secwatch.observer — SEC 8-K summary
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Issuer:     Spectral AI, Inc. (MDAI)
CIK:        0001833498
Form:       8-K
Filed at:   2025-05-14T23:59:59+00:00
Accession:  0001213900-25-043277
Event type: earnings
Sentiment:  neutral
Materiality: 0.60
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Spectral AI Q1 net income $2.9M; cash $14.1M; FDA De Novo submission planned H1 2025
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- Q1 2025 R&D revenue $6.7M (+6% YoY); net income $2.9M vs net loss $(3.2)M in Q1 2024.
- Net income largely driven by $4.4M non-cash decrease in warrant liability fair value.
- Cash improved to $14.1M at March 31, 2025 from $5.2M at Dec 2024.
- Debt financing of $15M from Avenue Capital; initial draw $8.5M; also raised $2.7M equity.
- Burn Validation Study completed with 164 patients; FY 2025 revenue guidance reiterated at ~$21.5M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1833498/000121390025043277/0001213900-25-043277-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1833498/000121390025043277/ea0242162-8k_spectral.htm
  HTML page:      https://secwatch.observer/filing/0001213900-25-043277

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer