Picard Medical, Inc.PMI

Picard Medical, Inc. announced a reverse stock split following stockholder approval to support continued NYSE American listing compliance, as disclosed in its regulatory filings and press release dated July 21, 2026. The corporate action was designed specifically to address the company's non-compliance with the NYSE American listing standards. This development comes as the company continues to deal with significant financial pressure, highlighted by its recent financial reports.

Picard Medical, Inc. operates as the parent company of SynCardia Systems, LLC, a Tucson, Arizona based leader in mechanical circulatory support. SynCardia is the maker of the world's first and only total artificial heart technology approved by both the U.S. regulatory authorities and international bodies. This technology is commercially available for patients suffering from end stage heart failure, serving as a critical bridge to transplant or destination therapy, which makes the company's operational viability a matter of literal life and death for patients relying on its clinical pipeline.

According to the latest filed SEC EDGAR reports, Picard Medical, Inc. recorded a revenue from contract with customer, excluding assessed tax, of $1.1M for the period ending March 31, 2026, compared to revenues of $2.1M for the period ending June 30, 2025. The company reported a net income loss attributable to parent of $-7.6M and an operating income loss of $-4.5M for the period ending March 31, 2026. Assets stood at $11.2M against total liabilities of $12.7M, resulting in stockholders' equity attributable to parent of $-1.4M. Cash and cash equivalents at carrying value were $121,000, while net cash provided by operating activities was $-3.8M. The company spent $26,000 on payments to acquire property, plant, and equipment, and incurred a research and development expense of $1.9M. Net inventory stood at $7.4M, reflecting an increase in inventories of $321,000 during the period ending March 31, 2026. For the period ending December 31, 2025, diluted earnings per share was $-0.75, with a weighted average number of shares outstanding, diluted, of 36.2M shares.

The market mechanism for the stock split and listing compliance relies on SEC EDGAR filings for official disclosures, including the PMI SEC EDGAR filing index and submissions JSON. In this report, there is The source-change rail is filing/source-led and does not use chart-derived signals. Chart context is available separately on this page through the Atlas chart snapshot or TradingView route where available. Listing compliance on the NYSE American exchange depends on maintaining the share price above the exchange's minimum thresholds, which the reverse stock split is intended to mechanically elevate by consolidating the existing share count.

The core change is the stockholder authorization of the reverse stock split to rescue the public listing, as documented in the July 21, 2026, press release. However, it remains unproven whether this reverse split will successfully maintain NYSE American listing compliance over the long term or if the company can secure the additional capital needed to support its operating activities. To deepen this file, evidence regarding future revenue growth, potential clinical trial updates for the SynCardia total artificial heart, or a cash infusion through subsequent financing would be required to assess whether the company can reverse its persistent operating losses.