Picard Medical, Inc.

Factors that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks described inPart I, Item 1A. Risk Factorsof our Form 10-K, filed with the SEC on March 30, 2026. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. Except for as set forth below, as of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed inPart I, Item 1A. Risk Factorsof our Form 10-K, filed with the SEC on March 30, 2026, except we may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.

On May 8, 2026, we received the NYSE Notice from the NYSE indicating we were no longer in compliance with the Section 1003(a)(ii) in the Company Guide since the Company reported stockholders’ equity of $3.8 million as of December 31, 2025, and had net losses in three of its four most recent fiscal years then ended (the "Stockholders' Equity Rule"). The Company timely submitted its Compliance Plan, advising of actions it has taken or will take to regain compliance with Section 1003(a)(ii) of the Guide by November 8, 2027. On July 22, 2026, PMI received a letter from the NYSE American stating that the PMI's Compliance Plan had been accepted. There can be no guarantee that the Company’s Compliance Plan or that the Company will meet requirements of its quarterly reviews and/or regain compliance by the November 8, 2027, deadline.

If the NYSE delists our common stock from trading on its exchange and we are not able to list such securities on another national securities exchange, we expect such securities could be quoted on an over-the-counter market. If this were to occur, we and our stockholders could face significant material adverse consequences including: