Every 8-K that Spectral AI, Inc. (MDAI) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, 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. (MDAI) announced that it has posted a new investor presentation outlining its DeepView AI-powered wound imaging platform and commercial plans. DeepView received FDA De Novo classification on May 21, 2026, authorizing U.S. commercial sales, and earlier obtained UKCA marking in February 2024.
The presentation highlights more than $250 million in non-dilutive government funding supporting development since 2013 and a $150 million BARDA Project BioShield contract, with $86 million committed to date and subsidies for the first 30 U.S. burn and trauma center system deployments. DeepView is described as detecting 88% of non-healing burns versus 42% for unaided burn physicians in cited studies.
Financial data show, as of June 30, 2026, cash of $14 million, total assets of $19 million, total liabilities of $31 million, and a stockholders' deficit of $12.1 million. Revenue was $29 million in 2024, $19 million in 2025, and $7 million in the first half of 2026, reflecting the shift from development funding toward commercial deployment.
Spectral AI, Inc. reported Q2 2026 research and development revenue of $3.5 million, down from $5.1 million, mainly due to lower reimbursed costs under its BARDA Project BioShield contract after FDA De Novo clearance of the DeepView® System and completion of an MTEC contract. Gross margin declined to 31.6% from 45.2%, reflecting cost-share provisions under the follow-on BARDA phase and lower margins on a fixed-fee contract.
Operating expenses rose 23.2% to $5.4 million, driven by higher stock-based compensation, increased selling and marketing ahead of first commercial sales, and higher non-revenue R&D. A favorable change in warrant liability helped total other income reach $0.3 million versus a prior-year expense of $(5.9) million, reducing Q2 net loss to $(4.2) million, or $(0.13) per share, from $(8.0) million, or $(0.31).
For YTD 2026, revenue was $7.5 million versus $11.8 million, with gross margin of 41.8%. Net loss was $(7.6) million compared to $(5.1) million, and Adjusted EBITDA was $(5.2) million versus $(2.4) million. Cash was $14.0 million at June 30, 2026, and the company reiterated full-year 2026 revenue guidance of approximately $18.5 million, primarily from continued DeepView development under BARDA.
Spectral AI, Inc. has appointed Darcy Bajko as Chief Commercial Officer, effective July 31, 2026. She will lead commercial activities, including the global launch of the FDA De Novo–cleared DeepView® System for burn indication.
Her compensation includes a $315,000 annual salary, an annual target bonus of up to 30% of base pay, and stock options to acquire 150,000 common shares vesting over three years, with full vesting upon a change of control.
Spectral AI, Inc. reported the results of its 2026 Annual Meeting of Stockholders and highlighted a major regulatory milestone for its DeepView burn-assessment device. Stockholders holding 17,267,570 shares, or 54.3% of outstanding common stock, were represented. All five director nominees were re-elected for one-year terms, the appointment of Forvis Mazars LLP as independent auditor for 2026 was ratified, and the Hudson Bay Proposal authorizing the reservation and issuance of common shares under an October 24, 2025 Securities Purchase Agreement was approved.
The company also emphasized that its DeepView System for burn indication has received FDA De Novo clearance, enabling a transition toward commercial scaling. DeepView combines multispectral imaging and proprietary AI to predict burn-healing potential, processing image data in roughly 20–25 seconds based on a database of over 340 billion pixels, aiming to support faster and more accurate wound-care decisions.
Spectral AI, Inc. announced that the U.S. Food and Drug Administration granted De Novo Classification for its DeepView® System for burn care. This clearance authorizes the company to begin commercial distribution of DeepView in the United States.
The DeepView System is a non-invasive predictive device that uses multispectral imaging and a proprietary AI algorithm to assess burn wounds’ healing potential, helping clinicians decide earlier which areas are unlikely to heal within 21 days and may need significant intervention. Image capture takes about 0.2 seconds, with AI processing completed in roughly 20–25 seconds.
The system has been trained and tested on a clinically validated database of over 340 billion pixels of burn wound image data. Development is supported in whole or in part by federal funding from BARDA under contract number 75A50123C00049, positioning Spectral AI to move from development into U.S. commercialization for burn indications.
Spectral AI, Inc. detailed an employment agreement with Chief Executive Officer Vincent S. Capone, effective with his previously announced appointment. He will receive a $500,000 annual base salary and is eligible for an annual bonus of up to 100% of salary, but no less than $250,000, based on Board‑set milestones.
Capone will be granted 200,000 RSUs under the 2023 Long Term Incentive Plan, with 50% vesting on April 1, 2026 and 50% on April 1, 2027, and all RSUs vesting immediately before a change of control. If terminated without cause or he resigns for good reason, he is entitled to 12 months of salary, continued benefits participation, and accelerated vesting of equity, subject to a release of claims.
Spectral AI, Inc. appointed David McGuire, CPA, as Chief Financial Officer effective May 4, 2026. He brings over 20 years of finance and accounting experience, including senior roles at Solo Brands and EZCORP and a 14-year career at Ernst & Young.
McGuire will receive a $330,000 annual salary, an annual target bonus of up to 30% of salary, and a minimum guaranteed $50,000 bonus for 2026 if he remains employed through six months. His package includes a $10,000 sign-on bonus, eligibility for a 401(k) with a company match, paid time off, and participation in standard benefits.
Subject to board approval, he will be granted stock options to acquire 150,000 common shares at the start-date market price, vesting annually over three years with full vesting upon a change of control. If terminated without cause or he resigns for defined good reason, he is eligible for three months of salary, continued benefits support, and accelerated vesting of equity, conditioned on a release of claims.
Spectral AI, Inc. reported 2025 fourth-quarter and full-year results and introduced 2026 revenue guidance. Research & Development revenue was $3.8 million in Q4 2025 versus $7.6 million a year earlier and $19.7 million for FY 2025 versus $29.6 million, reflecting lower reimbursed BARDA contract costs after an FDA De Novo submission.
Q4 2025 net income was $0.6 million, or $0.02 per diluted share, compared with a net loss of $7.7 million, helped by a $4.0 million gain in warrant liability fair value. Full-year 2025 net loss narrowed to $7.6 million from $15.3 million as general and administrative expenses fell to $17.5 million from $19.9 million. Cash increased to $15.4 million at December 31, 2025, from $5.2 million a year earlier, supported by equity and debt financings and warrant and option exercises. The company highlighted previously announced $31.7 million in additional non-dilutive BARDA funding, bringing total committed BARDA support under its current contract to $54.9 million within a contract valued at up to $150.0 million. For 2026, Spectral AI forecasts approximately $18.5 million of revenue, primarily from continued DeepView System development under the BARDA PBS Contract, excluding any material contribution from burn-indication product sales.
Spectral AI, Inc. reported that it has received $31.7 million in immediate, non-dilutive funding from BARDA to advance feature development of its DeepView® AI-driven burn wound imaging system. The company has committed an additional $9.7 million toward total development costs for these enhancements.
This new award adds to $54.9 million previously committed under the existing BARDA contract, which is valued at up to $150.0 million. The support is intended to accelerate development and FDA market authorization efforts for DeepView, including initiatives such as total body surface area mapping and expanded use in burn mass casualty incidents.
Spectral AI, Inc. reported that its Board of Directors has appointed Vincent S. Capone as Chief Executive Officer, effective February 9, 2026, and dissolved the prior Office of the Chairman. Capone previously served as Chief Financial Officer since February 2024 and General Counsel since March 2022.
The company highlights his background in law, accounting, finance and operations, including experience at KPMG, major law firms and a private equity fund. Spectral AI notes this leadership change comes as it moves toward commercialization of its AI-driven DeepView System for burn wound assessment, following an FDA submission in June 2025.
Spectral AI, Inc. reported a leadership change in its commercial organization. On February 1, 2026, Jeremiah Sparks informed the company that he is stepping down from his role as Chief Commercial Officer to pursue other opportunities. The company states that his departure is not due to any disagreement regarding operations, policies, or practices, and publicly thanks him for his contributions.
To support continuity, Spectral AI entered into a Consulting Agreement with Mr. Sparks. For 90 days, he will provide transition services and support ongoing projects, with compensation of $4,000 per week. The company has begun a national search for his replacement.
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.