Company: QTIWW
Filing Date: 2025-12-31
Form Type: 424B3
Source: 0001628280-25-059235
Chunk: 407

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-12-31
Form: 424B3
Chunk 407
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 common stock were outstanding at an approximate fair value of $0.119 and $0.025 per warrant, respectively. See Note 10, Stockholders’ Deficit.

The activity for the fair value of the warrant liability during the three and nine months ended September 30, 2025 were as follows:

|                                    |     | Private Warrants |         |
|:-----------------------------------|:----|:-----------------|--------:|
| Beginning balance, January 1, 2025 |     | $                |  22,234 |
| Change in fair value               |     |                  | -13,252 |
| Ending balance, March 31, 2025     |     |                  |   8,982 |
| Change in fair value               |     |                  |  16,809 |
| Ending balance, June 30, 2025      |     |                  |  25,791 |
| Change in fair value               |     |                  |  80,043 |
| Ending balance, September 30, 2025 |     | $                | 105,834 |

On February 26, 2025, the Company entered into the Credit Agreement that provides the Lynrock Lake Term Loan with Lynrock Lake. In connection with the Lynrock Lake Term Loan, the Company issued to Lynrock Lake, pursuant to the terms of a Warrant to Purchase Common Stock (the “Lynrock Lake Warrant”), a warrant to purchase 20,333,623 shares of common stock at an exercise price of $1.20 per share. The Lynrock Lake Warrant is exercisable until February 26, 2035. Lynrock Lake may cashless exercise the Lynrock Lake Warrant. The Lynrock Lake Warrant is also subject to anti-dilution adjustments to the exercise price and the number of shares which may be purchased upon exercise of the Lynrock Lake Warrant in the event that the Company issues shares of common stock (or derivative securities) at a price that is either less than the $1.20 exercise price or the fair market value of a share of common stock from the immediately prior trading day. On June 11, 2025, the Lynrock Lake Warrant was amended to update the provisions that would trigger cash settlement such that, when such events occur, the holders of the warrants receive the same form of consideration as the underlying stockholders. According to Accounting Standards Codification (“ASC”) 815-40, Derivatives and