Picard Medical, Inc. filed a Form 8-K on November 3, 2026, reporting the October 28, 2026 permanent appointment of Richard Fang, Ph.D., as Chief Executive Officer and disclosing related-person loan arrangements totaling $1.2 million from entities affiliated with Dr. Fang.

Key Highlights

  • Permanent CEO appointment: Richard Fang, Ph.D., was appointed Chief Executive Officer on October 28, 2026, effective the same date, after serving as Interim CEO since June 18, 2026.
  • Dual role retained: Dr. Fang will continue to serve as Chairman of the Board, according to the filing.
  • Salary unchanged: Dr. Fang's annual salary remains $0.4 million; the filing states the appointment involved no new or amended compensation arrangement and no additional award.
  • Affiliated loan - Fang Family Fund I: In February 2026, the company borrowed $0.7 million from Fang Family Fund I, LLC, an entity affiliated with Dr. Fang, at 6% interest per annum, due February 28, 2027.
  • Affiliated loan - Series II: Between July 29, 2026 and October 16, 2026, Fang Family Fund, LLC - Series II lent the company an aggregate of $0.5 million at 0% interest under five loan agreements.
  • Earliest Series II loans past due trigger: As of October 29, 2026, the company had not received external funding of at least $1.0 million, and the two-month period had already passed for the earliest loans, which the filing states "have therefore become due and payable on payment terms to be determined."

Fang's Appointment and Affiliated Loan Terms at Picard Medical

According to the filing, Picard Medical, Inc. (NYSE American:PMI) reported that its Board of Directors appointed Richard Fang, Ph.D., as permanent, full-time Chief Executive Officer on October 28, 2026. Dr. Fang, age 60, had been serving as Interim Chief Executive Officer since June 18, 2026, and previously held the CEO role from September 2021 to July 2023. The filing states he has served on the Board since September 2021 and will continue as Chairman. The company disclosed there are no arrangements or understandings with any other person pursuant to which Dr. Fang was selected, and he has no family relationships with any Company director or executive officer.

The filing describes Dr. Fang's background as including the founding of Reach Surgical in 2005, a California-based minimally invasive surgical instruments company, which he led for over 15 years across six continents before its sale to a private equity buyer. He is also described as a founder and managing partner of Hunniwell Lake Ventures LLC, a medical technology-focused venture capital firm founded in 2019. He holds an MBA from the University of Cincinnati and a Ph.D. in Physics from Purdue University in Indianapolis, and the filing notes more than 20 years of medical device industry experience, including at Johnson and Johnson.

The 8-K also discloses two sets of related-person loans from entities affiliated with Dr. Fang. The first, from Fang Family Fund I, LLC, is a $0.7 million loan at 6% annual interest, due February 28, 2027. The second, from Fang Family Fund, LLC - Series II, comprises five loans totaling $0.5 million at 0% interest made between July 29, 2026 and October 16, 2026. Each Series II loan becomes due upon the company's receipt of at least $1.0 million in external funding within six months of its effective date, or on terms to be determined if no such funding arrives within two months. The filing states that as of October 29, 2026, no qualifying external funding had been received, and the two-month window had already elapsed for the earliest of these loans.

What Was Disclosed

Picard Medical disclosed the permanent CEO appointment of Richard Fang, Ph.D., effective October 28, 2026, with no change to his $0.4 million annual salary, and separately detailed $1.2 million in outstanding loans from two entities affiliated with Dr. Fang, including terms and current repayment status.