Company: QTIWW
Filing Date: 2025-12-29
Form Type: S-1/A
Source: 0001628280-25-058960
Chunk: 139

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-12-29
Form: S-1/A
Chunk 139
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 first nine months of 2025 as compared with nine scanners sold in the first nine months of 2024. Gross margin slightly decreased in the nine months ended September 30, 2025, as compared to the same period in 2024, due to variability in the weighted average costs of inventory.

#### Operating Expenses
Research and Development Expenses

Research and development expenses increased by $198,862 to $2,691,704 for the nine months ended September 30, 2025 from $2,492,842 for the nine months ended September 30, 2024. The increase in research and development expenses was primarily attributable to employee compensation expenses of $198,578.

Selling, General and Administrative Expenses

Selling, general and administrative expenses decreased by $3,386,332 to $6,486,697 for the nine months ended September 30, 2025 from $9,873,029 for the nine months ended September 30, 2024. This change was primarily attributable to a decrease in professional and outside services expenses of $4,048,179 primarily due to the transaction expenses of $3,944,924 in the 2024 period, and an increase in the allocation of $1,168,351 from selling, general and administrative expenses to cost of revenue, partially offset by increases in employee compensation expenses of $1,573,638.

Other expense, net

Other expense, net increased by $8,579,184 to $8,770,514 for the nine months ended September 30, 2025 from $191,330 for the nine months ended September 30, 2024. The increase was primarily due to the extinguishment loss of $2,033,666 for the Yorkville Note and Cable Car Note, $6,640,384 in noncash expense incurred at issuance of the Lynrock Lake Term Loan, and $90,000 Extension Fee for the Cable Car Note during the nine months ended September 30, 2025, which was partially offset by the modification expense of $200,513 related to the decrease in exercise price of our private placement warrants and working capital note warrants in the nine months ended September 30, 2024.

Change in fair value of warrant liability

Change in fair value of warrant liability decreased by $3,780,746 to an expense of $3,581,122 during the nine months ended September 30, 2025 from income of $199,624 during the nine months ended September