Patrick NJ Schnegelsberg Chief Executive Officer

Patrick NJ Schnegelsberg, 61, has served as Chief Executive Officer of Picard Medical, Inc. (PMI) and its wholly owned subsidiary SynCardia Systems LLC since July 5, 2023. He has over 25 years of executive leadership experience in the medical device industry. Before joining PMI, he was CEO of Syntach AB from December 2022 to July 2023 and held COO and CEO roles with the Occlutech Group and its subsidiaries from 2012 to 2021. Mr. Schnegelsberg has also held C-level positions with several European and U.S. medtech and biotech start-ups. He previously held director-level roles on Wall Street, conducted research at MIT, and is a graduate of Harvard Medical School and Clark University. He currently serves on the board of Acorai AB and is a former board member of Scandinavian Real Heart. In December 2025, he was elected to the Board of Directors of the Arizona Bioindustry Association (AZBio).

Bernard Skaggs Chief Financial Officer

Bernard Skaggs was appointed Chief Financial Officer of Picard Medical, Inc. (PMI) and SynCardia in November 2023. He brings over 30 years of experience in finance and accounting to the role. His career includes serving as Controller at Golden Vertex Corporation, Plant Controller at Asarco LLC, Controller Consultant at Experis, Plant Controller at Embraer Aero Seating Technologies, Accounting Manager at Cancer Prevention Pharmaceuticals, and various positions at Deloitte. Mr. Skaggs holds a BA from the University of Arizona, an MAcc from the University of Phoenix, and an MBA from Thunderbird. He is also a U.S. Army veteran.

Matthew Schuster Chief Operating Officer

Matthew Schuster serves as the Chief Operating Officer of Picard Medical, Inc.

The key risks for Picard Medical (symbol: PMI) are primarily centered around ongoing legal issues, financial instability, and product-specific challenges in the highly regulated medical device market.

1. Securities Fraud and Stock Manipulation Lawsuit: Picard Medical is currently facing multiple class-action lawsuits alleging a fraudulent stock promotion scheme. These lawsuits claim that the company was involved in social media-based misinformation, the use of impersonated financial professionals, and that insiders or affiliates utilized offshore accounts to facilitate coordinated share dumping during a price inflation campaign. This alleged scheme led to a significant crash in Picard Medical's stock price.
2. Financial Distress and Shareholder Dilution: The company exhibits signs of significant financial instability, including a falling stock price, declining annual total revenue, and increasing net losses from 2023 to 2024. Furthermore, Picard Medical has a negative price-to-book ratio, indicating that its liabilities exceed its assets. Investor confidence has been further eroded by concerns over potential shareholder dilution following an expanded equity incentive plan.
3. High Reliance on a Single Product and Regulatory Environment: Picard Medical's business is heavily concentrated on the development, manufacturing, and commercialization of its implantable Total Artificial Heart (TAH), particularly the SynCardia TAH. While the SynCardia TAH is FDA and Health Canada approved, the company's significant reliance on this single core product exposes it to considerable risks should there be adverse developments related to its performance, regulatory changes, or increased competition within the highly specialized medical device industry.

Picard Medical (PMI) operates primarily in the Total Artificial Heart (TAH) market, manufacturing and commercializing the SynCardia TAH, an implantable system designed to assume the full function of a failed human heart in patients with advanced heart failure, serving as a bridge to heart transplantation.

The global addressable market for Total Artificial Hearts was valued at approximately USD 52.6 million in 2024 and is projected to grow to USD 223 million by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 23.5% during the forecast period. Another estimate places the global market at USD 132.68 million in 2025, with a projected increase to USD 435.85 million by 2032, growing at a CAGR of 18.5%. SynCardia, a subsidiary of Picard Medical, holds a near-total market share for commercially available, FDA-approved Total Artificial Hearts used as a bridge-to-transplantation.

Here are 3-5 expected drivers of future revenue growth for Picard Medical (symbol: PMI) over the next 2-3 years:

1. Increased Sales and Rental Income of the SynCardia Total Artificial Heart (TAH): Picard Medical has reported strong sales growth for its SynCardia TAH, which is currently the only commercially available total artificial heart approved in the U.S. and Canada. The company's recent earnings reports highlight a significant increase in revenues, driven by both product sales and rental income, indicating continued growth from its flagship product.
2. Global Market Expansion of the SynCardia Platform: The company's strategy includes efforts to expand the availability and access of its SynCardia platform in international markets. This global expansion aims to enhance Picard Medical's competitive positioning in the medical devices industry.
3. Development and Commercialization of the Next-Generation Artificial Heart Platform (Emperor): Picard Medical is actively investing in and progressing with its next-generation, fully implantable total artificial heart platform, known as "Emperor." The capital raised from its recent initial public offering (IPO) is specifically intended to advance the development and eventual commercialization of this new product, which is a key future growth driver.

Capital Allocation Decisions (2021-2025) for Picard Medical (PMI)

Share Issuance

• Picard Medical completed its Initial Public Offering (IPO) on August 29, 2025, raising $17 million in gross proceeds from the sale of 4,250,000 shares at $4.00 per share.
• Underwriters fully exercised their over-allotment option on September 5, 2025, resulting in the issuance of an additional 637,500 shares at $4.00 per share, generating $2.55 million in gross proceeds.
• In October 2025, stockholders approved an amendment to the 2021 Equity Incentive Plan, increasing the total shares available under the plan to 18,000,000 and adding warrants as an award type for future potential issuance.

Inbound Investments

• In September 2021, Hunniwell, through its majority-held investment vehicle Picard Medical, Inc., purchased 85% of the ownership interest in SynCardia Systems, LLC.
• Picard Medical entered into a definitive agreement in December 2025 for a private placement financing of up to $50.0 million in senior secured notes due 2028, along with warrants to purchase common stock, with an initial issuance of $15 million.

Outbound Investments

• In July 2023, Picard Medical, Inc. agreed to acquire a majority ownership of SynCardia Medical (Beijing) Inc., a company responsible for the registration, sale, and distribution of the SynCardia Total Artificial Heart (TAH) in China, contingent on Picard Medical becoming publicly traded.

Capital Expenditures

• While no specific dollar values for capital expenditures were publicly detailed, research and development is identified as an area requiring high capital expenditure for the company.