Company: QTIWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001844505-25-000083
Chunk: 79

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 79
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 in fair value of warrant liability decreased by $3,010,292 to an expense of $2,796,350 during the three months ended June 30, 2025 from income of $213,942 during the three months ended June 30, 2024. The change in fair value of warrants during the second quarter of 2025 was primarily attributable to increases in the market value of the Lynrock Lake Warrant and Yorkville Warrant, which were issued in the first quarter of 2025 and subsequently revalued on June 11, 2025 upon modification.

Change in fair value of derivative liability

Change in the fair value of derivative liability decreased by $1,729,700 to $0 during the three months ended June 30, 2025 from $1,729,700 during the three months ended June 30, 2024. The change in fair value of derivatives during the first quarter of 2024 was primarily driven by the decline in the value of our common stock. The derivative liability was extinguished on February 26, 2025 as a result of the Termination Agreement with Yorkville.

Change in fair value of earnout liability

Change in the fair value of earnout liability decreased by $100,000 to $210,000 during the three months ended June 30, 2025 from $310,000 during the three months ended June 30, 2024. The change in fair value of earnout liability during the second quarter of 2024 and 2025 was primarily driven by the changes to the probability of outcome related to a formal FDA clearance for a new indication for the use of our breast scanning systems and our open angle scanner and our revenue assumptions.  

Interest expense, net

Interest expense, net decreased by $716,148 to $378,902 for the three months ended June 30, 2025 from $1,095,050 for the three months ended June 30, 2024. This change is primarily driven by decreases in interest expense and amortization of the debt discount of $953,436 for the Yorkville Note, which was extinguished in February 2025, partially offset by the interest expense and amortization of debt discount of $328,550 for the Lynrock Lake Term Loan.

36

Comparison of the six months ended June 30, 2025 and 2024

For Six Months Ended June 30,Change 20252024$% Revenue$6,457,829