Qt Imaging Holdings, Inc. · NASDAQ:QTI
Qt Imaging — Investor Presentation (August 2024)
45 slides from Qt Imaging's investor presentation, August 2024
Slide 1: Quantitative Transmission Imaging Investor Presentation
Quantitative Transmission Imaging Breast Acoustic CT Scanner INVESTOR PRESENTATION August 2024
Slide 2: Disclaimer
Disclaimer ABOUT THIS PRESENTATION This investor presentation (this “Presentation”) is provided for informational purposes only. The information contained herein does not purport to be all-inclusive and neither QT Imaging Holdings, Inc. (the “Company”, “QT Imaging Holdings”, “QTI”), nor its respecti
Slide 3: Disclaimer: Forward Looking Statements
Disclaimer FORWARD LOOKING STATEMENTS Certain statements included in this Presentation that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generall
Slide 4: Disclaimer: Non-GAAP Financial Measures
Disclaimer NON-GAAP FINANCIAL MEASURES This presentation includes references to EBITDA and Adjusted EBITDA, financial measures that have not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). EBITDA is defined as loss before interest expense, inc
Slide 5: QT Imaging Holdings Has the Potential to Transform Medical Imaging
QT Imaging Holdings (QTI) Has the Potential to Transform Medical Imaging • QTI is a medical device company with imaging technology that has the potential to transform the industry • QTI Scanner is the only 3D imaging device to receive FDA clearance for use as a transmission and reflection ultrasonic
Slide 6: Introduction to the QT Imaging Holdings Management Team
Introduction to the QT Imaging Holdings Management Team Nasser C. Bilal Malik, Dr. Raluca Dinu Stas Budagov Steve Choate Pirshafiey, MBA Ph.D. CHIEF EXECUTIVE CHIEF FINANCIAL CHIEF OPERATING CHIEF PRODUCT CHIEF SCIENCE OFFICER OFFICER OFFICER OFFICER OFFICER Dr. Raluca Dinu is a global Mr. Budagov i
Slide 7: Our Mission
Our Mission • Create disruptive innovation using technology (software, artificial intelligence, and smart physics) to improve medical imaging and thus, healthcare quality and access NIH has awarded QT • Continue to improve our FDA-cleared, high quality, high resolution, native Imaging about 3D, repr
Slide 8: Executive Summary
Executive Summary Patent-protected technology: 14 granted patents in US/Europe TECHNOLOGICAL CONSIDERATIONS PATIENT CONSIDERATIONS • FDA cleared for breast Imaging • Safe, no radiation, no contrast ➢ Breakthrough Device Designation awarded by the FDA provides • No discomfort, painless scans fast tra
Slide 9: Agreement Signed with NXC Imaging
Agreement Signed with NXC Imaging A Subsidiary of Canon Medical Systems • Distribution Agreement signed with NXC Imaging marks a major milestone for QTI • Accessing NXC Imaging's distribution channel in the US and the US territories, this agreement provides potential to accelerate the commercial rol
Slide 10: Feasibility Study Agreement Signed with Canon Medical Systems
Feasibility Study Agreement Signed with Canon Medical Systems • Canon to initiate studies to evaluate the business, technical, and clinical values of QTI’s ultrasound breast scanner including: − product quality validation − development and manufacturing studies − clinical evaluation − regulatory inv
Slide 11: Breast Health
gy QT IMAGING BREAST HEALTH
Slide 12: QTI's Technology Has the Opportunity to Transform Several Large Markets
QTI’s Technology Has the Opportunity to Transform Several Large Markets 2022 GLOBAL MEDICAL IMAGING MARKET SIZE: $29B(1) Current Market Future Markets – Body Scanner Platform Development IMAGE-GUIDED PROCEDURES: BREAST: $5B MARKET(2) ORTHO: $9B MARKET(3) INFANT: $8B MARKET (4) $5B MARKET(5) • FDA ap
Slide 13: Other Ultrasound Products Use 2D Imaging for Dense Breast Screening
Other Ultrasound Products Use 2D Imaging for Dense Breast Screening DELPHINUS BREAST INVENIA ABUS ACUSON S2000 ABVS AWBUS SOFIA 3D SOFTVUE ACOUSTIC CT DESIGN TYPE Articulating Arm Articulating Arm Articulating Arm Rotating Armature Water Bath Water Bath Guided Handheld OUTPUT Stacked 2D Stacked 2D S
Slide 14: The QT Scanner Delivers a Better Experience for Patients than Traditional Systems
The QT Scanner Delivers a Better Experience for Patients than Traditional Systems HANDHELD QT IMAGING ULTRASOUND MRI MAMMOGRAPHY Image Quality Safety(1) Speed Cost Efficiency Patient Experience …OVER HHUS …OVER MRI ...OVER MAMMOGRAPHY The QTI • Superior image quality • High resolution and • Improved
Slide 15: QT Imaging's FDA-cleared Solution for Dense Breasts
QT Imaging’s FDA-cleared Solution for Dense Breasts Many Women Have Dense Breasts, The FDA Has Recognized the Which Mammograms are Inefficient Importance of Breast Density in Screening for Cancer in Breast Cancer Screening 50% of women between 50% 50% the ages of 40-74 in the US have dense breasts(1
Slide 16: QTI Clinical Trials Provide Compelling Results for Adoption and Approvals
QTI Clinical Trials Provide Compelling Results for Adoption and Approvals IMPLICATION OF RESULTS OR CLINICAL TRIALS PRELIMINARY RESULTS • Visual Grading Assessment of Quantitative Transmission Ultrasound Compared to Digital X-ray Mammography and Hand-held Ultrasound QT can see more anatomy than mamm
Slide 17: QTI Clinical Trials: Dense Breast Imaging Studies
QTI Clinical Trials: Dense Breast Imaging Studies Using DBT Show Sensitivity Close to 40%(3) Approximately 50% of women between the ages of 40-74 in the US have dense breasts(1), with traditional mammography missing 35.6-52.2% of breast cancers in dense breast tissue(2) making QT Scanner the only sy
Slide 18: Clinical Evidence: Non-Inferiority to X-Ray Mammography
Clinical Evidence: Non-Inferiority to X-Ray Mammography (XRM) Non-inferiority to XRM Non-parametric ROC curves Proper binomial ROC curves • Breast Abnormalities The line closer to 1.0 is The line closer to 1.0 is indicative of higher accuracy indicative of higher accuracy • Benign, non-cancer, norma
Slide 19: Clinical Evidence: Anatomic & Visual Grade with Comparative Modality
Clinical Evidence: Anatomic & Visual Grade with Comparative Modality Normal Anatomic Comparison X-Ray Mammography (XRM) Handheld Ultrasound (HHUS) • Visual Graded Analysis • 4 readers • 5 readers • Compared QTI V/s HHUS, • 22 breast , 20 subjects • 17 breast , 17 subjects XRM • Lower score means bet
Slide 20: The Current Breast Imaging Paradigm Leads to Unnecessary Concern and Costs
The Current Breast Imaging Paradigm Leads to Unnecessary Concern and Costs Screening compliance is low For every 1,000 screening mammograms: 35% of women aged 40–70 do not get screened.(1) CALL BACK 35% RATES 98% of 65% Do not follow guidelines ~15% call-backs rates with 150 Recalls are Avoidable Fo
Slide 21: Clinical Evidence: Recall Rate
Clinical Evidence Recall Rate • Recall Rates: 10% Approximately 150 women out of Combined Recall Rate every 1,000 screened are recalled for more tests. Out of those 150, only • Adherence to screening three or four will be diagnosed with compliance: cancer. Unnecessary recalls create stress for the p
Slide 22: Technology Overview
gy QT IMAGING TECHNOLOGY OVERVIEW
Slide 23: Current Ultrasound Technologies Have Major Deficiencies
Current Ultrasound Technologies Have Major Deficiencies Shortfalls of Commercial Current, Rival Systems(2): • Reflection images have speckle; compounding without refraction correction • No valid true “transmission” mode – use “shear wave” (low resolution) data (ABUS, AVUS, etc. are not transmission)
Slide 24: Critical Modality Advantages of QTI's Breast Acoustic CT
Critical Modality Advantages of QTI’s Breast Acoustic CT(1) • Clinically useful sensitivity and specificity • Presence of comparative clinical trials • Proven success in head-to-head trials against mammography • Ability to determine doubling times – can identify slow growing cancers and help prevent
Slide 25: Why QTI Scan Generates Better Resolution Compared to MRI: More Data!
Why QTI Scan Generates Better Resolution Compared to MRI: More Data! MRI Spiral data QTI (3D UT) Planar acquisition Volumetric 20mm for speed of overlapping acquisition detectors 2mm gap Receiver Array Receiver Array Data points per voxel ~200,000 Data points per voxel ~180 thousand data points (1)
Slide 26: Technical Capabilities
Technical Capabilities • Resolution of ~600 microns in reflection compared to 800 microns(1) for MRI (depends on field strength, homogeneity etc) • Contrast to noise ratio of 23:1 at 100 microns ( in reflection; can detect small calcifications) • Contrast to noise ratio of 15:1 (at resolution in tra
Slide 27: Enhanced Clinical Capabilities and Value
Enhanced Clinical Capabilities and Value • High-quality and high-resolution native 3D Imaging • Quantifiable images enables accurate analysis, comparison and trending • Consistent and reproduceable image quality regardless of operator or breast size/tissue type • Clinical feature detection of 50-100
Slide 28: Imaging Accuracy in Breast Mass Diagnosis
Imaging Accuracy in Breast Mass Diagnosis(1) QT IMAGING XRM HHUS CE-MRI Normal Breast Dense Breast Cyst Tumor Solid Tumor Calcification Cancer Proved by Biopsy and Histology (1) Based on opinion of QT Imaging Holdings team.. Copyright ©2024 QT Imaging, Holdings, Inc. All Rights Reserved. 28
Slide 29: Resolution and Detectability: MRI vs QTI's Acoustic CT
Resolution and Detectability: MRI vs QTI’s Acoustic CT (3D UT) MRI QTI’s Acoustic CT MRI Alveoli image of a piglet lung MRI resolution depends Higher resolution than QTI’s Acoustic CT (3D UT) on acquisition time, 3T MRI in air-filled organs with reflection mode B1 inhomogeneity, etc. • Resolution is
Slide 30: Market Positioning
gy QT IMAGING MARKET POSITIONING
Slide 31: Market Positioning of Breast Acoustic CT Scanner
Market Positioning of Breast Acoustic CT Scanner Not intended to compete with mammography for screening, although many patients may find it preferrable for: • Dense breasts • Implants • Post therapy screening where breasts can be sensitive to compression • When concerned about radiation dose Diagnos
Slide 32: Open Angle Scanner
gy QT IMAGING OPEN ANGLE SCANNER
Slide 33: Developing an Open Angle Scanner Will Expand the Technology to New Markets
Developing an Open Angle Scanner Will Expand the Technology to New Markets …providing significant potential to access new markets and applications • The Open Angle Scanner uses an open, partial angle configuration which reduces the viewing field from 3600 to 3250 and provides additional capabilities
Slide 34: Q2'24 and YTD Ending 06/30/24 Financials
Q2’ 24 AND YTD ENDING 06/30/24 FINACIALS
Slide 35: Financial Highlights for Q2'24 QTD and YTD Ending 06/30/24
Financial Highlights for Q2’24 QTD and YTD Ending 06/30/24 • Commercial revenue was $1.7 million during the second quarter of 2024, compared to $1.4 million during the first quarter of 2024 and less than $0.1 million during the second quarter of 2023. • Commercial revenue was $3.1 million for the si
Slide 36: Financial Highlights for Q2'24 QTD and YTD Ending 06/30/24
Financial Highlights for Q2’24 QTD and YTD Ending 06/30/24 • Net loss of $1.2 million for the second quarter of 2024, compared to net loss of $1.3 million for the second quarter in 2023. Q2’24 net loss includes: ➢ $2.1 million of net non-cash income related to the change in fair value of the warrant
Slide 37: Summary of Q2 QTD and YTD Ending 06/30/24 GAAP Results
Summary of Q2 QTD and YTD Ending 06/30/24 GAAP Results Copyright ©2024 QT Imaging, Inc. All Rights Reserved. 37
Slide 38: Summary of Q2 QTD and YTD Ending 06/30/24 Non-GAAP Results
Summary of Q2 QTD and YTD Ending 06/30/24 Non-GAAP Results Copyright ©2024 QT Imaging, Inc. All Rights Reserved. 38
Slide 39: Adjustments to EBITDA
Adjustments to EBITDA (1) The decrease in fair value of warrant liability during the three and six months ended June 30, 2024 relates to the liability classified private placement warrants to reflect the decrease of the publicly traded price per warrant. Additional expense related to the modificatio
Slide 40: Summary of Q2'24 QTD and Q2'23 QTD P&L Results
Summary of Q2’24 QTD and Q2’23 QTD P&L Results Actuals Q2 FY24 Q2 FY23 Highlights Scanners Sold: 4 - Revenue 1,714,034 3,183 A A 4 scanners sold & delivered in Q2'24 vs 0 scanners in Q1'23. Revenue COGS 839,484 3,121 A ranged $300K-450K/unit and average cost for legacy scanners was Gross profit 874,
Slide 41: Summary of YTD Ending 06/30/24 and YTD Ending 06/30/23 P&L Results
Summary of YTD Ending 06/30/24 and YTD Ending 06/30/23 P&L Results Actuals Q2 FY24 YTD Q2 FY23 YTD Highlights Scanners Sold: 7 - Revenue 3,076,197 10,747 A A 7 scanners sold & delivered in Q2'24 YTD vs 0 scanners in Q1'23 YTD. COGS 1,441,568 49,698 A Revenue ranged $300K-450K/unit and average cost f
Slide 42: Summary of Q2'24 QTD and Q2'23 QTD Cash Flow Results
Summary of Q2’24 QTD and Q2’23 QTD Cash Flow Results Cash Flow Statement Q2 FY24 QTD Q2 FY23 QTD Highlights Net loss (1,248,874) (1,330,014) A Scanners 18 and 22 transferred to inventory Adjustments: B Oustanding stock options cancelled on 3/4/24 Depreciation and amortization 85,902 116,035 A C Retu
Slide 43: Summary of YTD Ending 06/30/24 and YTD Ending 06/30/23 Cash Flow Results
Summary of YTD Ending 06/30/24 and YTD Ending 06/30/23 Cash Flow Results Cash Flow Statement Q2 FY24 Q2 FY23 Highlights Net loss (5,547,464) (3,212,961) A Scanners 18 and 22 transferred to inventory Adjustments: B Oustanding stock options cancelled on 3/4/24 Depreciation and amortization 184,775 232
Slide 44: Investment Highlights
Investment Highlights Cutting-edge imaging technology with multiple potential applications creates a tremendous opportunity to transform the imaging market NXC Imaging Distribution Agreement to Drive Industry-Transforming Accelerated Commercial Roll- Imaging Technology out Platform Recognized by Ind
Slide 45: Thank You!
gy QT IMAGING Thank You!
QT Imaging Holdings — Investor Presentation (August 2024) on 6ix