Red Flags Detected

• ⚠ Going Concern (new) — The auditor's report includes an explanatory paragraph raising substantial doubt about the company's ability to continue as a going concern.
• ⚠ Material Weakness (new) — The company has concluded that its internal control over financial reporting was not effective as of December 31, 2025, due to material weaknesses.
• ⚠ Controlled Company (new) — Hunniwell Picard I, LLC controls a majority of the voting power, and the company qualifies as a controlled company, allowing exemptions from certain governance requirements.
• ⚠ Customer Concentration (new) — Customer A accounted for 43% of revenue in 2025, indicating significant reliance on a single customer.
• ⚠ Product Concentration (new) — Substantially all revenue is expected to be derived from the SynCardia TAH, a single product with expired core patents.
• ⚠ Dilution (new) — New investors face immediate dilution of $0.33 per share, and the offering includes warrants for up to 42.2M additional shares at the same price.