Welcome to our dedicated page for Picard Medical SEC filings (Ticker: PMI), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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) 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.
Hudson Bay Capital Management LP and Sander Gerber report beneficial ownership of Picard Medical, Inc. Common Stock. They report beneficial ownership of 11,390,442 shares, representing 9.99% of the Common Stock outstanding, calculated on 102,695,935 shares outstanding as of June 26, 2026. This stake includes 11,322,507 shares issuable upon exercise of warrants held by HT Investments MA LLC, which are subject to a 9.99% beneficial ownership blocker, limiting exercises that would push ownership above that level. Hudson Bay acts as investment manager to HT Investments MA LLC, while Gerber, through control of the general partner, may be deemed a beneficial owner but disclaims beneficial ownership of the securities.
Picard Medical, Inc. reported that NYSE American has accepted its plan to regain compliance with the exchange’s continued listing standards under Sections 1003(a)(i) and (ii). Acceptance allows the company’s common stock to continue trading on NYSE American while it works toward milestones in the compliance plan.
The company had previously reported stockholders’ equity of $3.8 million as of December 31, 2025 and a stockholders’ deficit of $(1.4) million as of March 31, 2026, along with losses in three of its four most recent fiscal years ended December 31, 2025. Picard Medical has been granted a compliance period through November 8, 2027 and is subject to a maximum period of 18 months from the original noncompliance notice to regain compliance, with periodic NYSE American review.
Picard Medical, Inc. approved a 1-for-50 reverse stock split of its common stock, implemented through a Certificate of Amendment filed in Delaware after stockholders authorized a reverse split range of 1-for-15 to 1-for-50. The split becomes effective at 5:00 p.m. Eastern Time on July 31, 2026.
Beginning August 3, 2026, the shares will trade on the NYSE American on a split-adjusted basis under the symbol PMI with new CUSIP 71953R 207. Every 50 issued and outstanding shares will be combined into one share, with no fractional shares issued and any fractions rounded up. The transaction will proportionately reduce outstanding shares while leaving each holder’s ownership percentage substantially unchanged and will adjust outstanding equity awards, warrants and other convertible securities, supporting continued compliance with NYSE American continued listing standards.
Picard Medical, Inc. reported the results of its July 17, 2026 annual meeting of stockholders. A total of 102,695,935 shares of common stock were entitled to vote as of June 26, 2026. Stockholders elected directors Richard Fang, Sam Van, Joe Xiao, and George Ye for terms expiring at the 2027 annual meeting. An advisory vote to approve executive compensation passed with 56,104,172 votes for, and stockholders supported holding future advisory votes on pay every one year, with 56,309,300 votes for the one-year frequency.
Stockholders approved an amendment to the certificate of incorporation authorizing a reverse stock split of issued and outstanding common stock at a Board-selected ratio between 1-for-15 and 1-for-50, with 58,138,876 votes for the proposal. They also approved creating Class B common stock carrying 20 votes per share, with 51,739,973 votes in favor. Finally, the appointment of MaloneBailey LLP as independent registered public accounting firm for 2026 was ratified with 58,514,997 votes for.
Picard Medical, Inc. filed an amended report to replace a prior press release with a corrected version describing its 2026 annual stockholder presentation ahead of the virtual Annual Meeting on July 17, 2026. The presentation reviews recent business performance, product development, manufacturing initiatives, and proposals to be considered by stockholders.
For the first three months of 2026, the company reports an 85% year-over-year increase in revenue, driven by a 116% increase in U.S. revenue. Gross margin was 24% for this period, compared with -4% in 2025. Management highlights ongoing manufacturing optimization efforts to strengthen quality control, improve supply chain resilience, and reduce production costs.
The company also outlines progress on its next-generation Emperor platform, an electromechanical drive system intended to replace the current external pneumatic driver and ultimately support a fully implantable total artificial heart using wireless power transfer and internal control. Planned milestones include pursuit of FDA Breakthrough Device designation, continued preclinical studies, an Investigational Device Exemption submission in 2028, and the start of clinical studies in 2029, subject to discussions with the FDA.
Picard Medical, Inc. filed an amendment to update details about a recent board appointment. The company clarifies that, effective June 23, 2026, Dr. Joe Xiao joined the Board of Directors and was appointed to the Compensation Committee and the Nominating and Corporate Governance Committee.
Dr. Xiao signed the company’s standard indemnification agreement for directors and will be paid under the existing non-employee director compensation policy described in the June 15, 2026 proxy statement. The company states there are no special arrangements leading to his selection and no related-party transactions requiring disclosure.
Picard Medical, Inc. posted a pre-recorded presentation providing an overview of recent business performance, product development progress, manufacturing initiatives, and proposals for its 2026 Annual Meeting of Stockholders. The Presentation transcript is attached as Exhibit 99.1 and is incorporated by reference. The Annual Meeting is scheduled for July 17, 2026.