This Picard Medical, Inc. (PMI) SEC filings page provides access to the company’s regulatory disclosures as filed with the U.S. Securities and Exchange Commission. Picard Medical is a Delaware corporation listed on the NYSE American, and its filings describe a business conducted through SynCardia Systems, LLC, a medical technology company that manufactures and sells the SynCardia Total Artificial Heart (STAH) for patients with advanced heart failure.
Through documents such as Form S-1 registration statements and Form 8-K current reports, investors can review detailed information about Picard Medical’s operations, financing arrangements, and risk factors. The S-1 filing explains that SynCardia’s platform includes the SynCardia 50cc and 70cc total artificial hearts, external drivers, ancillary hardware, and associated surgeon and center training. It also notes that the company’s customers are major medical centers operating heart transplant and mechanical circulatory support programs and that SynCardia operates an ISO 13485–certified quality management system.
Form 8-K filings for Picard Medical include disclosures on material definitive agreements, such as senior secured notes and warrant financings, bridge financing arrangements, and related security agreements. Additional 8-Ks furnish press releases and presentation materials related to clinical and technical updates on the next-generation, fully implantable Emperor Total Artificial Heart, as well as corporate events like conference presentations and exchange bell-ringing ceremonies.
On this page, users can follow real-time updates from EDGAR and use AI-powered summaries to understand the key points in lengthy filings. Forms such as the S-1, 8-K, and any future 10-K annual reports, 10-Q quarterly reports, or proxy statements can provide insight into Picard Medical’s capital structure, governance, risk profile, and the progress of its SynCardia and Emperor total artificial heart platforms. Insider transaction reports on Form 4, when available, can also be reviewed to see changes in beneficial ownership by company insiders.
Picard Medical, Inc. (PMI) is registering for resale by selling stockholders up to 500,000 shares of Common Stock: 250,000 issuable on conversion of unsecured notes and 250,000 on exercise of related pre-funded warrants. The table includes selling stockholders Fengjun Xue (200,000 shares) and Xiangdie Liu (150,000 shares). Resales may occur only after the registration statement becomes effective. PMI receives no proceeds from resales, but receives $0.0001 per warrant share exercised.
The notes have $1.0 million aggregate principal, bear 3.0% annual interest and mature September 30, 2027. The conversion price is the higher of $4.00 per share and the prior trading day’s closing price; each converted share also results in a warrant for one share at $0.0001, exercisable 60 days after issuance and expiring two years after issuance. The 4.99% beneficial-ownership limit may be raised at a holder’s option to 9.99% with 61 days’ prior notice; a 19.99% aggregate issuance cap, measured against shares outstanding on the issuance date, applies until stockholder approval. Shares outstanding were 2,458,574 as of October 13, 2026. NYSE American accepted PMI’s compliance plan, subject to quarterly review and milestones to regain compliance by November 8, 2027; the 2025 audit report includes a going-concern explanatory paragraph.
Picard Medical, Inc. is seeking stockholder approval to issue up to 1,666,666 common shares in a private placement with an aggregate purchase price of $5,000,000. The per-share purchase price is subject to a $3.00 floor; at that floor, the company describes 1,666,666 shares as the maximum issuance.
No shares will be issued until the full purchase price is received. Closing would occur on the fifth trading day after receipt of the full amount, subject to stockholder and Board approval (including approval by a majority of independent directors), NYSE American approval of a supplemental listing application, and other stated conditions. The company expects closing within three months after signing. It also agreed to use commercially reasonable efforts to file a resale registration statement within 30 days after closing.
At the virtual special meeting on December 7, 2026, stockholders will vote on the placement, the Second Amended and Restated 2021 Equity Incentive Plan, and authority to adjourn if needed to solicit proxies; the Board recommends FOR all three. The revised plan takes effect only if approved; otherwise, the current plan continues unchanged. The Investor Group may nominate one director candidate while it meets the Ownership Threshold, subject to committee review and Board approval.
Picard Medical, Inc. (PMI) appointed Richard Fang, Ph.D., permanent, full-time CEO effective October 28, 2026; he remains chairman. Fang had served as interim CEO since June 18, 2026. His annual salary remains $0.4 million, with no new or amended compensation or employment arrangement or additional award.
PMI borrowed $0.7 million from Fang Family Fund I, LLC, an entity affiliated with Fang, at 6% interest per annum; principal and accrued interest are payable in cash on February 28, 2027, at the company’s written election or upon the holder’s written demand. Fang Family Fund, LLC - Series II lent $0.5 million at 0% under five agreements. As of October 29, 2026, $0.5 million principal remained outstanding, with no principal payments. Each loan becomes due upon receipt of at least $1.0 million of external funding within six months of its effective date; if that funding is not received within two months of the deposit date, the loan becomes due on terms to be determined. No such funding had been received by October 29, and the earliest loans had become due on terms to be determined.
Picard Medical, Inc. (PMI) issued 200,000 shares of common stock on October 22, 2026, to the placement agent for its December 2025 private placement and the agent’s employee designee in exchange for surrender of the warrants covered by an agreement entered October 20, 2026. No cash exercise price or other cash consideration was payable by the holders or receivable by the company.
Before the company’s 1-for-50 reverse stock split, effective July 31, 2026, the warrants were exercisable for 8,187,766 shares. Upon issuance of the exchange shares, the warrants were fully satisfied, cancelled and terminated, including their anti-dilution and other adjustment rights. The agreement also provides for waiver of specified liquidated damages and release of claims relating to the warrants, subject to its conditions and cure provisions. The company relied on the Section 3(a)(9) exemption from registration.
Picard Medical, Inc. (PMI) registered up to 500,000 common shares for resale by selling stockholders: 250,000 issuable upon conversion of its September 30, 2026 notes and 250,000 upon exercise of warrants issued upon conversion. Sales under the prospectus may begin only after the registration statement becomes effective; holders may sell all, some or none.
The notes have $1.0 million aggregate principal, bear 3.0% annual interest and mature September 30, 2027. Their conversion price is the higher of $4.00 per share or the closing price on the trading day immediately before conversion notice; the 250,000-share note conversion maximum excludes accrued interest. Warrants have a $0.0001 exercise price, are exercisable 60 days after issuance and expire on their second anniversary. PMI receives no proceeds from resales, but receives $0.0001 per share upon warrant exercise. NYSE American accepted PMI's compliance plan, subject to quarterly review and regaining compliance by November 8, 2027. The incorporated 2025 financial statements include an auditor's explanatory paragraph regarding PMI's ability to continue as a going concern.
Picard Medical, Inc. (PMI) amended its bylaws, effective immediately on October 7, 2026, to lower the quorum required for a stockholder meeting. The threshold changed from a majority to 33 1/3% of the voting power of the company’s capital stock issued and outstanding and entitled to vote. The company states that the revised threshold complies with minimum requirements under the Delaware General Corporation Law and the NYSE American Company Guide.
Picard Medical, Inc. issued three unsecured convertible notes to three accredited investors on September 30, 2026, with aggregate principal of $1.0 million. The notes bear 3.0% annual interest and mature September 30, 2027. Each holder may elect conversion before the earlier of payment in full or maturity at the higher of $4.00 per share and the common stock’s closing price on the trading day before the conversion notice. At the $4.00 floor, principal converts into up to 250,000 shares, excluding accrued interest, with warrants for up to 250,000 additional shares. The company states conversion may dilute existing stockholders.
For each common share issued on conversion, the company will issue a pre-funded warrant to purchase one share at $0.0001. Warrants have a two-year term and are exercisable 60 days after issuance. If the company completes an equity financing before maturity with at least $10.0 million in aggregate gross cash proceeds, it may elect to convert the notes. Until required stockholder approval, the company will not issue shares on conversion or warrant exercise to the extent aggregate issuance would exceed 19.99% of common shares outstanding as of September 30, 2026; each holder is also subject to a 4.99% beneficial ownership limit.
Picard Medical, Inc. (PMI) reported that on August 19, 2026 it released an updated investor presentation for use in investor relations and other communications. The presentation is provided as Exhibit 99.1 and is incorporated by reference.
The company states that this investor presentation and the related 8-K information are being furnished under Regulation FD and are not deemed “filed” for purposes of the Exchange Act or incorporated into Securities Act or Exchange Act filings by general reference language.
Picard Medical, Inc. (PMI) reported sharp topline growth but a severely weakened balance sheet for the six months ended June 30, 2026. Revenue rose to $4.1 million from $2.7 million, driven mainly by U.S. product sales and the addition of rental revenue, while gross profit improved to $0.9 million from a gross loss.
Operating expenses increased to $10.0 million, leading to a net loss of $13.3 million. Total assets fell to $9.2 million from $22.5 million, and cash and cash equivalents (including restricted cash) dropped from $11.5 million to $0.04 million. Management states there is substantial doubt about the company’s ability to continue as a going concern and indicates it must raise additional debt or equity financing to fund operations.
The company materially reduced its Senior Secured Note, cutting unpaid principal from $15.0 million to $1.4 million through cash repayments and share settlements, and exchanged certain warrants for new equity-classified warrants. Revenue remains highly concentrated in one customer, and PMI also discloses an ongoing securities class action under the Securities Act of 1933, which it plans to defend.
Picard Medical, Inc. notified regulators that it will not file its Quarterly Report on Form 10-Q for the period ended June 30, 2026 on time. Management cites the need for additional time to review and analyze equity-related transactions, including fair value adjustments from a warrant exchange and equity offering in May 2026, retroactive calculations tied to a reverse stock split, and related disclosure requirements. The company states it is working with its external auditor and expects to file the Form 10-Q within the five-day extension period permitted under Rule 12b-25 and indicates it does not anticipate any significant change in results of operations versus the prior-year period.