Spectral AI (MDAI)

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	10.50 mm	10.50 mm	10.50 mm	10.50 mm	10.50 mm	10.50 mm
Cash burn (monthly)	9.67 k	(no burn)	1.18 mm	1.35 mm	833.67 k	574.92 k
Cash used (since last report)	23.18 k	n/a	2.84 mm	3.23 mm	2.00 mm	1.38 mm
Cash remaining	10.47 mm	n/a	7.66 mm	7.26 mm	8.50 mm	9.12 mm
Runway (months of cash)	1083.3	n/a	6.5	5.4	10.2	15.9

Beta Read what these cash burn values mean

Financial data from Spectral AI earnings reports.

Institutional ownership, Q4 2024

MDAI institutional ownership history Ownership history

24.8% owned by funds/institutions

13F holders	Current	Prev Q	Change
Total holders	23	36	-36.1%
Opened positions	9	17	-47.1%
Closed positions	22	7	+214.3%
Increased positions	1	3	-66.7%
Reduced positions	1	0	NEW

13F shares	Current	Prev Q	Change
Total value	738.05 mm	3.61 bn	-79.6%
Total shares	7.60 mm	10.39 mm	-26.8%
Total puts	0.00	0.00
Total calls	185.10 k	129.10 k	+43.4%
Total put/call ratio	–	–	–

Largest owners	Shares	Value	Change
Erich Spangenberg	4.16 mm	$10.40 mm	0.0%
Octopus Investments	960.21 k	$2.79 mm	0.0%
Laurence E Hirsch	900.00 k	$1.91 mm	0.0%
Clear Street	301.70 k	$229.00 k	+719.2%
Clear Street Derivatives	219.87 k	$167.00 k	NEW
Balyasny Asset Management	190.32 k	$144.65 mm	0.0%
Aristeia Capital	140.66 k	$104.09 mm	NEW
GS The Goldman Sachs Group, Inc.	123.63 k	$93.96 mm	0.0%
Moore Capital Management	100.00 k	$76.00 mm	0.0%
Q Global Advisors	100.00 k	$76.00 k	-52.8%

Largest transactions	Shares	Bought/sold	Change
Highlander Partners	0.00	-900.00 k	EXIT
SF Stifel Financial	0.00	-758.58 k	EXIT
RAT Rathbone Brothers	0.00	-436.12 k	EXIT
Cowen And	0.00	-360.38 k	EXIT
Clear Street	301.70 k	+264.87 k	+719.2%
Clear Street Derivatives	219.87 k	+219.87 k	NEW
University Of Texas/texas Am Investment Managment	0.00	-210.49 k	EXIT
Honkamp Krueger Financial Services	0.00	-159.85 k	EXIT
Aristeia Capital	140.66 k	+140.66 k	NEW
Walleye Capital	0.00	-118.95 k	EXIT

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Recent insider trades

MDAI insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	$Price	#Shares	$Value	#Remaining
10 Jun 25	John Michael DiMaio	Common Stock	Grant	Acquire A	No	No	2.11	9,700	20.47 k	2,503,608
9 Jun 25	John Michael DiMaio	Common Stock	Grant	Acquire A	No	No	2.1	2,000	4.20 k	2,493,908
4 Jun 25	Martin C.B. Mellish	Common Stock	Grant	Acquire A	No	No	1.73	5,000	8.65 k	24,398
30 Apr 25	Martin C.B. Mellish	Common Stock	Grant	Acquire A	No	No	0	9,699	0.00	19,398
30 Apr 25	Vincent S. Capone	Common Stock	Grant	Acquire A	No	No	0	100,000	0.00	119,700
30 Apr 25	Richard John Cotton	Common Stock	Grant	Acquire A	No	No	0	9,699	0.00	66,927

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.

News

From Benzinga Pro

BTIG Maintains Buy on Spectral AI, Lowers Price Target to $3

12 Nov 25

BTIG analyst Ryan Zimmerman maintains Spectral AI (NASDAQ:MDAI) with a Buy and lowers the price target from $3.5 to $3.

12 Health Care Stocks Moving In Tuesday's After-Market Session

11 Nov 25

Earnings Scheduled For November 11, 2025

11 Nov 25

Earnings Preview For Spectral AI

10 Nov 25