Picard Medical : Amendment to Annual Report (Form 10-K/A)
PMI
Published on 05/15/2026 at 06:14 am EDT
Picard Medical, Inc. ("Picard," "PMI" or the "Company") is filing this Amendment No. 1 on Form 10-K/A (this "Amendment") to its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the Securities and Exchange Commission (the "SEC") on March 30, 2026 (the "Original Filing" or the "2025 Form 10-K"). In this Amendment, the terms the "Company," "we," "us," and "our" refer to Picard Medical, Inc. and its wholly-owned subsidiary.
This Amendment is being filed for the purpose of amending the information required by Item 11 of Part III of Form 10-K included in the Original Filing to provide corrected disclosures. In accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the cover page to the Original Filing and Item 11 of Part III of the Original Filing are hereby amended and restated in their entirety
Except as described above, no other changes have been made to the Original Filing. This Amendment does not affect any other section of the Original Filing not otherwise discussed herein and continues to speak as of the date of the Original Filing. The Company has not updated the disclosures contained in the Original Filing to reflect any events that occurred subsequent to the date of the Original Filing. Among other things, any forward-looking statements made in the Original Filing have not been revised to reflect events, results or developments that have occurred or facts that have become known to us after the date of the Original Filing, and such forward-looking statements should be read in their historical context. Accordingly, this Amendment should be read in conjunction with the Company's other filings made with the SEC subsequent to the filing of the Original Filing.
PART III
ITEM 11. EXECUTIVE COMPENSATION
Director Compensation Program
Directors who are officers of the Company do not receive compensation for their service as directors.
We provide the following compensation for non-management directors:
●
Each non-management director receives an annual director's fee payable in cash equal to $35,000 and an annual grant of $15,000 stock options;
●
The chair of the audit committee receives an additional annual fee payable in cash equal to $15,000;
●
The chair of the compensation committee receives an additional annual fee payable in cash equal to $10,000.
We also reimburse directors for all expenses incurred in attending Board and committee meetings.
The following table provides information regarding the compensation of our non-management directors for the year ended December 31, 2025:
Name
Fees Earned Or
Paid in Cash
Stock Option Awards
Total
Richard Fang
$
-
$
-
$
-
Sam Van
$
16,667
$
-
$
16,667
George Ye
$
15,000
$
-
$
15,000
Table of Contents
PART IV
ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES
(a)
Documents filed as part of this Form 10-K/A.
The financial statements and required financial statement schedules are included in the Original Filing.
(b)
Exhibits.
31.1*
31.2*
32.1+
32.2+
101.INS*
Inline XBRL Instance Document (The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document)
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
*
Filed herewith.
+
Previously filed.
Table of Contents
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
PICARD MEDICAL, INC.
By
/s/ Patrick NJ Schnegelsberg
Patrick NJ Schnegelsberg
Chief Executive Officer
Date:
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Company May 14, 2026 in the capacities indicated below.
/s/ Patrick NJ Schnegelsberg
Patrick NJ Schnegelsberg
Principal Executive Officer and Director
/s/ Bernard Skaggs
Bernard Skaggs
Principal Financial Officer and Principal Accounting Officer
/s/ Richard Fang
Richard Fang
Director
/s/ George Ye
George Ye
Director
/s/ Sam Van
Sam Van
Director
Disclaimer
Picard Medical Inc. published this content on May 15, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 15, 2026 at 10:13 UTC.