Here are the 10-K annual reports from Spectral AI, Inc. (MDAI) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow MDAI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MDAI filings page.
Spectral AI, Inc. is an AI-focused medical diagnostics company developing its DeepView System to predict wound and burn healing. The platform combines multispectral imaging with proprietary algorithms to give clinicians an objective, same-day view of which tissue is likely to heal or not.
The company concentrates first on burn indications. DeepView AI-Burn has UKCA marking for use in the UK, and a De Novo application was submitted to the FDA in June 2025. Clinical validation in 164 patients, including pediatric cases, showed higher sensitivity and non-inferior specificity versus physician assessment, supported by over 340 billion pixels of image data.
Spectral AI relies heavily on non-dilutive U.S. government funding. Since 2013 it has been awarded about $282.5 million, including $272.9 million from BARDA, plus a 2023 BARDA contract of up to $150.0 million with an initial $54.9 million award and further options. For 2025, it reported a net loss of $7.5 million versus $15.1 million in 2024, cash of $15.4 million, and an accumulated deficit of about $55.8 million. As of March 23, 2026 there were 31,823,895 shares of common stock outstanding.