Revenue rose 13% to $4.94 million in 2025 (Products $4.75M; Rentals $0.19M), with the U.S. representing 88% of sales. Gross loss was $0.20 million as total cost of revenues ($5.14M) exceeded revenue ($4.94M). Operating loss was $13.26 million; net loss widened 28% to $27.00 million versus $21.06 million in 2024. Operating cash burn increased to $15.67 million (2025); financing activities provided $27.08 million, ending cash and restricted cash totaled $11.45 million (cash $7.45M; restricted cash $4.00M). Completed IPO on Sept 2, 2025 (4,887,500 shares at $4.00; gross $19.6M; net $15.2M), plus a 637,500-share over-allotment on Sept 9, 2025 (net ~$2.4M). Entered a Dec 24, 2025 Securities Purchase Agreement; issued $15.0M senior secured notes on Dec 26, 2025 (due 2028) and warrants for 7,009,346 shares at $2.675; may issue up to an additional $35.0M of notes; placement agent received 700,934 warrants. At 12/31/2025, current liabilities were $18.70M, including fair value of senior secured note $5.45M and warrant liabilities $7.84M. Auditor included a going-concern explanatory paragraph; management disclosed material weaknesses in internal controls and significant future capital needs. Pipeline: first-in-animal trials for fully implantable Emperor TAH began Nov 2025; label expansion PMA supplement was converted to Panel Track (Mar 2025) with a decision expected in Q3 2026; Freedom+ driver PMA supplement under FDA review (Company anticipates approval by end of 2026). Legal: Putative securities class action (Louie v. Picard Medical, filed Feb 2, 2026) alleges IPO-related misstatements; Company disputes claims.