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.
Spectral AI, Inc. filings document an emerging growth medical-diagnostics company developing the DeepView System for AI-driven wound-care and burn assessment. Its 8-K reports cover financial results, BARDA funding announcements, Regulation FD disclosures, executive appointments, compensation arrangements and changes in senior leadership.
Proxy materials describe director elections, auditor ratification, shareholder voting matters and Nasdaq-related share issuance authorization. The filing record also identifies the company’s capital structure, including common stock and redeemable warrants listed on Nasdaq, and provides formal disclosure of governance actions, material agreements, operating updates and public-company reporting status.
Spectral AI, Inc. Chief Executive Officer Vincent S. Capone reported receiving an award of 16,750 shares of Common Stock at a reported price of $1.52 per share. Following this equity grant, he directly holds 186,450 Common shares.
He also reports several stock option positions over Common Stock, including incentive and non-qualified stock options with exercise prices between $1.20 and $5.54 per share, expiring between 2032 and 2035. Footnotes indicate certain options are fully vested and others vest over time or upon milestones.
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. 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.
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 investor Erich Spangenberg filed Amendment No. 3 to his Schedule 13D, updating his ownership and governance role. He reports beneficial ownership of 736,131 shares of Spectral AI common stock, or 2.4% of the class, based on 30,688,895 shares outstanding as of November 11, 2025.
Through ELS 1960 Family, L.P., he has shared voting and dispositive power over 158,557 shares, while holding sole voting and dispositive power over 577,574 shares. Spangenberg ceased serving as a director on May 28, 2025, and the prior group with Dr. Michael DiMaio has been dissolved.
The filing states the reporting persons currently have no specific plans for corporate actions regarding Spectral AI and ceased to beneficially own more than five percent of the outstanding common stock on October 31, 2025. They also report no transactions in the issuer’s stock during the past 60 days.
Hudson Bay Capital Management and Sander Gerber report a 7.80% beneficial stake in Spectral AI, Inc. common stock. They report beneficial ownership of 2,466,620 shares, including 939,904 shares issuable upon exercise of warrants, with shared voting and dispositive power over all reported shares.
The ownership percentage is calculated based on 30,688,895 Spectral AI common shares outstanding as of November 11, 2025, as disclosed in the company’s Form 10-Q. Certain warrants are subject to a 4.99% beneficial ownership blocker, and the reported ownership figures already reflect this limitation. The filers state the position is held in the ordinary course and not for the purpose of changing or influencing control.
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) 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.