Picard Medical Inc：2025年季度报告

FORM10-Q (Mark One)☒QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedJune 30, 2025 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number001-42801 PICARD MEDICAL, INC.(Exact name of registrant as specified in its charter) Delaware86-3212894(State or other jurisdiction of(IRS Employer incorporation or organization)Identification No.) 1992 E SilverlakeTucsonAZ,85713(Address of principal executive offices and zip code) (520)545-1234(Registrant’s telephone number, including area code) N/A(Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. Yes☐No☒ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T (Section232.405 of this chapter) during the preceding 12 months (or such shorter period thatthe registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act: Large accelerated filer☐Accelerated filer☐Non-accelerated filer☐Smaller reporting company☒Emerging growth company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☒ As of September11, 2025, there were73,701,176shares of common stock, par value $0.0001 issued and outstanding. PICARD MEDICAL, INC. TABLE OF CONTENTS PART I. FINANCIAL INFORMATION Item 1.Financial Statements1Unaudited Condensed Consolidated Balance Sheets as of June 30, 2025 and December31, 20241Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and sixmonths ended June 30, 2025 and 20242Unaudited Condensed Consolidated Statements of Changes in Temporary Equity and Stockholders’ Deficitfor the three and six months ended June 31, 2025 and 20243Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 31, 2025 and20244Notes to Financial Statements (Unaudited)5Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations30Item 3.Quantitative and Qualitative Disclosures About Market Risk38Item 4.Controls and Procedures38 Item 1.Legal Proceedings40Item 1A.Risk Factors40Item 2.Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities40Item 3.Defaults Upon Senior Securities40Item 4.Mine Safety Disclosures40Item 5.Other Information40Item 6.Exhibits41 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (the “Form 10-Q”) includes statements that are, or may be deemed to be, “forward-lookingstatements” within the meaning of the U.S. federal securities laws, are statements of future expectations and other forward-lookingstatements. Forward-looking statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,”“believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “opportunity,” “plan,”“potential,” “predict,” “projected,” “should,” “strategy,” “suggests,” “targets,” “will,” “will be” or “would” or similar expressions orthe negatives thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans or intentions. Theseforward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this Form10-Q and include statements regarding the intentions, beliefs or current expectations of our management teams concerning, amongother things, their respective results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry inwhich they operate. You are cautioned that forward-looking statements are not guarantees of future performance and that our actual results of operations,financial condition and liquidity, and the development of the industry in which we operate, may d