Picard Medical (PMI) Registration filing summary

Company overview and business model

• Operates as a holding company with 100% ownership of SynCardia, a medical technology firm producing the only FDA and Health Canada approved Total Artificial Heart (TAH) for end-stage heart failure patients.

• Over 2,100 SynCardia TAHs have been implanted in 27 countries, serving as a bridge to heart transplantation.

• The SynCardia TAH system includes artificial ventricles, external pneumatic drivers (C2 and Freedom), and drivelines, enabling both in-hospital and at-home patient support.

• The company is developing next-generation products, including the fully implantable Emperor TAH and advanced driver technologies.

• Reimbursement for TAH implantation is primarily procedure-based, with coverage from CMS and major private insurers.

Financial performance and metrics

• For the year ended December 31, 2025, total revenues were $4.94 million, a 13% increase from 2024, driven by higher U.S. sales.

• Net loss for 2025 was $27.0 million, compared to $21.1 million in 2024, reflecting ongoing R&D and public company costs.

• Gross loss for 2025 was $0.2 million, with cost of revenues at 104% of sales.

• Cash and cash equivalents as of December 31, 2025, were $7.5 million; total assets were $22.5 million.

• The company has a history of operating losses and expects continued losses as it invests in product development and commercialization.

Use of proceeds and capital allocation

• Estimated net proceeds from the offering are $9.1 million, based on an assumed price of $0.846 per share.

• Proceeds will fund development of the Emperor TAH, next-generation pneumatic driver technology, U.S. label expansion, international regulatory approvals, manufacturing efficiency, sales and marketing, and general corporate purposes.

• Management retains broad discretion over the use of proceeds, with investments in short-term, interest-bearing instruments pending deployment.