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. filed an 8-K to share a shareholder letter highlighting strong growth in its artificial heart business alongside ongoing financial and listing challenges. For 2025, total revenue reached $4.9 million, up 12.5%, with product revenue of $4.7 million representing 96% of the total. The company’s NYSE American IPO raised $17.4 million in net equity proceeds and it added $9.7 million of debt financing, ending 2025 with $11.5 million in cash versus $0.1 million a year earlier. In first-quarter 2026, revenue grew 85% to $1.2 million and gross margin swung to a positive 24% from a negative 58% a year before, while Picard repaid $7.4 million of senior secured debt principal in cash and settled $2.1 million through equity. The letter notes a 2025 going-concern qualification and explains steps taken in 2026, including a further $5.0 million public offering and capital structure simplification, as part of a roadmap toward profitability.
The company emphasizes its SynCardia Total Artificial Heart, the only FDA- and Health Canada-approved total artificial heart, with more than 2,100 implants across 27 countries. It is advancing the fully implantable Emperor TAH, which has completed initial animal testing and could be submitted for approval as early as 2028, subject to successful non-clinical work and regulatory review. Management also outlines plans to expand indications via an FDA premarket approval supplement, improve gross margins by scaling manufacturing toward 3,000 units per year, and submit a next-generation lower-cost driver for FDA review in late 2027. The letter discloses that NYSE American has raised concerns about stockholders’ equity; Picard has until June 7, 2026 to submit a compliance plan and is focused on maintaining its listing while continuing cost reductions, debt reduction, and growth initiatives.
Picard Medical, Inc. reported first quarter 2026 results showing rapid top-line growth but continued losses and listing pressure. Revenue grew 85% to $1.2 million, driven by increased use of the SynCardia Total Artificial Heart and Freedom Driver rentals. Gross profit turned positive at $0.3 million with a 24% margin, versus a gross loss in Q1 2025, while net loss was $7.6 million including significant non-cash debt-related charges.
The company materially reduced leverage by repaying about $7.4 million of a senior secured note in cash, settling $2.1 million of principal with 1.4 million common shares, and repaying roughly $0.9 million of related-party debt. A subsequent May 2026 public offering raised $5.0 million and a warrant exchange cut the warrant liability and simplified the capital structure.
Separately, NYSE American notified Picard that it is below two stockholders’ equity listing standards, citing a $3.8 million equity balance as of December 31, 2025 and an approximately $(1.4) million stockholders’ deficit as of March 31, 2026. The company must submit a compliance plan by June 7, 2026 to regain compliance by November 8, 2027. The stock continues trading as PMI with a “.BC” below-compliance flag while operations and SEC reporting continue.
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. 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, Inc. agreed to a registered public offering of 16,666,667 shares of common stock, or pre-funded warrants for the same number of shares, together with Series A and Series B warrants to purchase up to 16,666,667 shares each. The combined public offering prices of $0.30 per share and $0.2999 per pre-funded warrant are expected to generate gross proceeds of approximately $5.0 million before fees, to be used for working capital, general corporate purposes, and debt repayment. The company granted investor, company, and insider lock-ups and set warrant exercise prices at $0.35 per share with expirations up to five years. Picard Medical also received a notice from NYSE American that its stockholders’ equity of approximately $3.8 million as of December 31, 2025 falls below the $4.0 million continued listing requirement, triggering a plan submission by June 7, 2026 to regain compliance by November 8, 2027 while its shares trade with a “.BC” below-compliance designation.
50,000,001 shares of Common Stock are covered by this prospectus supplement, consisting of 16,666,667 offered shares, up to 16,666,667 Pre-Funded Warrants and up to 33,333,334 Common Warrant shares.
Picard Medical is offering units composed of one share (or a Pre-Funded Warrant in lieu of a share) together with one Series A and one Series B Common Warrant at a combined public offering price of $0.30 per share/unit ($0.299 for a Pre-Funded Warrant unit). Net proceeds are estimated at approximately $3.08 million. The Placement Agent will solicit purchases on a best-efforts basis; the offering may terminate earlier or by July 13, 2026. Delivery is expected on or about May 6, 2026.
Picard Medical, Inc. agreed to exchange an existing warrant series for new warrants and priced a new equity offering. The company will swap warrants exercisable for 7,009,346 shares at $2.675 per share for new warrants covering up to 10,000,000 shares at $0.35 per share, contingent on closing its current registered offering. Separately, it priced a approximately $5 million “reasonable best efforts” offering of 16,666,667 common shares (or equivalents) together with Series A and Series B common warrants, all at a combined $0.30 per share and warrants. The new and offering-related warrants generally become immediately exercisable, carry exercise prices of $0.35, include 4.99% or 9.99% beneficial ownership limits, and have terms of up to five years. Net proceeds are intended for working capital, general corporate purposes, and repaying certain senior secured note and working capital obligations.
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.