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The TCW Group, Inc. filed Amendment No. 2 to its Schedule 13D on Accuray Incorporated, reporting beneficial ownership of 18,942,059 shares of Common Stock, or about 13.7% of the class, including shares issuable upon exercise of warrants, based on 118,963,696 shares outstanding as of May 19, 2026.
The position is held through warrants issued to TCW Rescue Financing and TCW Direct Lending in connection with a Delayed Draw Term Loan. The May warrants cover multiple tranches exercisable at $1.25, $1.50 and $0.01 per share, with exercise periods beginning around six months after May 19, 2026 and expiring on May 19, 2033.
ACCURAY INC reported that an affiliated business unit of The TCW Group, Inc. received several warrants to purchase common stock as part of a financing arrangement. On May 19, 2026, entities within the TCW business unit, including TCW Rescue Financing Fund II LP and West Virginia Direct Lending LLC, were issued multiple warrant tranches with exercise prices ranging from $0.01 to $1.50 per share, all expiring on May 19, 2033.
The warrants were issued as consideration for making a Delayed Draw Term Loan under a Financing Agreement and no separate cash consideration was paid for the warrants. After this issuance, TCW reports warrants to purchase 18,942,059 shares of Accuray common stock, while disclaiming beneficial ownership beyond its pecuniary interest.
Accuray Incorporated reported weaker results for the quarter ended March 31, 2026. Net revenue fell to $104.8 million from $113.2 million a year earlier, while the company posted a net loss of $11.8 million versus a $1.3 million loss.
For the first nine months of fiscal 2026, revenue declined to $301.0 million from $331.0 million, and net loss widened sharply to $47.3 million from $2.7 million. Results were pressured by higher interest expense of $24.2 million, supply chain and inflation headwinds, and $15.4 million of restructuring costs tied to an FY26 plan that reduced the global workforce by roughly 18% in two waves.
Accuray ended the period with $44.4 million in cash, cash equivalents and restricted cash and $179.5 million of total debt, including a high-cost Term Loan Facility with an effective rate of 24.5%. The company disclosed a Nasdaq notice for falling below the $1.00 minimum bid price, with a compliance period through August 3, 2026, and highlighted ongoing risks around macroeconomic conditions and compliance with leverage, fixed charge coverage and liquidity covenants, although it currently expects to fund operations for at least the next 12 months.
Accuray Incorporated reported weaker fiscal 2026 third‑quarter results and withdrew its full‑year guidance. Total net revenue for the quarter was $104.8 million, down 7% from $113.2 million a year earlier, with product revenue down 13% to $49.7 million and service revenue down 1% to $55.1 million.
Gross profit fell to $25.3 million, or 24.1% of revenue, from $31.6 million, or 27.9%. Net loss widened to $11.8 million, or $0.09 per share, versus a $1.3 million loss, or $0.01 per share. Adjusted EBITDA declined to $3.8 million from $6.0 million, while order backlog dropped to $356.2 million, about 21% lower than a year earlier. Management cited geopolitical uncertainty affecting Middle Eastern installations as the reason for withdrawing guidance on total net revenue and Adjusted EBITDA.
Accuray Incorporated reported that Leonel Peralta, its Senior Vice President and Chief Operations Officer, departed the company effective April 26, 2026. The company states that his resignation was not due to any disagreement with Accuray, its Board of Directors, or its operations, policies, or practices.
The filing is limited to this leadership change and standard exhibit information, including an Inline XBRL cover page data file.
The TCW Group, Inc., on behalf of the TCW Business Unit, reports beneficial ownership of 15,467,952 shares of Accuray Inc. common stock, representing about 11.5% of the class, including shares issuable upon exercise of warrants.
These warrants were issued on December 15, 2025 to TCW Rescue Financing and TCW Direct Lending in connection with amendments to a Financing Agreement. They include tranches with exercise prices of $1.25, $1.50, and $0.01 per share and expire on December 15, 2032. No separate consideration was paid for the December warrants, and none have been exercised. The stated purpose of issuing these warrants was to incentivize agreement to the financing amendments.
TCW Group Inc., a greater-than-10% owner of Accuray Inc. (ARAY), reported indirect holdings of multiple warrants to purchase common stock. These positions include warrants exercisable at $1.25 per share for 1,034,592 underlying shares and an additional 77,469 shares, and warrants at $1.50 for 1,448,429 and 108,457 underlying shares, each generally expiring in 2032. TCW-related entities also hold low-priced warrants at $0.01 and others at $1.68 per share with expirations in 2032, all reported as indirect ownership. A footnote explains that the warrants are held of record by TCW Rescue Financing Fund II LP and West Virginia Direct Lending LLC, and TCW disclaims beneficial ownership beyond any pecuniary interest.
Accuray Inc executive Paul Michael Miele, the company’s SVP and Chief Commercial Officer, submitted a Form 3, which is an initial statement of beneficial ownership of securities. This filing establishes his status as a reporting insider at Accuray but does not list any specific share transactions or holdings.
Accuray Incorporated amended its Consulting Agreement with Dedication Capital, LLC, an affiliate of director Steven F. Mayer. The amendment cuts by 50% the base consulting fee after March 31, 2026 through October 31, 2026 and reduces the minimum cash incentive amounts for the fiscal year ended June 30, 2026 and the fiscal quarter ended September 30, 2026. In exchange, time-based vesting was accelerated as of April 1, 2026 for 916,336 Initial Restricted Shares and all PSAs, while the remaining 333,004 Initial Restricted Shares vest on October 31, 2026. The changes are expected to generate at least $362,500 in cash savings for the company.
Accuray Incorporated has appointed Paul Miele as Senior Vice President and Chief Commercial Officer, effective April 6, 2026, as disclosed in a press release furnished under Regulation FD. He joins the executive leadership team to lead the company’s global commercial organization across sales, marketing, pricing, and market access.
The company highlights his prior success driving commercial turnarounds and double-digit annual sales growth in complex medical technology businesses. Accuray frames the hire as part of its ongoing transformation, aiming to strengthen commercial execution, grow systems and services sales, and enhance long-term value creation.