Picard Medical, Inc. (PMI) received a Schedule 13G from Sindex SSI Lending, LLC, Versa Capital Fund III, L.P., related Versa entities, and Gregory L. Segall, disclosing passive beneficial ownership in the company’s common stock. The filing lists 7,943,585 shares beneficially owned, representing 10.8% of the class, tied to an outstanding base of 73,701,176 shares as of September 16, 2025. The date of event triggering the filing is August 11, 2025.
Each reporting person reports sole voting power: 7,943,585 shares and sole dispositive power: 7,943,585 shares, with no shared voting or dispositive power. The certification states the securities were not acquired and are not held for the purpose of changing or influencing control, indicating a passive investment stance.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Picard Medical, Inc.
(Name of Issuer)
Common Stock, $0.0001 par value per share
(Title of Class of Securities)
740459102
(CUSIP Number)
08/11/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
740459102
1
Names of Reporting Persons
Sindex SSI Lending, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
7,943,585.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
7,943,585.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,943,585.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.8 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: This percentage is calculated based on 73,701,176 shares of Common Stock of the Issuer issued and outstanding as of September 16, 2025.
SCHEDULE 13G
CUSIP No.
740459102
1
Names of Reporting Persons
Versa Capital Fund III, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
7,943,585.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
7,943,585.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,943,585.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.8 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: This percentage is calculated based on 73,701,176 shares of Common Stock of the Issuer issued and outstanding as of September 16, 2025.
SCHEDULE 13G
CUSIP No.
740459102
1
Names of Reporting Persons
Versa FGP-III, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
7,943,585.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
7,943,585.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,943,585.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.8 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: This percentage is calculated based on 73,701,176 shares of Common Stock of the Issuer issued and outstanding as of September 16, 2025.
SCHEDULE 13G
CUSIP No.
740459102
1
Names of Reporting Persons
Versa UGP-III, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
7,943,585.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
7,943,585.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,943,585.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.8 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: This percentage is calculated based on 73,701,176 shares of Common Stock of the Issuer issued and outstanding as of September 16, 2025.
SCHEDULE 13G
CUSIP No.
740459102
1
Names of Reporting Persons
Versa Capital Group, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
7,943,585.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
7,943,585.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,943,585.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.8 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: This percentage is calculated based on 73,701,176 shares of Common Stock of the Issuer issued and outstanding as of September 16, 2025.
SCHEDULE 13G
CUSIP No.
740459102
1
Names of Reporting Persons
Gregory L. Segall
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
7,943,585.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
7,943,585.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,943,585.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.8 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: This percentage is calculated based on 73,701,176 shares of Common Stock of the Issuer issued and outstanding as of September 16, 2025.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Picard Medical, Inc.
(b)
Address of issuer's principal executive offices:
1992 E Silverlake, Tucson, AZ 85713
Item 2.
(a)
Name of person filing:
(1) Sindex SSI Lending, LLC, a Delaware limited liability company ("Sindex")
(2) Versa Capital Fund III, L.P., a Delaware limited partnership ("CF III")
(3) Versa FGP-III, L.P., a Delaware limited partnership ("FGP-III")
(4) Versa UGP-III, LLC, a Delaware limited liability company ("UGP-III")
(5) Versa Capital Group, LLC, a Delaware limited liability company ("Versa")
(6) Gregory L. Segall, an individual ("Mr. Segall" and, together with Sindex, CF III, FGP III, UGP III, and Versa, the "Reporting Persons")
(b)
Address or principal business office or, if none, residence:
c/o Versa Capital Management, LLC
130 N. 18th Street
Suite 315
Philadelphia, PA 19103
(c)
Citizenship:
Mr. Segall is a citizen of the United States. The other Reporting Persons were formed under the laws of the State of Delaware.
(d)
Title of class of securities:
Common Stock, $0.0001 par value per share
(e)
CUSIP No.:
740459102
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Sindex SSI Lending, LLC: 7,943,585 shares of Common Stock
Versa Capital Fund III, L.P.: 7,943,585 shares of Common Stock
Versa FGP-III, L.P.: 7,943,585 shares of Common Stock
Versa UGP-III, LLC: 7,943,585 shares of Common Stock
Versa Capital Group, LLC: 7,943,585 shares of Common Stock
Gregory L. Segall: 7,943,585 shares of Common Stock
(b)
Percent of class:
Sindex SSI Lending, LLC: 10.8%
Versa Capital Fund III, L.P.: 10.8%
Versa FGP-III, L.P.: 10.8%
Versa UGP-III, LLC: 10.8%
Versa Capital Group, LLC: 10.8%
Gregory L. Segall: 10.8%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Sindex SSI Lending, LLC: 7,943,585
Versa Capital Fund III, L.P.: 7,943,585
Versa FGP-III, L.P.: 7,943,585
Versa UGP-III, LLC: 7,943,585
Versa Capital Group, LLC: 7,943,585
Gregory L. Segall: 7,943,585
(ii) Shared power to vote or to direct the vote:
Sindex SSI Lending, LLC: 0
Versa Capital Fund III, L.P.: 0
Versa FGP-III, L.P.: 0
Versa UGP-III, LLC: 0
Versa Capital Group, LLC: 0
Gregory L. Segall: 0
(iii) Sole power to dispose or to direct the disposition of:
Sindex SSI Lending, LLC: 7,943,585
Versa Capital Fund III, L.P.: 7,943,585
Versa FGP-III, L.P.: 7,943,585
Versa UGP-III, LLC: 7,943,585
Versa Capital Group, LLC: 7,943,585
Gregory L. Segall: 7,943,585
(iv) Shared power to dispose or to direct the disposition of:
Sindex SSI Lending, LLC: 0
Versa Capital Fund III, L.P.: 0
Versa FGP-III, L.P.: 0
Versa UGP-III, LLC: 0
Versa Capital Group, LLC: 0
Gregory L. Segall: 0
Item 5.
Ownership of 5 Percent or Less of a Class.
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Sindex SSI Lending, LLC
Signature:
/s/ Randall Schultz
Name/Title:
Randall Schultz, as Attorney-in-Fact for: Sindex SSI Lending, LLC (1)
Date:
11/13/2025
Versa Capital Fund III, L.P.
Signature:
/s/ Randall Schultz
Name/Title:
Randall Schultz, as Attorney-in-Fact for: Versa Capital Fund III, L.P. (1)
Date:
11/13/2025
Versa FGP-III, L.P.
Signature:
/s/ Randall Schultz
Name/Title:
Randall Schultz, as Attorney-in-Fact for: Versa FGP-III, L.P. (1)
Date:
11/13/2025
Versa UGP-III, LLC
Signature:
/s/ Randall Schultz
Name/Title:
Randall Schultz, as Attorney-in-Fact for: Versa UGP-III, LLC (1)
Date:
11/13/2025
Versa Capital Group, LLC
Signature:
/s/ Randall Schultz
Name/Title:
Randall Schultz, as Attorney-in-Fact for: Versa Capital Group, LLC (1)
Date:
11/13/2025
Gregory L. Segall
Signature:
/s/ Randall Schultz
Name/Title:
Randall Schultz, as Attorney-in-Fact for: Gregory L. Segall (1)
Date:
11/13/2025
Comments accompanying signature: (1) A Power of Attorney authorizing Randall Schultz to act on behalf of this entity or individual is filed as Exhibit 2.
Exhibit Information
Exhibit 1 - Joint Filing Agreement
Exhibit 2 - Power of Attorney
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