Picard Medical, Inc.

Overview

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• TickerPMI on NYSE¹
• IndustrySurgical & Medical Instruments & Apparatus¹
• HeadquartersTucson, Arizona¹
• Incorporated inDE²
• Business address1992 E. Silverlake Rd., Tucson, Az 85713²
• Filer category, Emerging growth company²

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Picard Medical, Inc. ("PMI") was incorporated in the state of Delaware on April 8, 2021. Unless the context requires otherwise, in this Annual Report, the terms "we," "us," "our," the "Company," "Picard," the "Registrant," and similar references refer to the combined operations of PMI and its consolidated subsidiaries and affiliates, including SynCardia Systems, LLC ("SynCardia").³ From its latest annual report

Corporate structure

Picard Medical, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Picard Medical, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

Investments

Intangibles and goodwill

Inventory

Properties, in its own words

As of December 31, 2025, the Company does not own any real property. The Company’s offices and primary operating facility are located at 1992 E. Silverlake Road, Tucson, Arizona, which the Company leases.

The facility consists of approximately 34,034 square feet and serves as the Company’s corporate headquarters and primary operating location, supporting manufacturing operations, research and development activities, quality and regulatory functions, and administrative offices. The Company believes that this facility is suitable and adequate for its current operations and expected near-term growth. The lease for the facility expires on January 31, 2027.

Item 2 of the 10-K filed Mar 30, 2026.³

Leadership

Who has led Picard Medical, Inc., and when. Pick a name to see everywhere that person has worked.

• Chief executive officerPatrick Nj Schnegelsberg Aug 28, 2025 to now⁷
• Chief financial officerBernard Skaggs Aug 28, 2025 to now⁸
• Chief operating officerMatt Schuster Aug 28, 2025 to now⁹

Timeline

1. Oct 13, 20268-K Bylaws or fiscal year changed¹³
2. Oct 6, 20268-K New debt or obligation; Unregistered sale of shares¹⁴
3. Aug 20, 20268-K Regulation FD disclosure¹⁵
4. Jul 27, 20268-K Listing notice or transfer; Other events¹⁶
5. Jul 22, 20268-K Bylaws or fiscal year changed; Other events¹⁷
6. Jul 21, 20268-K Shareholder vote¹⁸
7. Jul 13, 20268-K Other events¹⁹
8. Jul 7, 20268-K Executive or director change²⁰
9. Jul 2, 20268-K Other events²¹
10. Jul 2, 20268-K Other events²²
11. Jun 29, 20268-K Executive or director change²³
12. Jun 24, 20268-K Executive or director change²⁴
13. Aug 28, 2025New chief executive Patrick Nj Schnegelsberg becomes CEO⁷

Calendar

Coming up

1. Nov 13, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($9.50) a share, on Nov 14, 2025.²⁵

When it reported results

1. May 21, 2026Reported quarterly or annual results²⁶
2. Apr 22, 2026Reported quarterly or annual results²⁷
3. Mar 25, 2026Reported quarterly or annual results²⁸
4. Nov 14, 2025Reported quarterly or annual results²⁹

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

136 filings to the SEC since October 2021: 2 annual reports, 4 quarterly reports, 44 major events, 10 insider forms, 4 large holders, 72 other. The latest 20:

1. Oct 13, 20268-K EDGAR
2. Oct 6, 20268-K EDGAR
3. Aug 20, 20268-K EDGAR
4. Aug 19, 202610-Q EDGAR
5. Aug 17, 2026NT 10-Q EDGAR
6. Aug 7, 2026SCHEDULE 13G/A EDGAR
7. Jul 27, 20268-K EDGAR
8. Jul 22, 20268-K EDGAR
9. Jul 21, 20268-K EDGAR
10. Jul 16, 2026DEFA14A EDGAR
11. Jul 13, 20268-K/A EDGAR
12. Jul 8, 2026DEFA14A EDGAR
13. Jul 7, 20268-K/A EDGAR
14. Jul 2, 2026425 EDGAR
15. Jul 2, 20268-K EDGAR
16. Jul 2, 2026425 EDGAR
17. Jul 2, 20268-K EDGAR
18. Jun 29, 20268-K EDGAR
19. Jun 29, 2026DEF 14A EDGAR
20. Jun 24, 20268-K EDGAR

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

• Hudson Bay Capital Management LPSCHEDULE 13G/A, 2 filings Feb 11, 2026 to Aug 7, 2026³⁰
• VERSA CAPITAL FUND III, L.P.SCHEDULE 13G/A, 2 filings Nov 13, 2025 to Jun 5, 2026³¹

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

SEC filer profile

How Picard Medical, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

• Name on EDGARPicard Medical, Inc.¹
• CIK0002030617
• Employer ID (EIN)86-3212894³
• Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company³
• Incorporated inDelaware³
• Fiscal year endsDecember 31¹
• Industry code (SIC)3841 Surgical & Medical Instruments & Apparatus¹
• SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance¹
• Business address1992 E. Silverlake Rd., Tucson, AZ 85713¹
• Phone520-308-0796¹
• Shares outstanding2,338,634 as of Aug 18, 2026⁶
• Public float$130.8M as of Jun 30, 2025³
• AuditorMaloneBailey, LLP, Houston, Texas PCAOB ID 206; no auditor attestation of internal control over financial reporting³
• On EDGAR sinceAug 23, 2024¹
• Filings136 in all: 8-K (42), CORRESP (17), UPLOAD (10), S-1/A (9), 3 (7), 10-Q (4), EFFECT (4), S-1 (4)¹
  All 29 form types

  3/A (3), DEF 14A (3), DRS/A (3), PRE 14A (3), 144 (2), 424B3 (2), 424B4 (2), 425 (2), 8-K/A (2), DEFA14A (2), DRS (2), FWP (2), SCHEDULE 13G (2), SCHEDULE 13G/A (2), 10-K (1), 10-K/A (1), 8-A12B (1), CERT (1), DEFR14A (1), NT 10-Q (1), S-8 (1)

• Latest filingsAnnual report (10-K) Mar 30, 2026
  Quarterly report (10-Q) Aug 19, 2026
  Proxy statement (DEF 14A) Jun 29, 2026
  Latest 8-K (8-K) Oct 13, 2026

Securities registered for trading

From the cover page of the 10-K filed Mar 30, 2026 (Section 12(b) of the Exchange Act).³

Risk factors and legal proceedings

The risks Picard Medical, Inc. names in Item 1A of its 10-K filed Mar 30, 2026: 53 risks under these headings, as written.³

• Risks Related to Our Business and Industry
• We have a history of significant losses. If we do not achieve and sustain profitability, our financial condition could suffer.
• All of our revenue is generated from a limited number of products, and any decline in the sales of these products or failure to gain market acceptance of these products will negatively impact our business.
• The manufacturing process of the SynCardia TAH requires highly specialized knowledge and operator skills, which could affect our ability to manufacture the SynCardia TAH on a timely basis. If we are unable to manufacture the SynCardia TAH on a timely basis consistent with our quality standards, our results of operations will be adversely impacted.
• We rely on specialized suppliers and service providers for components of the SynCardia TAH and do not have second-source suppliers for the majority of components.
• The future demand for our current products and future products is unproven. Our current products and future products may not be accepted by hospitals, surgeons or patients, and may not become commercially successful.
• Once SynCardia TAH has been proven either safe and with probable benefit (through an approved HDE) or safe and effective (through an approved PMA), If SynCardia is unable to educate physicians on the safe and effective use of the SynCardia TAH and the procedure to implement the SynCardia TAH, we may be unable to achieve our expected growth.
• If we fail to develop and retain a direct sales force and effective network of international distributors, we may be unable to achieve expected growth targets and our business could suffer.
• Reliance on distributors and third parties to market and sell our products could negatively impact our business.
• We operate in a market segment that is subject to rapid technological change. If our competitors are able to develop and market technologies or products that are safer, more effective, less costly, easier to use or otherwise more attractive than our products, our business will be adversely impacted.
• SynCardia has significant customer concentrations, and economic difficulties or changes in the purchasing policies or patterns of our key customers could have a significant impact on our business and operating results. We have no long-term exclusive agreements with our customers and, as a result, generally operate on an invoice and purchase order basis to meet our customers’ needs.
• Our future success depends on our ability to develop, receive regulatory approval (including long term indication) for, and introduce new products or product enhancements that will be accepted by the market in a timely manner.

Legal proceedings

PMI is subject from time to time to various claims, lawsuits, and other legal and administrative proceedings (including those described below). Some of these claims, lawsuits and other proceedings may involve highly complex issues that are subject to substantial uncertainties and could result in damages, fines and penalties, non-monetary sanctions, or other relief. The Company intends to recognize provisions for claims or pending litigation when it determines that an unfavorable outcome is probable, and the amount of loss can be reasonably estimated. Due to the inherent uncertain nature of litigation, the ultimate outcome or actual cost of settlement may materially vary from estimates. For additional information, see “Risk Factors – Litigation Related to Trading of Our Securities.”

On February 2, 2026, a putative securities class action captioned Louie v. Picard Medical, Inc., et al., Case No. 5:26-CV-01024, was filed in the United States District Court for the Northern District of California, San Jose Division. The complaint names PMI as a defendant, along with certain of its current and former officers and directors and other third parties, and purports to assert claims under Sections 10(b) and 20(a) of the Exchange Act and Rule 10b‑5 promulgated thereunder. The putative class period alleged is from September 2, 2025, through October 31, 2025. The complaint generally alleges, among other things, that defendants made materially false or misleading statements or omissions in connection with the Company’s initial public offering and subsequent public disclosures, and that the Company’s securities were affected by social‑media‑based promotion activity. The complaint seeks unspecified compensatory damages, attorneys’ fees and costs, and other relief.

The opening of Item 3, Legal Proceedings.³