This issue can be seen if there is a filter control commented out in Text Area HTML.
For example, the following screenshot is the HTML view of a Text Area where a Spotfire filter control has been commented out. Spotfire still attempts to render this filter but since the DOM element will not be present, the initialization of the filter will fail resulting in the "Read callback 'InitializeFilters' failed" error.
To resolve this issue, remove the commented code from the Text Area (the green text in above image) which contains filter control and save the analysis file.