Picard Medical (PMI) Registration Filing summary

Company overview and business model

• Operates as a holding company owning 100% of SynCardia Systems, which manufactures and sells the only FDA- and Health Canada-approved implantable total artificial heart for biventricular heart failure patients.

• Over 2,100 SynCardia total artificial hearts have been implanted in 27 countries, with a platform including 50cc and 70cc models, external drivers, and clinical support.

• Customers are major medical centers; direct sales in the US and specialized distributors internationally, including China.

• Strategic priorities include product innovation (next-gen fully implantable heart), expanding commercial reach, and scaling manufacturing capacity to 450 units per year.

Financial performance and metrics

• Issued $15 million in senior secured notes at initial closing, with up to $35 million additional notes available subject to conditions and investor consent.

• 73,701,176 shares of common stock outstanding prior to the offering; up to 90,701,176 shares post-offering if all shares are issued.

• Financial statements for 2023 and 2024 include a going concern explanatory paragraph from the independent auditor.

Use of proceeds and capital allocation

• Will not receive proceeds from resale of shares by selling stockholders; may receive proceeds from cash exercise of warrants, to be used for general corporate purposes and working capital.

• Management has broad discretion over use of any net proceeds from warrant exercises.