Picard Medical (PMI) Registration filing summary

Company overview and business model

• Manufactures and sells the only FDA and Health Canada approved Total Artificial Heart (TAH), used as a bridge to heart transplantation for patients with end-stage biventricular heart failure.

• Over 2,100 TAHs implanted in 27 countries; business operations conducted through SynCardia subsidiary.

• Developing next-generation fully implantable artificial heart (Emperor TAH) and advanced pneumatic driver technology.

• Revenue generated from product sales, driver rentals, and training/certification services for transplant centers.

Financial performance and metrics

• 2025 revenues: $4.9M (13% increase YoY); net loss: $27.0M (28% higher YoY).

• Gross loss for 2025: $0.2M; cost of revenues increased 14% YoY.

• R&D expenses decreased 10% to $3.0M; SG&A expenses decreased 2% to $10.0M.

• Cash and cash equivalents at year-end 2025: $7.5M; substantial doubt exists about ability to continue as a going concern without additional capital.

Use of proceeds and capital allocation

• Estimated net proceeds of $9.1M from the offering, assuming full subscription.

• Proceeds prioritized for Emperor TAH development, next-gen driver technology, U.S. label expansion, international regulatory approvals, manufacturing efficiency, sales/marketing, and general corporate purposes.

• Pending application, proceeds will be invested in short-term, interest-bearing instruments.