Company: QTIWW
Filing Date: 2025-01-31
Form Type: S-1/A
Source: 0001628280-25-003316
Chunk: 397

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-01-31
Form: S-1/A
Chunk 397
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,000 |
| Liabilities:           |              |   |       |   |                    |     |   |                   |
| Warrant liability      |              | 2 |       | $ |              9,783 |     | $ |                 — |
| Earnout liability      |              | 3 |       | $ |            700,000 |     | $ |                 — |
| Derivative liability   |              | 3 |       | $ |            320,900 |     | $ |                 — |

Warrant Liability

The Company has determined that the warrants that were a constituent part of (i) the private placement units that were issued in a private placement sale by GigCapital5 prior to the Merger (“Private Placement Warrants”) and (ii) the private placement units that were issued upon conversion of working capital notes issued by GigCapital5

<div align='center'>F-46</div>

#### QT IMAGING HOLDINGS, INC.

### Notes to Condensed Consolidated Financial Statements
<div align='center'>(Unaudited)</div>

prior to the Merger, which conversion occurred concurrent with the Merger (“Working Capital Note Warrants”) are subject to treatment as a liability, as the transfer of the warrants to anyone other 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 Placement Warrant and the Working Capital Note Warrants approximates the fair value of a Public Warrant. Accordingly, the Private Placement Warrants and Working Capital Note Warrants are valued upon observable data and have been classified as Level 2 financial instruments. As of September 30, 2024 , a total of 889,364 Private Placement Warrants and Working Capital Note Warrants were outstanding at an approximate fair value of $ 0.011 per warrant. See Note 11.

The activity for the fair value of the warrant liability during the three and nine months ended September 30, 2024 was as follows:

| Beginning balance, January 1, 2024       |     | Warrant Liability |        — |
|:-----------------------------------------|:----|:------------------|---------:|
| Net liabilities assumed from GigCapital5 |     |                   |    8,894 |
| Change in fair value                     |     |                   |   23,123 |