Picard Medical (PMI) Amends Form 3 to Adjust Option Exercise Price After Stock Split

Rhea-AI Filing Summary

Picard Medical, Inc. (PMI) reporting person Matt Schuster filed an amended Form 3 disclosing employee stock options granted on June 28, 2024. The filing shows three option awards underlying common stock: 102,239, 408,956, and 68,608 shares, each with an exercise price adjusted to $0.71 after an overall forward split of 1 for 2.1524. Vesting for each award began in 2023 with a one-quarter cliff at the first anniversary and remaining amounts vesting monthly over the following 36 months, subject to continued service. The amendment corrects the conversion/exercise price to reflect the stock split.

Insights

Financial Analyst

TL;DR: Routine disclosure of option grants with split-adjusted exercise price; no new cash flows or revenue impact disclosed.

The Form 3/A documents equity compensation for an officer, specifying three option awards totaling 579,803 underlying shares and an adjusted exercise price of $0.71 following corporate stock-split adjustments. The vesting schedules are standard (quarterly cliff then monthly ratable over 36 months) and contingent on continued service. This filing corrects conversion pricing; it does not report exercised options, transfers, or changes in control.

Corporate Governance Expert

TL;DR: Corporate governance disclosure appears compliant; amendment clarifies split-adjusted pricing for officer-held options.

The amendment transparently updates the exercise price to reflect a combined forward and reverse split (net forward 1 for 2.1524). It identifies the reporting person as Chief Operating Officer and confirms normal service-based vesting terms. The document is a routine Section 16 filing correction and does not indicate departures, exercises, or pledging of securities.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Schuster Matt

(Last) (First) (Middle)

1992 E SILVERLAKE

(Street)

TUCSON AZ 87513

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
08/28/2025

3. Issuer Name and Ticker or Trading Symbol
Picard Medical, Inc. [ PMI ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operating Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)
08/28/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (right to buy)	(1)	(1)	Common Stock	102,239(2)	$0.71(2)	D
Employee Stock Option (right to buy)	(3)	(3)	Common Stock	408,956(2)	$0.71(2)	D
Employee Stock Option (right to buy)	(4)	(4)	Common Stock	68,608(2)	$0.71(2)	D

Explanation of Responses:

1. On June 28, 2024, the reporting person was granted 102,239 options, with a vesting commencement date of May 29, 2023. One quarter of the options cliff vested upon the first anniversary of the vesting commencement date, and the remaining options have vested or will vest ratably in equal monthly installments over the 36 months following the first anniversary of the vesting commencement date, generally subject to the continued service of the reporting person through each applicable vesting date.

2. As adjusted to reflect the Company's 1 for 2.2 forward stock split of the Company's common stock and the Company's 1.0221 for 1 reverse stock split of the Company's common stock, resulting in an overall forward stock split of 1 for 2.1524.

3. On June 28, 2024, the reporting person was granted 408,956 options, with a vesting commencement date of November 27, 2023. One quarter of the options cliff vested upon the first anniversary of the vesting commencement date, and the remaining options have vested or will vest ratably in equal monthly installments over the 36 months following the first anniversary of the vesting commencement date, generally subject to the continued service of the reporting person through each applicable vesting date.

4. On June 28, 2024, the reporting person was granted 68,608 options, with a vesting commencement date of May 29, 2023. One quarter of the options cliff vested upon the first anniversary of the vesting commencement date, and the remaining options have vested or will vest ratably in equal monthly installments over the 36 months following the first anniversary of the vesting commencement date, generally subject to the continued service of the reporting person through each applicable vesting date.

Remarks:

This Form 3/A is being filed to correct the conversion price to reflect the Company's 1 for 2.2 forward stock split of the Company's common stock and the Company's 1.0221 for 1 reverse stock split of the Company's common stock, resulting in an overall forward stock split of 1 for 2.1524.

	/s/ Emily Semon, as attorney-in-fact	08/28/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What did Matt Schuster disclose on the Form 3/A for Picard Medical (PMI)?

The filing discloses three employee stock option awards totaling 579,803 underlying common shares with an adjusted exercise price of $0.71 after a net forward split of 1 for 2.1524.

When were the option awards granted and when do they vest?

The options were granted on June 28, 2024. Vesting commencement dates are May 29, 2023 and November 27, 2023 depending on the grant, with a one-quarter cliff at the first anniversary and the remainder vesting monthly over the following 36 months.

Why was this Form 3 amended?

The amendment corrects the conversion/exercise price to reflect the Company's combined stock split adjustments resulting in an overall forward split of 1 for 2.1524.

What is the reporting person's relationship to PMI?

Matt Schuster is reported as an Officer holding the title of Chief Operating Officer and is the sole reporting person on this filing.

Does the filing report any exercises, transfers, or sales of securities?

No. The Form 3/A only reports outstanding option awards and the corrected exercise price; it does not disclose any exercised, transferred, or sold securities.