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.
The Spectral AI, Inc. (MDAI) SEC filings page on Stock Titan provides access to the company’s regulatory disclosures as filed with the U.S. Securities and Exchange Commission. Spectral AI is a Dallas-based predictive AI company focused on medical diagnostics for wound care, and its filings offer detailed information on the development of its DeepView® System, financial condition, and capital structure.
Through this page, users can review annual reports on Form 10-K and quarterly reports on Form 10-Q, where Spectral AI discusses research and development revenue, gross margins, operating expenses, and the role of its BARDA Project BioShield contract in funding the DeepView technology. These reports also describe risks, regulatory pathways, and the company’s status as an emerging growth company.
Current reports on Form 8-K document material events, such as securities purchase agreements, private placements of warrants and pre-funded warrants, and placement agency arrangements. For example, an 8-K filing describes a securities purchase agreement for common stock, warrants, and pre-funded warrants, including exercise prices, terms, and related registration rights. Such filings outline how Spectral AI raises growth capital to support continued development of the DeepView System and general corporate purposes.
Investors interested in equity and warrant terms can use this page to follow details on listed redeemable warrants trading under the symbol MDAIW, as well as privately placed warrants and pre-funded warrants described in registration statements and 8-K exhibits. Insider transactions reported on Form 4, when available, can help users monitor changes in beneficial ownership by directors and officers.
Stock Titan enhances these filings with AI-powered summaries that explain key points from lengthy documents, highlight important changes in capital structure or obligations, and surface items related to DeepView’s regulatory progress and BARDA funding. Real-time updates from EDGAR ensure that new 10-K, 10-Q, 8-K, and Form 4 filings for MDAI are quickly reflected, giving investors and researchers a structured way to analyze Spectral AI’s regulatory and financial disclosures.
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. 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. 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. is soliciting proxies for its 2026 Annual Meeting of Stockholders to be held on May 29, 2026
The agenda includes election of five directors, ratification of Forvis Mazars, LLP as independent auditors, and approval under Nasdaq Rule 5635(d) to reserve and issue up to 8,000,000 shares of Common Stock in connection with a Securities Purchase Agreement with Hudson Bay Master Fund Ltd. The Purchase Agreement (signed October 22, 2025) originally sold 3,065,000 shares at $1.90 per share and accompanying warrants and pre-funded warrants that could result in issuance of up to 8,000,000 shares; an Exchange Cap limits issuance without further stockholder consent to 5,522,016 shares. Shares outstanding were 31,823,985 as of April 1, 2026. The meeting materials also disclose board composition, director independence determinations, executive officer appointments (CEO appointment of Vincent Capone effective February 9, 2026), executive and director compensation details, and equity plan reserves under the 2023 Long Term Incentive Plan.
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.