# EDGAR Filing Document

**Accession Number:** 0002030617
**File Stem:** 0001829126-25-005569
**Filing Date:** 2025-7
**Character Count:** 6970
**Document Hash:** a84602d89cb3401881c1f715a71f9f68
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-005569.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0001829126-25-005569

**CONFORMED SUBMISSION TYPE**: CORRESP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250730

**FILER**: 

**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:** CORRESP

**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

![](corresp_001.jpg)

July 30, 2025

**<u>VIA EDGAR</u>**

Division of Corporation Finance

Office of Industrial Applications and Services

U.S. Securities and Exchange Commission

100 F Street, NE

Washington, D.C. 20549

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

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Ladies and Gentlemen:

This letter sets forth the responses of Picard Medical, Inc. (the "<u>Company</u>") to comments received in a letter from the staff of the Division of Corporation Finance (the "<u>Staff</u>") of the U.S. Securities and Exchange Commission, dated July 25, 2025, (the "<u>Comment Letter</u>") with respect to the above referenced Amendment No. 5 to Registration Statement on Form S-1 (the " <u>Registration Statement</u>").

Concurrently with the submission of this letter, the Company is filing, via EDGAR, an Amendment No. 6 to Registration Statement on Form S-1 ("<u>Amendment No. 6</u>"), incorporating the Company's responses to the Staff's Comment Letter.

For the convenience of the Staff, the Company has included the text of the Staff's comments in the Comment Letter in bolded text and the Company's responses thereto.

<u>Amendment No. 5 to Registration Statement on Form S-1 filed on July 18, 2025</u>

<u>Cover Page</u>

***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.*** 

**<u>Response</u>**: The Company acknowledges the Staff's comment and advises the Staff that it has revised the cover page of Amendment No. 6 to address the Staff's comment.

<u>Prospectus Summary</u>

<u>The Offering, page 20</u>

***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.*** 

**<u>Response</u>**: The Company acknowledges the Staff's comment and advises the Staff that it has revised pages 17 and 50 of Amendment No. 6 to address the Staff's comment.

<u>Use of Proceeds, page 55</u>

***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.*** 

**<u>Response</u>**: The Company acknowledges the Staff's comment and advises the Staff that it has revised page 56 of Amendment No. 6 to address the Staff's comment. To further clarify, the related party working capital loans plus interest that total $2.0 million are the total of loans under section Certain Relationships and Related Transaction (pages 107-110) numbered 19, 20, 21, 23, 24 and 25. The Senior Secured Notes have been updated to include interest in the Use of Proceeds.

<u>Principal Stockholders, page 112</u>

***4.***  ***Please revise to disclose the natural person(s) with voting and dispositive control of Sindex SSI Financing, LLC.*** 

**<u>Response</u>**: The Company acknowledges the Staff's comment and advises the Staff that it has revised page 113 of Amendment No. 6 to address the Staff's comment.

<u>Exclusive Forum Selection, page 116</u>

**<u>Response</u>**: The Company acknowledges the Staff's comment and advises the Staff that it has revised the Form of Proposed Second Amended and Restated Certificate of Incorporation of the Company to include the federal forum selection provisions, and, for clarity's sake, removed the exclusive forum provisions from the Form of Proposed Amended and Restated Bylaws of the Company, filed as Exhibits 3.5 and 3.6, respectively.

If you have any questions, please feel free to contact me at (713) 651-2678. Thank you for your cooperation and prompt attention to this matter.

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| |
|:---|
| Sincerely, |
| /s/ Michael J. Blankenship |
| Michael J. Blankenship |

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cc: Patrick NJ Schnegelsberg, Chief Executive Officer, Picard Medical, Inc.