This paper is dedicated to extending and adapting to modal logic the approach of fractional semantics to classical logic. This is a multi-valued semantics governed by pure proof-theoretic considerations, whose truth-values are the rational numbers in the closed interval $[0,1]$. Focusing on the modal logic K, the proposed methodology relies on three key components: bilateral sequent calculus, invertibility of the logical rules, and stability (proof-invariance). We show that our semantic analysis of K affords an informational refinement with respect to the (...) standard Kripkean semantics (a new proof of Dugundji’s theorem is a case in point) and it raises the prospect of a proof-theoretic semantics for modal logic. (shrink)