# EDGAR Filing Document

**Accession Number:** 0002030617
**File Stem:** 0000000000-25-007855
**Filing Date:** 2025-7
**Character Count:** 7385
**Document Hash:** 20c1539a98b2ae31b2ea7cfca45a79d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-007855.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0000000000-25-007855

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250725

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Picard Medical, Inc.
- **CENTRAL INDEX KEY:** 0002030617
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-07405

**BUSINESS ADDRESS:**
- **STREET 1:** 1992 E. SILVERLAKE RD.
- **CITY:** TUCSON
- **STATE:** AZ
- **ZIP:** 85713
- **BUSINESS PHONE:** 520-308-0796

**MAIL ADDRESS:**
- **STREET 1:** 1992 E. SILVERLAKE RD.
- **CITY:** TUCSON
- **STATE:** AZ
- **ZIP:** 85713
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001829126-24-005814

## Text-Extract

```

                                                            July 25, 2025

Patrick NJ Schnegelsberg
Chief Executive Officer
Picard Medical, Inc.
1992 E Silverlake
Tucson AZ, 85713

       Re: Picard Medical, Inc.
           Amendment No. 5 to Registration Statement on Form S-1
           Filed July 18, 2025
           File No. 333-286295
Dear Patrick NJ Schnegelsberg:

     We have reviewed your amended registration statement and have the
following
comments.

        Please respond to this letter by amending your registration statement
and providing
the requested information. If you do not believe a comment applies to your
facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing any amendment to your registration statement and the
information
you provide in response to this letter, we may have additional comments. Unless
we note
otherwise, any references to prior comments are to comments in our May 19, 2025
letter.

Amendment No. 5 to Registration Statement on Form S-1 filed July 18, 2025
Cover Page

1.     We note your revised disclosure on page 51 that Dr. Richard Fang, one of
Hunniwell's
       three managers, will serve as director of Picard following the
completion of the initial
       public offering. You also disclose that Hunniwell will control a
majority of the voting
       power of the company's outstanding common stock after the offering, and
disclose on
       page 112 that Hunniwell will own 54.8% of your common stock immediately
after the
       offering. Please revise your cover page to disclose, as you do on page
51, that Dr.
       Richard Fang will effectively be able to determine the outcome of all
matters
       requiring shareholder approval. Please also quantify Hunniwell's
ownership interest in
       your company after the offering.
 July 25, 2025
Page 2
Prospectus Summary
The Offering, page 20

2.     We note your revised disclosure on page 21 that the number of shares of
common
       stock outstanding immediately following this offering excludes shares of
common
       stock issued to "the U.S. Unicorn Foundation, Inc. ('Unicorn
Foundation') for services
       and that will vest and expense contemporaneously with the closing of
this offering,
       with a fair value of 0.80 per share and shares of common stock, the
equivalent of 3%
       of the Company equity, to be issued should Unicorn Foundation complete a
       following-on financing within 12 months of the closing of this offer."
We also note
       your disclosure in the footnotes to the financial statements describing
your agreement
       with U.S. Unicorn. Please revise your summary to discuss the material
terms of your
       advisory agreement with the U.S. Unicorn Foundation, and revise your
risk factors to
       discuss any risks related to this agreement, including any potential
dilution to
       shareholders based on the terms of the agreement.
Use of Proceeds, page 55

3.     We note your revised disclosure that you intend to use up to $4.05
million of the
       proceeds from this offering to fund research and development activities
of your fully
       implantable system, general operational expenses, working capital, and
other general
       corporate purposes. Please clarify the portion of the funds you intend
to use for
       research and development, general operational expenses, working capital
and general
       corporate purposes, respectively. Please also tell us why you are
reserving up to $6.0
       million to satisfy your Senior Secured Notes when you also disclose that
the Senior
       Secured Notes have a total principal plus interest amount of
approximately $5.4
       million. As a related matter, please revise your disclosure to describe
all of the
       working capital loans for which you are reserving $2.0 million in net
proceeds, given
       that the working capital related party loans discussed on page 55 do not
total $2.0
       million.
Principal Stockholders, page 112

4.     Please revise to disclose the natural person(s) with voting and
dispositive control of
       Sindex SSI Financing, LLC.
Exclusive Forum Selection, page 116

5.     We note your disclosure here that your Charter will contain a forum
selection
       provision but that "such forum selection provisions will not apply to
suits brought to
       enforce any liability or duty created by the Securities Act or the
Exchange Act or any
       other claim for which the federal courts of the United States have
exclusive
       jurisdiction," and that "[t]he Charter also provides that, unless we
consent in writing to
       the selection of an alternative forum, the federal district courts of
the United States of
       America will be the exclusive forum for the resolution of any complaint
asserting a
       cause of action arising under the Securities Act." It appears that both
Article Eleven of
       your Form of Proposed Second Amended and Restated Certificate of
Incorporation
       and Section 56 of your Form of Proposed Amended and Restated Bylaws
include
       separate forum selection provisions, but they do not appear to include
the Exchange
       Act and Securities Act provisions noted in this section of the
prospectus. Please
 July 25, 2025
Page 3

       reconcile your prospectus disclosure with the applicable forum selection
provision in
       your governance documents. Additionally, please clarify if both your
Charter and
       Bylaws will contain forum selection provisions and how the dual
provisions would
       work in the event of any discrepancy between them.
       Please contact Jeanne Baker at 202-551-3691 or Li Xiao at 202-551-4391
if you have
questions regarding comments on the financial statements and related matters.
Please contact
Conlon Danberg at 202-551-4466 or Katherine Bagley at 202-551-2545 with any
other
questions.

                                                           Sincerely,

                                                           Division of
Corporation Finance
                                                           Office of Industrial
Applications and
                                                           Services
cc:   Michael J. Blankenship, Esq.

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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