Core Insights - Spectral AI, Inc. reported its Q3 2025 financial results, highlighting a strong cash position of $10.5 million and a focus on advancing its De Novo FDA submission for its AI-driven diagnostic device in wound care [1][9][10] Financial Performance - Research and Development Revenue for Q3 2025 was $3.8 million, a decline of 54% from $8.2 million in Q3 2024, attributed to reduced costs related to the BARDA contract following the FDA submission [5][8] - Gross margin for Q3 2025 was 42.7%, down from 44.9% in Q3 2024, reflecting similar cost reductions [6] - General and administrative expenses increased to $5.0 million in Q3 2025 from $4.6 million in Q3 2024, due to higher consultant and service provider costs [7] - The company reported a net loss of $(3.6) million for Q3 2025, compared to a net loss of $(1.5) million in Q3 2024, primarily due to decreased revenue [8][18] Cash Position and Financing - As of September 30, 2025, the company's cash position improved to $10.5 million from $3.7 million in Q3 2024, remaining flat from Q2 2025 [10] - The company raised approximately $7.6 million through a securities purchase agreement for the sale of 3,065,000 shares at $1.90 per share, along with warrants and pre-funded warrants [3] Business Developments - The company is focused on commercializing its innovative diagnostic device to assist clinical decision-making, which may significantly improve patient outcomes [2] - The revenue guidance for FY 2025 has been reduced from $21.5 million to $18.5 million, reflecting timing issues with the BARDA contract and impacts from the US government shutdown [11]
Spectral AI Announces 2025 Third Quarter Financial Results