Company: QTIWW
Filing Date: 2025-01-16
Form Type: S-1
Source: 0001628280-25-001723
Chunk: 404

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-01-16
Form: S-1
Chunk 404
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 grant of up to $ 1,078,347as a subaward through the Board of Trustees of the University of Illinois for the purpose of developing a quantitative ultrasound breast scanner for identifying early response of breast cancer to chemotherapy. The grant is a cost reimbursement subaward that is allocated annually over five years, subject to the availability of funds and satisfactory progress of the project. The award expires July 31, 2027 and may be terminated by either party with 30days written notice. Any grant proceeds received do not require repayment. As of September 30, 2024 , the Company incurred total costs of $ 385,280against the year one allocation of $ 351,994and against the year two allocation of $ 194,566. During the three months ended September 30, 2024 , the Company incurred costs of $ 3,359, of which $ 3,359of grant income was recognized as an offset to research and development expense and $ 0was recognized as an offset to selling, general and administrative expense in the condensed consolidated statements of operations and comprehensive loss. During the three months ended September 30, 2023, the Company incurred costs of $ 151,996, of which $ 128,769of grant income was recognized as an offset to research and development expense and $ 23,227was recognized as an offset to selling, general and administrative expense in the condensed consolidated statements of operations and comprehensive loss. During the nine months ended September 30, 2024 , the Company incurred costs of $ 36,226 , of which $ 20,430 of grant income was recognized as an offset to research and development expense and $ 15,796 was recognized as an offset to selling, general and administrative expense in the condensed consolidated statements of operations and comprehensive loss. During the nine months ended September 30, 2023, the Company incurred costs of $ 250,713 , of which $ 215,616 of grant income was recognized as an offset to research and development expense and $ 35,097 was recognized as an offset to selling, general and administrative expense in the condensed consolidated statements of operations and comprehensive loss. As of September 30, 2024 and December 31, 2023 , the grant receivable was $ 10,349and $ 161,638, respectively, and is included in prepaid expenses and other current assets on the condensed consolidated balance sheets.

#### 14.

#### Income Taxes
For the interim periods, the Company estimates