Welcome to our dedicated page for Spectral AI SEC filings (Ticker: MDAI), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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Spectral AI (MDAI) reported Q3 2025 results. Research and development revenue was $3.8 million, down 53.6% year over year as activity tapered ahead of its FDA De Novo submission. Gross margin was 42.7%, with a gross profit of $1.6 million.
Operating loss was $3.3 million and net loss was $3.6 million, or $0.13 per share. Cash ended at $10.5 million, supported by financing inflows. Year to date, operating cash outflows were $7.4 million, while financing provided $12.7 million.
The company drew $8.5 million under a loan facility with Avenue Capital, part of up to $15.0 million available, and issued associated warrants. A BARDA contract provides up to $150.0 million in potential funding across phases, with $54.9 million in the base phase. Subsequent to quarter-end, the company raised $7.6 million via equity and warrants.
Spectral AI, Inc. (MDAI) filed a resale prospectus covering up to 4,989,502 shares of common stock. These shares are issuable upon exercise of previously issued warrants and pre-funded warrants held by the selling stockholders. The company states, “We will not receive any proceeds from the sale of the common stock by the selling stockholders.”
The registration covers 4,000,000 shares underlying Investor Warrants at an exercise price of $2.51 per share, 935,000 shares underlying Pre-Funded Warrants with a $0.0001 exercise price (purchase price $1.8999), and 54,502 shares underlying Dominari Warrants at $2.51, each warrant expiring on October 22, 2030. Investor Warrants become exercisable on the earlier of stockholder approval for issuances or six months after issuance. The company would receive cash only upon any warrant exercises paid in cash.
Shares outstanding were 30,688,895 as of October 28, 2025. MDAI last traded at $2.18 on October 29, 2025 on Nasdaq. This filing provides a pathway for holders to resell shares from prior financing arrangements; it does not reflect a new primary capital raise.
Spectral AI (MDAI) completed a financing that raised approximately $7,600,000 through a registered direct offering and a concurrent private placement. The company sold 3,065,000 registered shares at $1.90 per share under its effective S-3, and, in a private placement, issued warrants to purchase up to 4,000,000 shares at $2.51 and pre-funded warrants to purchase up to 935,000 shares at a $0.0001 exercise price.
The warrants become exercisable on the earlier of stockholder approval or six months from issuance and expire five years after issuance, with a 4.99% beneficial ownership cap (adjustable up to 9.99% after 61 days). Pre-funded warrants are immediately exercisable with a 9.99% cap (adjustable as stated). Closing occurred on October 24, 2025. Northland acted as placement agent on a reasonable best efforts basis; its cash fee is 6.00% of gross proceeds from the share sale. The company plans to use net proceeds for working capital and general corporate purposes and agreed to file a resale registration within 10 days pursuant to a registration rights agreement.
Spectral AI, Inc. (Nasdaq: MDAI) is registering and offering 3,065,000 shares of common stock at $1.90 per share in a registered direct offering. The company expects net proceeds of approximately $5.1 million after fees and expenses and plans to use the funds for working capital and general corporate purposes.
In a concurrent private placement, the company is also selling pre-funded warrants to purchase up to 935,000 shares at an exercise price of $0.0001 per share and warrants to purchase up to 4,000,000 shares at an exercise price of $2.51 per share; these securities and their underlying shares are not registered here. Northland Securities, Inc. is acting as sole placement agent on a reasonable best efforts basis. Shares outstanding were 27,623,895 as of October 22, 2025, and are expected to be 30,688,895 after this offering. The company cites public float of approximately $52.1 million and states current S-3 capacity under General Instruction I.B.6 to offer up to approximately $11.1 million.
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