Microcap Ledger

Tickers · $MDAI

Spectral AI, Inc. $MDAI

By Microcap Ledger desk · CIK 0001833498

Facts as of . Built from SEC filings and our own data. Small caps move fast; check the latest filings.

Snapshot

Exchange
Nasdaq Capital Market
Sector
Surgical & Medical Instruments & Apparatus
Headquarters
Dallas, TX
Fiscal year end
December 31
Shares outstanding
32,184,928 [10-Q 2026-08-11]
as of 2026-08-11

Sources: [10-K 2026-03-25]

What the company doesAI summary of filing

Spectral AI develops the DeepView System, an artificial intelligence-powered medical imaging platform designed to predict burn wound healing outcomes. The DeepView System combines multispectral imaging technology with proprietary AI algorithms to provide clinicians with an objective assessment on the first day of treatment, distinguishing between tissue that will heal and tissue that will not heal. The company received UKCA marking in the UK in March 2024 and submitted a De Novo application to the FDA in June 2025, with expected FDA clearance anticipated in the first half of 2026. The company is currently pre-revenue from commercial sales, funding its operations primarily through government contracts with BARDA (Biomedical Advanced Research and Development Authority) and the Defense Health Agency, which have provided approximately $282.5 million since 2013, including a current contract valued at up to $150 million. [10-K 2026-03-25]

Segments: DeepView System (burn indication), DeepView SnapShot M (handheld device), 3-D Wound Measurement Technology, Pipeline applications (diabetic foot ulcer, amputation site analysis, soft tissue indications)

Financial health

From XBRL company facts (USD)
PeriodRevenueNet incomeOperating cash flowCashFiling
6 months to Jun 2026$7.51M−$7.59M −$7.83M$14.00M[10-Q 2026-08-11]
FY ended Dec 2025$19.65M−$7.57M −$9.92M$15.40M[10-K 2026-03-25]
FY ended Dec 2024$29.58M−$15.16M −$9.20M$5.20M[10-K 2026-03-25]
Quarterly cash burn
−$3.91M
Cash runway Estimate
~10.7 months

Estimate: cash at the end of the period (6 months to Jun 2026) divided by the average monthly operating cash outflow over that period. Ignores any cash raised or spent since, and any financing.

Capital structure and dilution

Summary only. How these instruments work: Dilution & financing desk.

Share count
DateShares outstandingFiling
2024-11-0518,588,073[10-Q 2024-11-06]
2025-03-2625,317,196[10-K 2025-03-31]
2025-05-1425,747,519[10-Q 2025-05-15]
2025-08-1126,730,988[10-Q 2025-08-13]
2025-11-1130,688,895[10-Q 2025-11-13]
2026-03-2331,823,895[10-K 2026-03-25]
2026-05-1131,823,985[10-Q 2026-05-13]
2026-08-1132,184,928[10-Q 2026-08-11]
Shelf registration
S-3 filed 2025-10-30; no effectiveness notice found in EDGAR [S-3 2025-10-30]

Listing status

Current status: 1 Form 8-K Item 3.01 filing(s) in the last 24 months, most recent 2024-12-11. Item 3.01 covers delisting notices, failures to meet a listing rule and listing transfers; read the filing for which one.

DateEventDetailsDeadlineFiling
2024-12-118-K Item 3.01Notice of delisting or failure to satisfy a continued listing rule or standard; or transfer of listing—[8-K 2024-12-11]

More on deficiency notices and uplistings: Listing status desk.

Who owns it

Recent Form 4 transactions
DateInsiderTypeSharesPriceFiling
2026-09-28Dimaio John Michaelgrant32,000$1.62[4 2026-09-29]
2026-09-23Dimaio John Michaelgrant60,000$1.67[4 2026-09-25]
2026-09-21Dimaio John Michaelgrant21,012$1.69[4 2026-09-21]
2026-09-18Dimaio John Michaelgrant10,988$1.61[4 2026-09-21]
2026-09-11Dimaio John Michaelgrant22,000$1.59[4 2026-09-14]
2026-09-10Dimaio John Michaelgrant10,000$1.56[4 2026-09-14]
2026-08-13Dimaio John Michaelgrant35,000$1.64[4 2026-08-17]
2026-06-29Dimaio John Michaelgrant15,000$1.73[4 2026-06-29]
2026-06-25Dimaio John Michaelgrant14,700$1.69[4 2026-06-29]
2026-06-24Dimaio John Michaelgrant14,300$1.74[4 2026-06-29]
2026-05-29Dimaio John Michaelgrant15,000$2.12[4 2026-06-01]
2026-05-28Dimaio John Michaelgrant2,500$2.36[4 2026-06-01]

Catalysts and calendar

Facts as of . Small caps move fast; check the latest filings.