TCW Group discloses 11.5% Accuray (ARAY) stake through 15.5M warrant shares

Rhea-AI Filing Summary

The TCW Group, Inc., on behalf of the TCW Business Unit, reports beneficial ownership of 15,467,952 shares of Accuray Inc. common stock, representing about 11.5% of the class, including shares issuable upon exercise of warrants.

These warrants were issued on December 15, 2025 to TCW Rescue Financing and TCW Direct Lending in connection with amendments to a Financing Agreement. They include tranches with exercise prices of $1.25, $1.50, and $0.01 per share and expire on December 15, 2032. No separate consideration was paid for the December warrants, and none have been exercised. The stated purpose of issuing these warrants was to incentivize agreement to the financing amendments.

Insights

Equity ownership & capital structure analyst

TCW discloses an 11.5% Accuray stake via long-dated financing warrants.

TCW Group, through its business unit, reports beneficial ownership of 15,467,952 Accuray shares, or about 11.5% of the common stock when including shares issuable under warrants tied to a Financing Agreement.

The December 2025 warrants carry exercise prices of $1.25, $1.50, and $0.01 per share and expire on December 15, 2032. They were issued as consideration for amendments to the Financing Agreement rather than for cash, and none have been exercised to date.

The filing clarifies that TCW has shared voting and dispositive power over the warrant shares and that there were no other common stock transactions in the 60 days before the statement. Any future impact depends on whether and when TCW chooses to exercise the warrants.

Key Figures

Beneficially owned shares: 15,467,952 shares Ownership percentage: 11.5% of common stock Shares outstanding baseline: 118,782,630 shares +4 more

7 metrics

Beneficially owned shares 15,467,952 shares Shares of Accuray common stock beneficially owned via warrants

Ownership percentage 11.5% of common stock Beneficial ownership including shares issuable upon warrant exercise

Shares outstanding baseline 118,782,630 shares Accuray common shares outstanding as of January 30, 2026

December premium warrants strike $1.25 per share Exercise price for certain December 2025 warrants

Super premium warrants strike $1.50 per share Exercise price for December 2025 super premium warrants

December penny warrants strike $0.01 per share Exercise price for December 2025 penny warrants

Warrant expiration December 15, 2032 Expiration date for December 2025 warrant series

Key Terms

Common Stock Purchase Warrants, beneficial ownership, shared voting and dispositive power, Financing Agreement, +1 more

5 terms

Common Stock Purchase Warrants financial

"Common Stock Purchase Warrants to purchase 1,034,592 shares and 77,469 shares"

Common stock purchase warrants are tradable instruments that give the holder the right to buy a company’s common shares at a set price before a specified date, like a coupon that lets you purchase stock later at a fixed rate. They matter to investors because they offer a way to gain future upside if the stock rises, but when exercised they increase the number of shares outstanding and can reduce existing shareholders’ ownership and earnings per share.

beneficial ownership financial

"The calculation of the percentage of beneficial ownership is based on"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

shared voting and dispositive power financial

"The TCW Business Unit holds, and thus has shared voting and dispositive power over, 15,467,952 shares"

Financing Agreement financial

"in connection with amendments to the Financing Agreement entered into on December 12, 2025 and December 15, 2025"

Schedule 13D regulatory

"amends and supplements the statement on (the "") filed by The TCW Group, Inc."

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

Accuray Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

004397105

(CUSIP Number)

Andrew Bowden
515 S. Flower Street,
Los Angeles, CA, 90071
213-244-0731

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

04/17/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 004397105

1

Name of reporting person

The TCW Group, Inc., on behalf of the TCW Business Unit

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEVADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,467,952.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,467,952.00

11

Aggregate amount beneficially owned by each reporting person

15,467,952.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.5 %

14

Type of Reporting Person (See Instructions)

CO, HC

Comment for Type of Reporting Person:

Row 13. The calculation of the percentage of beneficial ownership is based on (i) 118,782,630 shares of Common Stock (as defined below) outstanding as of January 30, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2025, plus (ii) 15,467,952 shares of Common Stock issuable upon exercise of the Warrants (as defined below).

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: Accuray Inc
(c)	Address of Issuer's Principal Executive Offices: 1240 Deming Way, Madison, WISCONSIN , 53717.
Item 1 Comment: This Amendment No. 1 (this "Amendment") amends and supplements the statement on Schedule 13D (the "Schedule 13D") filed by The TCW Group, Inc. ("TCW") on behalf of itself and its direct and indirect subsidiaries, on June 17, 2025, relating to the Common Stock, par value $0.001 per share (the "Common Stock"), of Accuray Incorporated, a Delaware corporation (the "Issuer").
Item 2.	Identity and Background
(a)	N/A
(b)	N/A
(c)	N/A
(d)	N/A
(e)	N/A
(f)	N/A
Item 3.	Source and Amount of Funds or Other Consideration
	The disclosure in Item 3 is supplemented by adding the following: On December 15, 2025, the Issuer issued (x) to TCW Rescue Financing and TCW Direct Lending, respectively, (x) Common Stock Purchase Warrants to purchase 1,034,592 shares and 77,469 shares, respectively, of Common Stock at an exercise price of $1.25 per share (the "December Premium Warrants"), (y) Common Stock Purchase Warrants to purchase 1,448,429 shares and 108,457 shares, respectively, of Common Stock at an exercise price of $1.50 per share (the "Super Premium Warrants"), in each case of the December Premium Warrants and Super Premium Warrants, exercisable on and after six months and one day after December 15, 2025 and expiring on December 15, 2032, and (z) Common Stock Purchase Warrants to purchase 827,673 shares and 61,975 shares, respectively, of Common Stock at an exercise price of $0.01 per share (the "December Penny Warrants"), exercisable on and after December 15, 2025 and expiring on December 15, 2032 (the December Premium Warrants, Super Premium Warrants and December Penny Warrants, collectively, the "December Warrants" and, together with the June Warrants, the "Warrants").The December Warrants were issued to the holders thereof in connection with amendments to the Financing Agreement entered into on December 12, 2025 and December 15, 2025. No separate consideration was paid by the holders thereof for such December Warrants, and no exercise of the December Warrants has occurred. Any separate exercise price under the Warrants, if applicable, would be paid using working capital funds.
Item 4.	Purpose of Transaction
	The disclosure in Item 4 is supplemented by adding the following: The purpose of the issuance of the December Warrants was to incentivize the holders thereof (or their affiliates) to agree to amendments under the Financing Agreement.
Item 5.	Interest in Securities of the Issuer
(a)	The percentages of beneficial ownership reported in this Item 5, and on the cover page to this Amendment , are based on (i) 118,782,630 shares of Common Stock (as defined below) outstanding as of January 30, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2025, plus (ii) 15,467,952 shares of Common Stock issuable upon exercise of the Warrants. The cover page to this Amendment is incorporated by reference in its entirety into this Item 5(a, b). The TCW Business Unit holds, and thus has shared voting and dispositive power over, 15,467,952 shares of Common Stock of the Issuer (which is equal to approximately 11.5% of the number of the Issuer's issued and outstanding shares of Common Stock, including shares of Common Stock issuable upon exercise of the Warrants) through ownership of the Warrants issued by the Issuer to TCW Rescue Financing and TCW Direct Lending.
(b)	[to be combined with Item 5(a) directly above]
(c)	Other than as set forth in Item 3 above, the reporting person has not effected any transaction involving shares of Common Stock during the 60 days prior to the filing of this Schedule 13D.
(d)	No person other than the reporting person is known to have the right to receive or the power to direct receipt of dividends from, or the proceeds from the sale of, the Warrants.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	The disclosure in Item 6 is supplemented by adding the following: The responses in Items 3 of this Amendment are incorporated herein by reference in their entirety.
Item 7.	Material to be Filed as Exhibits.
	The disclosure in Item 7 is supplemented by adding the following: Exhibit 7 - Common Stock Purchase Warrant, dated as of December 15, 2025, by and between TCW Rescue Financing and the Issuer (the TCW Rescue Financing December Premium Warrant). Exhibit 8 - Common Stock Purchase Warrant, dated as of December 15, 2025, by and between TCW Direct Lending and the Issuer (the TCW Direct Lending December Premium Warrant). Exhibit 9 - Common Stock Purchase Warrant, dated as of December 15, 2025, by and between TCW Rescue Financing and the Issuer (the TCW Rescue Financing Super Premium Warrant). Exhibit 10 - Common Stock Purchase Warrant, dated as of December 15, 2025, by and between TCW Direct Lending and the Issuer (the TCW Direct Lending Super Premium Warrant). Exhibit 11 - Common Stock Purchase Warrant, dated as of December 15, 2025, by and between TCW Rescue Financing and the Issuer (the TCW Rescue Financing December Penny Warrant). Exhibit 12 - Common Stock Purchase Warrant, dated as of December 15, 2025, by and between TCW Direct Lending and the Issuer (the TCW Direct Lending December Penny Warrant).

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The TCW Group, Inc., on behalf of the TCW Business Unit

Signature:	/s/ Andrew Bowden
Name/Title:	Andrew Bowden, Executive Vice President
Date:	04/17/2026

FAQ

What ownership stake in Accuray (ARAY) does The TCW Group report?

The TCW Group reports beneficial ownership of about 11.5% of Accuray’s common stock. This equals 15,467,952 shares, including shares issuable upon exercise of warrants held by TCW Rescue Financing and TCW Direct Lending under a Financing Agreement.

How many Accuray (ARAY) shares are tied to TCW’s warrants and how is this calculated?

TCW reports 15,467,952 Accuray shares beneficially owned through warrants. The percentage uses 118,782,630 common shares outstanding as of January 30, 2026, plus the 15,467,952 shares issuable upon warrant exercise, as disclosed in Accuray’s referenced quarterly report.

What are the key terms of the December 2025 Accuray warrants issued to TCW entities?

On December 15, 2025, Accuray issued warrants to TCW entities with exercise prices of $1.25, $1.50, and $0.01 per share. These warrants are exercisable after specified start dates and expire on December 15, 2032, providing long-dated potential equity exposure.

Why did Accuray issue December 2025 warrants to TCW Rescue Financing and TCW Direct Lending?

Accuray issued the December 2025 warrants to incentivize TCW Rescue Financing and TCW Direct Lending (or their affiliates) to agree to amendments under a Financing Agreement. The filing states this purpose explicitly in the discussion of the warrant issuance.

Did TCW pay cash consideration or exercise any Accuray (ARAY) warrants so far?

No. The filing states that no separate consideration was paid for the December warrants and that no exercise of those warrants has occurred. Any exercise price, if later paid, would use working capital funds from the warrant holders.

Has TCW traded Accuray (ARAY) common stock recently outside the warrant issuance?

The filing states that, other than the warrant-related disclosures in Item 3, the reporting person has not effected any transaction involving Accuray common shares during the 60 days prior to submitting this amended beneficial ownership statement.