Is this the right time to exit from Picard Medical Inc (PMI)?

Company Overview

Picard Medical, Inc. (PMI) serves as a holding company fully owning SynCardia Systems, LLC, a medical technology firm focused on the SynCardia Total Artificial Heart (TAH)—the sole FDA- and Health Canada-approved implantable TAH, with over 2,100 units implanted across 27 countries as a bridge to transplantation for biventricular heart failure patients. The system includes artificial ventricles, external pneumatic drivers for hospital and home use, and drivelines, implanted via standard surgical methods to deliver pulsatile flow. The company's roadmap involves enhancing driver technology, broadening indications to Bridge to Candidacy and long-term use (two years+), expanding globally, and pioneering the fully implantable Emperor TAH as a transplant alternative, with prototypes in testing, animal studies slated for early 2025, and potential FDA approval by 2028. Facing competitors like Carmat's Aeson TAH, BiVACOR's clinical trials, and off-label LVAD combinations, Picard emphasizes its clinical expertise, intellectual property, and advantages in mechanical circulatory support. In 2025, it pursued an NYSE IPO to secure approximately USD 17 million for growth and innovation.

Initial Public Offering

The company launched its IPO on August 29^th, 2025, under the ticker PMI and had sold approximately 4,250,000 shares at USD 4.00 share. We had covered this IPO in our ‘Kalkine IPO Report’ on August 18, 2025, and had concluded that this IPO was “Attractive” given it given the financial performance of the company, use of proceeds, and associated risks.

Conclusion

The closing price of $9.60 for Picard Medical, Inc. (NYSE American: PMI) (October 8, 2025) offers IPO investors a 140.00% price surge from the $4.00 IPO price. This realized return is a key factor. However, the company faces deepening financial weaknesses. Despite revenue growth, the net loss increased to $6.72 million, driven by non-cash charges. Crucially, gross profit turned negative, signaling rising costs and financial strain. Given the significant surge from the IPO price and the growing financial risks, investors who participated in the IPO can consider exiting their position at the closing price of $9.60 as on October 08, 2025.

*The reference data in this report has been partly sourced from Refinitiv.