Picard Medical Inc.
PMI evidence brief
What we can confirm
- BioSniper Score:
- 4.4 / 10
- Market Cap:
- $11.9M
- Lead Asset:
- syncardia tah (Approved)
What it means
What to watch
Prepared research question
What matters most for PMI—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · PMI
Picard Medical Inc. (PMI) is the parent company of SynCardia Systems, maker of the world's first FDA- and Health Canada-approved total artificial heart, currently focused on commercializing its SynCardia TAH and developing a next-generation fully implantable platform.
Key risk: Cash depletion risk
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$11.9M
Cash Runway
—
Lead Asset
syncardia tah (Approved)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate for Picard Medical Inc..
Picard Medical Inc. (PMI) is the parent company of SynCardia Systems, maker of the world's first FDA- and Health Canada-approved total artificial heart, currently focused on commercializing its SynCardia TAH and developing a next-generation fully implantable platform.
- Picard Medical reported Q2 2026 revenue of $3.0M and net loss of -$5.7M as of 2026-06-30 [sec].
- The company's SynCardia Total Artificial Heart is the first and only total artificial heart approved by both the U.S. FDA and Health Canada [news · 2026-08-19].
- Picard Medical reported a 39% revenue increase and 16% net loss decrease in Q2 2026 compared to the prior year [news · 2026-08-19].
- The company is advancing development of a next-generation fully implantable total artificial heart platform [news · 2026-04-22].
- Picard Medical's stock surged 15% after hours following positive in vivo study results for its Emperor Total Artificial Heart platform [news · 2026-06-03].
What works
- Picard Medical's SynCardia TAH is the only FDA- and Health Canada-approved total artificial heart, giving it a unique regulatory position in the market [news · 2026-08-19].
- Revenue grew 39% year-over-year in Q2 2026, indicating commercial momentum [news · 2026-08-19].
- The company is actively developing a next-generation fully implantable TAH platform, which could expand its addressable market [news · 2026-04-22].
What to weigh
- The company reported a net loss of -$5.7M and zero cash & equivalents as of 2026-06-30, indicating significant cash burn and potential liquidity risk [sec].
- Adoption and revenues for the SynCardia TAH have lagged, with uncertainty around the ramp-up [news · 2026-01-16].
- Picard Medical is a smaller reporting company and may not comply with all public company accounting standards, potentially limiting comparability with peers [sec_mda · as of 2026-05-20].
From the filings
Quoted directly from source documents.
Q2 2026 financial results show revenue increase and net loss decrease.
“Revenue Increases 39% and Net Loss Decreases 16%”
News · August 19, 2026
The company is developing a next-generation fully implantable total artificial heart.
“advancing development of our next generation fully implantable total artificial heart platform”
News · April 22, 2026
Positive in vivo study results for Emperor Total Artificial Heart led to stock surge.
“Picard Medical shares surged 15% after hours after reporting successful in vivo studies of its Emperor Total Artificial Heart platform.”
News · June 3, 2026
Catalyst timeline
- 2026-03-13 · Earnings Report - SEC 8-K filing — SEC filing for earnings report; watch for financial performance details.
- 2026-03-25 · Earnings Report - SEC 8-K filing — SEC filing for earnings report; watch for financial performance details.
- 2026-03-27 · Earnings Report - SEC 8-K filing — SEC filing for earnings report; watch for financial performance details.
- 2026-04-22 · Earnings Report - SEC 8-K filing — SEC filing for earnings report; watch for financial performance details.
- 2026-05-21 · Earnings Report: Q1 2026 - SEC 8-K filing — SEC filing for Q1 2026 earnings; watch for financial performance details.
Risks & what to watch (3)›
Key risks
- Cash depletion risk — Zero cash & equivalents as of 2026-06-30, with ongoing net losses, raising liquidity concerns [sec].
- Adoption lag — SynCardia TAH adoption and revenues have lagged, with uncertain ramp-up [news · 2026-01-16].
- Accounting comparability — As a smaller reporting company, financial statements may not be comparable to larger public companies [sec_mda · as of 2026-05-20].
What to watch
- Q3 2026 financial results to see if revenue growth and loss reduction continue [news · 2026-08-19].
- Progress on the next-generation fully implantable TAH platform and any regulatory milestones [news · 2026-04-22].
- Adoption trends for SynCardia TAH as a bridge to transplant [news · 2026-04-22].
- Any updates on the Emperor Total Artificial Heart platform following positive in vivo studies [news · 2026-06-03].
Sources: Catalysts · News · SEC MD&A · Generated October 4, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Cash runway data unavailable
D/E 4.34
Lead: Approved
1 candidate
No upcoming catalysts tracked
No insider transactions in the last 180 days
Pipeline
Financials
Short Interest
as of May 12, 2026- % of float
- 2.1%
- Days to cover
- 4.3
- Shares short
- 594,449
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
PMI short interestGovernance
Frequently asked questions
What is the AI investment thesis for Picard Medical Inc.?
Picard Medical Inc. (PMI) is the parent company of SynCardia Systems, maker of the world's first FDA- and Health Canada-approved total artificial heart, currently focused on commercializing its SynCardia TAH and developing a next-generation fully implantable platform.
What is Picard Medical Inc.'s lead drug candidate?
Picard Medical Inc.'s most advanced tracked candidate is syncardia tah (Approved) for Bridge to heart transplantation (BTT) for patients with biventricular heart failure.
Who is the CEO of Picard Medical Inc.?
Dr. Yuncai Fang Ph.D. is the chief executive officer of Picard Medical Inc. (PMI).
Where is Picard Medical Inc. headquartered?
Picard Medical Inc. (PMI) is headquartered in Tucson, AZ, United States.
What therapeutic areas does Picard Medical Inc. focus on?
Picard Medical Inc. develops therapies across Cardiovascular.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.