Spectral AI, Inc.

Accelerate Development of the DeepView® System

DALLAS, TX – March 18, 2026 - Spectral AI, Inc. (Nasdaq: MDAI) (“Spectral AI” or the “Company”), an artificial intelligence (AI) company focused on medical diagnostics for faster and more accurate treatment decisions in wound care, today announced that it has received $31.7 million in funding from the Biomedical Advanced Research and Development Authority (“BARDA”) to accelerate and support additional feature aspects for the Company’s DeepView® System, its AI-driven burn wound imaging technology. As part of the ongoing partnership, Spectral AI has committed to provide an additional $9.7 million to the total overall development costs associated with these feature advancements.

This immediate, non-dilutive funding is being advanced in addition to the $54.9 million of funding committed to date as part of the Company’s current contract with BARDA (the “BARDA Contract”) valued up to $150.0 million, as the Company awaits a determination on market authorization from the U.S. Food and Drug Administration (FDA) for the DeepView System.

“We are pleased to continue our long-standing partnership with BARDA and are grateful for its ongoing support of the DeepView System, a diagnostic tool that empowers physicians to make quick, data-driven decisions that can improve patient outcomes,” said Vincent Capone, Chief Executive Officer of the Company. “Burn wound assessment is crucial in determining next-step treatment for patients, which currently largely relies on the clinical judgement of physicians. This unmet clinical need is dramatically magnified in the event of mass casualty burn incidents, or BMCIs, where the ability to triage burn patients rapidly and properly would be crucial in allocating valuable resources and managing the surgical burden. The DeepView System technology represents a new paradigm in the assessment of burn wounds and can provide meaningful clinical guidance to physicians in their diagnosis and treatment recommendations.”