- HEALWELL successfully completed a pilot evaluating its DARWEN™ AI powered SMART Summary™ and SMART Search™ solutions in multiple provinces across Canada. The pilot demonstrated how clinically validated and interoperable AI can reduce chart review burden, improve access to patient information and support more efficient clinical workflows. HEALWELL is exploring opportunities to expand deployment of its SMART products across additional healthcare environments, including within the WELL Health ecosystem.
- Results arising from the pilot have been accepted for presentation at the prestigious American Medical Informatics Association (AMIA) Annual Symposium, one of the world’s leading healthcare informatics conferences, taking place from November 7 to 11, 2026 in Dallas, Texas.
- Following the completion of SpaceX’s initial public offering, based on current market prices and exchange rates, HEALWELL now holds an indirect interest of approximately CAD$25 million in SpaceX stock. HEALWELL’s holdings originated through its earlier investment in xAI, which was acquired by SpaceX in February 2026, and is subject to a customary post-IPO lock-up period.
TORONTO, ON, June 17, 2026 — HEALWELL AI Inc. (“HEALWELL” or the “Company”) (TSX: AIDX) (OTCQX: HWAIF), a healthcare artificial intelligence company focused on preventative care, today announced the successful completion of a multi-province AI pilot and the acceptance of associated research for presentation at the American Medical Informatics Association (AMIA) Annual Symposium, while also providing an update on its indirect interest in SpaceX and continued balance sheet optimization efforts.
“Our teams continue to make meaningful progress on both fronts that matter most to our shareholders: demonstrating the real-world clinical value of our AI, and strengthening the financial foundation of the business,” said James Lee, Chief Executive Officer of HEALWELL. “The success of this pilot and the acceptance of our research at the AMIA Symposium validate our strategy of embedding trusted, clinically validated AI directly into healthcare workflows. At the same time, we remain disciplined in our capital allocation, remain compliant with all debt covenants and plan to monetize our SpaceX holdings when permitted.”
Reducing Clinician Burnout: Multi-Province AI Pilot and AMIA Recognition
HEALWELL successfully completed a pilot evaluating how its DARWEN™-powered SMART Summary™ and SMART Search™ solutions can improve access to patient information and support more efficient clinical workflows. The significance of the pilot was further recognized through the acceptance of its results for presentation at the AMIA 2026 Annual Symposium, taking place from November 7 to 11, 2026 in Dallas, Texas. Acceptance of these results provides independent validation of HEALWELL’s clinically validated AI approach.
HEALWELL’s SMART Summary™ and SMART Search™ solutions help clinicians quickly access and interpret relevant patient information through AI-generated, traceable summaries and search capabilities powered by the DARWEN™ AI platform. The multi-province pilot, conducted across British Columbia, Ontario and New Brunswick within both OSCAR Pro and Intrahealth Profile electronic medical record environments, demonstrated how these solutions can reduce chart review burden, improve access to critical patient information and integrate directly into existing clinical workflows. DARWEN™ has been validated through 47 peer-reviewed publications and is designed to provide auditable, clinically responsible outputs.
Administrative burden remains a significant challenge across healthcare systems globally. Clinicians often spend substantial time navigating fragmented patient records, referral documentation, PDFs and unstructured clinical notes to locate relevant information. Approximately 80% of healthcare information exists in unstructured formats, creating inefficiencies that contribute to provider fatigue, administrative burden and delayed clinical decision-making.
As a result of the pilot’s success, the Company believes this represents an important step toward enabling AI-assisted preventative care at scale through trusted healthcare infrastructure, interoperability and clinician-centric workflow integration. HEALWELL is exploring opportunities to expand deployment of its SMART products across additional healthcare environments, including within the WELL Health ecosystem.
Aaron Leibtag, Head, Global Health Systems AI Strategy & Pursuits at HEALWELL, commented, “Clinicians should not have to spend valuable time searching through fragmented records to find critical patient information. SMART Summary™ and SMART Search™ were designed to surface relevant information directly within clinical workflows through trusted, clinically validated AI. We believe one of the biggest challenges facing healthcare systems today is not a lack of data, but the ability to effectively use it. The results of this pilot demonstrate how AI can reduce administrative burden, improve efficiency and support better patient care, while helping healthcare organizations unlock greater value from the information they already have.”
HEALWELL Balance Sheet Strengthened by SpaceX Holdings
HEALWELL holds an indirect interest in Space Exploration Technologies Corp. (“SpaceX”) that originated as an investment in xAI Corp. (“xAI”), which was acquired by SpaceX in February 2026, and now consists of Class A common stock in SpaceX. On June 12, 2026, SpaceX completed its initial public offering (IPO) and its Class A common stock began trading on the Nasdaq Stock Market under the symbol “SPCX”, at a public offering price of USD$135.00 per share. HEALWELL was not a party to the offering. Based on current market prices and exchange rates, HEALWELL estimates the value of its indirect interest of SpaceX to be approximately CAD$25 million. HEALWELL holds its interest indirectly through a Special Purpose Vehicle (“SPV”), which is expected to distribute the underlying SpaceX securities to HEALWELL in accordance with the terms of the SPV. HEALWELL’s original investment of USD$2 million in the SPV was made in Q2-2024.
As is customary with many U.S. IPOs, SpaceX securities issued prior to the IPO, including those held indirectly through the SPV, are subject to resale restrictions and lock-up provisions, which the Company understands to extend for a period of up to six months following the IPO. Accordingly, the SPV’s ability to distribute securities to HEALWELL, and HEALWELL’s ability to subsequently sell any securities it receives, will be restricted during the applicable lock-up period. The proceeds from any future monetization of the Company’s indirect investment in SpaceX would further enhance HEALWELL’s liquidity and overall capital structure.
IFRS Financial Reporting Considerations
Following distribution of the underlying securities by the SPV to HEALWELL, the Company expects to begin accounting for the holdings as a Current Asset on its balance sheet, in accordance with International Financial Reporting Standards (IFRS). The value of HEALWELL’s holdings in the SPV was until recently reported at approximately CAD$4.6 million in the Company’s financial statements, including for the period ending March 31, 2026. The Company anticipates that it will update the carrying value of this investment in its upcoming financial reporting.
HEALWELL notes that although the Company reports $19.7 million classified as a current liability for accounting purposes under IFRS, the debenture is not due until December 31, 2029. HEALWELL’s balance sheet includes a $30.0 million convertible debenture with a cash settlement maturity date of December 31, 2029. As of March 31, 2026, the Fair Market Value (“FMV”) of the debenture according to IFRS guidelines was $19.7 million. The holder of the debenture has the ability to convert the debenture into Class A Subordinate Voting shares of the Company at any time and, as a result, the Company is required to report the debenture as a current liability at FMV under IFRS. Additional details on the debenture appear in Note 15 of the March 31, 2026 financial statements filed on SEDAR+. Importantly, the Company is currently in compliance with all debt covenants.
James Lee
Chief Executive Officer
HEALWELL AI Inc.
About HEALWELL AI
HEALWELL is a healthcare artificial intelligence company focused on preventative care. Its mission is to improve healthcare and save lives through early identification and detection of disease. Using its own proprietary technology, the Company is developing and commercializing advanced clinical decision support systems that can help healthcare providers detect rare and chronic diseases, improve efficiency of their practice and ultimately help improve patient health outcomes. HEALWELL is executing a strategy centered around developing and acquiring technology and clinical sciences capabilities that complement the Company’s road map. HEALWELL is publicly traded on the Toronto Stock Exchange under the symbol “AIDX” and on the OTCQX under the symbol “HWAIF”. To learn more about HEALWELL, please visit https://healwell.ai/.
Forward Looking Statements
No decision has been made with respect to any particular monetization transaction of SpaceX shares, and there can be no assurance that any such transaction will occur, the timeline on which it may occur, or the price and terms on which it may occur. The market price of Class A common stock in SpaceX following the IPO and during the lock-up periods applicable to the Company’s holdings may be volatile, and the ultimate realized value of the Company’s holdings, if any, will depend on market conditions at the time any securities are sold following expiry of the applicable lock-up and other factors outside the Company’s control. Trading in the Company’s securities in anticipation of any such transaction should be considered highly speculative.
Certain statements in this press release, constitute “forward-looking information” and “forward looking statements” (collectively, “forward looking statements”) within the meaning of applicable Canadian securities laws, including statements about opportunities to expand deployment of its SMART products across additional healthcare environments, and the potential future monetization of the Company’s indirect investment in SpaceX; and are based on assumptions, expectations, estimates and projections as of the date of this press release. Forward-looking statements are often, but not always, identified by words or phrases such as “evaluating”, “potential”, “continued”, “opportunity”, “anticipate”, “plans”, “expected”, “believes”, “likely”, “future”, “expect”, “strategy”, or variations of such words and phrases or statements that certain future conditions, actions, events or results “will”, “may”, “could”, “would”, “should”, “might” or “can” be taken, occur or be achieved, or the negative of any of these terms. Forward-looking statements are necessarily based upon management’s perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by HEALWELL as of the date of such statements, are outside of HEALWELL’s control and are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue. Forward looking statements contained in this press release are based on various assumptions, including, but not limited to, the following: the terms and timelines on which the SPV may distribute SpaceX securities to the Company; the terms of any restricted periods or lockup periods that may apply to the Company’s SpaceX securities; the anticipated price per SpaceX share that may be available following the expiry of any lock-up or restricted periods applicable to the Company; the fees and expenses that may be charged or incurred by the SPV or the Company in connection with any spinout or monetization of the SpaceX securities; the marketability and transferability of the SpaceX shares that may ultimately be held by the Company; HEALWELL’s ability to maintain and leverage its relationships with its commercial partners; the continued adoption of the software, tools and solutions created by HEALWELL and its subsidiaries; the stability of general economic and market conditions; working capital requirements and access to financing; HEALWELL’s ability to comply with applicable laws and regulations; HEALWELL’s continued compliance with third party intellectual property rights; the effects of competition in the industry; the requirement for increasingly innovative product solutions and service offerings; technologies working as intended or at all; trends in customer growth and the adoption of new technologies in the industry; and that the risk factors noted below, collectively, do not have a material impact on HEALWELL’s business, operations, revenues and/or results. By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved.
Known and unknown risk factors, many of which are beyond the control of HEALWELL, could cause the actual results of HEALWELL to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. Such risk factors include but are not limited to those factors which are discussed under the section entitled “Risk Factors” in HEALWELL’s most recent annual information form dated March 18, 2026, which is available under HEALWELL’s SEDAR+ profile at www.sedarplus.ca. The risk factors are not intended to represent a complete list of the factors that could affect HEALWELL and the reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. HEALWELL disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. All of the forward-looking statements contained in this press release are qualified by these cautionary statements.
For more information:
Pardeep S. Sangha
Investor Relations, HEALWELL AI Inc.
Phone: 604-572-6392
ir@healwell.ai