Here are the 10-K annual reports from Picard Medical, Inc. (PMI) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow PMI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PMI filings page.
Picard Medical, Inc. filed an Amendment No. 1 to its Form 10-K for the year ended December 31, 2025 to correct and fully restate the executive compensation disclosure in Item 11 and update the cover page. All other sections of the original report remain unchanged and continue to speak as of the original filing date.
The Company describes its director compensation program, under which each non-management director receives an annual cash fee of $35,000 and an annual $15,000 stock option grant, with extra cash fees for key committee chairs. Picard reports an aggregate market value of common stock held by non-affiliates of approximately $130,820,904 as of September 2, 2025, and 92,349,845 common shares outstanding as of May 11, 2026.
Picard Medical files its annual report describing a specialized heart-device business built around the SynCardia Total Artificial Heart, currently the only FDA- and Health Canada‑approved total artificial heart for bridge‑to‑transplant use. The company details reliance on a narrow product line, complex manual manufacturing, and single‑source suppliers for key components.
Picard highlights its 2025 IPO, new senior secured notes with attached warrants, and ongoing investment in next‑generation “Emperor” fully implantable hearts and “Unicorn” driver systems. The filing also notes auditor “going concern” language, CE Mark loss in Europe, regulatory uncertainty for new indications and geographies, and extensive operational, regulatory, and litigation risks.