Welcome to our dedicated page for Spectral AI SEC filings (Ticker: MDAIW), 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 the reporting record for an emerging growth medical diagnostics company with common stock and Nasdaq-listed redeemable warrants. Current reports cover financial results, Regulation FD disclosures, BARDA funding for the DeepView® System, and executive employment or compensation arrangements.
Proxy materials describe annual meeting matters including director elections, auditor ratification, and share issuance authorization under a securities purchase agreement. The filings also identify warrant terms, common-stock voting matters, governance procedures, and capital-structure disclosures tied to the company’s wound-care diagnostic business.
Spectral AI, Inc. director John Michael DiMaio reported an acquisition of 35,000 shares of Common Stock on 2026-08-13 at a weighted average price of $1.64 per share, giving him 2,766,847 Common shares held directly after the transaction. The filing also lists existing equity incentives, including Incentive Stock Options exercisable for 5,292 and 20,352 Common shares at an exercise price of $1.67 expiring in 2034, 250,000 Non-Qualified Stock Options at $1.25 expiring in 2035 of which 100,000 were vested and 150,000 vest upon achievement of milestones, and 100,000 Restricted Stock Units tied to Common Stock, half of which vested on April 20, 2026, with the remaining half scheduled to vest on April 1, 2027.
LMR-affiliated investment entities reported a significant ownership position in Spectral AI, Inc. (MDAI). As of June 30, 2026, LMR Master Fund and LMR CCSA Master Fund together held warrants exercisable for 2,106,358 shares of Common Stock. These warrants represent approximately 6.2% of Spectral AI’s outstanding Common Stock, based on 31,823,985 shares outstanding as of May 29, 2026, plus shares that may be acquired within 60 days. The LMR Investment Managers share voting and dispositive power over these securities, with no sole voting or dispositive power reported for any individual Reporting Person.
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. reported lower research and development revenue as it transitions from government-funded development toward commercialization of its DeepView System. Revenue was $3.5 million for the quarter and $7.5 million for the first half of 2026, down 30.4% and 36.2% from 2025, mainly due to reduced reimbursed costs under the PBS BARDA contract and cost-share provisions in the follow-on phase.
The company posted a quarterly net loss of $4.2 million and a year‑to‑date net loss of $7.6 million, with operating expenses rising on non‑reimbursed R&D, higher stock‑based compensation and commercialization spending. Cash and cash equivalents were $14.0 million and total debt $14.9 million, contributing to a stockholders’ deficit of $12.1 million. Management expects existing cash, the PBS BARDA contract and the Yorkville SEPA to fund operations for at least one year, but notes potential need for additional capital.
Strategically, the FDA granted De Novo classification for DeepView for burn indications on May 26 2026, allowing U.S. commercial distribution, with first sales expected by year‑end 2026 and U.K. commercialization following UKCA marking. BARDA accelerated $31.7 million of funding under the up‑to‑$150 million PBS contract, while a previously disclosed material weakness in internal control over financial reporting remains under remediation.
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. director John Michael DiMaio reported compensation-related equity awards in common stock and options. He received three grants of common stock totaling 44,000 shares on June 24–29, 2026 at prices ranging from $1.69 to $1.74 per share, bringing his direct common stock holdings to 2,731,847 shares.
He also holds equity incentives in derivative form: 100,000 underlying shares via restricted stock units with an exercise price of $1.84 per share expiring on April 20, 2036, 250,000 underlying shares via non-qualified stock options at $1.25 per share expiring on April 23, 2035, and two incentive stock option positions over 20,352 and 5,292 underlying shares at $1.67 per share expiring on May 15, 2034. Footnotes state that some options were fully vested on issuance, others were fully vested as of the filing date, and part of one grant vests upon achieving specified milestones, while the RSUs vest in two equal tranches on April 20, 2026 and April 1, 2027.
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. director John Michael DiMaio reported equity awards rather than market trades. He received 15,000 shares of Common Stock on May 29, 2026 at a reported value of $2.12 per share, and 2,500 shares on May 28, 2026 at $2.36 per share, both classified as grants or awards. Following these awards, his direct Common Stock holdings total 2,687,847 shares. The filing also lists existing derivative positions: 100,000 underlying shares from Restricted Stock Units at an exercise price of $1.84 expiring on April 20, 2036, a Non-Qualified Stock Option over 250,000 underlying shares at $1.25 expiring on April 23, 2035, and Incentive Stock Options over 20,352 and 5,292 underlying shares at $1.67 expiring on May 15, 2034. A footnote states that 50% of the RSUs vest on April 20, 2026 and 50% on April 1, 2027, highlighting a multi-year vesting schedule.
Spectral AI, Inc. director John Michael DiMaio received 32,233 shares of common stock as a grant or award at $2.61 per share, increasing his direct holdings to 2,670,347 shares. The filing also lists several equity awards that remain outstanding.
These include restricted stock units tied to 100,000 shares of common stock at a $1.84 exercise price, non-qualified stock options linked to 250,000 shares at $1.25, and incentive stock options covering 20,352 and 5,292 shares at $1.67. Footnotes state that some options are fully vested, others vest upon milestones, and the RSUs vest in two equal tranches in 2026 and 2027.
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.