What changed in this filing

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Item 2. Management’s Discussion and Analysis

2024-08-13 compared with 2024-02-13 · 172 added, 215 removed, 11 unchanged (97% of the section changed)

Management’s Discussion

and Analysis of Financial Condition and Results of Operations

This Management’s Discussion

and Analysis of Financial Condition and Results of Operations should be read in conjunction with the accompanying condensed consolidated

financial statements and notes included in this Quarterly Report on Form 10-Q (this Report).

This Report contains forward-looking

statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which

include, without limitation, statements about the market for our technology, our strategy, competition, expected financial performance

and capital raising efforts, and other aspects of our business identified in our most recent annual report on Form 10-K filed

with the Securities and Exchange Commission on June 26, 2023 and in other reports that we file from time to time with the Securities

and Exchange Commission.

Any statements about our business, financial results, financial condition and operations contained

in this Report that are not statements of historical fact may be deemed to be forward-looking statements.

Without limiting the foregoing,

the words “believes,” “anticipates,” “expects,” “intends,” “plans,” “projects,”

or similar expressions are intended to identify forward-looking statements.

Our actual results could differ materially from those

expressed or implied by these forward-looking statements as a result of various factors, including the risk factors described under Item

1A of our Annual Report on Form 10-K for the year ended March 31, 2023.

These forward-looking statements represent our intentions, plans,

expectations, assumptions, and beliefs about future events and are subject to risks, uncertainties and other factors including, without

limitation, the direct and indirect effects of coronavirus disease 2019, or COVID-19, as well as inflationary risks, including

the risk that the cost of certain of the Company’s components is increasing, and related issues that may arise therefrom.

those factors are outside of our control and could cause actual results to differ materially from those expressed or implied by those

Management’s Discussion and

Analysis of Financial Condition and Results of Operations

This Management’s Discussion and Analysis

of Financial Condition and Results of Operations should be read in conjunction with the accompanying condensed consolidated financial

statements and notes included in this Quarterly Report on Form 10-Q (this Report).

This Report contains forward-looking statements within

the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which include, without

limitation, statements about the market for our technology, our strategy, competition, expected financial performance and capital raising

efforts, and other aspects of our business identified in our most recent annual report on Form 10-K filed with the Securities and Exchange

Commission on June 21, 2024 and in other reports that we file from time to time with the Securities and Exchange Commission.

Any statements

about our business, financial results, financial condition and operations contained in this Report that are not statements of historical

fact may be deemed to be forward-looking statements.

Without limiting the foregoing, the words “believes,” “anticipates,”

“expects,” “intends,” “plans,” “projects,” or similar expressions are intended to identify

forward-looking statements.

In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements

might not occur or might occur to a different extent or at a different time than we have described.

You are cautioned not to

place undue reliance on these forward-looking statements, which speak only as of the date of this Report.

All subsequent written and oral

forward-looking statements concerning other matters addressed in this Report and attributable to us or any person acting on our behalf

are expressly qualified in their entirety by the cautionary statements contained or referred to in this Report.

We undertake no obligation

to update or revise any forward-looking statements, whether as a result of new information, future events, a change in events, conditions,

circumstances, or assumptions underlying such statements, or otherwise.

Our fiscal year ends on March 31

of each calendar year.

Each reference to a fiscal year in this Report, refers to the fiscal year ended March 31 of the calendar

year indicated (for example, fiscal 2024 refers to the fiscal year ending March 31, 2024).

Unless the context requires otherwise,

references to “we,” “us,” “our,” and the “Company” refer to Modular Medical, Inc.

its consolidated subsidiary.

Our actual results could differ materially from those expressed or implied by these forward-looking statements

as a result of various factors, including the risk factors described under Item 1A of our Annual Report on Form 10-K for the year ended

March 31, 2024.

These forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events

and are subject to risks, uncertainties and other factors including, without limitation, the direct and indirect effects of coronavirus

disease 2019, or COVID-19, as well as inflationary risks, including the risk that the cost of certain of the Company’s components

is increasing, and related issues that may arise therefrom.

Many of those factors are outside of our control and could cause actual results

to differ materially from those expressed or implied by those forward-looking statements.

In light of these risks, uncertainties and assumptions,

the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than

we have described.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date

of this Report.

All subsequent written and oral forward-looking statements concerning other matters addressed in this Report and attributable

to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred

to in this Report.

We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information,

future events, a change in events, conditions, circumstances or assumptions underlying such statements, or otherwise.

Our fiscal year ends on March 31 of each calendar

Each reference to a fiscal year in this Report, 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).

Unless the context requires otherwise, references to “we,” “us,”

“our,” and the “Company” refer to Modular Medical, Inc.

and its consolidated subsidiary .

Company Overview

We are a development-stage medical device

company focused on the design, development and commercialization of an innovative insulin pump using modernized technology to increase

pump adoption in the diabetes marketplace.

Through the creation of a novel two-part patch pump, our MODD1 product, we seek to fundamentally

alter the trade-offs between cost and complexity and access to the higher standards of care that presently-available insulin pumps

By simplifying and streamlining the user experience from introduction, prescription, reimbursement, training and day-to-day use,

we seek 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, we made the premarket submission of our MODD1 next-generation insulin pump to the U.S.

Food and Drug

Administration (the FDA) for 510(k) clearance.

We expect the FDA to provide initial feedback on our submission during the quarter ending

June 30, 2024.

Historically, we have financed

our operations principally through private placements and public offerings of our common stock and sales of convertible promissory

Based on our current operating plan, substantial doubt about our ability to continue as a going concern for a period of at least

one year from the date that the financial statements included in this Report are issued exists.

Our ability to continue as a going

concern depends on our ability to raise additional capital, likely through the sale of equity or debt securities, to support our future

We are 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 a novel two-part patch pump, our initial product, the MODD1, we seek to fundamentally alter the trade-offs between

cost and complexity and access to the higher standards of care that presently-available insulin pumps provide.

By simplifying and streamlining

the user experience from introduction, prescription, reimbursement, training and day-to-day use, we seek to expand the wearable insulin

delivery device market beyond the highly motivated “super users” and expand the category into the mass market.

seeks to serve both the type 1 and the rapidly growing, especially in terms of device adoption, type 2 diabetes markets.

In January 2024,

we submitted a 510(k) premarket notification to the United States Food and Drug Administration (“FDA”) for our MODD1 insulin

In March 2024, we

received comments from the FDA, and we submitted a response to the

FDA’s comments in August 2024.

In February 2024, we completed a firm commitment underwritten offering

and sold to the underwriter 9,090,910 shares of our common stock at a price of $1.10 per share (the 2024 Offering).

aggregate proceeds of approximately $10.0 million before deducting underwriting discounts and commissions and other offering expenses.

We also granted the underwriter a 30-day option to purchase up to an additional 1,321,989 shares of common stock to cover over allotments,

In March 2024, the underwriter exercised this option in full and purchased the additional securities for additional aggregate

proceeds to us of approximately $1.5 million, before deducting underwriting discounts and commissions and other offering expenses.

Historically,

we have financed our operations principally through private placements and public offerings of our common stock and sales of convertible

promissory notes.

Based on our current operating plan, substantial doubt about our ability to continue as a going concern for a period

of at least one year from the date that the financial statements included in Item 1 of this Report are issued exists.

Our ability to continue

as a going concern depends on our ability to raise additional capital, through the sale of equity or debt securities, to support our future

If we are unable to secure additional capital, we will be required to curtail our research and development initiatives and

take additional measures to reduce costs.

We have provided additional disclosure in Note 1 to the consolidated financial statements

in Item 1 of this Report and under Liquidity below.

Economic Disruptions

The global outbreak of the coronavirus

disease 2019 (COVID-19) was declared a pandemic by the World Health Organization and a national emergency by the U.S.

government in March

This negatively affected the U.S.

and global economy, disrupted global supply chains, significantly restricted travel

and transportation, resulted in mandated closures and orders to “shelter-in- place” and created significant disruption

of the financial markets.

While the U.S.

national emergency expired in May 2023 and substantially all closures and “shelter-in-place”

orders have ended, there can be no assurance that the COVID-19 pandemic will not impact our operational and financial performance

in the future, as the duration and spread of the pandemic and related actions taken by U.S.

and foreign government agencies to prevent

disease spread are uncertain, out of our control, and cannot be predicted.

Wars and acts of terrorism have led

to further economic disruptions.

Mounting inflationary cost pressures and recessionary fears have negatively impacted the global

Since mid-2022, the U.S.

Federal Reserve has addressed elevated inflation by increasing interest rates, as inflation

remains elevated.

While we were able to access the capital markets in May 2023 and 2022, in the future, we may be unable to access the

capital markets, and additional capital may only be available to us on terms that could be significantly detrimental to our existing

stockholders and to our business.

For additional information on risks

that could impact our future results, please refer to “Risk Factors” in Part I, Item 1A of this Report.

Critical Accounting Policies and

The discussion and analysis of our financial

condition and results of operations are based upon our condensed consolidated financial statements, which have been prepared in accordance

The preparation of these condensed consolidated financial statements requires us to make certain estimates and judgments

that affect the reported amounts of assets, liabilities, and expenses.

On an ongoing basis, we make these estimates based on our

historical experience and on assumptions that we consider reasonable under the circumstances.

Actual results may differ from these

estimates and reported results could differ under different assumptions or conditions.

Our significant accounting policies

and estimates are disclosed in Note 1 of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year

ended March 31, 2023.

As of December 31, 2023, there have been no material changes to our significant accounting policies and estimates.

We have provided additional disclosure in Note 1 to the consolidated financial statements in

Item 1 of this Report and under Liquidity below.

Critical Accounting

Policies and Estimates

The discussion and analysis of our financial condition

and results of operations are based upon our condensed consolidated financial statements, which have been prepared in accordance with

The preparation of these condensed consolidated financial statements requires us to make certain estimates and judgments that

affect the reported amounts of assets, liabilities, and expenses.

On an ongoing basis, we make these estimates based on our historical

experience and on assumptions that we consider reasonable under the circumstances.

Actual results may differ from these estimates and

reported results could differ under different assumptions or conditions.

Our significant accounting policies and estimates are disclosed

in Note 1 of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended March 31, 2024.

June 30, 2024, there have been no material changes to our significant accounting policies and estimates.

Results of Operations

Research and Development

Three months ended

(dollar amounts in thousands)

Research and development – Three months ended

Research and development – Nine months ended

Our research and development expenses

include personnel and related costs, materials and other costs associated with the development and initial production of our insulin pump

We expense research and development costs as they are incurred.

Research and development, or R&D, expenses increased for the three

months ended December 31, 2023 compared with the same period of 2022, primarily due to increases in employee-related costs of approximately

$348,000, stock-based compensation of approximately $324,000 and consulting costs of approximately $766,000.

The increase in consulting

costs was primarily attributable to pre-submission testing and related activities performed during the third quarter of fiscal 2024 in

preparation for our 510(k) submission to the FDA, which was completed in January 2024.

R&D expenses increased for the nine months ended December 31, 2023

compared with the same period of 2022, primarily due to increases in employee-related costs of approximately $1,134,000, consulting costs

of $580,000, stock-based compensation expense of $385,000 and materials costs of approximately $300,000.

The increase in material costs

was primarily attributable to pre-submission activities, as we began producing units of our MODD1 pump product during fiscal 2024 in anticipation

of our 510(k) submission to the FDA.

The increase in consulting costs was primarily attributable to third-party testing costs incurred

in fiscal 2024 in anticipation of our 510(k) submission to the FDA, which was completed in January 2024.

Our R&D employee headcount increased to 36 at December 31, 2023

from 32 at December 31, 2022.

R&D expenses included stock-based compensation expenses of approximately $681,000 and $357,000 for the

three-months ended December 31, 2023 and 2022, respectively, and $1,420,000 and $1,035,000 for the nine months ended December 31, 2023

and 2022, respectively.

We expect research and development expenses to decrease for the remainder of fiscal 2024, as we made our 510(k)

submission of our MODD-1 insulin pump to the FDA in January 2024.

Research and development

Our research and development, or R&D, expenses

include personnel, consulting, testing, materials and supplies, depreciation and amortization and other operational costs associated with

the pre-FDA clearance production of our insulin pump product.

We expense R&D costs as they are incurred.

Research and development, or R&D, expenses

increased for fiscal 2025 compared with the same period of fiscal 2024, primarily due to increased employee-related costs of approximately

$0.2 million, an increase of approximately $0.2 million in consulting costs, an increase in travel-related costs of approximately $0.1

million and an increase in depreciation expense of approximately $0.1 million.

These increases were partially offset by an approximately

$0.2 million decrease in material and supplies costs.

Our full-time R&D employee headcount increased to 36 at June 30, 2024 from 34

at June 30, 2023.

R&D expenses included stock-based compensation expenses of approximately $0.4 million for each of the three-month

periods ended June 30, 2024 and June 30, 2023, respectively.

We expect research and development expenses to remain consistent and then

increase in the second half of fiscal 2025.

General and Administrative

Three months ended

(dollar amounts in thousands)

General and administrative – Three months ended

General and administrative – Nine months ended

General and administrative expenses

consist primarily of costs for personnel, finance, human resources, marketing, and general management.

General and administrative

General and administrative, or G&A, expenses

increased for the three months ended December 31, 2023 compared with the same period of the prior year, primarily as a result of increases

in legal and other professional services fees of $143,000, rent and other facility-related expenses of approximately $130,000, marketing-related

expenses of approximately $113,000, employee-related costs of approximately $112,000, depreciation and amortization expense of approximately

$97,000, stock-based compensation of approximately $30,000, accounting costs of approximately $22,000 and other expense increases, as

partially offset by a decrease in consulting expenses of approximately $169,000.

G&A expenses increased for the nine months

ended December 31, 2023 compared with the same period of the prior year, primarily as a result of increases in facility-related costs

of approximately $383,000, employee-related costs of approximately $272,000, depreciation expense of approximately $190,000, marketing-related

expenses of approximately $193,000, legal and other professional services fees of $147,000, and other expenses, as partially offset by

decreases in stock-based compensation expenses of approximately $464,000 and consulting services expenses of approximately $415,000.

Our G&A employee headcount increased to four

at December 31, 2023 from three at December 31, 2022.

G&A expenses included stock-based compensation expenses of approximately $313,000

and $283,000 for the three months ended December 31, 2023 and 2022, respectively, and approximately $622,000 and $1,086,000 for the nine

months ended December 31, 2023 and 2022, respectively.

We expect G&A expenses to decrease for the remainder of fiscal 2024.

Liquidity and Going Concern

As a development-stage enterprise, we do not currently

have revenues to generate cash flows to cover operating expenses.

Since our inception, we have incurred operating losses and negative

cash flows from operations in each year due to costs incurred in connection with R&D activities and G&A expenses associated with

our operations.

For the nine months ended December 31, 2023 and year ended March 31, 2023, we incurred net losses of $13.2 million and

$13.9 million, respectively.

At December 31, 2023, we had a cash balance of approximately $2.0 million and an accumulated deficit of $61.4

When considered with our current operating plan, these conditions raise substantial doubt about our ability to continue as a

going concern for a period of at least one year from the date that the financial statements included in this Report are issued.

Our financial

statements do not include adjustments to the amounts and classification of assets and liabilities that may be necessary should we be unable

to continue as a going concern.

Our operating needs include the planned costs to operate our business, including amounts required to fund

research and development activities, including clinical studies, working capital and capital expenditures.

Our ability to continue as

a going concern depends on our ability to raise additional capital, through the sale of equity or debt securities to support our future

In May 2023, we completed a public offering of units, comprising shares of our common stock and warrants to purchase shares

of our common stock, for net proceeds of $9.7 million.

On November 22, 2023, we entered into a Sales Agreement (the ATM Agreement) with

Leerink Partners LLC (Leerink) under which we may offer and sell, from time to time at our sole discretion, shares of our common stock,

for aggregate gross proceeds of up to $6,500,000 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.

In January 2024, we sold 153,879 shares of common

stock for net proceeds of approximately $278,000 under the ATM Agreement.

In addition, in January 2024, we received a total of approximately

$550,000 of proceeds from the exercise of warrants to purchase 445,744 shares of our common stock.

Our future capital requirements and

the adequacy of our available funds will depend on many factors, including, without limitation, our ability to successfully commercialize

our 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 our product o ff erings.

If we are unable to secure additional capital timely, we may be required to curtail R&D initiatives, reduce headcount and take additional

measures to reduce costs in order to conserve our cash.

For the nine months ended December 31, 2023, we used approximately

$10.5 million in operating activities, which primarily resulted from our net loss of approximately $13.2 million, as adjusted for net

changes in operating assets and liabilities of approximately $0.4 million and non-cash items, including stock-based compensation expenses

of approximately $2.0 million, depreciation and amortization expenses of approximately $0.3 million and other immaterial adjustments.

For the nine months ended December 31, 2022, we used approximately $8.2 million in operating activities, which primarily resulted from

our net loss of $10.3 million, as adjusted for changes to operating assets and liabilities of approximately $0.2 million and non-cash

items, including stock-based compensation expenses of approximately $2.1 million, issuances of shares of common stock in exchange for

services of approximately $0.1 million and depreciation and amortization expenses of approximately $0.1 million.

For the nine months ended December 31, 2023 and 2022, cash

used in investing activities of approximately $1.2 million and $0.6 million, respectively, was for the purchase of property and equipment.

Cash provided by financing activities

for the nine months ended December 31, 2023 was attributable to $9.7 million of net proceeds from the issuance of common stock and warrants

in a public offering, which closed in May 2023, and approximately $0.2 million of proceeds from the exercise of common stock warrants.

Cash provided by financing activities of $7.4 million for the nine months ended December 31, 2022 was attributable to net proceeds

from the issuance of common stock and warrants in a registered direct offering, which closed in May 2022.

consist primarily of personnel and related overhead costs for facilities, finance, human resources, legal, marketing and general management.

G&A expenses increased for the three months

ended June 30, 2024 compared with the same period of 2023, primarily as a result of an increase in legal and professional services expenses

of approximately $0.1 million, partially offset by decreases in facility-related costs of and other administrative expenses.

included stock-based compensation expenses of approximately $0.2 million and $0.1 million for the three months ended June 30, 2024 and

June 30, 2023, respectively.

We expect G&A expenses to remain consistent and then begin to increase in the second half of fiscal 2025.

Liquidity and Capital Resources;

in Financial Condition

We do not currently have revenues to generate

cash flows to cover operating expenses.

Since our inception, we have incurred operating losses and negative cash flows in each year due

to costs incurred in connection with R&D activities and G&A expenses associated with our operations.

For the three months ended

June 30, 2024 and year ended March 31, 2024, we incurred net losses of approximately $4.1 million and $17.5 million, respectively.

June 30, 2024, we had a cash balance of $5.1 million and an accumulated deficit of approximately $70 million.

When considered with our

current operating plan, these conditions raise substantial doubt about our ability to continue as a going concern for a period of at least

one year from the date that the financial statements included in Item 1 of this Report are issued.

Our financial statements do not include

adjustments to the amounts and classification of assets and liabilities that may be necessary should we be unable to continue as a going

Our operating needs include the planned costs to operate our business, including amounts required to fund continued research

and development activities, working capital and capital expenditures.

Our ability to continue as a going concern depends on our ability

to raise additional capital, through the sale of equity or debt securities to support our future operations.

Recently, during the three

months ended March 31, 2024, we completed an offering of shares of common stock for net proceeds of approximately $10.3 million, which

includes the proceeds from the underwriter’s exercise of the overallotment.

In November 2023, we entered into a Sales Agreement

(the “ATM Agreement”) with Leerink Partners LLC (“Leerink”) under which we may offer and sell, from time to time

at our sole discretion, shares of our common stock, for aggregate gross proceeds of up to $6.5 million (subject to availability on our

shelf registration statement) through an “at the market offering” program under which Leerink will act as sales agent or principal.

In January 2024, we sold 153,879 shares of common stock for net proceeds of approximately $0.3 million under the ATM Agreement.

to market conditions, we expect to resume sales under the ATM during the remainder of fiscal 2025, subject to market conditions.

since December 2023, we received a total of approximately $1.0 million of proceeds from the exercise of common stock purchase warrants

issued in a public offering we completed in May 2023.

Our future capital requirements and the adequacy of our available funds will depend

on many factors, including, without limitation, our ability to successfully commercialize our 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 our product offerings.

If we are unable to secure additional capital timely, we may be required to curtail R&D initiatives,

reduce headcount and take additional measures to reduce costs in order to conserve our cash.

For the three months ended June 30, 2024, we used

approximately $3.5 million of cash in operating activities, which primarily resulted from our net loss of approximately $4.1 million and

net changes in operating assets and liabilities of approximately $0.1 million, as adjusted for stock-based

compensation expenses of approximately $0.5 million, depreciation and amortization expenses of approximately $0.2 million and other

immaterial adjustments.

For the three months ended June 30, 2023, we used approximately $3.2 million in operating activities, which primarily

resulted from our net loss of approximately $3.7 million, as adjusted for stock-based compensation

expenses of approximately $0.5 million and depreciation and amortization expenses of approximately $0.1 million, which was partially

offset by other immaterial adjustments.

three months ended June 30, 2024 and 2023, cash used in investing activities of approximately $0.8 million and $0.4 million ,

respectively, was for the purchase of property and equipment.

Cash provided by financing activities of approximately

$0.2 million for the three months ended June 30, 2024 was attributable to proceeds from the exercise of common stock purchase warrants.

Cash provided by financing activities of $9.7 million for the three months ended June 30, 2023 was attributable to net proceeds from the

issuance of common stock and common stock purchase warrants in a public offering, net of underwriting fees and issuance costs.

Purchase Obligations

Our primary purchase obligations include purchase

orders for machinery and equipment and software.

At December 31, 2023, we had outstanding purchase orders for machinery and equipment

and related expenditures of approximately $0.6 million.

In December 2023, we signed a device integration agreement with a provider of

connected-care and remote monitoring diabetes technology solutions for an obligation of approximately $0.6 million for technology integration

and license fees over three years.

Recently Adopted and Issued

Accounting Pronouncements

Recently Adopted and Issued

Accounting Pronouncements are detailed in Note 1 in the Notes to the Condensed Consolidated Financial Statements included in Item 1

of this Report.

Quantitative and Qualitative

Disclosures about Market Risk

As a smaller reporting company, we are

not required to provide the information required by this item.

Our primary purchase

obligations include purchase orders for machinery and equipment.

At June 30, 2024, we had outstanding purchase orders for machinery and

equipment and related expenditures of approximately $0.8 million.

In December 2023, we

signed a device integration agreement with a provider of connected-care and remote monitoring diabetes technology solutions.

30, 2024, we had a remaining obligation under the device integration agreement of approximately $0.4 million over three years for

technology license fees.

Recently Issued Accounting Pronouncements

Recently issued accounting pronouncements are

detailed in Note 1 in the Notes to the Condensed Consolidated Financial Statements included in Item 1 of this Report.

Quantitative and Qualitative Disclosures

about Market Risk

Not required.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis