Spectral AI, Inc. announced its financial results for the second quarter ended June 30, 2025, on August 12, 2025. Research and Development Revenue for Q2 2025 declined 32.0% to $5.1 million from $7.5 million in Q2 2024, reflecting the reduction in clinical trial and other reimbursed study costs that were completed in 2024.
The company reported a net loss for Q2 2025 of $(7.9) million, compared to a net loss of $(2.9) million in Q2 2024. This increased net loss was primarily due to a $(5.4) million increase in the fair value of warrant liabilities, a non-cash item.
Despite the revenue decline, cash improved to $10.5 million as of June 30, 2025, up from $5.2 million at December 31, 2024, due to prior financing activities. The company reaffirmed its revenue guidance of approximately $21.5 million for FY 2025 and highlighted the completion of its De Novo application submission to the FDA in June 2025 as a major milestone.
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