Spectral Ai, Inc. · NASDAQ:MDAI
Spectral Ai — Investor Presentation (September 2026)
24 slides from Spectral Ai's investor presentation, Sep 15, 2026
Slide 1: Predictive Wound Healing AI + Multispectral Imaging
Predictive Wound Healing AI + Multispectral Imaging = Faster, More Accurate Treatment Decisions in Healthcare Nasdaq: MDAI September 2026 1
Slide 2: Revolutionizing Wound Care: Delivering on Commitments
Revolutionizing Wound Care Delivering on Commitments 13-year track record of meeting milestones validated by $250M+ non-dilutive government funding. • Proof of concept • Clinical validation • Product validation Prioritizing growth opportunities in profitable markets, positioning ourselves for near-t
Slide 3: Where We Stand Today
Where We Stand Today Cleared, Funded, and Entering Commercial Launch May 21, 2026 FDA De Novo classification granted Authorized to commence commercial sales in the United States. $250M+ Developed on non-dilutive capital Government funding since 2013 carried the platform to FDA clearance 30 systems F
Slide 4: We See What Clinicians Cannot
We See What Clinicians Cannot Burn wound depth and healing potential are difficult to assess visually, leading to delayed treatment, unnecessary excisions, and variable outcomes. The Result Provides same-day, objective assessment of wound areas that are unlikely to heal within 21 days, supporting cl
Slide 5: DeepView Imaging: Our Technology
DeepView Imaging Patented proprietary multi- spectral imaging data acquisition in milliseconds Capturing injured tissue spectral signature Data extraction Extraction of AI model features, such as tissue characteristics that determine health Combined with patient health matrix data AI model trained a
Slide 6: Competitive Advantage Measured Against Clinical Judgment
Competitive Advantage Measured Against Clinical Judgment ©2026 Spectral AI Sensitivity Detecting non-healing tissue DeepView 88% Burn physicians 42% DeepView Dice score Accuracy of wound segmentation 0.39 DeepView detected 88% of non-healing burns, while unaided clinical assessment missed 58% at ini
Slide 7: Competitive Moat: Data, Algorithm and Patents
Competitive Moat Data, Algorithm and Patents ©2026 Spectral AI The paired image and outcome data, the AI algorithm and the patent portfolio — backed by thirteen years and over $250.0 million of non-dilutive government funding — provide a strong competitive moat. Truthed burn image bank Every image p
Slide 8: Expanding Diagnostic Accuracy
Expanding Diagnostic Accuracy Diagnostic Accuracy Gets Made Where the Expertise Is Missing ©2026 Spectral AI ~5,000 U.S. emergency departments with no burn-specialized training 132 U.S. burn centers, staffed by roughly 250 burn surgeons1 21 days Time required to confirm by observation which burns he
Slide 9: Systemwide Benefits: Improving Health and Cost Outcomes for All
Clinician • Informed treatment decisions • Increased efficiency Care Facility • Uniformed clinical decisions • Equality of care • Improved efficiency • Government digital initiatives Patient • Reduced treatment time for patients and caregiver burden • Reduced infection and treatment complications •
Slide 10: Regulatory Update: De Novo Classification Granted
Regulatory Update De Novo Classification Granted: May 21, 2026 ©2026 Spectral AI FDA granted De Novo classification as novel, new technology with no substantial equivalent Eligibility Reserved for devices that are first of their kind, with no suitable predicate on the market. Regulatory classificati
Slide 11: Optimizing Coding, Coverage & Payment
Optimizing Coding, Coverage & Payment Site of Service: Inpatient ü Healthy DRG payments exist for severe burn patients (up to ~$205k) ü Evaluating opportunities to further increase hospital payment to reflect value of DeepView® Site of Service: Outpatient/ASCs ü CMS has proposed assigning software a
Slide 12: Commercial Model: Two Revenue Lines and a Staged Adoption Path
Commercial Model Two Revenue Lines and a Staged Adoption Path ©2026 Spectral AI Device placement Revenue on delivery Capital purchase, lease, or outcomes-linked. Software and services Recurring annual revenue Three-year minimum. Compounds with every placement. Service and support1 What drives revenu
Slide 13: Path to Profitability: How the Addressable Base Expands
Path to Profitability How the Addressable Base Expands ©2026 Spectral AI The addressable base widens on one platform Available now ~130 ABA-verified burn centers BARDA subsidizes the first 30 device placements › Same indication, wider footprint 236 U.S. facilities treating burns Trauma centers and n
Slide 14: One Imaging Platform, Multiple Indications
©2026 Spectral AI One Imaging Platform, Multiple Indications Potential Indications Amputation Critical Limb Ischemia Diabetic Foot Ulcers Plastic Surgery Miniaturized Mobile Home Healthcare Burn Wound Global market $3.7B11 Anticipate selling 2026 2026 DeepView SnapShot® M | Handheld Military and Com
Slide 15: Financial Position
Financial Position Balance Sheet and Results of Operations ©2026 Spectral AI Balance sheet June 30, 2026 Cash $14.0M Total assets $19.4M Notes payable $14.9M Total liabilities $31.5M Stockholders' deficit $(12.1)M Results of operations FY2024 FY2025 H1 2026 Revenue $29.6M $19.7M $7.5M Gross profit $
Slide 16: Capital Deployment: Funding the Commercial Ramp Beyond BARDA
Capital Deployment Funding the Commercial Ramp Beyond BARDA ©2026 Spectral AI Proceeds fund the commercial ramp and the expansion of the cleared indication — the two things that convert FDA authorization into recurring revenue. 1 Commercialization ramp Building the sales team and device inventory ne
Slide 17: Progress and Catalysts
Progress and Catalysts What We Have Delivered and What Comes Next ©2026 Spectral AI Delivered February 2024 UKCA marking obtained 2025 Pivotal enrollment complete across 16 sites March 2026 BARDA accelerated $31.7M of contract funding May 2026 FDA De Novo classification granted June 2026 Handheld pr
Slide 18: Leadership Built for Commercial Execution
Leadership Built for Commercial Execution ©2026 Spectral AI Vincent Capone Chief Executive Officer Joined March 2022, prior CFO and General Counsel. Former President of a technology/life sciences private equity fund, partner at Reed Smith. David McGuire Chief Financial Officer Joined May 2026. Forme
Slide 19: Board of Directors
Board of Directors Clinical, Financial and Commercial Oversight ©2026 Spectral AI Dr. J. Michael DiMaio Chairman Dr. J. Michael DiMaio, founder and large shareholder with over 30 years of experience in cardiothoracic surgery and specializes in heart valve replacement and lung transplantation. Richar
Slide 20: Appendix
Appendix Supporting references, forward-looking statements and additional disclosures ©2026 Spectral AI 20
Slide 21: Appendix Reference List
Appendix Reference List ©2026 Spectral AI 1. Data from Spectral MD's IRB approved Proof of Concept Clinical Study 2. Pixel data per Spectral MD clinical studies. 3. Anyanwu JA, Cindass R. Burn Debridement, Grafting, and Reconstruction. [Updated 2023 May 29]. In: StatPearls [Internet]. Treasure Islan
Slide 22: Forward Looking Statements
Forward Looking Statements Certain statements made in this presentation are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995, including statements regarding the Company's strategy, plans, objectives,
Slide 23: Additional Information and Where to Find It
Additional Information and Where to Find It This presentation is provided for informational purposes only. Spectral AI investors and stockholders will be able to obtain copies of any documents filed with the SEC, without charge, at the SEC's website at www.sec.gov. No Offer or Solicitation This pres
Slide 24: Connect with us
spectral-ai.com ir@spectral-ai.com Connect with us ©2026 Spectral AI Investors: The Equity Group Devin Sullivan Managing Director Devin.Sullivan@theequitygroup.com 24