Here are a few analogies for Spectral AI:

• Spectral AI is like the 23andMe for wound healing potential, providing predictive insights into how a wound will recover.
• Think of Spectral AI as Verily (Google's life sciences arm) focused specifically on wound prognostics, using advanced AI for critical medical assessments.
• Spectral AI is similar to a Palantir for predicting wound healing, applying complex data analytics to provide crucial, objective insights for medical decisions.

• DeepView: A predictive diagnostic device that offers clinicians an objective and immediate assessment of a wound's healing potential prior to treatment or other medical intervention.

Spectral AI (MDAI) sells its predictive diagnostic device, DeepView, primarily to healthcare organizations and facilities that provide wound care. While specific individual customer names are not typically disclosed for medical device companies, the major categories of customers that purchase and utilize their products include:

• Hospitals: This includes burn centers, emergency departments, and general hospitals with departments focusing on wound management and diabetic care. These institutions utilize DeepView to assist clinicians in making faster and more accurate treatment decisions for patients with burns and diabetic foot ulcers.
• Specialized Wound Care Clinics: Dedicated outpatient and inpatient clinics that focus specifically on the diagnosis, treatment, and management of complex wounds are key customers.
• Physician Groups and Private Practices: Practices specializing in areas such as dermatology, endocrinology, podiatry, and general surgery that regularly treat patients with chronic wounds or burns may also acquire the DeepView device.

Vincent S. Capone, Chief Executive Officer

Mr. Capone was appointed Chief Executive Officer of Spectral AI in February 2026. Prior to this, he served as the company's Chief Financial Officer since February 2024 and General Counsel since March 2022. He was also a member of the Office of the Chairman starting in October 2024. Before joining Spectral AI, Mr. Capone was president of a New York-based private equity fund that invested in global life sciences and technology companies, demonstrating a pattern of managing companies backed by private equity firms. He began his career at KPMG LLP and practiced corporate and securities law as a partner with Reed Smith LLP.

J. Michael DiMaio, M.D., Chairman of the Board

Dr. DiMaio is a founder of Spectral AI, establishing the company in 2009. He previously held the roles of CEO and Chairman from 2011 to 2020. Dr. DiMaio returned as Chairman of the Board in October 2024. He also serves as Chief of Staff at Baylor Scott & White – The Heart Hospitals, where he oversees more than 650 physicians. He possesses over 30 years of experience in cardiothoracic surgery.

Stan Micek, Chief Operating Officer

Mr. Micek was appointed Chief Operating Officer of Spectral AI in May 2025, after serving as interim COO since May 2024. He is responsible for overseeing the company's research, development, and program management teams. With over 25 years of leadership experience in healthcare, his background includes senior leadership roles such as Senior Vice President for Business Development & Strategy at MiMedx and various positions at the Ohio State Comprehensive Cancer Center. Mr. Micek's expertise encompasses strategic negotiations, mergers and acquisitions, and fiscal oversight.

Allison Kumar, Head of Global Regulatory Affairs

Ms. Kumar serves as the Global Head of Regulatory and Clinical Affairs for Spectral AI, having worked with the company as an executive advisor since 2016. She brings over 25 years of experience in the medical device industry, including a decade at the FDA's Center for Devices and Radiological Health (CDRH). At the FDA, she served as a lead reviewer for peripheral vascular devices and a senior program manager. Her expertise includes leading the review of novel combination products and advanced medical software systems.

Louis Percoco, General Manager – Manufacturing

Mr. Percoco is an experienced engineering leader with over 30 years of expertise in research, development, and production within the medical device industry. His career has focused on developing and manufacturing electronics, software, and hardware for medical devices. He has led research and development as well as production teams across cardiology, orthopedic, and spine disciplines.

1. Regulatory Approval and Commercialization Hurdles: As an artificial intelligence-driven medical diagnostic device, Spectral AI's DeepView System faces rigorous regulatory scrutiny, particularly from the U.S. Food and Drug Administration (FDA) via the De Novo pathway due to its novel nature. The company submitted its DeepView system to the FDA in June 2025 and anticipates approval in early to mid-2026. However, the FDA pays special attention to AI-specific issues such as algorithm transparency, validation, performance consistency, and cybersecurity, which can prolong the review process. Even upon approval, successful commercialization and widespread market adoption by clinicians, coupled with securing reimbursement from insurance providers, represent significant challenges. Delays in the approval process or an inability to achieve market acceptance could substantially impact revenue generation. Furthermore, the departure of the Chief Commercial Officer in February 2026, just months before the expected FDA decision and commercial launch, creates a leadership void during a critical commercialization phase and has put plans for building out the commercial team in limbo.
2. Competition and Rapid Technological Obsolescence: The medical diagnostics and artificial intelligence fields are characterized by rapidly evolving technology and dynamic customer requirements. Spectral AI operates in a competitive landscape with existing players and other innovative companies, including Healthy.io, Intellicure, Perceptive Solutions, and WoundVision. There is a continuous risk that competitors may develop superior, more cost-effective, or more widely adopted solutions, potentially rendering DeepView obsolete or competitively impaired. To mitigate this, Spectral AI must consistently invest in research and development to innovate and enhance its products, which can place significant strain on its capital resources and operational capabilities.
3. Financial Instability and Dependence on Government Contracts: Spectral AI has historically experienced negative earnings and its short-term liabilities have exceeded its cash position, indicating ongoing financial challenges despite revenue projections. The company has shown a reliance on government contracts, such as those with the Biomedical Advanced Research and Development Authority (BARDA). This dependence makes Spectral AI vulnerable to changes in government policy or funding, as demonstrated by a government shutdown in late 2025 which forced the company to lower its full-year revenue guidance. The relatively small cash position (approximately $18 million, including a recent raise) to fund commercial buildout further underscores potential financial constraints during a critical growth period.

Spectral AI's DeepView system targets significant addressable markets within wound care, specifically for burn indications and diabetic foot ulcers.

For its burn indication, Spectral AI estimates an addressable market size of approximately $3.7 billion globally. When expanding into diabetic foot ulcer (DFU) indications, the company projects an additional $11 billion in addressable market size, also globally.

For Spectral AI (MDAI), several key drivers are expected to contribute to future revenue growth over the next 2-3 years:

1. Commercial Launch and Adoption of DeepView System for Burn Assessment: Spectral AI anticipates generating its first commercial product revenue in the second half of 2024 from the DeepView AI burn system in the United Kingdom, following UKCA Authorization in February 2024. Furthermore, the company expects FDA authorization for the DeepView burn diagnostic in the United States by mid-2026, which is projected to lead to a commercial launch in the latter half of 2026. This commercialization, particularly under an innovative licensing model, is expected to generate recurring revenue at elevated margins.
2. Expansion into Diabetic Foot Ulcer (DFU) Indication: The company is actively pursuing the commercialization of its DeepView System for assessing diabetic foot ulcers (DFU) in both the US and the UK, with regulatory filings for this indication expected in 2024. This strategic expansion addresses a significant and distinct segment within the wound care market.
3. Continued Leverage of Government Contracts and Funding: Spectral AI benefits from substantial contracts with the U.S. Government, including the BARDA Project BioShield (PBS) contract, which is valued at up to $150 million. This contract is a significant source of research and development revenue and is also intended to fund the deployment of DeepView devices following FDA approval. The company has projected that much of its 2024 revenue growth will be derived from the PBS contract.
4. Development and Commercialization of New Products and Applications: Beyond the core DeepView system for burns and DFU, the company aims to accelerate the development of other clinical applications in its pipeline. This includes the development of the handheld DeepView SnapShot M, which is undergoing testing for military applications with the Department of Defense. Further potential expansion areas identified by analysts include telemedicine and intellectual property monetization.
5. Implementation of a Recurring Revenue Model: Spectral AI intends to commercialize its technology through a dual revenue model comprising Software-as-a-Service (SaaS) licensing and the sale of its proprietary imaging devices. This licensing approach is anticipated to establish a stable stream of recurring revenue with high margins, positioning Spectral AI as a consistent growth entity within the MedTech sector.

Share Issuance

• In October 2025, Spectral AI priced a $7.6 million offering, which included the issuance of 4,000,000 shares of its common stock and pre-funded warrants at a price of $1.90 per share.
• In March 2025, the company completed an equity financing, raising $2.7 million through the sale of 2,076,923 shares of its common stock at $1.30 per share to institutional and existing UK investors.
• In November 2024, Spectral AI completed an approximate $5.0 million equity financing in an at-the-market transaction.

Inbound Investments

• In September 2023, Spectral AI secured a new contract with BARDA for up to $150.0 million, including an initial award of approximately $54.9 million to support the clinical validation and FDA De Novo status of its DeepView System.
• In March 2025, Spectral AI entered into a long-term debt financing agreement with Avenue Venture Opportunities Fund II, L.P., with an initial draw-down of $8.5 million from a $15 million debt facility. This agreement also provides access to another $6.5 million in debt upon FDA clearance of DeepView.
• In August 2024, a grant from the Medical Technology Enterprise Consortium (MTEC) awarded in April 2023 was increased to $4.9 million, intended to run through December 2025.

Capital Expenditures

• Capital is planned to be used for the commercialization of the DeepView System.
• The company is focused on developing and expanding the DeepView System's clinical indications and preparing for commercial readiness in 2026.
• Efforts are being increased towards the submission of the De Novo application to the FDA, slated for mid-2025. Additionally, the company has installed three DeepView devices in Australia.