Company: QTIWW
Filing Date: 2025-12-29
Form Type: S-1/A
Source: 0001628280-25-058960
Chunk: 404

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-12-29
Form: S-1/A
Chunk 404
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 than the purchasers or their permitted transferees would result in these warrants having substantially the same terms as the warrants included in the public units that were issued by GigCapital5 prior to the Merger (“Public Warrants”). The Company determined that the fair value of each Private Warrants approximates the fair value of a Public Warrant. Accordingly, the Private Warrants are valued upon observable data and have been classified as Level 2 financial instruments. As of September 30, 2025 and December 31, 2024 , a total of 889,364Private Warrants to purchase 296,445shares of 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