Picard Medical (PMI) Registration filing summary

Company overview and business model

• Holding-company structure owns 100% of SynCardia Systems, LLC; operations focus on manufacturing and selling the SynCardia Total Artificial Heart (TAH).

• SynCardia TAH is the only TAH approved by the FDA and Health Canada; it replaces both ventricles, provides pulsatile flow, and supports bridge-to-transplant patients, including discharge with the portable Freedom Driver.

• More than 2,100 SynCardia TAHs implanted across 27 countries; development continues on Emperor TAH, a fully implantable, driver-less system subject to further development and regulatory review.

• Tucson facility covers 34,443 sq. ft. and manufactures implants and drivers using sourced components; lease expires in 2027, and workforce was 43 as of the prospectus date.

Financial performance and metrics

• Stockholders’ equity was $3.8 million at Dec. 31, 2025, with net losses in three of the four most recent fiscal years then ended; NYSE American issued a related listing-compliance notice.

• MaloneBailey’s audit report on FY2025 financial statements includes an explanatory paragraph regarding ability to continue as a going concern.

• Sept. 30, 2026 financing comprised $1.0 million in unsecured notes bearing 3.0% annual interest, maturing Sept. 30, 2027.

Use of proceeds and capital allocation

• No proceeds from selling-stockholder resales; nominal $0.0001 per share may be received upon warrant exercise, while registration costs are borne by the registrant and selling commissions by sellers.