{"url_path":"/sec/mdaiw/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/1833498/0001213900-26-055226-index.html","accession_number":"0001213900-26-055226","cik":"0001833498","ticker":"MDAI","issuer_name":"Spectral AI, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1833498/0001213900-26-055226-index.html","primary_entity_key":"0001833498","primary_entity_name":"Spectral AI, Inc."},"word_count":629,"has_tables":true,"body_markdown":"**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n \n\n**FORM 10-Q**\n\n \n\n**(MARK ONE)**\n\n☒ **QUARTERLY REPORT PURSUANT TO SECTION\n13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For the quarterly period ended March 31, 2026**\n\n \n\n☐ **TRANSITION REPORT PURSUANT TO SECTION\n13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For the transition period from                     to                           **\n\n \n\n**Commission file number:**\n\n \n\n**SPECTRAL AI, INC.**\n\n(Exact Name of Registrant as Specified in Its\nCharter)\n\n \n\n**Delaware**   **85-3987148**\n\n(State or other jurisdiction of\nincorporation or organization)   (I.R.S. Employer\nIdentification No.)\n\n \n\n**2515 McKinney Avenue,\nSuite 1000**\n\n**Dallas, Texas 75201**\n\n(Address of principal executive offices)\n\n \n\n**(972) 499-4934**\n\n(Issuer’s telephone number)\n\n \n\nSecurities registered pursuant to Section 12(b) of the Exchange Act:\n\n \n\n**Title of each class**   **Trading Symbol(s)**   **Name of each exchange on which registered**\n\nCommon Stock, par value $0.0001 per share   MDAI   The Nasdaq Stock Market LLC\n\nRedeemable warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $2.75   MDAIW   The Nasdaq Stock Market LLC\n\n \n\nIndicate by check mark whether the registrant\n(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12\nmonths (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements\nfor the past 90 days. Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant\nhas submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405\nof this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes\n☒ No ☐\n\n \n\nIndicate by check mark whether the registrant\nis a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.\nSee definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and\n“emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge Accelerated Filer ☐ Accelerated Filer ☐\n\nNon-Accelerated Filer ☒ Smaller Reporting Company ☒\n\n    Emerging Growth Company ☒\n\n \n\nIf an emerging growth company, indicate by check\nmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting\nstandards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant\nis a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\n \n\nAs of May 11, 2026, there were 31,823,985 shares\nof Common Stock, $0.0001 par value, issued and outstanding.\n\n \n\n \n\n \n\n \n\n \n\n \n\n**SPECTRAL AI, INC.**\n\n \n\n**FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026**\n\n \n\n**TABLE OF CONTENTS**\n\n \n\n \n**Page**\n\n \n \n\n[Part I. Financial Information](#a_001)\n1\n\n[Item 1. Interim Financial Statements](#a_002)\n1\n\n \n[Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025](#a_003)\n1\n\n \n[Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2026 and 2025](#a_004)\n2\n\n \n[Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Deficit for the three months ended March 31, 2026 and 2025](#a_005)\n3\n\n \n[Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025](#a_006)\n4\n\n \n[Notes to Unaudited Condensed Consolidated Financial Statements](#a_007)\n5\n\n[Item\n2. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#a_008)\n19\n\n[Item\n3. Quantitative and Qualitative Disclosures About Market Risk](#a_009)\n30\n\n[Item\n4. Controls and Procedures](#a_010)\n30\n\n \n \n\n[Part II. Other Information](#a_011)\n \n\n[Item\n1. Legal Proceedings](#a_012)\n31\n\n[Item\n1A. Risk Factors](#a_019)\n31\n\n[Item\n2. Unregistered Sales of Equity Securities and Use of Proceeds](#a_013)\n31\n\n[Item\n3. Defaults Upon Senior Securities](#a_014)\n31\n\n[Item\n4. Mine Safety Disclosures](#a_015)\n31\n\n[Item\n5. Other Information](#a_016)\n31\n\n[Item\n6. Exhibits](#a_017)\n31\n\n \n \n\n[Part\nIII. Signatures](#a_017)\n32\n\n \n\ni\n\n \n\n \n\n**PART I - FINANCIAL INFORMATION**"}