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
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, | |||||
|---|---|---|---|---|---|
| 2025 | 2024(1) | ||||
| Cash flows from operating activities: | |||||
| Net loss | $(7,571) | $(15,158) | |||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||
| Depreciation expense | 71 | 10 | |||
| Amortization of debt issuance costs | 454 | - | |||
| Stock-based compensation | 1,115 | 1,032 | |||
| Amortization of right-of-use assets | 564 | 578 | |||
| Change in fair value of warrant liabilities | (3,249) | 4,633 | |||
| Change in fair value of notes payable | (220) | 220 | |||
| Costs from issuance of common stock | - | 372 | |||
| Issuance of shares for borrowing related costs | 241 | 1,143 | |||
| Transaction costs allocated to Avenue Warrants, Investor Warrants, and Hudson Warrants | 704 | - | |||
| Changes in operating assets and liabilities: | |||||
| Accounts receivable | 1,238 | (159) | |||
| Inventory | (413) | (195) | |||
| Prepaid expenses | 761 | 163 | |||
| Other assets | (387) | (102) | |||
| Accounts payable | (1,025) | 1,426 | |||
| Accrued expenses | (869) | (1,090) | |||
| Deferred revenue | (806) | (1,351) | |||
| Lease liabilities | (528) | (721) | |||
| Net cash used in operating activities | (9,920) | (9,199) | |||
| Cash flows from financing activities: | |||||
| Proceeds from issuance of common stock and warrants | 10,638 | 4,060 | |||
| Payment of issuance costs | (642) | - | |||
| Proceeds from notes payable | 8,285 | 12,096 | |||
| Payment of borrowing costs | (47) | - | |||
| Proceeds from notes payable - related party | - | 1,000 | |||
| Payments for notes payable | (1,529) | (7,758) | |||
| Proceeds from warrant exercises | 2,526 | - | |||
| Stock option exercises | 889 | 177 | |||
| Net cash provided by financing activities | 20,120 | 9,575 | |||
| Effect of exchange rate changes on cash | 37 | (9) | |||
| Net increase in cash | 10,237 | 367 | |||
| Cash, beginning of period | 5,157 | 4,790 | |||
| Cash, end of period | $15,394 | $5,157 | |||
| Supplemental cash flow information: | |||||
| Cash paid for interest | $22 | $11 | |||
| Cash paid for taxes | $100 | $11 | |||
| Noncash investing and financing activities disclosure: | |||||
| Recognition of Right-of-use assets and related lease liabilities upon lease amendment | $ | - | $1,771 | ||
| Tenant improvement allowance payments made by the lessor directly to a third party | $(327) | $ | - | ||
| Issuance of common stock to settle accounts and notes payable | $1,192 | $3,207 | |||
| Short-term financing of insurance premium | $(580) | $ | - | ||
| (1) | Reflects an adjustment of $157,000 to net loss and an adjustment of $(157,000) in the change in other assets during the year ended December 31, 2024. See further discussion in Note 1. |
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