Company: QTIWW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001844505-25-000053
Chunk: 60

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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 less than the $0.40 exercise price or the fair market value of a share of common stock from the immediately prior trading day. As of March 31, 2025, the Lynrock Lake Warrant to purchase 61,000,000 shares of common stock was outstanding.On February 26, 2025, the Company issued to Yorkville a warrant to purchase 15,000,000 shares of its common stock at an exercise price of $0.40 per share pursuant to the Yorkville Warrant. The Yorkville Warrant is exercisable until February 26, 2030. As of March 31, 2025, the Yorkville Warrant to purchase 15,000,000 shares of common stock was outstanding.

11.    Stock Incentive Plan

2024 Equity Incentive Plan      

23

On January 1, 2025, an additional 1,338,411 shares of common stock were added to the 2024 Equity Incentive Plan. The following table summarizes information regarding activity in the 2024 Equity Incentive Plan during the three months ended March 31, 2025: Number of OptionsWeighted-Average Exercise PriceWeighted-AverageRemainingContractualLife (years)Outstanding, January 1, 2025 (1)1,955,000$0.75 9.5Outstanding, March 31, 20251,955,000 $0.75 9.3Exercisable as of March 31, 2025651,659 $0.75 9.3Vested and expected to vest as of March 31, 20251,955,000 $0.75 9.3(1) The options outstanding as of December 31, 2024 were revised 264,000 from the amount previously reported on the Annual Report on Form 10-K for the year ended December 31, 2024. The effect on stock-based compensation was immaterial. There were no options granted during the three months ended March 31, 2025 and 2024.  The following table shows stock-based compensation expense by functional area in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2025 and 2024:Three Months EndedMarch 31, 20252024Research and development$16,743 $13,950 Selling, general and administrative83,973 25