11,526 Issuance of warrants 382 1.875 Nov 2029 Warrants exercised (565 ) 0.01 — Warrants exercised (152 ) 1.22 May 2028 Warrants exercised (12 ) 1.32 May 2027 Balance as of December 31, 2024 11,179 As of March 31, 2024, the Company had the following warrants outstanding (share amounts in thousands): Type Number of Exercise Expiration Common stock 1,348 0.01 — Common stock 4,421 1.22 May 2028 Common stock 535 1.32 May 2027 Common stock 768 6.00 January 2027 - February 2027 Common stock 4,011 6.60 February 2027 Common stock 1,438 6.60 November 2027 Total 12,521 The outstanding pre-funded warrants with an exercise price of $0.01 per share were included in the weighted average shares outstanding calculation for each of the three and nine month periods ended December 31, 2024 and 2023. At March 31, 2024, the Company had a receivable from its transfer agent for approximately $142,000 for the proceeds from warrants exercised prior to March 31, 2024. The receivable was recorded in the prepaid and other line in the consolidated balance sheet at March 31, 2024 and was collected during the three months ended June 30, 2024. Other During the nine months ended December 31, 2024 and 2023, the Company issued 30,000 and 1,429 shares of common stock with fair values of approximately $51,000 and $1,400, respectively, to service providers.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Dec. 31, 2024
Stock-Based Compensation [Abstract]
STOCK-BASED COMPENSATION	NOTE 5 – STOCK-BASED COMPENSATION Amended 2017 Equity Incentive Plan In October 2017, the Company’s board of directors (the “Board”) approved the 2017 Equity Incentive Plan (the “Plan”), as amended, with 1,000,000 shares of common stock reserved for issuance. In January 2020 and August 2021, the Board approved increases in the number of shares reserved for issuance by 333,334 and 1,333,334 shares, respectively. In January 2023 and February 2024, the Company’s stockholders approved increases in the number of shares reserved for issuance under the Plan by an additional 2,000,000 and 3,000,000 shares, respectively. Under the Plan, eligible employees, directors and consultants may be granted a broad range of awards, including stock options, stock appreciation rights, restricted stock, performance-based awards and restricted stock units. The Plan is administered by the Board or, in the alternative, a committee designated by the Board. Stock-Based Compensation Expense Stock options granted by the Company generally vest over 36 months and have a 10-year term. As of December 31, 2024, the unamortized compensation cost related to stock options was approximately $1,486,000 and is expected to be recognized as expense over a weighted-average period of approximately 1.9 years. In October 2023, under its Two-Part FDA Submission and Clearance Milestone Bonus Program (the “Bonus Program”), the Company granted stock options to purchase 909,533 shares of common stock, which were subject to vesting based upon the achievement of certain performance milestones by the Company and continued service by the optionees. In January 2024, options to purchase 625,326 shares (net of forfeitures), which were granted under part one of the Bonus Program, vested upon the Company’s submission to the FDA. In August 2024, options to purchase 242,307 shares (net of forfeitures), which were granted under part two of the Bonus Program, were canceled, as the Company did not receive clearance from the FDA for its MODD1 product by August 1, 2024. In August 2024, the Company granted new options to purchase 339,298 shares (the “Clearance Options”), which were subject to vesting based upon the Company’s receipt of clearance from the FDA for its MODD1 product by December 31, 2024 and continued service by the optionees. The Clearance Options vested in full in September 2024 upon the Company’s receipt of clearance from the FDA for its MODD1 product. The weighted-average grant date fair value of options granted was $1.42 and $0.98 per share for the nine months ended December 31, 2024 and 2023, respectively, and $1.56 and $0.97 for the three months ended December 31, 2024 and 2023, respectively. The following assumptions were used in the fair-value method calculations: Three Months Ended December 31, Nine Months Ended 2024 2023 2024 2023 Risk-free interest rates 3.9% - 4.4% 3.8% - 4.7% 3.5% - 4.4% 3.5% - 4.7% Volatility 110% - 113% 123.4% - 127.6% 110% - 123% 82.5% - 152.2% Expected life (years) 5.0 – 5.7 5.0 – 5.4 5.0 – 5.7 5.0 – 6.2 The fair values of options at the grant date were estimated utilizing the Black-Scholes valuation model, which includes simplified methods to establish the expected life of options, as well as average volatility. The risk-free interest rate was derived from the Daily Treasury Yield Curve Rates, as published by the U.S. Department of the Treasury as of the grant date for terms equal to the expected terms of the options. A dividend yield of zero was applied because the Company has never paid dividends and has no intention to pay dividends in the foreseeable future. The Company accounts for forfeitures as they occur. The following table summarizes the activity in the shares available for grant under the Plan during the nine months ended December 31, 2024: Options Outstanding Weighted Shares Average Available Number of Exercise for Grant Shares Price ($) Balance at March 31, 2024 3,648,651 3,689,341 3.70 Share awards (3,875 ) — 1.56 Options granted (682,375 ) 682,375 1.52 Options exercised — (7,530 ) 1.08 Options cancelled and returned to the Plan 42,230 (42,230 ) 2.62 Balance at June 30, 2024 3,004,631 4,321,956 3.36 Share awards (3,875 ) — 2.28 Options granted (483,673 ) 483,673 1.81 Options cancelled and returned to the Plan 274,901 (274,901 ) 1.51 Balance at September 30, 2024 2,791,984 4,530,728 3.33 Share awards (3,875 ) — 1.37 Options granted (129,375 ) 129,375 1.88 Options cancelled and returned to the Plan 27,388 (27,388 ) 1.30 Balance at December 31, 2024 2,686,122 4,632,715 3.30 A stock option was exercised on a cashless basis for a net issuance of 7,530 shares of common stock during the nine months ended December 31, 2024. There were no stock options exercised during the nine months ended December 31, 2023. During the nine months ended December 31, 2024 and 2023, the Company awarded 11,625 and 19,015 shares, respectively, and for the three months ended December 31, 2024 and 2023, the Company awarded 3,875 and 6,375 shares, respectively, to its non-employee directors under the Company’s outside director compensation plan. For the nine months ended December 31, 2024 and 2023, the Company recorded stock-based compensation expense for these share awards of approximately $20,000 and $25,000, respectively, and for the three months ended December 31, 2024 and 2023, the Company recorded stock-based compensation expense for these share awards of approximately $5,000 and $11,000, respectively. A summary of restricted stock unit (“RSU”) activity under the Plan is presented below. Weighted Number of Grant-Date Non-vested shares at March 31, 2024 187,499 0.91 Vested (20,832 ) 0.91 Non-vested shares at June 30, 2024 166,667 0.91 Vested (20,833 ) 0.91 Non-vested shares at September 30, 2024 145,834 0.91 Vested (20,833 ) 0.91 Non-vested shares at December 31, 2024 125,001 0.91 The total intrinsic value of RSUs outstanding as of December 31, 2024 was approximately $171,000. The unamortized compensation cost at December 31, 2024 was approximately $115,000 related to RSUs and is expected to be recognized as expense over a period of approximately 1.5 years. The following table summarizes the range of outstanding and exercisable options as of December 31, 2024: Options Outstanding Options Exercisable Range of Exercise Price Number Weighted Weighted Number Weighted Aggregate $0.93 - $2.28 3,200,441 8.22 1.59 2,095,570 1.57 213,512 $3.95 - $7.51 933,145 6.43 5.30 873,089 5.37 — $8.61 - $17.70 499,129 6.48 10.56 499,129 10.56 — $0.93 - $17.70 4,632,715 7.67 3.30 3,467,788 3.82 213,512 The intrinsic value per share is calculated as the excess of the closing price of the common stock on the Company’s principal trading market over the exercise price of the option.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2024
Income Taxes [Abstract]
INCOME TAXES	NOTE 6 – INCOME TAXES The Company determines deferred tax assets and liabilities based upon the differences between the financial statement and tax bases of the Company’s assets and liabilities using tax rates in effect for the year in which the Company expects the differences to affect taxable income. A valuation allowance is established for any deferred tax assets for which it is more likely than not that all or a portion of the deferred tax assets will not be realized. Based on the available information and other factors, management believes it is more likely than not that its federal and state net deferred tax assets will not be fully realized, and the Company has recorded a full valuation allowance. The Company files U.S. federal and state income tax returns in jurisdictions with varying statutes of limitations. All tax returns for fiscal 2016 to fiscal 2024 may be subject to examination by the U.S. federal and state tax authorities. As of December 31, 2024, the Company has not

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2024
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 7 – COMMITMENTS AND CONTINGENCIES Litigations, Claims and Assessments In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements. Indemnification In the ordinary course of business, the Company enters into contractual arrangements under which it may agree to indemnify the counterparties from any losses incurred relating to breach of representations and warranties, failure to perform certain covenants, or claims and losses arising from certain events as outlined within the particular contract, which may include, for example, losses arising from litigation or claims relating to past performance. Such indemnification clauses may not be subject to maximum loss clauses. The Company has also entered into indemnification agreements with its officers and directors. No amounts were reflected in the Company’s consolidated financial statements for the three and nine months ended December 31, 2024 and 2023 related to these indemnifications. The Company has not estimated the maximum potential amount of indemnification liability under these agreements due to the limited history of prior claims and the unique facts and circumstances applicable to each particular agreement. To date, the Company has not made any payments related to these indemnification agreements. Purchase Obligations The Company’s primary purchase obligations include purchase orders for machinery and equipment. At December 31, 2024, the Company had outstanding purchase orders for machinery and equipment and related expenditures of approximately $1,061,000. In December 2023, the Company signed a device integration agreement with a provider of connected-care and remote monitoring diabetes technology solutions. As of December 31, 2024, the Company had a remaining obligation under the device integration agreement of approximately $400,000 over three years for technology license and maintenance fees.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 8 – RELATED PARTY TRANSACTIONS A family member of one of the Company’s executive officers is an employee of the Company. During the three months ended December 31, 2024 and 2023, the Company paid the family member $38,191 and $44,095, respectively, which includes the aggregate grant date fair values, as determined pursuant to FASB ASC Topic 718, of any stock options granted during each period. During the nine months ended December 31, 2024 and 2023, the Company paid the family member $138,510 and $107,849, respectively, which includes the aggregate grant date fair values, as determined pursuant to FASB ASC Topic 718, of any stock options granted during each period.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (4,804)	$ (4,956)	$ (4,137)	$ (5,269)	$ (4,183)	$ (3,737)	$ (13,897)	$ (13,189)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
	Dec. 31, 2024
The Company and Summary of Significant Accounting Policies [Abstract]
Liquidity and Going Concern	Liquidity and Going Concern The Company does not currently have revenues to generate cash flows to cover operating expenses. Since its inception, the Company has incurred operating losses and negative cash flows in each year due to costs incurred in connection with its operations. The Company expects to continue to incur operating losses for the foreseeable future and incur cash outflows from operations as it continues to invest in the development and commercialization of its products. The Company expects that its operating expenses will continue to increase, and, as a result, it will eventually need to generate significant revenue to achieve profitability. raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these financial statements are issued. In addition, the Company’s independent registered public accounting firm, in its report on the consolidated financial statements as of and for the year ended March 31, 2024, expressed substantial doubt about the Company’s ability to continue as a going concern. These condensed consolidated financial statements do not include any adjustments that might result from this uncertainty. Implementation of the Company’s plans and its ability to continue as a going concern will depend upon the Company’s ability to raise additional capital, through the sale of additional equity or debt securities, to support its future operations. There can be no assurance that such additional capital, whether in the form of debt or equity financing, will be sufficient or available and, if available, that such capital will be offered on terms and conditions acceptable to the Company. The Company’s operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully commercialize its MODD1 product, competing technological and market developments, and the need to enter into collaborations with other companies or acquire other companies or technologies to enhance or complement its product offering. If the Company is unable to secure additional capital, it may be required to curtail its product commercialization and research and development initiatives and take additional measures to reduce costs in order to conserve its cash.
Basis of Presentation	Basis of Presentation The Company’s fiscal year ends on March 31 of each calendar year. Each reference to a fiscal year in these notes to the condensed consolidated financial statements refers to the fiscal year ended March 31 of the calendar year indicated (for example, fiscal 2025 refers to the fiscal year ending March 31, 2025). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Quasuras. All significant intercompany transactions and balances have been eliminated in consolidation. The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and with the rules and regulations of the United States Security and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated balance sheet as of March 31, 2024 has been derived from the audited consolidated financial statements at that date. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with these rules and regulations of the SEC. The information in this report should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in its most recent annual report on Form 10-K filed with the SEC. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) necessary to summarize fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. The operating results for the nine months ended December 31, 2024 are not necessarily indicative of the results that may be expected for the year ending March 31, 2025 or for any other future period.
Use of Estimates	Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Estimates may include those pertaining to accruals, stock-based compensation and income taxes. Actual results could differ from those estimates.
Reportable Segment	Reportable Segment The Company operates in one business segment and uses one measurement of profitability for its business.
Research and Development	Research and Development The Company expenses research and development expenditures as incurred.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash held in demand deposit accounts. The Company maintains a portion of its cash in demand deposit accounts at high credit quality financial institutions within the United States, which are insured by the Federal Deposit Insurance Corporation up to limits of approximately $250,000. No reserve has been made in the financial statements for any possible loss due to financial institution failure.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to risks from, among other things, competition associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements, limited operating history, pandemics, wars and acts of terrorism and the volatility of public markets. The Company may be unable to access the capital markets, and additional capital may only be available to the Company on terms that could be significantly detrimental to its existing stockholders and to its business.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash held in demand deposit and money market accounts, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less.
Property and Equipment	Property and Equipment Property and equipment are recorded at historical cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally three to five years. Depreciation is recorded in operating expenses in the consolidated statements of operations. Leasehold improvements and assets acquired through finance leases are amortized over the shorter of their estimated useful life or the lease term, and amortization is recorded in operating expenses in the consolidated statements of operations. Construction-in-process includes machinery and equipment and is stated at cost and not depreciated. Depreciation on construction-in-process commences when the assets are ready for their intended use and placed into service.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company measures the fair value of financial instruments using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: ● Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. Due to their short-term nature, the carrying values of cash equivalents, accounts payable and accrued expenses, approximate fair value.
Leases	Leases The Company’s right-of-use assets consist of leased assets recognized in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 842, Leases
Stock-Based Compensation	Stock-Based Compensation The Company periodically issues stock options, restricted stock units and stock awards to employees and non-employees. The Company accounts for such awards based on FASB ASC Topic 718, whereby the value of the award is measured on the date of grant and recognized as compensation expense on a straight-line basis over the requisite service period, usually the vesting period. With respect to performance-based awards, the Company assesses the probability of achieving the requisite performance criteria before recognizing compensation expense. The fair value of the Company’s stock options is estimated using the Black-Scholes-Merton Option Pricing (“Black Scholes”) model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the options, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes model. The assumptions used in the Black-Scholes model could materially affect compensation expense recorded in future periods.
Per-Share Amounts	Per-Share Amounts Basic net loss per share is computed by dividing loss for the period by the weighted-average number of shares of common stock outstanding (“WASO”) during the period. In addition, the Company includes the number of shares of common stock issuable under pre-funded warrants as outstanding for purposes of the WASO calculation. Diluted net loss per share gives effect to all potentially dilutive common shares outstanding during the period. Potentially dilutive common shares consist of incremental shares of common stock issuable upon the exercise of stock options and exercise of warrants. The following table sets forth securities outstanding which were excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive (in thousands). Nine Months Ended December 31, 2024 2023 Options to purchase common stock 4,633 3,720 Unvested restricted stock units 125 208 Common stock purchase warrants 10,647 11,892 Total 15,405 15,820
Reclassifications	Reclassifications Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations or cash flows.
Comprehensive Loss	Comprehensive Loss Comprehensive loss represents the changes in equity of an enterprise, other than those resulting from stockholder transactions. Accordingly, comprehensive loss may include certain changes in equity that are excluded from net loss. For the three and nine months ended December 31, 2024 and 2023, the Company’s comprehensive loss was the same as its net loss.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

The Company and Summary of Si_2

The Company and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Dec. 31, 2024
The Company and Summary of Significant Accounting Policies [Abstract]
Schedule of Diluted Net Loss Per Share	The following table sets forth securities outstanding which were excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive (in thousands). Nine Months Ended December 31, 2024 2023 Options to purchase common stock 4,633 3,720 Unvested restricted stock units 125 208 Common stock purchase warrants 10,647 11,892 Total 15,405 15,820

Consolidated Balance Sheet De_2

Consolidated Balance Sheet Detail (Tables)	9 Months Ended
	Dec. 31, 2024
Consolidated Balance Sheet Detail [Abstract]
Schedule of Property and Equipment, Net	December 31, 2024 March 31, 2024 (in thousands) Property and equipment, net Machinery and equipment $ 4,912 $ 3,209 Computer equipment and software 66 66 Construction-in-process 300 283 Leasehold improvements 33 33 Office equipment 46 63 5,357 3,654 Less: accumulated depreciation and amortization (1,399 ) (679 ) Total $ 3,958 $ 2,975
Schedule of Accrued Expenses	December 31, 2024 March 31, 2024 (in thousands) Accrued expenses Accrued wages and employee benefits $ 300 $ 243 Other 151 37 Total $ 451 $ 280

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Future Minimum Payments Under the Facility Operating Lease	Future minimum payments under the facility operating lease, as of December 31, 2024, are listed in the table below (in thousands). Annual Fiscal Years 2025 $ 115 2026 470 2027 405 Total future lease payments $ 990 Less: Imputed interest (76 ) Present value of lease liability $ 914

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	9 Months Ended
	Dec. 31, 2024
Stockholders’ Equity [Abstract]
Schedule of Warrants Outstanding	As of December 31, 2024, the Company had the following warrants outstanding (share amounts in thousands): Number of Exercise Expiration Balance as of March 31, 2024 12,521 Warrants exercised (55 ) 1.22 May 2028 Balance as of June 30, 2024 12,466 Warrants exercised (252 ) 0.01 — Warrants exercised (649 ) 1.22 May 2028 Warrants exercised (39 ) 1.32 May 2027 Balance as of September 30, 2024 11,526 Issuance of warrants 382 1.875 Nov 2029 Warrants exercised (565 ) 0.01 — Warrants exercised (152 ) 1.22 May 2028 Warrants exercised (12 ) 1.32 May 2027 Balance as of December 31, 2024 11,179 As of March 31, 2024, the Company had the following warrants outstanding (share amounts in thousands): Type Number of Exercise Expiration Common stock 1,348 0.01 — Common stock 4,421 1.22 May 2028 Common stock 535 1.32 May 2027 Common stock 768 6.00 January 2027 - February 2027 Common stock 4,011 6.60 February 2027 Common stock 1,438 6.60 November 2027 Total 12,521

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Dec. 31, 2024
Stock-Based Compensation [Abstract]
Schedule of Assumptions were used in the Fair-Value Method	The following assumptions were used in the fair-value method calculations: Three Months Ended December 31, Nine Months Ended 2024 2023 2024 2023 Risk-free interest rates 3.9% - 4.4% 3.8% - 4.7% 3.5% - 4.4% 3.5% - 4.7% Volatility 110% - 113% 123.4% - 127.6% 110% - 123% 82.5% - 152.2% Expected life (years) 5.0 – 5.7 5.0 – 5.4 5.0 – 5.7 5.0 – 6.2
Schedule of Activity in the Shares	The following table summarizes the activity in the shares available for grant under the Plan during the nine months ended December 31, 2024: Options Outstanding Weighted Shares Average Available Number of Exercise for Grant Shares Price ($) Balance at March 31, 2024 3,648,651 3,689,341 3.70 Share awards (3,875 ) — 1.56 Options granted (682,375 ) 682,375 1.52 Options exercised — (7,530 ) 1.08 Options cancelled and returned to the Plan 42,230 (42,230 ) 2.62 Balance at June 30, 2024 3,004,631 4,321,956 3.36 Share awards (3,875 ) — 2.28 Options granted (483,673 ) 483,673 1.81 Options cancelled and returned to the Plan 274,901 (274,901 ) 1.51 Balance at September 30, 2024 2,791,984 4,530,728 3.33 Share awards (3,875 ) — 1.37 Options granted (129,375 ) 129,375 1.88 Options cancelled and returned to the Plan 27,388 (27,388 ) 1.30 Balance at December 31, 2024 2,686,122 4,632,715 3.30
Schedule of RSU Activity under the Plan	A summary of restricted stock unit (“RSU”) activity under the Plan is presented below. Weighted Number of Grant-Date Non-vested shares at March 31, 2024 187,499 0.91 Vested (20,832 ) 0.91 Non-vested shares at June 30, 2024 166,667 0.91 Vested (20,833 ) 0.91 Non-vested shares at September 30, 2024 145,834 0.91 Vested (20,833 ) 0.91 Non-vested shares at December 31, 2024 125,001 0.91
Schedule of Outstanding and Exercisable Options	The following table summarizes the range of outstanding and exercisable options as of December 31, 2024: Options Outstanding Options Exercisable Range of Exercise Price Number Weighted Weighted Number Weighted Aggregate $0.93 - $2.28 3,200,441 8.22 1.59 2,095,570 1.57 213,512 $3.95 - $7.51 933,145 6.43 5.30 873,089 5.37 — $8.61 - $17.70 499,129 6.48 10.56 499,129 10.56 — $0.93 - $17.70 4,632,715 7.67 3.30 3,467,788 3.82 213,512

The Company and Summary of Si_3

The Company and Summary of Significant Accounting Policies (Details)	9 Months Ended
	Dec. 31, 2024 USD ($) segment
The Company and Summary of Significant Accounting Policies [Line Items]
Business segment	1
FDIC insured amount | $	$ 250,000
Business segment	1
Minimum [Member]
The Company and Summary of Significant Accounting Policies [Line Items]
Estimated useful lives	3 years
Maximum [Member]
The Company and Summary of Significant Accounting Policies [Line Items]
Estimated useful lives	5 years

The Company and Summary of Si_4

The Company and Summary of Significant Accounting Policies - Schedule of Diluted Net Loss Per Share (Details) - shares shares in Thousands	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule of Diluted Net Loss Per Share [Line Items]
Anti-dilutive total	15,405	15,820
Options to purchase common stock [Member]
Schedule of Diluted Net Loss Per Share [Line Items]
Anti-dilutive total	4,633	3,720
Unvested restricted stock units [Member]
Schedule of Diluted Net Loss Per Share [Line Items]
Anti-dilutive total	125	208
Common stock purchase warrants [Member]
Schedule of Diluted Net Loss Per Share [Line Items]
Anti-dilutive total	10,647	11,892

Consolidated Balance Sheet De_3

Consolidated Balance Sheet Detail - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Property and equipment, net
Property and equipment, gross	$ 5,357	$ 3,654
Less: accumulated depreciation and amortization	(1,399)	(679)
Total	3,958	2,975
Machinery and equipment [Member]
Property and equipment, net
Property and equipment, gross	4,912	3,209
Computer equipment and software [Member]
Property and equipment, net
Property and equipment, gross	66	66
Construction-in-process [Member]
Property and equipment, net
Property and equipment, gross	300	283
Leasehold improvements [Member]
Property and equipment, net
Property and equipment, gross	33	33
Office equipment [Member]
Property and equipment, net
Property and equipment, gross	$ 46	$ 63

Consolidated Balance Sheet De_4

Consolidated Balance Sheet Detail - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Accrued expenses
Accrued wages and employee benefits	$ 300	$ 243
Other	151	37
Total	$ 451	$ 280

Leases (Details)

Leases (Details) - USD ($)		3 Months Ended		9 Months Ended
	Feb. 01, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Leases [Line Items]
Rent expense	$ 36,000	$ 112,000	$ 112,000	$ 337,000	$ 337,000
Annual rent increases percentage	4%
Discount rate		8%		8%
Obtained a right-of-use asset				$ 1,560,000
Cash paid				$ 337,000	$ 365,000
Thornmint Road, San Diego, CA [Member]
Leases [Line Items]
Lease term		48 months		48 months

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Payments Under the Facility Operating Lease (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Schedule of Future Minimum Payments Under the Facility Operating Lease [Abstract]
2025	$ 115
2026	470
2027	405
Total future lease payments	990
Less: Imputed interest	(76)
Present value of lease liability	$ 914

Stockholders_ Equity (Details)

Stockholders’ Equity (Details) - USD ($) $ / shares in Units, shares in Thousands				3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 30, 2024	Nov. 25, 2024	Nov. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Stockholders’ Equity [Line Items]
Percentage of shares issued on closing date				7%
Gross proceeds sale percentage			3%
Shares sold (in Shares)				95,685		920,199
Gross proceeds of common stock						$ 7,344,000
Legal fees				$ 27,760		$ 110,440
Exercise price of the pre-funded warrants (in Dollars per share)				$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common stock fair value						$ 51,000	$ 1,400
Underwriter Warrants [Member]
Stockholders’ Equity [Line Items]
Exercisable expiring term				Nov. 25, 2029
Expiring term				60 days		60 days
Warrant [Member]
Stockholders’ Equity [Line Items]
Issuance of common stock shares (in Shares)						30,000	1,429
Aggregate proceeds								$ 142,000
November 2024 Public Offering [Member]
Stockholders’ Equity [Line Items]
Gross proceeds		$ 8,200,000
Transactions period						1 year
November 2024 Public Offering [Member] | Underwriter Warrants [Member]
Stockholders’ Equity [Line Items]
Purchase of aggregate shares (in Shares)				381,540		381,540
Common Stock [Member]
Stockholders’ Equity [Line Items]
Issuance of common stock shares (in Shares)				5,451
Gross proceeds of common stock				$ 218,449		$ 2,224,440
Common Stock [Member] | Titan Partners Group LLC [Member]
Stockholders’ Equity [Line Items]
Public offering price, per share (in Dollars per share)	$ 1.5
Common Stock [Member] | Underwriter Warrants [Member]
Stockholders’ Equity [Line Items]
Warrants exercise price (in Dollars per share)				$ 1.875		$ 1.875
IPO [Member] | Titan Partners Group LLC [Member]
Stockholders’ Equity [Line Items]
Issuance of common stock shares (in Shares)	5,450,573

Stockholders_ Equity - Schedule

Stockholders’ Equity - Schedule of Warrants Outstanding (Details) - Warrant [Member] - $ / shares shares in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Schedule of Warrants Outstanding [Line Items]
Number of Shares, balance	11,179	11,526	12,466	12,521
Number of Shares, Common stock	11,179	11,526	12,466	12,521
Number of Shares, Issuance of warrants	382
Exercise Price, Issuance of warrants (in Dollars per share)	$ 1.875
Expiration Dates, Issuance of warrants	Nov 2029
Number of Shares, Warrants exercised			(55)
Exercise Price, Warrants exercised (in Dollars per share)			$ 1.22
Expiration Dates, Warrants exercised			May 2028
Common stock [Member]
Schedule of Warrants Outstanding [Line Items]
Number of Shares, balance				1,348
Number of Shares, Common stock				1,348
Exercise Price, Common stock (in Dollars per share)				$ 0.01
Expiration Dates, Common stock
Common stock [Member]
Schedule of Warrants Outstanding [Line Items]
Number of Shares, balance				4,421
Number of Shares, Common stock				4,421
Exercise Price, Common stock (in Dollars per share)				$ 1.22
Expiration Dates, Common stock				May 2028
Common stock [Member]
Schedule of Warrants Outstanding [Line Items]
Number of Shares, balance				535
Number of Shares, Common stock				535
Exercise Price, Common stock (in Dollars per share)				$ 1.32
Expiration Dates, Common stock				May 2027
Common stock [Member]
Schedule of Warrants Outstanding [Line Items]
Number of Shares, balance				768
Number of Shares, Common stock				768
Exercise Price, Common stock (in Dollars per share)				$ 6
Expiration Dates, Common stock				January 2027 - February 2027
Common stock [Member]
Schedule of Warrants Outstanding [Line Items]
Number of Shares, balance				4,011
Number of Shares, Common stock				4,011
Exercise Price, Common stock (in Dollars per share)				$ 6.6
Expiration Dates, Common stock				February 2027
Common stock [Member]
Schedule of Warrants Outstanding [Line Items]
Number of Shares, balance				1,438
Number of Shares, Common stock				1,438
Exercise Price, Common stock (in Dollars per share)				$ 6.6
Expiration Dates, Common stock				November 2027
Warrants exercised [Member]
Schedule of Warrants Outstanding [Line Items]
Number of Shares, Warrants exercised	(565)	(252)
Exercise Price, Warrants exercised (in Dollars per share)	$ 0.01	$ 0.01
Expiration Dates, Warrants exercised
Warrants exercised [Member]
Schedule of Warrants Outstanding [Line Items]
Number of Shares, Warrants exercised	(152)	(649)
Exercise Price, Warrants exercised (in Dollars per share)	$ 1.22	$ 1.22
Expiration Dates, Warrants exercised	May 2028	May 2028
Warrants exercised [Member]
Schedule of Warrants Outstanding [Line Items]
Number of Shares, Warrants exercised	(12)	(39)
Exercise Price, Warrants exercised (in Dollars per share)	$ 1.32	$ 1.32
Expiration Dates, Warrants exercised	May 2027	May 2027

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

Aug. 31, 2024

Jan. 31, 2024

Oct. 31, 2023

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Dec. 31, 2023

Dec. 31, 2024

Dec. 31, 2023

Feb. 28, 2024

Jan. 31, 2023

Aug. 31, 2021

Jan. 31, 2020

Oct. 31, 2017

Stock-Based Compensation [Line Items]

Contractual term

10 years

Unamortized compensation cost (in Dollars)

$ 1,486,000

$ 1,486,000

Weighted average period

1 year 10 months 24 days

Total number of options exercised

7,530

Options vested

625,326

Options cancelled

242,307

Granted new options to purchase shares

339,298

Weighted-average grant date fair value of options granted (in Dollars per share)

$ 1.88

$ 1.81

$ 1.52

Option exercised

7,530

Shares issued

11,625

19,015

Stock-based compensation (in Dollars)

$ 5,000

$ 11,000

Expense over a period

1 year 6 months

Milestone Bonus Program [Member]

Stock-Based Compensation [Line Items]

Total number of options exercised

909,533

Stock-Based Compensation [Member]

Stock-Based Compensation [Line Items]

Weighted-average grant date fair value of options granted (in Dollars per share)

$ 1.56

$ 0.97

$ 1.42

$ 0.98

Restricted Stock Units (RSUs) [Member]

Stock-Based Compensation [Line Items]

Unamortized compensation cost (in Dollars)

$ 115,000

$ 115,000

Total intrinsic value (in Dollars)

$ 171,000

171,000

Non-employee Directors [Member]

Stock-Based Compensation [Line Items]

Shares issued

3,875

6,375

Stock-based compensation (in Dollars)

$ 20,000

$ 25,000

2017 Equity Incentive Plan [Member]

Stock-Based Compensation [Line Items]

Number of shares reserved

3,000,000

2,000,000

1,333,334

333,334

1,000,000

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Assumptions were used in the Fair-Value Method (Details)	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Minimum [Member]
Schedule of Assumptions were used in the Fair-Value Method [Line Items]
Risk-free interest rates	3.90%	3.80%	3.50%	3.50%
Volatility	110%	123.40%	110%	82.50%
Expected life (years)	5 years	5 years	5 years	5 years
Maximum [Member]
Schedule of Assumptions were used in the Fair-Value Method [Line Items]
Risk-free interest rates	4.40%	4.70%	4.40%	4.70%
Volatility	113%	127.60%	123%	152.20%
Expected life (years)	5 years 8 months 12 days	5 years 4 months 24 days	5 years 8 months 12 days	6 years 2 months 12 days

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Activity in the Shares (Details) - $ / shares shares in Thousands	3 Months Ended			9 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2024
Schedule of Activity in the Shares [Line Items]
Shares Available for Grant, Beginning Balance	2,791,984	3,004,631	3,648,651	3,648,651
Number of Shares, Beginning Balance	4,530,728	4,321,956	3,689,341	3,689,341
Weighted Average Exercise Price, Beginning Balance (in Dollars per share)	$ 3.33	$ 3.36	$ 3.7	$ 3.7
Shares Available for Grant, Share awards	(3,875)	(3,875)	(3,875)
Number of Shares, Share awards
Weighted Average Exercise Price, Share awards (in Dollars per share)	$ 1.37	$ 2.28	$ 1.56
Shares Available for Grant, Options granted	(129,375)	(483,673)	(682,375)
Number of Shares, Options granted	129,375	483,673	682,375
Weighted Average Exercise Price, Options granted (in Dollars per share)	$ 1.88	$ 1.81	$ 1.52
Shares Available for Grant, Options exercised
Number of Shares, Options exercised			(7,530)
Weighted Average Exercise Price, Options exercised (in Dollars per share)			$ 1.08
Shares Available for Grant, Options cancelled and returned to the Plan	27,388	274,901	42,230
Number of Shares, Options cancelled and returned to the Plan	(27,388)	(274,901)	(42,230)
Weighted Average Exercise Price, Options cancelled and returned to the Plan (in Dollars per share)	$ 1.3	$ 1.51	$ 2.62
Shares Available for Grant, Ending Balance	2,686,122	2,791,984	3,004,631	2,686,122
Number of Shares, Ending Balance	4,632,715	4,530,728	4,321,956	4,632,715
Weighted Average Exercise Price, Ending Balance (in Dollars per share)	$ 3.3	$ 3.33	$ 3.36	$ 3.3

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of RSU Activity under the Plan (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands	3 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024
Schedule of RSU Activity Under the Plan [Line Items]
Number of Shares, Beginning Balance	145,834	166,667	187,499
Weighted Average Grant-Date Fair Value, Beginning Balance	$ 0.91	$ 0.91	$ 0.91
Number of Shares, Vested	(20,833)	(20,833)	(20,832)
Weighted Average Grant-Date Fair Value, Vested	$ 0.91	$ 0.91	$ 0.91
Number of Shares, Ending Balance	125,001	145,834	166,667
Weighted Average Grant-Date Fair Value, Ending Balance	$ 0.91	$ 0.91	$ 0.91

Stock-Based Compensation - Sc_4

Stock-Based Compensation - Schedule of Outstanding and Exercisable Options (Details)	9 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
$0.93 - $2.28 [Member]
Schedule of Outstanding and Exercisable Options [Line Items]
Number Outstanding | shares	3,200,441
Weighted Average Remaining Contractual Life (in Years)	8 years 2 months 19 days
Weighted Average Exercise Price | $ / shares	$ 1.59
Number Exercisable | shares	2,095,570
Weighted Average Exercise Price | $ / shares	$ 1.57
Aggregate Intrinsic value | $	$ 213,512
$3.95 - $7.51 [Member]
Schedule of Outstanding and Exercisable Options [Line Items]
Number Outstanding | shares	933,145
Weighted Average Remaining Contractual Life (in Years)	6 years 5 months 4 days
Weighted Average Exercise Price | $ / shares	$ 5.3
Number Exercisable | shares	873,089
Weighted Average Exercise Price | $ / shares	$ 5.37
Aggregate Intrinsic value | $
$8.61 - $17.70 [Member]
Schedule of Outstanding and Exercisable Options [Line Items]
Number Outstanding | shares	499,129
Weighted Average Remaining Contractual Life (in Years)	6 years 5 months 23 days
Weighted Average Exercise Price | $ / shares	$ 10.56
Number Exercisable | shares	499,129
Weighted Average Exercise Price | $ / shares	$ 10.56
Aggregate Intrinsic value | $
$0.93 - $17.70 [Member]
Schedule of Outstanding and Exercisable Options [Line Items]
Number Outstanding | shares	4,632,715
Weighted Average Remaining Contractual Life (in Years)	7 years 8 months 1 day
Weighted Average Exercise Price | $ / shares	$ 3.3
Number Exercisable | shares	3,467,788
Weighted Average Exercise Price | $ / shares	$ 3.82
Aggregate Intrinsic value | $	$ 213,512

Income Taxes (Details)

Income Taxes (Details)	Dec. 31, 2024 USD ($)
Income Taxes [Abstract]
Liability for unrecognized tax benefits

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Commitments and Contingencies [Line Items]
Purchase obligations	$ 1,061,000
Device Integration Agreement [Member]
Commitments and Contingencies [Line Items]
Purchase obligations	$ 400,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Related Party Transactions [Abstract]
Paid the employee	$ 38,191	$ 44,095	$ 138,510	$ 107,849