Spectral AI, Inc.
For the period ended Dec 31, 2025. Filed Mar 25, 2026.
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FY2025 · Filed Mar 25, 2026
MDAI$1.54+0.7%Stored close · as of Nov 10, 2026
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Consolidated Statements of Changes in Stockholders’ Equity (Deficit)
(In thousands, except share data)
| Additional · Accumulated Other · Total | ||||||
|---|---|---|---|---|---|---|
| Common Stock · Paid-in · Comprehensive · Accumulated · Stockholders’ | ||||||
| Shares | Amount | Capital(1) | Income | Deficit(1) | Deficit | |
| Balance at December 31, 2023 | 16,294,935 | $2 | $30,908 | $12 | $(33,071) | $(2,149) |
| Stock-based compensation | - | - | 1,032 | - | - | 1,032 |
| Issuance of common stock under the SEPA | 1,744,694 | - | 3,154 | - | - | 3,154 |
| Issuance of shares under convertible note - related party | 540,996 | - | 1,422 | - | - | 1,422 |
| Sale of common stock | 3,603,298 | - | 4,280 | - | - | 4,280 |
| Stock option exercises | 281,857 | - | 177 | - | - | 177 |
| Vesting of restricted stock units | 129,097 | - | - | - | - | - |
| Cumulative translation adjustment | - | - | - | (9) | - | (9) |
| Net loss | - | - | - | - | (15,158) | (15,158) |
| Balance at December 31, 2024 | 22,594,877 | 2 | 40,973 | 3 | (48,229) | (7,251) |
| Stock-based compensation | - | - | 1,115 | - | - | 1,115 |
| Sale of common stock and warrants (net of $158K issuance costs) | 2,068,846 | - | 377 | - | - | 377 |
| Issuance of common stock to pay convertible debt | 610,426 | - | 1,433 | - | - | 1,433 |
| Sale of common stock (net of $19K issuance costs) | 310,925 | - | 543 | - | - | 543 |
| Sale of common stock and pre-funded warrants (net of $4K issuance costs) | 3,065,000 | 1 | 48 | - | - | 49 |
| Exercise of stock options | 525,277 | - | 889 | - | - | 889 |
| Vesting of restricted stock units | 109,698 | - | - | - | - | - |
| Cumulative translation adjustment | - | - | - | 37 | - | 37 |
| Warrant exercises | 1,403,846 | - | 4,652 | - | - | 4,652 |
| Net Loss | - | - | - | - | (7,571) | (7,571) |
| Balance at December 31, 2025 | 30,688,895 | $3 | $50,030 | $40 | $(55,800) | $(5,727) |
| (1) | Reflects an adjustment of $126,000 as compared to previously reported amounts as of December 31, 2024. Reflects an adjustment of $(157,000) in Additional Paid in Capital and ($283,000) in Accumulated Deficit as of December 31, 2023. See further discussion in Note 1. |
The accompanying notes are an integral part of these consolidated financial statements** **
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