Picard Medical (PMI) Registration filing summary

Company overview and business model

• Holding structure owns 100% of SynCardia Systems, LLC, which manufactures and sells the FDA- and Health Canada-approved Total Artificial Heart for end-stage biventricular heart failure.

• SynCardia TAH replaces both ventricles and all four heart valves; its pneumatic drivers support in-hospital use and portable, in-home support.

• More than 2,100 implants across 27 countries; the TAH is an established bridge to heart transplantation, with CMS coverage and reimbursement generally under DRG 001.

• Emperor TAH, a planned fully implantable, driver-less system, remains in development and subject to regulatory review.

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; NYSE American accepted a compliance plan, with a Nov. 8, 2027 deadline.

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

• Three unsecured notes issued Sept. 30, 2026 total $1.0 million, bear 3.0% annual interest, and mature Sept. 30, 2027.

Use of proceeds and capital allocation

• Selling stockholders receive resale proceeds; the issuer receives none, except $0.0001 per share upon warrant exercise.

• The issuer bears registration and related costs, including filing, listing, legal and accounting fees; selling stockholders bear their own underwriting fees, discounts and commissions.