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.
The Spectral AI, Inc. (MDAIW) SEC filings page provides access to the company’s regulatory disclosures related to its Nasdaq-listed redeemable warrants and underlying business. Spectral AI identifies itself as a Dallas-based predictive AI company focused on medical diagnostics for wound care, with initial applications involving burn patients and the development of its DeepView System.
Through its filings, including current reports on Form 8-K, Spectral AI reports material events such as financial results, conference calls, and key regulatory milestones. For example, the company has filed 8-Ks describing the release of quarterly financial results and the submission of a De Novo request to the U.S. Food and Drug Administration for its DeepView System, intended for use in burn care settings including burn centers and emergency departments.
Filings also identify Spectral AI as an emerging growth company and list its securities, including redeemable warrants trading under the symbol MDAIW on The Nasdaq Stock Market LLC. These documents can provide details on warrant terms, such as each whole warrant being exercisable for one share of common stock at a specified exercise price, as well as information about the company’s address and status.
On Stock Titan, SEC documents for Spectral AI are paired with AI-powered summaries that highlight key points from lengthy filings. Users can quickly see what the company reports about its DeepView development, BARDA-supported activities, financial condition, and significant corporate events, while still having access to the full original filings from EDGAR for deeper review.
Spectral AI, Inc. is asking stockholders to approve the reservation and potential issuance of up to 8,000,000 shares of common stock to Hudson Bay Master Fund under an existing October 2025 securities purchase agreement. The proxy also covers electing five directors and ratifying Forvis Mazars, LLP as auditor for 2026. The Hudson Bay deal already included the sale of 3,065,000 shares at $1.90, 4,000,000 warrants at a $2.51 exercise price and 935,000 pre-funded warrants, and could further dilute current holders if fully exercised.
Spectral AI, Inc. director John Michael DiMaio reported a stock award of 7,619 shares of Common Stock at $1.58 per share. After this grant, he directly owns 2,511,227 common shares. The award is classified as a grant or other acquisition rather than an open-market purchase.
He also holds incentive stock options and non-qualified stock options over additional Common Stock. Two ISO grants cover 5,292 and 20,352 underlying shares at an exercise price of $1.67, expiring in 2034, and one NQSO grant covers 250,000 underlying shares at $1.25, expiring in 2035. Footnotes state that some options are already fully vested and others vest monthly or upon achieving specified milestones.
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. received a Schedule 13G/A reporting that Laurence E. Hirsch, Highlander Partners, L.P. and Highlander Partners GP, LLC each beneficially own 900,000 shares of the issuer's common stock, representing 3.50% of the outstanding class based on 25,737,820 shares stated outstanding as of June 30, 2025. The filing notes these holdings are comprised of common stock held by Highlander Partners, L.P., which were formerly held directly by Laurence E. Hirsch, and identifies Mr. Hirsch as sole manager of Highlander Partners GP, LLC. The filing clarifies voting and dispositive powers: Hirsch and Highlander Partners, L.P. report sole voting and dispositive power over 900,000 shares while Highlander Partners GP, LLC reports shared voting and dispositive power over the same amount. The schedule includes a joint filing agreement, an Item 8 statement, and a previously filed power of attorney.