Every S-1 that Picard Medical, Inc. (PMI) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A S-1 covers the registration statement a company files to sell shares publicly, 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. is registering up to 16,211,479 shares of Common Stock for resale by existing stockholders. The shares include up to 8,187,766 shares issuable upon exercise of Placement Agent Warrants, 80,128 QC Origination Shares and 7,943,585 Sindex Shares. Picard will not receive proceeds from these resales, but could receive up to approximately $1.87 million if the Placement Agent Warrants are exercised for cash at $0.229 per share. As of May 11, 2026, 92,349,845 shares of Common Stock were outstanding, and the company’s stock closed at $0.17 per share on May 18, 2026.
Picard, through its SynCardia subsidiary, markets the only FDA‑ and Health Canada‑approved Total Artificial Heart used as a bridge to transplant for end‑stage biventricular failure. The company has a history of significant losses, depends heavily on a limited product portfolio, faces manufacturing and supplier concentration risks, and operates in a highly regulated environment with going concern and NYSE continued‑listing risks highlighted in its risk factors.
Picard Medical, Inc. is conducting a best-efforts primary offering of 21,114,865 shares of common stock, together with pre-funded and common warrants covering up to 63,344,595 shares of common stock. The assumed combined public offering price is $0.4736 per share and accompanying warrants.
Series A and Series B common warrants each have a $0.4736 exercise price, with five-year and two-year terms, respectively, while pre-funded warrants have a $0.0001 exercise price and no expiration until fully exercised. Net proceeds are estimated at about $9.1 million and are earmarked for manufacturing efficiency projects, sales and marketing expansion, R&D and regulatory initiatives, and general working capital.
The company develops and markets the SynCardia Total Artificial Heart, currently the only FDA- and Health Canada‑approved total artificial heart, and is investing in next-generation fully implantable and driver technologies. Risk factors highlight continued operating losses, going concern uncertainty, dependence on a single product line and key suppliers, significant regulatory hurdles, and substantial warrant and option overhang that could dilute existing stockholders.
Picard Medical, Inc. is registering 11,820,331 shares of common stock, an equal number of pre-funded warrants, 11,820,331 common warrants, and 23,640,662 shares issuable upon warrant exercise in a primary offering. At an assumed price of $0.846, the company estimates net proceeds of about $9.1 million before any warrant exercises.
Each share (or pre-funded warrant) is sold with one common warrant exercisable at $0.846 for five years. Picard operates through SynCardia, which manufactures the only FDA‑ and Health Canada‑approved total artificial heart used as a bridge to transplant, with more than 2,100 implants across 27 countries and ongoing development of fully implantable and next‑generation systems.
Picard Medical, Inc. has filed an amended S-1 to register up to 17,000,000 shares of common stock for resale by HT Investments MA LLC and High Trail Special Situations LLC. These shares include up to 7,009,346 shares issuable upon exercise of warrants at an initial price of $2.675 per share and 9,990,654 shares issuable upon conversion, redemption or other settlement of senior secured notes due December 24, 2028.
Picard is a holding company whose operating subsidiary, SynCardia Systems, manufactures and sells the SynCardia total artificial heart, the only implantable total artificial heart approved in the United States and Canada as a bridge to heart transplantation for patients with biventricular heart failure. The company reports recurring net losses, including $21.1 million and $15.6 million for 2024 and 2023 and $22.7 million and $12.2 million for the nine months ended September 30, 2025 and 2024, with an accumulated deficit of $72.6 million as of September 30, 2025.
Picard will not receive proceeds from resale of the registered shares but may receive cash from any warrant exercises. An initial $15,000,000 principal amount of senior secured notes has been issued under a facility that permits up to an additional $35,000,000 of notes, all secured by a first-priority lien on substantially all tangible and intangible assets. Issuances of common stock upon note settlement or warrant exercise will increase shares outstanding, which were 73,701,176 before this offering and would be 90,701,176 if all 17,000,000 registered shares are issued.
Picard Medical, Inc. is registering 17,000,000 shares of common stock for resale by two institutional investors, HT Investments MA LLC and High Trail Special Situations LLC. These shares consist of 7,009,346 shares issuable upon exercise of warrants at an initial price of $2.675 per share and 9,990,654 shares issuable upon conversion or other settlement of senior secured notes due 2028. Picard Medical will not sell any shares in this offering and will not receive proceeds from investor resales, other than potential cash from future warrant exercises. The notes include an initial $15,000,000 principal amount and permit up to an additional $35,000,000 in notes, are secured by substantially all company assets, and can be amortized or converted in stock, which may dilute existing holders. The company operates through SynCardia Systems, LLC, which manufactures the SynCardia total artificial heart for patients with biventricular heart failure, and its common stock trades on NYSE American under the symbol PMI.