Spectral AI (MDAI)
Develops DeepView to assess burn wounds before treatment decisions.
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Develops DeepView, a wound-assessment system using optical technology and AI-enabled algorithms. Its burn indication has FDA De Novo Classification for U.S. commercial distribution, while government-funded R&D has been the business's main revenue base.
DeepView, its core platform, combines proprietary optical technology with AI-enabled algorithms to assess a wound's healing potential. The FDA has granted De Novo Classification for DeepView's burn indication, authorizing U.S. commercial distribution.
Based in Dallas, the company has devoted substantially all effort to DeepView research, validation, and commercialization. Its R&D revenue has been closely tied to a BARDA contract supporting clinical validation, regulatory work, product development, procurement, and deployment.
The company became Nasdaq-listed through a 2023 SPAC combination. BARDA is its largest single revenue source, and the contract is not guaranteed to be fully awarded or extended.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| May 26, 2026 | BTIG | Reiterate | Rating: —Target: — | Target: $4 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $14.0M · Total debt $16.3M · Total assets $19.4M · Shareholders' equity −$12.1M
- Revenue
- $3.5M
- Operating income
- −$4.3M
- Net income
- −$4.2M
No dividends on record.
| Institutions | 14.85% | 4.78M shares | |
|---|---|---|---|
| 35 holders · as of Jun 30, 2026 | |||
| Insiders | 10.26% | 3.30M shares | |
| 6 holders · as of Sep 21, 2026 | |||
| Other | 74.89% | 24.10M shares | |
| remainder | |||
32.18M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
John Michael DiMaioInsiderdirector | 8.80% | 2.83M | filed Sep 21, 2026 |
LMR Partners LLPInstitution | 6.54% | 2.11M | filed Aug 14, 2026 |
Vanguard Capital Management LLCInstitution | 3.09% | 994,410 | as of Jun 30, 2026 |
Highlander Partners, L.P.Institution | 2.80% | 900,000 | as of Jun 30, 2026 |
Marshall Wace, LLPInstitution | 2.57% | 827,454 | as of Jun 30, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
- AVITA Medical
Burn-center treatment pathway overlap through RECELL skin-cell therapy
- Integra LifeSciences
Severe-burn reconstruction overlap through dermal regeneration templates
- Solventum
Partial-burn wound-management overlap through V.A.C. negative-pressure therapy
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Spectral AI | $1.66 | 0.00% | $52.8M | — | — | 3.5 | −30.4% |
| AVITA Medical | $11.50 | +6.11% | $269.3M | — | — | 3.6 | +78.6% |
| Integra LifeSciences | $15.94 | +2.24% | $1.21B | — | 6.3 | 0.7 | +0.8% |
| Solventum | $89.18 | +0.38% | $15.38B | 10.8 | 13.1 | 1.9 | +2.2% |
| Median | 10.8 | 9.7 | 1.9 | +2.2% |